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  • 11 Dec 2019 3:47 PM | Anonymous member (Administrator)

    MADRID, 11 December – Environmental organisations and businesses are reinforcing their call for robust accounting rules under Article 6 of the Paris Agreement.

    Sixty-four individual groups and companies representing more than 1 billion workers in 130 countries have signed up to the Katowice Declaration on Sound Carbon Accounting, as negotiators in Madrid grapple with accounting rules for future market-based mechanisms under the Paris Agreement.

    Launched at last year’s UN climate talks in Katowice, Poland, the declaration – spearheaded by IETA and Environmental Defense Fund – calls on governments to establish environmentally robust rules for the accounting of emissions reductions. This includes rules surrounding corresponding adjustments and double-counting, which remain contentious at the ongoing negotiations in Madrid.

    Negotiations over market mechanisms under Article 6 of the Paris Agreement have once again been slowed by disagreements over robust accounting provisions. Countries have until Friday to deliver a set of strong guidelines that will underpin the flow of billions of dollars in private finance.

    “Without clear, robust rules, investors will be wary of getting involved in the transformative projects that we need to realise the Paris Agreement’s environmental objectives,” says IETA President and CEO Dirk Forrister. “It is vitally important that there is a clear chain of ownership for any asset, and even more so when it comes to something as critical as emissions reductions.”

    He adds: “The Paris Agreement has the potential to unleash billions of dollars of clean investment – but investors need confidence in the rules in order to deploy this capital.”

    “As the Madrid climate talks enter the home stretch, companies and groups are resending a message to countries with more urgency: the Paris Agreement rulebook must ensure the environmental integrity of carbon markets and prevent double counting,” said Nathaniel Keohane, Senior Vice President for Climate at Environmental Defense Fund.

    “International cooperation is critical for solving the climate crisis, and carbon markets are the key to effective cooperation. Markets can unlock greater ambition by enabling countries and companies to make deeper, faster cuts to climate pollution. But because markets depend on clear rules to work well, countries must provide strong guidance on carbon accounting that clearly prohibits double counting of emissions reductions wherever they occur and however they are used.”

    The number of signatories has grown from 40 at last year’s launch to 64 as of 11 December. This reflects growing concern among non-state actors that double counting of emissions reductions could derail the climate objectives of the Paris Agreement.

  • 11 Dec 2019 11:39 AM | Anonymous member (Administrator)

    MADRID, 11 December - Following its Annual General Meeting on December 10, the International Emissions Trading Association is pleased to announce the election of Jonathan Grant, principal advisor, climate change at Rio Tinto, as new chair of the Council and Elisabeth (Lisa) DeMarco, senior parter at DeMarco Allan LLP, as co-vice chair.

    Grant, formerly Director of Sustainability & Climate Change at PwC United Kingdom, previously served as a co-vice chair of IETA in addition to a number of other senior roles. He succeeds Rick Saines of Pollination Capital, who will continue to serve as a director.

    Lisa DeMarco is a senior partner at DeMarco Allan LLP (Toronto, Canada) with over two decades of experience in law, regulation, policy and advocacy relating to energy and climate change. Lisa represents several governments and leading energy companies before various regulatory agencies. She regularly attends and advises on United Nations climate negotiations. DeMarco was elected to the Council in 2018.

    The AGM also confirmed that Christine Faure Fedigan of ENGIE will continue to serve as co-vice chair.

    Christine Faure Fedigan is Head of ENGIE corporate climate policy. She started in the sales department of Bouygues in charge of promoting new innovative urban heating solutions to the new cities around Paris. She then worked with EDF-GDF and Gaz de France. She is now in charge of the corporate climate policy for ENGIE and represents the group in the climate negotiations. She is on the Steering Committee of the Carbon Pricing Leadership Coalition.

    In addition, the following Council members were reappointed for another term:

    • Daniele Agostini, ENEL Group

    • Enric Arderiu, BP

    • Federico Di Credico, ACT Financial

    • Takashi Hongo, Mitsui

    • Arthur Lee, Chevron

    • Liv Rathe, Norsk Hydro

    • Hendrik Rosenthal, CLP Group

    • Fiona Wild, BHP Billiton

  • 05 Dec 2019 4:39 PM | Anonymous member (Administrator)

    MADRID, 5 December - The International Emissions Trading Association today launches the Markets for Natural Climate Solutions (NCS) Initiative.

    NCS draw on the power of nature to actively manage land use emissions, remove carbon from the atmosphere and store it in natural systems.

