Transcript What Star Wars can teach us about carbon markets in the Paris

What Star Wars can teach us about carbon markets in the Paris Agreement.
Ben Garside
Carbon Pulse is an online service dedicated to providing in-depth news and intelligence about carbon pricing initiatives and climate change
policies around the world. Our coverage focuses mainly on emissions trading markets and other methods of using taxes and market-based
mechanisms to cut greenhouse gas output.
Our free newsletter CP Daily features a summary of our stories plus bite-sized news updates from around the world.
Follow us on Twitter – @CarbonPulse
A long time ago in a galaxy far, far away...
• Kyoto Protocol - signed in 1997, runs until at least 2020.
• Only covers less than 15% of global emissions, everyone easily on track except Norway
• Investment in Kyoto's market mechanisms all but died out in 2013
• "The longing you seek is not behind you. It is ahead."
Revenge of the (Article) Sixth
• Article 6 of the Paris Agreement.
• Enables co-operative approaches.
• Establishes a new market mechanism.
• Went beyond expectations
• "So this is how liberty dies.... with thunderous applause."
CDM: A New Hope
• Probably not.
• As yet undecided what happens to the CDM and its existing projects.
• Aviation sector seems keen, but where to offset from?
• "You don't know how hard I found it signing the order to terminate
your life."
Return of the JI
• Undifferentiated nature of new Paris mechanism.
• In theory will look more like JI (capped) than the CDM (uncapped).
• Majority of JI credits from Russia, Ukraine heavily criticised.
• "There is good in him, I've felt it."
The Phantom Mechanism
• Only a framework, full rules years away.
• 80+ countries considering markets, only 4-6 likely to be buyers.
• Look out for the $500m Transformative Carbon Asset Facility (TCAF)
• "You must unlearn what you have learned."
Trade Wars: The Bourse Awakens
• Progress likely to be slow under the UNFCCC.
• Two other bodies moving this year:
• The G7 Platform on carbon markets.
• The New Zealand Declaration on carbon markets.
• "Your focus determines your reality."
Attack of the (David) Hones
• David Hone is Shell's climate policy advisor
"The good news for now is
that the provision is there and
its use can be explored and
developed.... the eventual goal
remains the globally-linked
market."
"Do. Or do not. There is no try."
Thank you!
• Carbon Pulse is an online service dedicated to providing in-depth news
and intelligence about carbon pricing initiatives and climate change
policies around the world. Our coverage focuses mainly on emissions
trading markets and other methods of using taxes and market-based
mechanisms to cut greenhouse gas output.
• Our free newsletter CP Daily features a summary of our stories plus bitesized news updates from around the world.
• Follow us on Twitter – @CarbonPulse