September 2024 │ The troubling north-south divide in the voluntary carbon market
Dear reader,
Now that schools have reopened and the EU and other government institutions are kicking back into gear, the summer holiday vibe is well and truly over.
But just as the Earth does not stop spinning, the climate crisis also does not take a holiday. At Carbon Market Watch, although we had a busy summer, we are ready for (climate) action during this critical period for green policy.
This summer, we released a groundbreaking report exposing the troubling north-south divide in the voluntary carbon market. On the same theme, we caution the Voluntary Carbon Market Integrity initiative that its latest guidance on indirect emissions risks damaging its credibility.
We also launched our powerful EU ETS Simulator, which allows you to estimate the revenue the Emissions Trading System would generate at different carbon prices for the entire European Union or for individual countries. The new simulator is already being put to good use. Our ally in Belgium, Bond Beter Leefmilieu, used it to simulate the ramifications of generous subsidies to industry for the Flemish Climate Fund.
On the topic of the EU ETS, we delve into the consequences of the delayed transfer of the new emissions trading system for road transport and buildings into national law.
In addition, we look to the skies to highlight why flying has double the climate impact most people expect. We also evaluate the climate impact of the burgeoning space tourism sector and billionaut plans to colonise Mars.
We hope you find this edition informative and engaging,
The CMW team
EDITORIALS
VCMI’s new framework needlessly endangers its credibility
EDITORIAL┃The Voluntary Carbon Market Integrity initiative’s latest guidance on the use of carbon credits by companies undermines VCMI’s stated mission of combating greenwashing and setting out a framework for making valid climate claims. READ MORE
EU governments miss crucial deadline to pass new Emissions Trading System into national legislation
EDITORIAL┃All but one European Union member state have fallen foul of the date to enter the new Emissions Trading System for road transport and buildings (ETS2) in the national law books. This delay sends completely the wrong signal, argues Eleanor Scott. READ MORE
CMW NEWS AND VIEWS
Billionauts’ space tourism and Mars fantasies need to be pulled back to Earth
OPINION┃Space has become the final frontier for tourism. But is it responsible during a climate crisis for the super-rich to play billionauts and boldly go where no billionaire has gone before in search of a Planet B? READ MORE
Due South: Voluntary carbon market’s North-South inequality under the spotlight
ARTICLE┃Carbon Market Watch research reveals a striking disparity in the voluntary carbon market (VCM). Companies implementing and managing projects are overwhelmingly located in wealthier nations, raising serious questions about who really benefits from the VCM. READ MORE
New CMW study and SBTi assessment highlight risks associated with carbon offsetting
ARTICLE┃Fresh evidence published by the Science Based Targets initiative (SBTi) confirms the unsuitability of carbon offsetting to meet emissions targets, echoing the findings of a new Carbon Market Watch study that casts doubt over the fairness of financial flows in the voluntary carbon market (VCM). READ MORE
Summer hot ticket: Why flying has twice the climate impact you’d expect
ARTICLE┃CO2 and non-CO2 emissions caused by flying aren’t simply lost in the clouds. There are actions policymakers and airlines can take today to alleviate aviation’s climate impact, explains CMW’s Bastien Bonnet-Cantalloube. READ MORE
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Heavy industry must not swallow up Flemish Climate Fund
ARTICLE┃Heavily polluting industries are on course to receive the lion’s share of Emissions Trading System (EU ETS) revenue earmarked for Flanders between now and 2030, depriving the government of desperately needed resources to finance decarbonisation and a just transition. READ MORE
FAQs & TOOLS
FAQ: The EU Carbon Border Adjustment Mechanism (CBAM)
FAQ: Understanding the financial workings of the voluntary carbon market
FAQ: EU Emissions Trading System Revenues
EU ETS Revenue Simulator
PUBLICATIONS
Due south: Geographic disparity of project actors in the voluntary carbon market
FAQ: Social Climate Fund
MULTIMEDIA