Michael Wilkins

Legally binding climate targets mean something! Twice in two years the UK government has been taken to court for not doing enough to meet its carbon reduction targets. And both times the government has lost. In 2022, the courts agreed that the government's Net Zero Plan did not clearly show how the plan would achieve the targets set out in the #ClimateChangeAct. And the government was sent away to beef its plan up. This year, the plans have been challenged again. And again, the government has lost. Later today, the High Court is expected to announce timelines for Department for Energy Security and Net Zero to come back for a third time with a credible plan. #climatechange #netzero #climateemergency https://lnkd.in/ekSM4AxC

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🇺🇸 🙌 Today is a historic day for the VCM - the day the US Government weighed in. And the incredible news is that they have, in my humble opinion, struck the perfect balance between (i) recognising the challenges the market currently faces, in particular on credit quality; (ii) noting the important developments in the market which are tackling these issues, including "New and improved analytical products and services that aim to strengthen credit transparency and quality comparability, such as carbon credit rating services"; (iii) calling out the important potential the VCM has to play a material role in tackling the climate crisis; and (iv) listing a series of very specific actions being taken to help realise the vision set out. I think today will mark a turning point for the market: a clear marker in the sand that high integrity is non-negotiable, but if the market can make it the norm, then it will have the full backing of the US. I hope other governments emulate this progressive, pragmatic line. Back in my policy making days I would have been proud to draft something as clear, robust and elegant as today's announcement - to get it signed off by all the key government departments, and presented at a high profile event (starting in a few hours), is a truly impressive achievement. Hats off to them!

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"Carbon offsets often overstate emissions reductions, and firms use these as a cheaper alternative to investing in real, tangible emissions reductions in their own supply chains." Following the #LSEEnvironmentWeek public event on 'Innovative market solutions to confront climate change', Ram Smaran Suresh Kumar explores numerous challenges with voluntary carbon markets, and underlines the effective role they could play in tackling climate change 💬 https://lnkd.in/eGiuSsDj Missed the event? You can re-watch the recording here 🔴📺 https://lnkd.in/ehRz-SRe

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High quality piece of ‘weekend reading’ here for those with #carboncapture interests….from the Oxford Institute for Energy Studies on decarbonizing the energy from waste sector (EfW) – or waste to energy (W2E) sector (whichever version you prefer 🤓). Top work (and plenty of effort) from Hasan M. and team and also great to see support from enfinium - one of the leaders (with a clear ambition for net zero & carbon removals) in a very progressive EfW industry in the UK (also one of our own key market segments). The report title says it all….”Carbon capture from energy-from-waste (EfW): A low-hanging fruit for CCS deployment in the UK?”….. and from our viewpoint, low-hanging fruit = very good potential to be an early mover and set the pace on an increasingly international stage for CCS and carbon removals. The UK EfW installed base could support up to 5-8 Mtpa of negative emissions….which is all of the UK Govt’s 2030 target for 5 Mtpa of removals (and a material share of future ambitions as well). The EfW opportunity is clearly “significant” in the UK and Europe (and could see growth in North America and the Middle East as well in due course)…..whilst also raising the need for the “right” policy support, including topics like non-pipeline transport (rail, shipping) for what is often a dispersed regional asset base of EfW facilities. PS: Energy from Waste......can’t let it pass without noting (as we’ve said many times before) that EfW is a 'good fit' for Aker Carbon Capture: size fit with our Just Catch™ modular plants, good availability of ‘excess heat’, and the potential to capture CO2 from biogenic sources (hence, with CCS, generating high quality carbon removals). And we're delivering 6 #carboncapture units to this sector in Europe already.....one of which (the Kalundborg CO2 Hub project & partnership with Ørsted & Microsoft in Denmark) is now signed up to generate & purchase 3.67 million tonnes of CO2 removals from the Avedøre & Asnæs power stations over the next decade. An industrial scale early mover in real life!! 😎 #decarbonization #ccs #ccus #energytransition Janus Lorentz-Petersen, Jason Frost, Simon Crawley-Boevey, Fraser Archibald, Karen Sinclair, Helen Ricketts, Luke P., Toby Willens, Enrica Ippoliti, Karl Smyth, Simon Forshaw, Joel Flitton

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On Earth Day there are posts with lots of pretty pictures and pledges. But what should count is recognition of differentiated responsibilty for biodiversity loss; novel ideas to engage with traditional stewards and initiatives to do ecosystem strengthening. What exactly is Taskforce on Nature-related Financial Disclosures (TNFD) doing that is NOT business-as-usual. Are we still tracking corporate disclosures as important actions?

