BRUSSELS, 6 February - In a final plenary vote on the post-2020 reform of the EU Emissions Trading System (ETS), the European Parliament today approved the compromise package that was agreed by co-legislators in November 2017.

Lawmakers adopted the market reforms by a strong majority of 535 votes in favour.

The file now goes to Member States for approval, after which it will be published in the Official Journal, the final step before it becomes law.

“We welcome the result of today’s vote, and particularly the strong majority that supported the EU’s carbon market overhaul” said IETA’s European policy director Julia Michalak.

“We congratulate rapporteur Julie Girling, and her predecessor Ian Duncan, for their hard work in bringing these reforms to a satisfactory conclusion.”

”This new law will mark the beginning of a more ambitious era for the ETS,” said Dirk Forrister, IETA President and CEO. “As the international community launches the 'Talanoa Dialogues' on strengthening climate action under the Paris Agreement, Europe is providing valuable leadership by enshrining in law a bolder role for the carbon market.”

Contact Alessandro Vitelli, press@ieta.org

LONDON, 19 December – IETA welcomes the Chinese government’s launch of its national emissions trading system (ETS) – capping off a busy year for carbon market developments around the world.

The National Development and Reform Commission announced today that its ETS would cover just power and heat generators initially, which represent emissions of about 3 billion tonnes of CO2. There would be an initial verification period before the allocation is complete, which is expected to take 12 months.

“China joins a growing number of jurisdictions, such as California, the EU and South Korea, which are using market-based measures to cut climate emissions in a cost-effective and efficient way,” says Dirk Forrister, President and CEO of IETA. “China will have the world’s largest carbon market, drawing lessons from these other markets to ensure that it works in harmony with other national policies. We commend the Chinese government for taking these steps to realise its long-term vision.”

In its latest ETS Status Report, the International Carbon Action Partnership estimated that around half of the world’s GDP would be subject to an emissions trading market by the end of 2017.

“IETA and its members are keenly watching the development of the Chinese ETS, and support the move by the government to cut pollution in China and transition to a low-carbon economy,” says Min Li, IETA’s China representative. “We stand ready to help businesses find opportunities and address challenges in this exciting new era for Chinese climate policy.”

Contact Alessandro Vitelli, press@ieta.org

LONDON, 15 December – IETA is proud to release the final edition of IETA Insights for the year, rounding up all the developments from 2017 and looking at what will come in the next 12 months.  

The issue features an introduction by IETA President and CEO Dirk Forrister, a roundup of key market developments around the world over the year, prepared by the team at Carbon Pulse, and a preview of what to expect in 2018.

Other articles include a close look at Singapore’s carbon tax proposal, the role for voluntary carbon markets in the Paris Agreement era, and how to build confidence in financing for REDD+.

“This year has seen several new jurisdictions look at carbon pricing to fulfil their Paris Agreement goals, while others are taking steps to bolster their existing systems for the post-2020 period,” says Dirk Forrister, President and CEO of IETA. “This issue of IETA Insights gathers some of the key developments from the year, while also looking at what lies ahead in 2018.

“As 2020 draws nearer, we expect to see even more carbon market activity around the world – which IETA Insights will continue to shine a light on.”

The next edition will be released in the first quarter of 2018. For more information or content suggestions, please contact IETA on press@ieta.org. For sponsorship opportunities, please contact Lisa Spafford at spafford@ieta.org.

NOTES

An editorial committee, drawn from IETA’s membership, advises on the content and performs peer review. The 2017 editorial committee are: Kavita Ahluwalia, Uniper; Evan Ard, Evolution Markets; Jessica Butts, Delphi; Jean-Yves Caneill, formerly of EDF; Sophie Lu, BNEF; Mark Proegler, IETA Fellow; Judith Schröter, ICIS; Naomi Swickard, VCS; and Li Yifeng, Shanghai Zhixin. IETA would like to thank them all for their contributions throughout the year.

