Climate 411

May brings another record auction for the Western Climate Initiative, as California considers how to ramp up climate action

Results of the May Western Climate Initiative auction were released today, and again they demonstrate strong demand for allowances and generate revenue that will deliver meaningful investments for California communities. Earlier this month, the California Air Resources Board (CARB) also outlined the role of its cap-and-trade program in its draft Scoping Plan, which intends to chart the path to California’s 2030 and 2045 climate targets. However, there is major room for improvement: CARB needs to do more to ensure the emissions cap is an effective backstop and can provide certainty of near-term emission reductions.

Read More »

Also posted in California, Greenhouse Gas Emissions / Comments are closed

The scoop on the Scoping Plan: California’s draft plan misses the opportunity for greater climate ambition (Part 1)

This post was co-authored by Katelyn Roedner Sutter, Senior Manager for U.S. Climate at EDF.

solar array in California

Photo Credit: Tom Brewster photography for the Bureau of Land Management.

In May, the California Air Resources Board released the draft 2022 Climate Change Scoping Plan, a roadmap that will guide the state toward meeting its 2030 emissions target and achieving net-zero emissions no later than 2045. This four-part series will unpack several key aspects of the plan and evaluate whether they raise California’s climate ambition to the levels needed to protect communities from the worst climate impacts.

California has long been known as a global climate leader, but that title has to be constantly re-earned as the climate crisis accelerates and new leaders raise the bar. The state’s Scoping Plan, which is updated every five years, presents a major opportunity to re-evaluate its strategies to drive down climate pollution based on the latest science, policy and technological developments.

Read More »

Also posted in California, Cities and states / Read 1 Response

Unlocking the planet-saving potential of crediting natural climate solutions

With contributions from Julia Paltseva, senior analyst, Britta Dosch, analyst, and Christine Gerbode, senior research analyst, all at Environmental Defense Fund. 

Gardens of the Queen archipelago off the coast of Cuba

Earth’s forests, oceans, wetlands and other natural landscapes have the power to pull carbon out of the atmosphere and to store it – making well-managed ecosystems key resources in the fight to halt climate change. The latest report from the Intergovernmental Panel on Climate Change found protecting these resources offers one of the highest mitigation potentials.

Efforts to keep healthy ecosystems intact, restore those that have been cleared or degraded, and improve how these landscapes are managed can have huge benefits to people and the planet, like improving water quality or protecting biodiversity. When these efforts also increase carbon storage or avoid greenhouse gas emissions, they are known as natural climate solutions, or NCS.

Healthy ecosystems around the world are disappearing rapidly, as more of the planet is degraded or converted to other uses. This continued loss could have dire consequences for the entire globe through its effect on climate, while doing particular harm and injustice to the Indigenous and local communities who have historically stewarded many of these crucial environments.

Scaling up global funding and support for NCS activities is an opportunity to limit climate damage while enhancing and protecting the enormous good these ecosystems provide – and benefiting the local people carrying out these important tasks.

One way to do this is to incorporate NCS activities into global carbon markets by crediting emissions. Environmental Defense Fund is now leading a collaborative process to lay out the key considerations and challenges of supporting NCS with the potentially powerful tool of crediting emissions reductions and removals—and of making sure the systems to support this tool are ethical, equitable and effective at the much larger scales of ambition needed to meet the moment.

Read More »

Also posted in Forest protection, Indigenous People, Plants & Animals / Comments are closed

Western Climate Initiative kicks off 2022 with strong results – and high hopes for greater ambition

This was was co-authored with Caroline Jones, Analyst for U.S. Climate.

Wind farm in California.

PC: Tom Brewster Photography for the Bureau of Land Management.

The results of the Western Climate Initiative’s February auction were released today, and all current vintage allowances sold at a record-high price – raising over $970 million for the Greenhouse Gas Reduction Fund.

These results arrive alongside major opportunities for California to bolster its climate leadership. The state’s Climate Change Scoping Plan update, which intends to chart a pathway to achieving California’s 2030 and 2045 greenhouse gas reduction goals, is well underway with preliminary modeling results expected this spring. And recently, a group of experts released a report highlighting ways California can strengthen its cap-and-trade program and make the most of its Scoping plan.

Read More »

Also posted in California / Comments are closed

What’s next for the LEAF coalition? An outlook for tropical forest protection in 2022 and beyond

This post was authored by Rocio Sanz Cortes, Managing Director of Supply at Emergent. In 2019 EDF set up Emergent, the group facilitating LEAF, because we saw the need for a new, innovative financing facility that could catalyze a high-quality market for forest carbon/jurisdictional REDD+ credits. EDF’s Ruben Lubowski is a senior advisor for Emergent.  

Amazon Canopy. iStock.

Last year’s COP26 UN climate summit was referred to as “Nature COP,” as forests and nature took a protagonist role. Financial pledges to protect forests and reduce deforestation reached unprecedented volumes. In the first major formal deal of COP26, 100 leaders representing 85% of the world’s tropical forests pledged to end deforestation by 2030. This agreement was backed by the Global Forest Finance Pledge with $12 billion in public funds and $7.2 billion in private money. This funding will support actions such as restoring degraded land, tackling wildfires and advancing the rights of Indigenous people in tropical forest countries.

Another key success of last year’s global climate summit was the historic $1.7 billion pledge from governments and private funders to support Indigenous peoples and local communities. Direct financing for these groups underscores their essential role in forest stewardship. Other commitments announced at COP26 included the Congo Basin Pledge. Signed by more than 10 countries, the Bezos Earth Fund and the European Union, the pledge seeks to mobilize $1.5 billion to protect forests, peatlands and other critical carbon stores.

Natural climate solutions include conservation, restoration and management of forests, grasslands and wetlands – which could provide at least 20% of the emissions reductions and removals needed for the world to achieve net zero. Not only that, but they could also deliver socio-economic and environmental benefits beyond carbon. We are at a critical point for the future of the planet, and the pledges made at COP26 are game changers in keeping the planet’s temperature increase from reaching catastrophic levels.

LEAF’s breakthrough commitments

Read More »

Also posted in Forest protection, International, News, Paris Agreement, REDD+, United Nations / Read 1 Response

Western Climate Initiative ends the year on a high note with record prices

Wind farm in Mojave Desert.

Wind farm in the Mojave Desert. PC: Tom Brewster Photography for the Bureau of Land Management.

The latest results of the Western Climate Initiative’s quarterly auctions were announced today. All current and future vintage allowances sold, and for the second quarter in a row, settled at a record-high allowance price.

These results arrive as new data underscores the success of the program’s design and the strength of the market.

Read More »

Also posted in California, Cities and states / Comments are closed