    The initiative aims to build a global market for carbon credits generated from NCS projects from forests, soil and wetlands, enabling private sector investment at scale. Markets for NCS will support the transition to a low-carbon economy and promote increased ambition on climate action.

    “Markets for Natural Climate Solutions represents the best opportunity (yet) to make NCS an investable asset class,” said Dirk Forrister, IETA’s CEO. “We want to rapidly scale up private sector finance and leverage the potential of nature to help achieve the Paris Agreement goals,” said Dirk Forrister, IETA’s CEO.

    NCS are potentially one of the most cost-effective forms of CO2 management and can make a critical contribution to meeting the Paris Agreement’s goal of net zero emissions by the second half of the century. However, at present, only a fraction of the financing aimed at addressing climate change is allocated to these activities.

    Despite increasing interest from the private sector, barriers still remain to invest in NCS at large scale. To address this challenge, IETA is working in collaboration with members and stakeholders to establish an effective policy roadmap and market strategy.

    “The global effort on emissions reduction has so far focused mainly on cutting CO2 from industrial activity,” said Simon Henry, director of carbon market development at IETA. “Markets for NCS aims to extend our ambitions to using nature in its entirety as a way to both remove greenhouse gases and to manage land use emissions.”

    IETA has already gathered a core group of private sector enterprises to help drive the work of establishing NCS as a critical component of the fight against climate change.

    The initiative will focus on achieving high environmental integrity, accounting certainty between systems and price transparency, whilst working to empower and benefit local communities involved. 

    Key to the initiative are a robust set of rules governing Article 6 of the Paris Agreement, particularly regarding market mechanisms, which are expected to be agreed at this year’s COP.

    In 2018, the world’s carbon markets soared to a record value of €144 billion. Inclusion of NCS in carbon markets would significantly increase this value further by unlocking additional investment whilst contributing to mitigation efforts necessary in meeting the goals of the Paris Agreement.

    IETA’s Markets for NCS Initiative is led by Simon Henry, IETA’s Director of Carbon Market Development. More details about the initiative may be found at www.ncs.ieta.org.

    Founder members of the Markets for NCS Initiative include the Arbor Day Foundation, BHP, BP, Chevron, Shell and Woodside Energy.

    Arbor Day Foundation

    “Markets for Natural Climate Solutions is an exciting and essential collaboration to scale natural climate solutions. Together we are using the power of markets and private sector value chains to create a better future. If ever there was a time for trees, now is that time.” Dan Lambe, President of Arbor Day Foundation.


    “Conserving, avoiding deforestation and restoring high-carbon ecosystems like forests can provide at least 30 percent of the mitigation action needed to meet the goals of the Paris Agreement.

    “Very little climate finance is allocated towards these natural climate solutions. BHP is pleased to support this initiative to increase the scale of private sector investment in NCS and to add cost-effective decarbonisation to policy frameworks.” Dr Fiona Wild, Vice President Sustainability & Climate Change, BHP.


    “This IETA initiative will review and recommend policy and commercial tools to help unlock the barriers to develop large scale compliance markets for Natural Climate Solutions.” Paul Jefferiss, BP.


    “Chevron is looking forward to participating in this initiative to further our understanding of natural climate solutions in terms of their environmental and social benefits and also the needs for a well-designed market in which carbon offsets resulting from natural climate solutions could be traded.” Arthur Lee, Chevron Fellow and Senior Technical Advisor on Climate Change.


    “Natural climate solutions are scalable now and offer significant opportunity for carbon dioxide removal. For this to happen, the world needs a widely recognised robust market to channel capital to nature-based projects, while ensuring the highest standards of carbon accounting.” David Hone, Shell's Chief Climate Change Adviser and IETA Board member. 

    Woodside Energy

    “Over the last decade, Woodside has invested over A$100 million dollars in biosequestration across Australia. We are excited to be able to collaborate on this initiative to build the market for natural climate solutions internationally.” Shaun Gregory, Executive Vice President Sustainability, Woodside Energy.

  • 04 Dec 2019 7:02 PM | Anonymous member (Administrator)

    Madrid, 4 December - The United Kingdom was today presented with a Net Zero Award in recognition of its outstanding approach to enabling private sector finance to meet a net zero emissions goal. 

    The award was presented at a ceremony during the COP25 Climate Summit in Madrid, and was received on behalf of the UK by a member of the country’s delegation. The Net Zero Award is delivered by the International Emissions Trading Association (IETA), supported by Natural Capital Partners.