Contact Alessandro Vitelli, vitelli@ieta.org

LONDON, 12 DECEMBER -  IETA warmly welcomes the news that Mexico has mandated a carbon market in the country. IETA has been a strong supporter of efforts by Mexico to develop emissions trading and has assisted the ministry during the development of these plans.

“We’re delighted and proud to see yet another nation step forward with ambitious plans to put a price on carbon across its economy,” says Dirk Forrister, CEO of IETA. “IETA and its members are ready to work with the ministry to smooth the path to an effective and efficient market system.”

Mexico’s climate change law previously called for a voluntary market system, but the country’s chamber of deputies amended the law on December 12 to set in motion the process to develop a mandatory carbon market.

“Earlier today in Paris, Mexico participated at the One Planet Summit in the launch of the ‘Carbon Pricing in the Americas Framework’ which commits countries, states and provinces across North, Central and South America to cooperate on implementing emissions pricing,” says Katie Sullivan, IETA’s Managing Director. “Today’s announcement is putting those words into action.”

ENDS

About Mexico’s climate change law:

Article 94 of the Mexican climate change law now calls for regulations outlining the scope of the carbon market to be developed in time for the market to begin operating in August 2018. The trading system will start with a three-year pilot phase, much like Europe’s system when it began in 2005, before the formal launch in August 2021.

Paris, 12 December – Today, on the occasion of the One Planet Summit, government leaders of Canada, Chile, Colombia, Costa Rica, México, the Governors of California and Washington, and the Premiers of Alberta, British Columbia, Nova Scotia, Ontario and Quebec launched the Carbon Pricing in the Americas cooperative framework.  

Recognizing that climate change is a global, national and local threat, these American leaders are reaffirming their commitment to the Paris Agreement by pledging to implement carbon pricing as a central policy instrument for climate change action; deepen regional integration of carbon pricing instruments across the hemisphere; and develop carbon policies that support competitiveness, encourage innovation, create jobs, provide healthy environment for their citizens, and deliver meaningful emissions reductions.

With this declaration, leaders from across the continent introduce their shared vision of regional cooperation on carbon pricing in the Americas and commit to collaborate towards strengthening systems for measurement, reporting, and verification (MRV) of greenhouse gas emissions with the ultimate goal of setting the necessary foundations to link their carbon markets.

This renewed commitment to share lessons and improve technical capacity around carbon pricing, comes at a pivotal time: with eight new or enhanced carbon pricing initiatives in place since early 2016 – three  quarters of them in the Americas (Colombia, Chile, and several Canadian provinces)– there are now 42 national and 25 sub-national jurisdictions putting a price on carbon emissions.

Today’s declaration builds on the sustainability commitments established by member countries of the Pacific Alliance and the ongoing efforts of Canada and California to accelerate efforts towards clean growth, and will allow countries in the region to address the climate challenge using the most cost-efficient path: collaboration.

Going forward, the working group, Carbon Pricing in the Americas (CPA) will serve as a platform for cooperation among jurisdictions and, with support from varied stakeholders – including, businesses, financial institutions, nongovernmental organizations, and civil society – will aim to identify opportunities to increase alignment of carbon pricing systems and promote carbon markets that build on already successfully implemented initiatives, such as the Partnership for Market Readiness (PMR), among others.

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The Carbon Pricing of the Americas collaborative platform drives action to strengthen the implementation of carbon pricing as a central policy instrument for climate action and the shift to clean energy, innovation and the promotion of sustainable economic development. This initiative strengthens the alignment of carbon pricing systems and introduces harmonized systems for measurement, reporting, and verification (MRV) of greenhouse gas emissions, as a necessary foundation for regional cooperation, and development, of carbon markets within the Americas.

