Tag Archives: climate-change
EU Missing A Chance To Jump-Start Investment In A Low-Carbon Economy
Published 04 July 2013, updated 05 July 2013 Time is running out for Europe to make a low-carbon economy attractive, argues Stephanie Pfeifer. Stephanie Pfeifer is the chief executive of the British-based Institutional Investors Group on Climate Change. Last year investment in low-carbon energy in Europe fell to $13.4bn, a 25% drop on 2011 levels, according to Bloomberg New Energy Finance. By the European Commission’s own projections, transitioning to a low-carbon economy requires investment of €1 trillion by 2020, increasing to perhaps €7 trillion in the next 40 years. The sums do not add up. It will be very difficult to meet targets for emissions reduction – 40% by 2030 – without significantly more money flowing into low-carbon energy and other low carbon assets. This is why more than 80 European investors worth €7.5 trillion last week called on EU policymakers to make the vision of a low-carbon, single energy market investable by urgently tabling proposals for detailed climate and energy policy. The biggest drags on investment are policy uncertainty, short-term targets and retroactive changes to support for clean energy. Investors need to plan many years in advance to make investments in energy infrastructure which may endure for a generation. The uncertainty around future policy and disputes concerning EU-wide targets makes this sort of planning very difficult. Achieving the 40% emissions reduction target by 2030 requires substantial investment decisions to be made before 2020, but this can only happen when a post-2020 climate and energy framework is in place. Investors are concerned this may not be the case until 2015, or even later. As a welcome first step to help restore confidence, we would like to see draft legislation before the replacement of the current Commission and Parliamentary elections next year. The longer investors have to wait for concrete policies, the stronger the economic pressure to defer investment decisions. While a 2030 framework is essential, much longer-term targets – 15 years or more ahead of time – would provide investors with greater certainty and help drive investment. Meeting investment and emissions targets has also been made far more difficult by the absence of a strong and reliable carbon price signal. The Emissions Trading System is not doing its job and only the permanent removal of the structural surplus of carbon allowances can get the scheme back on track. Addressing the surplus issue is a vital first step but will not provide a lasting fix. A well-functioning carbon market needs a stable and meaningful carbon price, and this can only come about through the introduction of a transparent mechanism to introduce flexibility in allowance allocation. With atmospheric C0 2 at a millennial high, and the world on track for warming of between 3.6 and 5.3 degrees, the physical impacts of climate change will disrupt societies and put the investments of millions of people at risk. Continuing to rely on carbon-intensive energy is not a smart strategy. But at present, Europe is in danger of missing out on billions in crucial low-carbon investment. A low-carbon economy can drive growth, create jobs, tackle climate change and generate prosperity. To make this low-carbon vision a reality requires leadership. European policymakers must seize the opportunity to make Europe an attractive place for energy investment before it’s too late. Continue reading
New Tool to Improve Assessment of Forest Biomass and Carbon Stocks
A new online platform launched by FAO will allow countries to improve the assessment of forest volumes, biomass and carbon stocks. This data is crucial for climate change research and mitigation activities, such as increasing the carbon stock in forests through reforestation, and bioenergy development. The new GlobAllomeTree, jointly developed by FAO, the French Research Centre CIRAD and Tuscia University of Italy, is an international, web-based platform designed to help climate-change project developers, researchers, scientists and foresters calculate forest biomass and forest carbon. This data will assist national policymakers in making informed decisions about their climate change and bioenergy strategies. “This is the first time that countries have access to an extensive database of tree models used to evaluate forest resources worldwide. It allows them to get a clear picture on their forests’ capacities to store carbon,” said FAO Forestry Officer Matieu Henry. Easy to access and use The tool enables users to assess stem volume, tree biomass and carbon stocks from tree characteristics such as trunk diameter, height and wood specific gravity, for various types of trees and ecological zones. Access to the tool is free and users can also develop and submit their own calculation models. At current status, the tool covers 61 tree species in 7 different ecological zones in Europe, 263 tree species in 16 ecological zones in North America and 324 species in 9 ecological zones in Africa. The calculation tools for South Asia, South-East Asia and Central and South America are soon to be finalized and uploaded to the platform. Forest carbon estimation for REDD+ This new platform will be particularly useful in the context of REDD+ activities (reducing emissions