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BMU und KfW gründen Stiftung Zukunft des Kohlenstoffmarktes

Die KfW hat im Auftrag des Bundesministeriums für Umwelt, Naturschutz und Reaktorsicherheit (BMU) die neue Stiftung „Zukunft des Kohlenstoffmarktes“ gegründet. Die Stiftung soll durch die gezielte Förderung von Klimaschutz-Projekten dazu beitragen, Treibhausgase in Entwicklungsländern zu vermindern. Sie began Anfang 2012 offiziell mit der Arbeit. Das Stiftungskapital von zehn Mio. EUR, stellt das BMU im Rahmen der Internationalen Klimaschutzinitiative (IKI) bereit.

Rebasing the Cap and strengthening the Market Stability Reserve in the EU ETS until 2030

The EU Commission has proposed to reduce emissions in the European Emissions Trading Scheme (EU ETS) by 61 % up to 2030. Apart from the cap, the market stability reserve (MSR) regulates supply and scarcity on the carbon market. This report looks at different options to rebase the cap and to adjust the MSR parameters. It analyses the effects on total allowance supply and on the total number of allowances in circulation (TNAC). These variables can be used as proxy indicators for the overall effective emissions limit – and thus climate effectiveness – as well as the market stability of the EU ETS. Veröffentlicht in Climate Change | 33/2022.

Studie stellt Wirksamkeit von Joint Implementation in Frage

Das Stockholm Environment Institute (SEI) hat die Wirksamkeit des Joint Implementation-Mechanismus der UN-Rahmenkonvention zur Bekämpfung des Klimawandels untersucht und ist zu dem Ergebnis gekommen, dass das Instrument zu 600 Millionen Tonnen CO₂ Mehremissionen geführt habe, anstatt zur Reduzierung von Treibhausgasen beizutragen. Zustande gekommen sei dieser negative Effekt durch mangelndes Monitoring des Instruments sowie die Zulassung von Projekten mit fragwürdiger oder sehr geringer Umweltwirksamkeit. Die Studie des Stockholm Environment Institute (SEI) untersucht nach dem Zufallsprinzip 60 JI-Projekte. In 73 Prozent der Fälle war eine wichtige Voraussetzung für die Anerkennung der Projekte, nämlich die Zusätzlichkeit, nicht plausibel. Es zeigt sich, dass Firmen ihre Treibhausgas-Emissionen zunächst künstlich in die Höhe getrieben haben, um im Anschluss an den enormen Emissions-Einsparungen zu verdienen. Die Studie wurde am 24. August 2015 unter dem Titel "Perverse effects of carbon markets on HFC-23 and SF6 abatement projects in Russia" in dem in der wissenschaftliche Fachzeitschrift "Nature Climate Change" veröffentlicht.

Land use as a sector for market mechanisms under Article 6 of the Paris Agreement

The land-use sector plays a critical role for achieving the goals of the Paris Agreement. This report discusses key environmental integrity challenges for using carbon market mechanisms to implement mitigation activities in the land-use sector. The report evaluates how existing carbon market mechanisms address these challenges in practice and to what extent these approaches can mitigate environmental integrity risks. The analysis includes selected crediting mechanisms and two case studies of cap-and-trade systems, the EU ⁠ LULUCF ⁠ Regulation and the New Zealand Emissions Trading Scheme. Veröffentlicht in Climate Change | 49/2022.

Future role for voluntary carbon markets in the Paris era

The end of 2020 marks a fundamental change in the global governance of greenhouse gas emissions with the shift from the Kyoto Protocol era to that of the Paris Agreement. This also has implications for the future role and the feasible models of the voluntary carbon market. A critical focus is whether and how 'double counting' of emission reductions is avoided. Three models emerge as potentially viable options in the Paris era: the “contribution claim”, “NDC crediting” and “non-NDC crediting” approaches, each with their own respective strengths and weaknesses. The results are aimed at all stakeholders in the voluntary market - from project developers and providers to users of voluntary offsetting. Veröffentlicht in Climate Change | 44/2020.