Quotes from Leaders:

Michelle Bachelet, President of Chile

Our economies cannot deny climate change and its impact on people’s lives. By implementing a carbon price, we allow market forces to push climate action at a lower cost. When economic and environmental objectives are aligned, sustainable development is inevitable. For this reason, we are happy that carbon price is spreading across the Americas, this way more people will benefit from climate mitigation.

Enrique Peña Nieto, President of Mexico

“The pilot phase of our carbon market is scheduled to initiate on the second half of 2018. This is an unprecedented step in Mexico and Latin America. By adopting this Declaration, we recognize the enormous potential of collaboration in the continent, to continue broadening, deepening and linking our carbon markets.”

Jerry Brown, Governor, California

"California has put a price on carbon and at the same time our economy has grown to the 6th largest in the world. We'll work with states and countries across the Americas - and beyond - to expand the effort."

María Angela Holguín Cuellar, Ministry of Foreign Affairs, Colombia

"Carbon Pricing is a one of the most important economic instruments for Colombia and is part of our National Climate Change Policy. We recognize the importance to strengthen the technical dialogue between our governments in order to enhance the climate action in our region."

Manuel Gonzalez Sanz, Minister of Foreign Affairs, Costa Rica

“Costa Rica has a long history of recognizing the economic value of environmental services as key aspect of our environmental policy, both at home and abroad. We are proud to adopt this Declaration and look forward to continue working with our friends and colleagues to find ways to strengthen the connections between carbon pricing, transparency and ambition in support of the goal of the Paris Agreement.”

Catherine McKenna, Minister of Environment and Climate Change, Canada:

“Carbon pricing can help stimulate innovation; encourage businesses to reduce emissions; and support global efforts to address climate change. Canada understands that a clean environment and a strong economy go hand-in-hand. Cooperation among governments in the Americas supports the competitiveness of our economies, the protection of our environment, and the well-being of our citizens.”

Kathleen Wynne, Premier, Ontario

“Fighting climate change is about saving our whole planet. We have to be in this fight together. Through cooperation we can have the most impact at the lowest cost. The Carbon Pricing in the Americas Cooperative Framework is another huge step forward. It shows that we will not let future generations suffer the consequences of inaction. Together, we will win this fight.”

Philippe Couillard, Premier, Québec

"In Québec, we chose a carbon market because it is the most flexible and efficient economic tool to guide businesses in the energy transition and to reduce greenhouse gas emissions in all sectors.  Today, Québec, California and Ontario, together, make up the second biggest carbon market in the world.  Our market has inspired many others and is a carbon pricing tool shared with a growing number of partners in the four corners of the globe.  In joining this Declaration, Québec adds to the many actions, partnerships and alliances that have been created to support the introduction of a price on carbon in the world’s economies, and in particular, to promote carbon markets."

Iain Rankin, Environment Minister, Nova Scotia

“Nova Scotia has worked hard to reduce greenhouse gas emissions. We can be proud of what we’ve accomplished, and through our new cap and trade program, we will keep contributing to the global effort on climate change. We are happy to be working with other countries, states and provinces to reduce greenhouse gas emissions.”

Quotes from leaders supporting Carbon Pricing in the Americas:

Emmanuel Macron, President, France

“I acknowledge these regional leaders for laying the foundation stone for a multilevel cooperation on carbon pricing. It sends a clear signal and shows that working together can deliver concrete results to achieve major and ambitious goals following the Paris path.”

Jim Yong Kim, President, World Bank Group

“As the world comes together to reaffirm its commitment to the Paris Agreement, we welcome the Carbon Pricing in the Americas cooperative framework. Carbon pricing provides the most stable, cost-efficient and predictable path for transitioning countries toward low-carbon economies. The World Bank Group stands ready to support countries in the Americas as they work together to implement carbon pricing for ambitious climate action.”

António Guterres, United Nations Secretary-General

“Carbon pricing can unleash innovation and provide the incentives that industries and consumers need to make sustainable choices.  As we strive for greater ambition in implementing the Paris Agreement, I urge all governments and stakeholders to ramp up action on this key instrument for meeting the climate challenge and seizing the opportunities of a resilient and low-carbon future.”

