Out of 32,314.20 million tonnes of emissions in the world in 2016, G20 nations contributed around 27,000 million tonnes -- roughly 80 pct.
(Source: G20, The Hindu, Money Control News, 28 June, 2019) Contact: G20, www.g20.utoronto.ca; OCED, : +33 1 45 24 82 00, www.oecd.org
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The U20 Communique was signed by the mayors, or governors of Amsterdam, Berlin, Brussels-Capital Region, Buenos Aires, Chicago, Christchurch, Durban, Hamburg, Helsinki, Houston, Jakarta, Johannesburg, London, Los Angeles, Madrid, Mexico City, Milan, Montreal, New York City, Osaka, Paris, Port Vila, Rio de Janeiro, Rome, Rotterdam, Sao Paulo City, Seoul, Sydney, Tokyo and Tshwane.
(Source: U20, Japan Today, 23 May, 2019)
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At current decarbonization levels, the global carbon budget for 2 degree C would run out in 2036.
Each year the global economy failed to decarbonize at the required rate, the 2 degree C goal would become more difficult to achieve. The gap between current decarbonization and that needed to limit global warming to 2 degree C was 6.4 pct a year, the PwC report added.
London, UK-headquartered PricewaterhouseCoopers is a multinational professional services network of firms in 158 countries and 743 locations.
(Source: PwC, The Australian, Graham Lloyd, Environment Editor, 7 Oct., 2018) Contact: PricewaterhouseCoopers, www.pwc.com
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The report analyzes the coverage and magnitude of 2015 energy use taxes, and assesses changed between 2012 and 2015. Data is based on the OECD's Taxing Energy Use database, which compares taxes on energy use in 42 OECD and G20 economies, representing 80 pct of global energy use and associated CO2 emissions.
The publication finds that, outside the road transport sector, 81 pct of emissions were untaxed, noting there was almost no change in emissions tax rates between 2012-2015. Overall, tax rates fell short of the €30 low-end estimate of climate cost per tCO2 for 97 pct of emissions. Though not addressed in this publication, the report notes that emissions trading systems had minimal impact on this broader trend.
Emissions from coal-fired energy generation, which were responsible for nearly half of the carbon emissions associated with energy use in the 42 countries studied, remained untaxed in almost every country. In contrast, taxes on oil products were relatively high, exceeding €100 per tCO2. The share of road sector fuel emissions taxed above climate costs increased from 46 pct to 50 pct between 2012-2015, driven by fuel tax reforms in China, India and Mexico. Road transport fuel tax rates remained nonetheless below levels required to cover even non-climate external costs, according to the study. Additionally, in all but two countries, taxes on diesel for road use were lower than taxes on gasoline, despite diesel's known effects on air quality.
The report concludes that, aside from increases in transport fuel taxes that occurred in some low to middle income economies, no structural change to taxation patterns on energy use materialized between 2012-2015. It recommends that, if public compensation for higher energy costs is deemed necessary, targeted transfers should be provided rather than lower tax rates or exemptions to maintain the environmental integrity of market-based instruments
Download the Taxing Energy Use 2018 Report HERE. (Source: OECD, PR, Feb., 2018) Contact: Organization for Economic Co-operation and Development, www.oecd.org
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Of the approximate 6,100 worldwide companies that report climate-related data to CDP, 607 now claim to use "internal carbon prices" while 782 say they will introduce similar measures within two years. Total annual revenues of these 1,389 carbon-price champions amount to $7 trillion, according to the Economist.
CDP, formerly the Carbon Disclosure Project, is an international non-profit that runs a global disclosure system for investors, companies, cities, states and regions to help manage their environmental impacts. (Source: CDP,Economist, Jan., 2017) Contact: CDP, (212) 378 2086, email@example.com, www.cdp.net
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Germanwatch notes that India's per capita emissions are "relatively low" despite the fact India is one of the ten largest CO2 emitters. It also states that India's 25 pct of the energy supply is covered by renewable energy and that the Indian government is running "one of the largest renewable capacity expansion programmes in the world".
Over all, India's performance in areas of efficiency and emission levels puts India far ahead of China. When it comes to energy efficiency, India's performance has been categorized as a "poor". However, China trails India with a "very poor" performance in terms of energy efficiency too.
Both India and China have performed almost equally when it comes to development of emissions, climate policy and renewable energies.
Within the G20 economies, India's climate change performance is ranked 4th, while China is ranked 12th.
(Source: Germanwatch, MoneyControl, 29 Sept., 2017) Contact: Germanwatch, www.germanwatch.org/en
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Published ahead of this months G20 Summit, the IEA/IRENA study explores the investments needed for an energy sector transition that would be consistent objective of the Paris Agreement on climate change. The two agencies note that investments in financing the clean energy transition would yield important co-benefits and that a transformation of the energy system in line with the 2 degree C goal is "technically possible but will require significant policy reforms, carbon pricing and additional technological innovation." The study also addresses policy interventions such as power market reform; significantly increased levels of investment in energy supply and end-use sectors; low-carbon fossil fuel technologies; steady, long-term price signals; near-term scaled-up budgets for technological innovation; and stronger price signals from phasing out fossil fuel subsidies and carbon pricing.
Download the Pespectives for the Energy Transition -- Investment Needs for a
Low-Carbon Energy System Report
HERE. (Source: IRENA, IISD, 25 July, 2017)Contact: IRENA, +91 2 417 9000, www.irena.org;
International Energy Agency, Dr. Fatih Birol, Exec. Dir., +33 1 40 57 65 00, www.iea.org
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"We remain collectively committed to mitigate greenhouse gas emissions through, among others, increased innovation on sustainable and clean energies and energy efficiency, and work towards low greenhouse-gas emission energy systems.
"We take note of the decision of the United States of America to withdraw from the Paris (Climate) Agreement. The United States of America announced it will immediately cease the implementation of its current nationally-determined contribution and affirms its strong commitment to an approach that lowers emissions while supporting economic growth and improving energy security needs.
"We reiterate the importance of fulfilling the UNFCCC commitment by developed countries in providing means of implementation including financial resources to assist developing countries with respect to both mitigation and adaptation actions in line with Paris outcomes and note the OECD's report Investing in Climate, Investing in Growth.
"We reaffirm our strong commitment to the Paris Agreement, moving swiftly towards its full implementation in accordance with the principle of common but differentiated responsibilities and respective capabilities, in the light of different national circumstances and, to this end, we agree to the G20 Hamburg Climate and Energy Action Plan for Growth."
The recently published recommendations from the Task Force on Climate-Related Financial Disclosures point to the clear need for investors to be able to stress test their portfolios against a below 2 degree C scenario.
The Carbon Pricing Corridors initiative is due to report on its initial projections for credible carbon price ranges in Spring 2017. (Source: CDP, Sustainable Brands, 23 Jan., 2017)Contact: CDP, Paul Simpson, CEO, +44 (0) 20 3818 3946, www.cdp.net;
We Mean Business Coalition, www.wemeanbusinesscoalition.org
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