    “The U.K. has a long history of innovation in market-based mechanisms and in climate ambition forged in a bipartisan spirit,” said Dirk Forrister, CEO of IETA. “They were an early adopter of emissions trading, they have advocated for market mechanisms at home and abroad for many years, and they have legislated a net zero goal for 2050.” 

    Natural Capital Partners’ Managing Director, External Affairs, Jonathan Shopley, commented, “We all know there’s a big gap between the current NDC commitments and the 1.5 degree goal. This award also recognises the U.K.’s understanding of the important role the private sector can play in closing that gap if countries establish strong mechanisms to harness that power and meet net zero targets.” 

    A judging panel comprising 13 business climate specialists selected the UK to receive the Net Zero Award for a few key reasons. Earlier this year, the UK set a national net zero emissions target, enshrined by law, which made it the first country to have binding legislation on absolute emission reductions. A member of the judging panel called it the “most robust net zero commitment of any G20 country.” 

    The UK has a long track record in emissions management, with its early involvement in the EU Emissions Trading Scheme (ETS), shifting from coal, electricity market reform and support of domestic forest protection schemes like the Woodland Carbon code. In addition, the UK has laid out its intentions to promote further carbon market mechanisms and continue to advocate for similar action in other countries.

    About the International Emissions Trading Association (IETA)

    IETA is a non-profit business organisation created in June 1999 to establish a functional international framework for trading in greenhouse gas emission reductions. Its membership includes leading international companies from across the carbon trading cycle. IETA members seek to develop an emissions trading regime that results in real and verifiable greenhouse gas emission reductions, while balancing economic efficiency with environmental integrity and social equity.

    About Natural Capital Partners

    Natural Capital Partners is harnessing the power of business to create a more sustainable world. With more than 300 clients in 34 countries and a network of partners providing the highest quality projects, Natural Capital Partners delivers solutions to make real change possible – reducing carbon emissions, generating renewable energy, building resilience in supply chains, conserving forests and biodiversity, and improving health and livelihoods. 

    It created The CarbonNeutral Protocol in 2002 to provide a clear set of guidelines for businesses to achieve carbon neutrality. Every year since then it has continued its commitment to providing a robust framework for credible carbon neutral action, updating the Protocol to reflect the latest scientific, industry and business best practice.

  • 03 Dec 2019 9:00 AM | Anonymous member (Administrator)

    Contact press@ieta.org 

    MADRID, 3 December – IETA is today releasing its 2019 GHG Market report, focusing on the organisation’s 20th anniversary and the markets of tomorrow.

    The report, available online and at the IETA Business Hub at COP25, includes the key lessons from the past 20 years, prepared by IETA Fellow and climate policy veteran Bill Kyte, a history of IETA’s origins by Frank Joshua, who was instrumental in establishing the association in 1999, and a look at the Voluntary Carbon Standard’s development, including IETA’s role in its conception.

    Other highlights include a piece by Annie Petsonk from Environmental Defense Fund on the programmes bidding to supply the future aviation market, Refinitiv on how the EU is already inherently on track for a more ambitious 2030 target, and a summary of how a robust Article 6 mechanism could accelerate emissions reductions under the Paris Agreement, based on IETA’s work with the University of Maryland. It also includes an article from the Chilean government, which is presiding over this year’s UN climate talks, on how Article 6 can transform the world’s economy.

    “The events of 2019 will have a strong influence on the pathway forward, and this year’s GHG Market Report captures the present but also looks at how our experiences of the past can guide the future,” says IETA President and CEO Dirk Forrister. “From how the new European Commission tackles the bloc’s long-term climate ambitions, to what shape the rules for Article 6 of the Paris Agreement take, to the myriad of regional carbon markets – all of these can draw from the 20 years of emissions trading knowledge we have accumulated and practiced.”

    The report also includes the latest carbon pricing approaches across North America, an innovative approach to value nature in carbon markets, how Article 6 can benefit African nations, an outlook for EU ETS prices, and a look at pilot market efforts in Asia.

  • 02 Dec 2019 10:09 AM | Anonymous member (Administrator)

    MADRID, 2 December - The business community today calls on nations to agree a “simple but rigorous” set of rules governing international emissions trading at COP25, which starts today in Madrid.

    IETA has followed up this call by publishing a paper that sets out the benefits of international emissions trading under Article 6 of the Paris Agreement. The report is supported by no fewer than 15 international and national business, industry and climate associations.