Christiana Figueres, Former Executive Secretary, UNFCCC,

Vice Chair, Global Covenant of Mayors

Climate Leader, World Bank Group

"Carbon pricing is a powerful tool for collaboration and translating urgency into action. Launched on the 2-year anniversary of the Paris Agreement this initiative could not be more timely and shows that the political will for climate action in the Americas remains strong.”

Ban Ki-moon, former Secretary-General of the United Nations

“Carbon pricing is a critical quantum jump for the much-needed transformation to a low-carbon future. The Carbon Pricing of the Americas platform will unleash market forces to drive climate innovation and solutions. This unique initiative should lead the Global Coalition for Carbon Pricing as was called for in 2015 by the Paris Climate COP President Hollande."

Kofi A. Annan, Chair of the Kofi Annan Foundation, former Secretary-General of the United Nations

“I welcome this engaging initiative for climate change action. By putting a price on carbon, we are setting the right incentives to green our economies and accelerate the shift towards clean and efficient sources of energy.”

Feike Sijbesma, CEO of Royal DSM, World Bank Climate Leader and co-chair of the Carbon Pricing Leadership Coalition

“The collaboration of leaders across the Americas is an important milestone. A famous expression is “If you want to go fast, go alone. If you want to go far, go together.” Fortunately, when governments collaborate on carbon pricing, this incentivizes the private sector to go not only further, but faster too! Many companies in the Americas are already future-proofing their business by putting an internal price on carbon, and I would encourage more to join us. At DSM, we apply already an internal price of €50/ton CO2. A price on carbon unlocks the potential of the private sector, like business and investors to contribute more and faster to addressing climate change by ensuring an economic incentive.”

Dirk Forrister, President and CEO, International Emissions Trading Association (IETA)

“IETA wholeheartedly supports the commitment of governments across the Americas to form a cooperative framework to integrate their carbon markets in the future. The rising interest in market based solutions around the world will help mobilize business to advance the Paris Agreement’s goals while preserving competitiveness. IETA congratulates the signatories for their vision and pledges to help the signatories meet the objectives of this important declaration.”

Fred Krupp, President, Environmental Defense Fund (EDF)

“Coming two years to the day after the Paris Agreement was adopted, the Carbon Pricing Declaration of the Americas shows what the Paris accord made possible: A new model of international cooperation that brings countries together with states and provinces to raise global ambition on climate action and move the world closer to a future of low-carbon prosperity.  Carbon pricing is already working to reduce greenhouse gas emissions and spur clean energy innovation in California and Quebec. This declaration paves the way to spread those benefits throughout the Americas, positioning the region as a leader in the fight against climate change.  Environmental Defense Fund applauds the signatories for their leadership and looks forward to supporting the implementation of the Declaration.”

Ben van Beurden, CEO, Royal Dutch Shell plc.

“This commitment by Heads of Government to implement carbon pricing throughout much of the Americas is both bold and very welcome. We expect, in the medium to long run, it could drive efficiency and economic benefits to all countries involved as they seek to reduce carbon dioxide emissions. The creation of a cooperation platform and the expansion of the underpinning carbon markets is exactly the sort of ambitious outcome that Article 6 of the Paris Agreement is seeking.”

Isabelle Kocher, CEO, ENGIE

“Putting a price on carbon is clearly the key decision-making signal we need to make the right choices and meet the less-than-2°C Paris Agreement target. We definitely welcome and associate with this declaration.” 

Geisha Williams, CEO and President of PG&E Corporation

“Carbon pricing plays a foundational role in driving investments around climate action. PG&E was an early proponent of carbon pricing through California’s multi-sector cap-and-trade program, and we strongly support the adoption of carbon pricing in other jurisdictions to mitigate the climate impacts that continue to occur. We look forward to working with key stakeholders in strengthening international and regional collaboration on this issue in the years ahead.”