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The Science Based Targets initiative (SBTi) has updated its guidelines to allow a broader use of environmental attribute certificates, including carbon credits, to address Scope 3 emissions in their net zero target framework. This pivotal update aims to enhance corporate efforts in tackling the most challenging emissions that occur outside direct control, like those from supply chains or product use. "Recognizing the complex nature of Scope 3 emissions, the expanded use of certified credits will help companies achieve more robust and scientifically aligned net zero targets," states the Science Based Targets initiative board. This change is expected to significantly influence the carbon credit market and assist companies in meeting ambitious climate goals. Learn more about the revised standards and their implications here: https://loom.ly/Cd2Dt4o #SustainabilityinAction #ESGSummitEurope2024 #NetZero #ClimateAction #SBTi

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Have you ridden the #carbon credibility rollercoaster? Well, if your business is in any way related to #carbonmarkets – my guess is that you’re in the middle of a very long ride! Check out this article where I look at the SBTi’s evolving #NetZero Standard and how I think #timber can be built into a solution in the carbon credibility crisis. #naturebasedsolutions #climatefinance #VCM #forestinvestment #timberlandinvestment #sustainableforestmanagement

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The #EY Net Zero Centre just published a new report highlighting the outlook for the global voluntary carbon market and the essential role carbon credits must play for effective and ambitious climate action. Key findings include: ➡️Carbon credits are essential to effective and ambitious climate action ➡️Quality credits are scarce and priced at a premium ➡️Those that engage early will be best positioned to create and capture opportunities and manage risks Read the full report: https://lnkd.in/e5G3wJBW Chestnut Carbon is proud to develop nature-based carbon removal projects that meet the most rigorous Gold Standard® verification criteria. We believe nature-based solutions offer the most scalable opportunity available today to capture carbon and help companies reduce their carbon footprint. Contact us today to learn more: https://lnkd.in/gmpXGe3u

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"The newly-promised money is expected to come from government grants and the private sector - banks and businesses - and should help countries move away from fossil fuel power to using renewable energy. There was also a commitment to tripling the money that goes towards preparing countries for climate change. Historically, only 40% of the funding available for climate change has gone towards this. As well as the promise of $300bn (£238bn), nations agreed that $1.3tn is needed by 2035 to also help prevent climate change. (...) But the talks failed to build on an agreement passed last year calling for nations to “transition away from fossil fuels”. https://lnkd.in/dcAzmsxG

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COP29 achieves full operationalisation of Article 6 of Paris Agreement– unlocks international carbon markets 👉🏼 This is a process not an event that will continue to evolve and whilst there will be detractors on this milestone, it’s good to see an agreement after a decade. 👉🏼 There is still some way to go before carbon markets evolve to be what I deem a proper market with price discovery, but step by step we willl get there and ensure that path is of high integrity and benefits local communities where such projects reside. 👉🏼 The challenge is also the fact that by its very nature as I have written in various articles recently, the carbon market is decentralised as projects and investment / supply and demand are in different places. Geopolitics also plays a part. 👉🏼 That said what technology fragments, it can also knit together so that multiple markets and registries can interconnect and present themselves as a single virtual marketplace by way of a distributed hub and spoke model such as that which we have been advocating at ZERO13 based on the construct we have created. 👉🏼 You can have local, regional and global markets intertwined such that e.g. Kenya and Ghana can have their own local registries and markets if they want them. The African Union can run a regional market and infrastructure and the there can be a UNFCCC CDM 2.0 and global market construct all interconnected eradicating ‘walled gardens’ and siloes. 👉🏼 We at ZERO13 are committed to play our part in making carbon markets better as part of an industry driven collaborative effort. https://lnkd.in/eNTdzTCk COP29 Azerbaijan #carbonmarkets SECDEX Group GMEX Group United Nations UNDP African Union African Development Bank Group Dhrupun Shah Lincoln T. Asad Sultan

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A new paper urges UK government to mandate ISSB-aligned corporate sustainability reporting as part of a "whole-of-economy" transition plan 🇬🇧 Addressing climate change and its financial implications starts with integrating sustainability into financial reporting and policy decisions. That's why investors, customers and regulators worldwide want to see businesses' #CarbonData. 👉 Read Mark Manning's report, with contributions from Bankers for Net Zero (B4NZ), the World Benchmarking Alliance, the Climate Bonds Initiative, Chapter Zero, the Global Association of Risk Professionals (GARP) Risk Institute, and PwC: https://lnkd.in/eWBqrv6s 👉 Prepare for standardised reporting today with CarbonChain: carbonchain.com #SustainabilityReporting #CarbonReporting #ISSB

