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Your Climate Action Diary - 50

Year 2023 • Week 44 • Anushthatri Sharma
Hi,

Hope you are well !

Today, Solutions to Climate Change must be all about 'Speed and Scale'. We are a little too late to experiments with non-scalable solutions (and hope the market magic does the rest).

'Speed and Scale' though, needs Policy direction & support. The last two weeks, we saw a lot of this play out - in commitments to not use fossils, in finding clever ways around greenwashing and finding betters carbon market models that work.

Happy Reading, 
Harish
Team - OnePointFive Tribe

California Combats "Greenwashing"

California Governor Gavin Newsom signed the Voluntary Carbon Market Disclosures Act on October 7, 2023. Effective from January 1, 2024, the act aims to combat "greenwashing" by mandating detailed disclosures for net zero, carbon neutrality, and emissions reduction claims made by entities in California, as well as those concerning voluntary carbon offsets (VCOs). Violations could result in penalties of up to $2,500 per day per violation, not exceeding $500,000.

Indian Carbon Market Prepares for Amendments

The Indian Carbon Market (ICM) is set to amend the Carbon Credit and Trading Scheme (CCTS) following a stakeholder consultation meeting. The ICM aims to reduce greenhouse gas emissions in India's industrial sector. The current CCTS builds on the Perform, Achieve and Trade (PAT) framework and focuses on carbon dioxide and perfluorocarbons emissions. The scheme is expected to start its compliance cycle from the financial year 2024-25.

Contradictions in the EU's Climate Ambitions Ahead of COP28

The COP28 in UAE, starting on Nov 30, 2023, will focus on fast-tracking energy transition & reducing emissions before 2030. Within the EU, only 10 countries are calling for a complete phase-out of fossil fuels, while others favor continuing in hard-to-abate sectors with emission capture technologies. Disagreements persist on when to phase out fossil fuel subsidies. Germany & France, despite advocating for fossil fuel phase-outs, have restarted coal plants due to energy shortages. These actions cast doubt on their 2035 coal exit plans.

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