Juliana Lopes, CDP, Latin America Director

“Carbon pricing is an important part of the toolkit to manage carbon emissions and drive low-carbon investment in a market friendly and cost-efficient manner. By putting in the building blocks for future carbon market linkages like this, the governments of California, Chile, Canada, Colombia, Mexico and Peru are demonstrating their leadership on climate change and their desire to create the right incentives for forward-looking companies and investors. We look forward to supporting them in making this carbon market in the Americas a reality”

José Oriol Bosch, CEO, Mexican Stock Exchange

"Climate change is a global threat that affects all economies. An emissions trading system is one of the most cost-effective and smartest way to tackle climate change, strengthen and preserve our competitiveness. Linking our markets under the Carbon Pricing in the Americas will be key to reduce costs and provide flexible mechanisms to all companies throughout the region. We welcome this initiative and hope to work together to secure the development of sound carbon markets".

Marina Hermosilla, Directora Ejecutiva, CLG, Chile

We welcome the efforts of Chile and other American countries, and jurisdictions, that culminated in the creation of the Carbon Pricing in the Americas initiative and we call on political leaders, legislators and business peers, nationally and internationally, to show their leadership and commitment to climate action and sustainable development, and we commit to work together with them to achieve the objectives of the Paris Agreement.

Contact: Alessandro Vitelli, press@ieta.org

TORONTO, 8 December – IETA is releasing the Spanish edition of its Carbon Market Readiness Training Guide, which was translated with support from Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ).

The seminal guide, prepared by IETA’s Business Partnership for Market Readiness (B-PMR) initiative earlier this year, was translated by GIZ’s operations in Mexico, as part of the German-Mexican project “Preparing for an Emissions Trading System in Mexico”, on behalf of the German Environment Ministry (BMUB). Each of the guide’s eleven chapters have been translated to Spanish so it can be used widely across Latin America and the Caribbean.

“Latin America is a hotbed of carbon pricing activity, and we expect this to increase over the coming years,” says IETA’s CEO and President Dirk Forrister. “Having this guide available in Spanish means that IETA and its partners can better support the private sector across the region understand and prepare for the future.”

“The private sector in Mexico and in the region as a whole is keen to learn how to prepare for domestic carbon markets. This Spanish edition of the readiness guide– written from a private sector perspective – is a great complement to the policy advice and capacity building efforts that GIZ provides in Latin American and the Caribbean,” adds Miriam Faulwetter, Director of the Emissions Trading System Preparation Project in Mexico.

The B-PMR’s original Market Readiness Guide, commissioned by the World Bank’s Partnership for Market Readiness, is intended to help prepare private sector actors in regions where carbon markets are planned or under development. Topics tackled include offset strategies, addressing competitiveness concerns, risk management, carbon accounting, and internal governance.

IETA is also today releasing a Spanish version of its case study on Mexico’s carbon pricing, adding to its carbon market information sources available in Spanish.

To learn more and keep up to date with IETA’s work, follow us on Instagram, LinkedIn and Twitter.

About IETA

IETA is the voice of business on carbon markets around the world. Established in 1999, IETA's members include global leaders in the electricity, oil/gas, cement, aluminium, chemical, mining, technology, standards, verification, broking, trading, legal, finance, accounting and consulting industries.

About GIZ

The Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH is a federal enterprise with worldwide operations. We support the German Government in the field of international cooperation for sustainable development in around 130 countries, including inter alia on environment, climate change and sustainable energy. Through our work, we assist people and societies in shaping their own future and improving living conditions.

Contact Alessandro Vitelli, press@ieta.org

BRUSSELS, 1 December – EU governments yesterday adopted a proposal to safeguard the EU ETS from any potential negative effects of a hard Brexit in 2019. IETA’s EU Policy Director Julia Michalak comments: 

“IETA welcomes the unanimous adoption of the compromise to buffer the EU ETS from any potential negative effects of a hard Brexit, which also avoids creating a two-tiered allowance market. This solution significantly reduces the risk of any adverse impacts on market functioning, including legal and administrative challenges."
 
