COP26 SERIES: NATIONALLY DETERMINED CONTRIBUTIONS

As the 2021 United Nations Climate Change Conference (COP26 or the Conference) draws near, the spotlight on international efforts to tackle climate change intensifies. COP26 is an important Conference for many reasons, one of which is that it will be the first Conference at which new and/or updated Nationally Determined Contributions (NDC) will be discussed. WHAT ARE … Read more

COP26 SERIES: NATURE BASED SOLUTIONS

EXECUTIVE SUMMARY There is increasing interest in the role Nature-based Solutions’ (“NbS”) are to play in adaptation and mitigation of climate change at COP26. Its role, especially in the context of Article 6 relating to carbon markets, will be of critical concern to many countries and blocs especially Brazil and the African Group of Negotiators. … Read more

COP26 SERIES: CLIMATE FINANCE

The COP26 Private Finance Hub was set up to help bridge the gap between the Paris Agreement targets and the very significant changes across world economies that are required to meet those targets. It is led by Mark Carney, and its objective for COP26 is to ensure that every professional financial decision takes climate change … Read more

COP26 SERIES: CARBON MARKET MECHANISMS AND COP26

OVERVIEW The Paris Agreement, adopted by 196 Parties at COP21 in Paris, aims to limit global warming to below 2, preferably to 1.5, degrees Celsius compared to pre-industrial levels. The Paris Agreement included a number of methods and goals for achieving this target. In particular, Article 6 contains three carbon pricing mechanisms, two of which … Read more

The IPCC 2021 Climate Change Report – An Overview

The United Nations Intergovernmental Panel on Climate Change (IPCC) has released its 2021 AR6 climate change report (Report), as well as a summary for policy leaders. The Report addresses the current understanding of the climate system and climate change as well as the future possibilities of what could occur. In early 2022, the IPCC plans … Read more

Russia makes further steps towards GHG emissions reduction

In one of our previous articles we provided an update on greenhouse gas (GHG) regulation in Russia covering, among other matters, the draft Russian law on reduction of GHG emissions. With active discussions regarding the EU carbon border adjustment mechanism (CBAM) in the background,[1] the revised draft finally became law on 2 June 2021[2] (the … Read more

Fit for 55 – EU aims to protect against carbon leakage with a carbon border adjustment mechanism (EU CBAM)

On 14 July 2021, the European Commission (the Commission) published its proposed regulation which would establish a carbon border adjustment mechanism (EU CBAM) (the Regulation), and is intended to come into effect, subject to transitional provisions, from 1 January 2023. The Regulation would require importers of certain goods to purchase a number of electronic certificates, … Read more

Listing Regime – FCA consultation on enhanced climate-related financial disclosures

The Financial Conduct Authority (FCA) has published a consultation on enhancing climate-related disclosures by standard listed companies (CP21/18).  This consultation follows the FCA’s policy statement (PS20/17) on climate related disclosures by premium listed companies, published in December 2020, which introduced Listing Rule 9.8.6(8), requiring premium listed companies to report climate-related information in line with the … Read more