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Energy

Preparing for a Price on Carbon: Lessons from 3 Companies

Xueman Wang's picture
 
Oil platform. Glenn Beltz/Flickr Creative Commons CC-BY-2.0


New carbon pricing systems are being developed in China, Chile and other countries to help reduce greenhouse gas emissions and encourage clean energy and sustainable development. This will mean new reporting requirements and regulations for an increasing number of national and multi-national companies.
 
To help corporate leaders prepare, we studied the experiences of three companies that are already operating within one or more carbon pricing systems and the steps they took to prepare for a world where greenhouse gas emissions have a price.
 
Our report released today by the Partnership for Market Readiness describes the impacts of a changing climate on business strategies, analyzes risks and opportunities as new climate policies are implemented, and distills lessons learned by Pacific Gas and Electric Company, Rio Tinto, and Royal Dutch Shell. The three companies represent a variety of energy-intense industries, including oil, gas, metals, mining and energy generation, transmission and distribution. Two operate in more than one jurisdiction with emissions trading.

Alstom Exec: Carbon Pricing & Technology Innovation Are Symbiotic

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Amy Ericson, U.S. country president for technology company Alstom, spoke at the World Bank Group about the interplay between carbon pricing and innovation that can lower carbon emissions for cleaner, more sustainable development. Alstom is involved in the Carbon Pricing Leadership Coalition.

Energy CEO: California Shows How Carbon Pricing Can Reduce Emissions Efficiently & Cost Effectively

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Anthony Earley is the chairman and CEO of PG&E Corporation, the parent company of Pacific Gas and Electric. He spoke ahead of the UN Secretary-General's Climate Leadership Summit about the importance of California's climate policies and carbon pricing in encouraging a shift to clean energy solutions. 

Cities Can Lead on Climate Change to Build a More Resilient Future

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Also available in: Español | Français | 中文

Mayor Gregor Robertson. Courtesy of the City of Vancouver

By Gregor Robertson, Mayor of Vancouver, Canada


Around the world, cities are taking the lead on addressing the challenge of climate change. While senior governments stall, urban leaders are responding to the urgent need to make our cities more resilient as climate change impacts intensify. 
 
In Vancouver, we are aggressively pursuing our goal to be the greenest city in the world by 2020. It's a bold goal, but in working toward it, we are protecting our environment and growing our economy. The successful cities of the future will be those making the investments and changes necessary to adapt to the impacts of climate change. Climate change poses a serious risk to global economic and social stability, and resilient cities will prove to be attractive draws for people and capital. 
 
With decisive leadership, the everyday decisions of city governments can prepare our communities for climate change. By considering climate change when we evaluate new development or infrastructure proposals, cities can save lives, create jobs, and improve our streets and neighbourhoods.
 
A clear price on carbon enables governments, businesses, non-profits and citizens to make smarter decisions that will have real impact. Innovative businesses aren't waiting for governments to act; many are already internally pricing greenhouse gas emissions to gain a competitive edge. The forward-thinking businesses and regions that price carbon today will have more flexibility and capacity to respond to the uncertain conditions tomorrow.

Tokyo, an Urban Carbon Cap-and-Trade Pioneer, Supports Putting a Price on Carbon

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By Yoichi Masuzoe, Governor of Tokyo
 
The IPCC’s Fifth Assessment Report firmly centered on the reality of human-driven climate change. If we don’t take immediate and tangible steps to reduce the consequences of these actions, we will face an environmental crisis that will have a major impact on mankind’s existence. Here in Tokyo, we are extremely concerned about this danger, as it poses a huge threat to our goal of becoming a sustainable and environmentally-friendly city.
 
In the year 2030, it is estimated that the number of people living in urban areas will exceed 60 percent of the world’s population, and measures at the city level are now crucial. The effects of climate change are already becoming apparent in a range of forms, and Tokyo is no exception. Tokyo has undertaken several measures to mitigate these effects, including launching the world’s first urban cap-and-trade program. In addition, Tokyo is implementing a number of pioneering initiatives, such as measures to counteract storm surges and floods, as well as major earthquakes, and advancing urban planning to realize a more resilient city.