“We urge the UK government to swiftly move to pass the required legislation to bring forward the 2019 EU ETS compliance deadline for UK installations.”

Contact: Katie Kouchakji, press@ieta.org

LONDON, 19 November – The rulebook for market mechanisms in the Paris Agreement progressed slowly over the two-week UN climate talks in Bonn, ending with a mandate for a draft negotiating text to be ready by March.

The Paris Agreement’s market provisions appear in its Article 6. It establishes an accounting framework for international trading and an emissions mitigation mechanism, drawing from the experience with the Kyoto Protocol crediting mechanisms.

The Bonn talks focused on draft headers and the key policy elements needed for making the provisions operational. The constructive talks ended in a rocky finish, when countries gave a mandate to the chair of the Subsidiary Body overseeing Article 6 to prepare a draft negotiating text ahead of the next meeting in April. This text will draw on three informal notes prepared over the course of the talks.

While IETA had called for a draft negotiating text to emerge at Bonn, the work done over the two weeks made substantial progress in laying the foundations for the next steps. Governments also finalised the format and process for the first Facilitative Dialogue, now renamed the Talanoa Dialogue, which will assess progress on cutting emissions and future trajectories. The Fijian President of COP 23 offered the name “Talanoa” to describe the process, using the Fijian word for  frank and open dialogue. 

“We are starting to get a clearer picture of how governments envisage Article 6 operating, although there are a number of thorny issues to resolve. We also need more clarity on how countries will use it in their national policies,” says Dirk Forrister, President and CEO of IETA. “Over the coming months, we urge governments to accelerate their efforts so that business can start investing and driving forward the low-carbon transition.”

“As the Talanoa Dialogues progress, governments will consider how and when to strengthen their Nationally Determined Contributions to achieve the Paris goals, so it  will be essential for them to understand how the market flexibilities in Article 6 will work to enable greater ambition.” he adds. “A well functioning international market can tap the power of the private sector to invest at scale and deliver emissions cuts at low cost. That’s why it is key to unlocking more ambition.”

BONN, 16 November – IETA and the Climate Markets & Investment Association (CMIA) are proud to announce the Pacific Alliance as the final winners of the Carbon Pricing Champion Award at COP23.

The two groups awarded the honour to the Pacific Alliance nations – Chile, Colombia, Mexico and Peru – in recognition of the Cali Declaration. In this statement, issued following a summit earlier in the year, the four nations announced their intent to increase efforts to measure and report emissions and to look at establishing a voluntary regional emissions trading market. This move to explore a market is a significant step for the region, and the cross-border collaboration of the four nations could act as a model for other countries in Latin America.

“The Pacific Alliance nations are a worthy recipient of the Carbon Pricing Champion Award for their efforts to use market forces to cut emissions and build a regional carbon club through aligned climate policies,” says Dirk Forrister, President and CEO of IETA. “Not only could this inspire others in Latin America to follow their lead, it has the potential to create a broader Pacific Rim carbon market. Collaborative efforts will help reduce emissions faster and cheaper than going it alone, and the leadership shown by Chile, Colombia, Mexico and Peru is to be commended.”

“The Pacific Alliance is a stand out example of regional collaboration, allowing these countries to take advantage of global trading schemes as well as increase investments in actions and new technologies that lead to low-carbon economies,” says Margaret-Ann Splawn, Executive Director of CMIA. “In addition, since this region holds considerable forest reserves there is the possibility of offering compensations at the global level.”

The award was presented this evening to Chile’s Environment Minister Marcelo Mena at the IETA Business Hub.