Using Article 6.2 to foster ambition

The research project explores how Germany can increase ambition by using carbon market approaches under Article 6.2 of the Paris Agreement. This paper explores possible uses of Article 6.2 by Germany beyond the attainment of the EU-NDCs. The paper explores different options to use Art. 6.2 for compliance as well as voluntary purposes. Moreover, reporting possibilities under ⁠ UNFCCC ⁠ are discussed for the different options. It finds that using Article 6.2 for voluntary or a combination of different purposes holds great potential for an increase in ambition, while compliance purposes is fraught with challenges. Veröffentlicht in Climate Change | 01/2023.

Trading activities and strategies in the European carbon market

The European Emissions Trading System (EU ETS) constitutes a central European climate policy instrument. Since its start of operation in 2005, the carbon market has grown considerably in terms of trading volume and also with regard to the various players being active. This report aims to give an insight on the specific trading behaviour of market participants from the energy and financial sector based on publicly available data from the European Union Transaction Log (EUTL). It summarizes the findings and results of the two working packages of this research project. Whereas the first work package focused on the methodological foundations and economic research possibilities within the EUTL itself, the second work package undertook a hands-on analysis and evaluation of twenty entities operating in the EU ETS. The examined period comprises January 2013 to April 2016. Veröffentlicht in Climate Change | 16/2022.

China’s Pilot Emissions Trading Systems and Electricity Markets (Hubei and Shenzhen)

Electricity generation is the largest source of greenhouse gas emissions in many countries. Most emissions trading systems (ETS) therefore address emissions from electricity generation. The de-sign of an ETS and the structure and regulation of the electricity sector have a large impact on the environmental effectiveness and the quality of the carbon price signal. This report analyses the interaction of carbon and electricity markets in two pilot systems in China: Hubei and Shenzhen. The two pilot systems have adopted very different design features due to the specific local circum-stances. Due to strong government regulation of China’s electricity sector, carbon pricing has played a very limited role in driving low carbon investments. A more market-oriented electricity trading market and deregulation of electricity pricing for certain end-users seems necessary for an effective ETS in China. However, this will depend on the political acceptability of electricity price increases resulting from a strong carbon price signal. This case study is part of the project “Influence of market structures and market regulation on the carbon market” that aims to identify the impact of market structures and regulations on carbon markets and to investigate the interdependencies between carbon and energy markets in Europe, California, China, South Korea, and Mexico. Veröffentlicht in Climate Change | 37/2021.

Urban components under Article 6 of the Paris Agreement

Urban areas cause over 70% of direct and indirect ⁠ CO2 ⁠-emissions worldwide. Carbon market mechanisms under Article 6 of the Paris Agreement can offer new opportunities for the mobilisation of urban emission reduction measures and policies. This research project first examined the prevalence and experience of urban reduction projects within the framework of the Clean Development Mechanism (CDM), Nationally Appropriate ⁠ Mitigation ⁠ Actions (NAMAs) and Transformative Actions Programs (TAP). Building on this, conceptual approaches to the implementation of urban Art. 6 activities were developed. In addition, the study discusses approaches to determine the additionality and various financing options for urban mitigation activities. Veröffentlicht in Climate Change | 06/2021.

The Mexican Emission Trading System and the Electricity Market

Electricity generation is the largest source of greenhouse gas emissions in many countries. Most emissions trading systems (ETS) therefore address emissions from electricity generation. The de-sign of an ETS and the structure and regulation of the electricity sector have a large impact on the environmental effectiveness and the quality of the carbon price signal. This report analyses the potential interaction of carbon and electricity markets in Mexico. The Mexican ETS started as pilot scheme in 2020 with the aim to gather experience in the implementation of an ETS without having impacts on the economy. Due to this, no carbon price has been established yet and the political uncertainty about future climate and energy policy is high. While it is unlikely that the trading sys-tem will have a noticeable impact in the short term on demand, supply, or investments, a carbon price has the potential to spur renewable energy growth under an appropriate electricity market regulation. The potential for short-term fuel switching is low, as natural gas is already the cheapest fossil fuel in the merit order. This case study is part of the project “Influence of market structures and market regulation on the carbon market” that aims to identify the impact of market structures and regulations on carbon markets and to investigate the interdependencies between carbon and energy markets in Europe, California, China, South Korea, and Mexico. Veröffentlicht in Climate Change.

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