    The paper urges delegates to COP25 to “deliver a simple but rigorous rule book for Article 6… based on transparent numerical accounting, [that] recognises both natural and industrial sinks and supports and encourages large scale transactions.”

    Dirk Forrister, President and CEO of IETA said that, just as trade among nations secures access to goods and services that may not be available domestically, so emissions trading secures access to greenhouse gas reductions that may not be achievable at home at the lowest price or the fastest rate.

    “Not all countries can reduce emissions at the same rate, and… it is certainly not the case that every country can be at zero emissions when needed, so we could use trade to collectively get there through Article 6,” Forrister said.

    Cooperation through Article 6 has the potential to reduce the total cost of implementing NDCs significantly, in the order of $320 billion/year in 2030, or alternatively facilitate removal of more emissions, in the order of 9 GtCO2/year in 2030, at no additional cost if those cost savings are reinvested into additional mitigation.

    And as the world approaches net zero emissions in the middle of this century, trading will become even more important, the paper pointed out.

    “The task of achieving [net zero emissions] can be facilitated by matching sources and sinks through a cooperative approach based on trade” Stefano De Clara, IETA’s head of international policy said.

    “COP25 must deliver a simple but rigorous rule book for Article 6, which is based on transparent numerical accounting, recognizes both natural and industrial sinks and supports and encourages large scale transactions”.  

    However, if countries and sectors cannot agree a wide-ranging trading system for emissions reductions, net zero emissions is unlikely to be achieved in time, the report concludes.

    “Article 6 rules are essential for enabling countries to deliver on the Paris goals,” said Dirk Forrister, President and CEO OF IETA. “That’s why business sees it as the missing link to making its visionary goals achievable.”

  • 22 Nov 2019 10:55 PM | Anonymous member (Administrator)

    Bogota, 22 November – IETA and the Association of Colombian Carbon Market Participants (Asocarbono) today signed a memorandum of understanding to explore ways to work together to strengthen business capacity for the expanding carbon market in Colombia.

    The agreement, signed during Asocarbono’s first annual congress in Bogota, initiates a new program of cooperation between the two business groups, leveraging IETA’s extensive experience in markets around the world and Asocarbono’s deep engagement in the Colombian carbon tax and offset market.  

    The MoU was signed by Dirk Forrister on behalf of IETA, and by Francisco Ocampo, executive director of Asocarbono.

    In Forrister’s keynote remarks to the Asocarbono Congress, he noted the growth in interest in using Article 6 of the Paris Agreement. Article 6 will support nations who choose to work together to generate emission reductions that can be transferred internationally, ensuring that investment in carbon abatement can capture lowest-cost reductions around the world. 

    He noted that the upcoming COP 25 negotiations in Madrid aim to complete guidelines on Article 6 – and then IETA plans to work with more countries on how to use cooperative market approaches that attract private investment at scale.

    “IETA is delighted to be working with Asocarbono, which represents one of the most dynamic carbon market environments in Latin America,” said Dirk Forrister, CEO of IETA. “Colombia is driving regional ambition through its carbon tax and offset policy, and we are happy to support the government and private sector actors in achieving their goals and potentially in expanding to a broader emissions trading market in the future.”

  • 07 Nov 2019 6:56 PM | Anonymous member (Administrator)

    LONDON, 7 November -  Nations will meet next month in Madrid for two weeks of negotiations over completing the rules to operationalise the Paris Agreement. 

    The crucial goal at this year’s summit is to conclude more than three years of talks over the details of Article 6 of the Agreement, according to IETA’s CEO Dirk Forrister.

    “Article 6 is vital to the success of the Paris Agreement,” Forrister said. “The ambition set out in the agreement absolutely requires the participation of the private sector, and Article 6 is the key to that participation.”

    Recently published research found that cooperation through Article 6 has the potential to reduce the total cost of implementing NDCs significantly, in the order of $320 billion/year in 2030, or alternatively facilitate removal of more emissions, in the order of 9 GtCO2/year in 2030, at no additional cost if the cost savings are reinvested into additional mitigation. 

    Article 6 deals with the international trade and exchange of emissions reductions among member states, allowing countries to achieve abatement at lowest cost. Within the Article are two main market tools: Article 6.2, which sets down definitions of internationally transferable emissions reductions, the rules for accounting and reporting; and Article 6.4 which sets out a crediting mechanism for emissions reduction and sustainable development.