IETA and CMIA would like to thank Ecosphere+ and its CEO Lisa Walker for their continued support of the award. Ecosphere+ is a new venture founded by the Althelia Climate Fund to build markets that put a value on standing forests, incentivise sustainable business models and responsible supply chains.

NOTE TO EDITORS

Mexico introduced a carbon tax in 2014, and is working on rules to accept certified emission reductions in lieu of payment. Colombia has followed suit, and introduced its tax-and-offset programme this year, and Chile’s carbon tax came into force this year. Peru meanwhile is exploring opportunities to create a crediting mechanism to cut emissions in its key sectors. All four nations are being supported by the World Bank’s Partnership for Market Readiness initiative.

About IETA

IETA is the voice of business on carbon markets around the world. Established in 1999, IETA's members include global leaders in the electricity, oil/gas, cement, aluminium, chemical, mining, technology, standards, verification, broking, trading, legal, finance, accounting and consulting industries.

About CMIA

CMIA leads a global coalition of private sector actors since 2008. Our diverse membership is comprised of companies and organisations involved in shifting the trillions that will enable a transition to a low-carbon global economy through climate policy, finance and investment. 

Contact:
IETA: Katie Kouchakji, press@ieta.org
CMIA: Margaret-Ann Splawn, Margaret.splawn@cmia.net

BONN, 9 November – IETA and the Climate Markets & Investment Association (CMIA) are proud to announce the first Carbon Pricing Champion Award at COP23 to the government of New Zealand.

The two groups awarded the honour to New Zealand in recognition of its ETS review outcomes, which will bolster the market’s environmental integrity and allow it to be more adaptable to changing circumstances. The reforms, which include five-year rolling supply decisions and a move to auctions, provide clarity and certainty over the future direction of the domestic market, which is now in its tenth year. The changes will also increase the New Zealand system’s harmonisation with other markets, leaving it well-positioned for potential linkages that offer the potential to improve efficiencies and lower costs for participants over time.

New Zealand is recognised for its leadership on carbon markets the international arena as well. At COP21 in Paris, it launched the Ministerial Declaration on Carbon Markets, which has grown in __ signatories. The group highlights the important role that international market mechanisms will play in enhancing mitigation ambition under the Paris Agreement. This year, the group continued its cooperation in considering standards and guidelines for the environmental integrity of international market mechanisms.

“The improvements that the New Zealand government is making to the ETS are yet another example of the leadership the country has shown on carbon pricing over many years, and make it a very worthy recipient of the first Carbon Pricing Champion Award at COP23,” says Dirk Forrister, President and CEO of IETA. “New Zealand’s market has operated for 10 years, and the changes will strengthen the market and enhance its flexibility and adaptability. Policy certainty and clarity are vital for businesses, which are making long-term investment decisions now.”

“New Zealand has been notably consistent in putting carbon pricing at the heart of its low-carbon development plan and NDC,” says Adrian Rimmer, CMIA President. “This award recognises that the new government is not only ensuring clarity for investors by maintaining support for its current market-based policies, but also by showing global leadership through increasing its ambition - such as its plan to shift to 100% renewables by 2035.”

The award was presented this evening to Kay Harrison, lead negotiator for New Zealand, at the IETA Business Hub.

IETA and CMIA would like to thank Ecosphere+ and its CEO Lisa Walker for their continued support of the award. Ecosphere+ is a new venture founded by the Althelia Climate Fund to build markets that put a value on standing forests, incentivise sustainable business models and responsible supply chains. 

About IETA

IETA is the voice of business on carbon markets around the world. Established in 1999, IETA's members include global leaders in the electricity, oil/gas, cement, aluminium, chemical, mining, technology, standards, verification, broking, trading, legal, finance, accounting and consulting industries.

About CMIA

CMIA leads a global coalition of private sector actors since 2008. Our diverse membership is comprised of companies and organisations involved in shifting the trillions that will enable a transition to a low-carbon global economy through climate policy, finance and investment.