Carbon Pricing – Delivering Economic & Climate Benefits

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 TonyV3112/Shutterstock

A dangerously warming planet is not just an environmental challenge – it is a fundamental threat to efforts to end poverty, and it threatens to put prosperity out of the reach of millions of people.  Read the recent Fifth Assessment Report from the Intergovernmental Panel on Climate Change if you need further evidence.

If we agree it is an economic problem, what do we do about it?  There is general agreement among economists that a robust price on carbon is a key part of effective strategies to avert dangerous climate change. A strong price signal directs finance away from fossil fuels and toward a suite of cleaner, more efficient alternatives.

This logic is not lost on governments and companies.  Momentum is building around the globe to put a price on carbon.  Consider these facts:

Nowhere to Go

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"Tell Them"
Tell them who we are, says young Marshall Islands poet Kathy Jetnil-Kijiner. Her video was shown during the Small Island Developing States Conference.


In the weeks running up to the 3rd International Conference on Small Island Developing States, out of frustration and a sense that they must look after themselves, a new alliance was born: the Coalition of Atoll Nations on Climate Change. Or, as President Tong of Kiribati called it, the "alliance of the sinking". The coalition comprising Tuvalu, Kiribati, Marshall Islands, Maldives, Cook Islands, and Tokelau, with Micronesia associated as part of their territory, is atoll territory.
 
These nations have tried everything to bring their situations to the climate negotiators' and development organizations' attention and have their special situation recognized. With just 15 months until the Paris climate negotiations, they seek in a group to be able to support each other and to make themselves heard. 

In Aspen, Bringing Climate & Energy Policy Back from Partisanship

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 National Renewable Energy Laboratory engineer Tim Wendelin tests techniques for solar energy storage at a testing facility in Colorado. Dennis Schroeder / NREL
Photo: National Renewable Energy Laboratory engineer Tim Wendelin tests solar energy storage techniques at a facility in Colorado. Dennis Schroeder / NREL


In the rarified atmosphere of Aspen, Colorado, last week, I attended the 11th American Renewable Energy Day Summit. Over the years, the event has grown into a fascinating brainstorming and networking event bringing U.S. domestic and international figures in the renewable energy business together – financiers, technology entrepreneurs, government officials, activists, and scientists from across the energy challenges and opportunities.
 
We talked about international climate negotiations and renewable energy progress in China and India, but the strongest focus was on the challenges and great potential for U.S. innovation and how to bring climate change and energy policy back from partisanship.

Green Bonds Market Tops $20 Billion, Expands to New Issuers, Currencies & Structures

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Also available in Français | Español | 中文

Annual Green Bonds Issuances


In January, World Bank Group President Jim Yong Kim urged the audience at the World Economic Forum in Davos to look closely at a young, promising form of finance for climate-smart development: green bonds. The green bond market had surpassed US$10 billion in new bonds during 2013. President Kim called for doubling that number by the UN Secretary-General's Climate Summit in September.

Just a few days ago—well ahead of the September summit—the market blew past the US$20 billion mark when the German development bank KfW issued a 1.5 billion Euro green bond to support its renewable energy program.

Adding up the Local Benefits of Climate-Smart Development

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Authors Sameer Akbar | Gary Kleiman

Adding Up the Benefits report


​When President Barack Obama announced that the United States would cut CO2 emissions from its coal power plants by 30 percent below 2005 levels by 2030, he didn’t just talk about climate change – he was equally forceful about the local benefits that the regulations could bring.  He stressed that those regulations would reduce pollutants that contribute to soot and smog by over 25 percent, reductions that could avoid up to 6,600 premature deaths and 150,000 asthma attacks in children; and that the regulations would build jobs, benefit the economy, and be good for the climate. 

According to the U.S. Environmental Protection Agency, the plan will cost up to $8.8 billion annually but bring climate and health benefits of up to $93 billion per year by 2030. The economic case for the proposed regulation speaks for itself.

Demonstrating the value of multiple benefits that result from many policies and projects can provide a compelling economic rationale for action. It can speak to broad constituencies, local and global, and demonstrate the climate-smart nature of good development. A new report prepared by the World Bank in partnership with the ClimateWorks Foundation – Climate Smart Development: Adding up the benefits of actions that help build prosperity, end poverty and combat climate change – sets out to do just that.

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