from deforestation and forest degradation and increasing the carbon stock in forests), where governments will need more accurate assessment of the forest carbon stocks and carbon stock changes. In this context, a few countries have already advanced their approaches to forest monitoring for REDD+ by using tree calculation models. For example, national institutions in Vietnam supported by the UN-REDD National Programme have conducted field measurements to develop new calculation models in a number of forest types throughout the country. Indonesia has produced and adopted a national standard for developing tree databases, and in Mexico, national forest authorities have developed a national database and new calculation tools. These efforts will help countries to obtain more accurate data on the status of forest resources and forest carbon stocks and changes and support implementation of national and international forestry policies. Continue reading
China’s Carbon Emissions ‘Could Peak’ In 2025
Last updated on 3 July 2013, 11:24 am By Ed King A group of leading Chinese climate change experts says the country could ensure emissions peak in 2025 without damaging economic growth. In an article published in Climate Policy , they argue the two degree warming limit agreed by world leaders in 2009 is still achievable, provided China takes further steps to cut pollution. China accounts for 24% of global emissions, and its GDP is expected to overtake the USA’s before 2030. To avoid two degrees the country needs to cut emissions 70% by 2050 compared to 2020 levels. Together with massive investment in renewables and efficiency, the authors recommend a nationwide carbon pricing scheme be deployed within the coming years, which they say can be implemented without damaging growth. “The results suggest that recent and continued technological progress will make it possible for China to limit its CO2 emissions and for these to peak before 2025,” they say. Choking pollution in China’s major cities is placing pressure on new premier Xi Jingping to curb emissions from cars and power plants The paper sets high levels of ambition on renewables, efficiency, nuclear, and carbon capture and storage technologies, which could mitigate increases in coal and gas use. In order to comply with what the authors label the ‘enhanced low carbon scenario’, by 2050 renewables must account for 48% of total power generation, with solar providing 1040GW and wind 930GW. “A reduction of the necessary magnitude will require the near-simultaneous and successful deployment of all the available low-carbon energy technologies and massive international cooperation,” they say, adding: “improving China’s energy efficiency will increase economic competitiveness”. The paper has generated a high level of interest outside China given the experts involved and their level of engagement with the government. Lead author Jiang Kejun is part of the Energy Research Institute, which is affiliated to the National Development and Reform Commission, the influential government ministry that oversees China’s economic and energy strategy. “You can say that given the position of the researchers, there are definitely some political implications there,” the World Resources Institute’s Ailun Yang told RTCC. “Jiang Kejun has consistently been one of the most progressive voices within the system. He always gives out the most ambitious analysis and forecasts, but I think it’s important to note that in much of his analysis – even though they seem provocative – he was proven right” US pressure The paper is especially relevant given claims made by US climate negotiators that China’s mere presence puts 2 degrees out of reach and that a binding Chinese carbon cap is unthinkable. The US is pushing for a ‘pledge and review’ agreement at the international climate negotiations, a system which is unlikely to ensure the level of emission cuts scientists believe are required. Seasoned observers at UN negotiations talk of Washington’s negotiating position being ‘index linked’ to China’s. Reports that leading Chinese climate experts believe it is possible to limit global warming are likely to place pressure on the USA to match that ambition, despite President Obama’s recent offerings in his new Climate Change Action Plan . New markets A recent report from the UN Environment Programme confirmed China’s status as the world’s leading market for renewable energy, driving $67 billion of investment in 2012. Heavy pollution from coal power stations is forcing officials to consider alternative forms of energy – and raising the stakes for the country’s seven pilot emission trading schemes, the first of which launched in Shenzhen on June 18. “The basic idea is that we have to establish a price level for carbon in China, and I think that is the right step to take,” said Yang, adding: “I think the enormous local impacts of China’s energy mix and dependence on coal is becoming a huge push for China to take even stronger climate mitigation action.” The Shenzhen exchange accounts for 30 million metric tonnes of CO2 emissions, equating to a quarter of the region’s GDP and around 600 companies. Nationally the country released 8 billion metric tonnes of greenhouse gases in 2012. Emissions rose 171% between 2000 and 2011. – See more at: http://www.rtcc.org/…h.0a6ugSUN.dpuf Continue reading