    IETA has laid out its detailed priorities for Article 6 in a document which can be found here

    “Nations and companies have expressed the intention to use the power of markets to help achieve Nationally Determined Contributions to the Paris Agreement,” said Stefano De Clara, IETA’s Director of International Policy. “COP25 must give clarity on key elements essential to bring Article 6 to life and should set up a detailed work programme to advance the work on technical elements. 

    IETA’s priorities for COP25 are laid out in a document that can be found here.


  • 04 Nov 2019 11:20 PM | Anonymous member (Administrator)

    WASHINGTON, DC, 4 November – The United States government’s move today to begin its formal withdrawal from the Paris Agreement is disappointing, but the 2015 international deal will survive, IETA says.

    The US government today announced that it had notified the UN of its intent to withdraw from the Paris Agreement. Under the terms of Article 28 of the agreement, today – the third anniversary of its entry into force – is the earliest that such a notification could be issued and will take effect in one year. This follows US President Donald Trump’s statement in June 2017 that the country would withdraw from the deal as soon as practically possible.

    “Today’s announcement that the US has begun the formal process of quitting the Paris Agreement is disappointing, while not unexpected,” says IETA President and CEO Dirk Forrister. “IETA remains confident that other nations will uphold their pledges, and we are encouraged by last week’s ministerial statement from the BASIC grouping1 reaffirming their commitment to the Paris Agreement.”

    He adds: “There is a wealth of action happening in states and cities across the US to shift to a low-carbon economy, and we continue to see voluntary commitments and innovation from the private sector – all recognising that the climate change challenge is the fight of our lifetimes. IETA will continue to engage with all of these actors and help them leverage their innovations and can-do attitude to transform the world into the future we all want.”


    1 Full statement sourced via the Government of India Press Information Bureau on 5 November 2019.

  • 24 Oct 2019 11:21 PM | Anonymous member (Administrator)

    SAN FRANCISCO, 24 OCTOBER - The International Emissions Trading Association (IETA) today issued the following statement in response to the civil lawsuit filed by the US Department of Justice against the State of California regarding the linkage of its cap-and-trade program with another cap-and-trade program in the Canadian Province of Québec. 


    This lawsuit represents the continuation of an unfortunate political battle waged by the Trump Administration against California’s climate leadership. The legal challenge seeks to disrupt a market-based climate program that has enabled companies in California and Québec to achieve their targets at lower cost. 

    The attempt to terminate the link between California and Québec causes unnecessary market uncertainty by changing legitimate expectations of companies that invested in emissions reduction projects in the two jurisdictions. The program has operated since 2014 without federal interference.

    “IETA supports both the California and Québec cap-and-trade programs as well as the linkage between them that allows businesses to achieve carbon reductions at the lowest economic cost,” said Dirk Forrister, President and CEO of IETA. “This program has grown stable with laws that extended the targets to 2030, and many companies have invested in reliance on that legal framework.”

    IETA’s long-standing preference is for the U.S. federal government to adopt a national emissions trading program to provide a clear and effective policy framework for American businesses. In the absence of federal policy, IETA has applauded California and other states as they pioneered carbon market solutions to pave the way for a national policy in the years to come.

    To create the linkage between the two markets, regulators in California and Québec signed a Memorandum of Understanding (MOU) rather than a treaty (which could have been in violation of the United States Constitution). This MOU followed a common practice in the modern world of MOUs between subnational jurisdictions in many areas of commerce. 

    “The global economy and the interconnectedness of the environment has led to multilayered federalism: many states are parties to agreements with other subnational jurisdictions, and most of them were not approved in advance by Congress,” said Nico van Aelstyn, Partner at Sheppard Mullin LLP, who has acted on IETA’s behalf in prior litigation in California.  

    The Department of Justice lawsuit focuses on the linkage between the California and Québec cap-and-trade programs. Even if the lawsuit succeeds in severing the linkage between the two programs each would nonetheless continue normal operations without benefits of cooperation. The Trump Administration’s complaint could force a loss of market-based efficiencies, potentially increasing the overall costs of carbon emissions across the two jurisdictions. 

    “The climate challenge demands more market-driven cooperation across national borders, not less,” said Katie Sullivan, Managing Director of IETA. “The WCI’s cooperative approach is a proven winner in providing incentives for businesses to cut emissions while keeping costs down for consumers, giving the U.S. an extra climate benefit – not a harm.”

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