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After much debate back in April about SBTis intention to adjust their Net Zero Standard to allow for more use of carbon offsetting in scope 3 reduction efforts, they have pushed a final decision on this to 2025. The current standard requires companies to reduce 90% absolute emissions before offsets can be used as a reduction tool. The decision to update how offsets are used within scope 3 was seen as a potential "pay your way out" for big companies to utilise unquantifiable reduction initiatives in their carbon accounting. Current documentation on carbon offsets and carbon credits indicates that only 12%-33% actually deliver on their stated climate benefit. In their recent Scope 3 paper, SBTi emphasises the priority of direct decarbonisation of the value chain. More work and research are needed to determine how offsetting solutions should be quantified in corporate carbon accounting. This response from SBTi reflects an awareness of the conserns from sustainability professionals around greenwashing risks associated with offsetting. It acknowledges the need for more research and consultation before updating their approach. A draft standard will be released for public consultation at the end of 2024 and will be open to contribution, and we are eager to see how this conversation evolves. For more information please click on the link: Aligning-corporate-value-chains-to-global-climate-goals-SBTi-Research-Scope-3-Discussion-Paper.pdf (sciencebasedtargets.org)

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1.0 is broken. "Here is the voluntary carbon credit market 2.0" 🌎 📊 I was really pleased to hear the Global Chair of The Integrity Council for the Voluntary Carbon Market (ICVCM) Annette Nazareth speak - and ask her questions on a topic close to my heart. Post 1 of 2: as this is a shout out to my top speakers at the Carbon and Energy Professionals New Zealand conference in Ōtautahi Christchurch. CARBON CREDIT MARKET GLOBALLY 🌐 - "This is the voluntary carbon credit market 2.0" ⛰ - 1.0 is broken ⚡ - The new ICVCM standard has raised the bar on carbon credit projects globally 🔝 - "No projects have yet been certified under this new standard" ...! (good to know) 🔜 - The big players have had their programmes approved e.g. Verra, GoldStandard ⚜ - Evidencing 'Additionality' and 'Permanence' of a project are still the focus points/ hot topics - Impact to indigenous people and local communities are included in the standard - "Continuous improvement" of the standard is built-in. There will be a 3.0 at some point too! ICVCM has released the standard which, going forward, carbon credit projects globally should be certified against. The goal is to mobilise the private sector to fund climate action of high integrity projects. And last but not least - in fact most importantly - gross emission reductions is the first priority.

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Great to see this new report from Glasgow Financial Alliance for Net Zero (GFANZ) that highlights examples of how financial institutions are scaling finance and engagement with clients to facilitate the transition to a net zero economy. It also provides examples of how some firms are trialling new decarbonisation contribution methods that are attempting to estimate the forward-looking emissions reduction potential of companies and activities. What is clear is that there is no one-size-fits-all approach to transition finance, but there is a lot of activity underway to try and spur action. #netzero, #transitionfinance

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Climate activism is pushing hard to influence stakeholder sentiment on the energy sector, but is this intense focus reflected in impact?   How do climate groups challenge the energy sector to change? And how are industries responding to the demand for a green future? Read our Head of Research David Hamon's latest piece decoding this dynamic. #climateactivism #energysector #sigwatch #sustainability

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We welcome the International Energy Agency (IEA) Global Commission for a #justtransition An initiative to examine how to design and implement policies that lead to a more equitable energy system – supporting decision makers around the world as they seek to prioritise affordability and fairness in clean energy transitions. Many thanks to the leadership of Teresa Ribera, Spain’s Deputy Prime Minister and Minister for the Ecological Transition and Demographic Challenged Alexandre Silveira, Brazil’s Minister of Mines and Energy. As Fatih Birol pointed out “Clean energy transitions will only succeed if their advantages are shared with all parts of society – including communities that have historically been at the margins of the energy economy. This starts with fair and equitable policies, which are the focus of this new Global Commission,” BBVA, Ministerio para la Transición Ecológica y el Reto Demográfico, Tim Gould, United Nations Environment Programme Finance Initiative (UNEP FI) https://lnkd.in/dVjD7VK3

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The Climate Law is the EU’s core climate legislation. It must be amended to underpin the role carbon removals should play in realising the EU’s climate targets. Here is a ready to go proposal devised by the CO2ol Down coalition to revise the EU’s Climate Law: https://lnkd.in/eNwhnUeb

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