Markets working to support sustainable development

In the News: 16th June 2015

16 Jun 2015

Here you will find a round-up of all the latest news and events in mechanisms from around the world.

Carbon pricing

  • Christiana Figueres, Executive Secretary of the UNFCCC, has welcomed proposals by six large European oil and gas companies to assist with devising a global carbon pricing system. During the Bonn round of climate negotiations she claimed a global carbon price would realistically not form a part of any 2015 agreement. She said, however, that multinational companies could work together to ensure that pricing systems in different countries and regions were aligned for maximum decarbonisation.
  • A survey by the French Government of 10,000 people from 79 countries found that over 87% of respondents support some form of carbon tax. See more here.

Christiana Figueres, Executive Secretary of the UNFCCC. Source: Wikipedia

Extractives

  • The Nigerian branch of the Extractive Industries Transparency Initiative has claimed that oil and gas companies have defrauded the country of US$19.1 billion. Pointing to alleged under-assessments of taxes, royalties and rents the NEITI are campaigning for greater transparency and accountability of the sector in Nigeria.
  • In related news, the International Chair of the EITI, former British MP Clare Short is to meet Nigerian President Muhammadu Buhari. She is expected to raise issues highlighted by numerous EITI audit reports regarding corruption and abuse of revenues from the oil and gas industry, particularly the Nigerian National Petroleum Corporation.

Climate finance

  • Héla Cheikhrouhou, the executive director of the Green Climate Fund, has described  how the fund will work. She argues the fund will be able to leverage finance from the private sector, and presented the method to deploy the fund’s resources from accredited partners in more than 120 developing countries.
  • The Climate Bonds Initiative has explored some of the legal issues involved with green bonds, a burgeoning new market worth US$36.6 billion in 2014. The primary problem is that there is no legal definition of green bonds. This has a knock-on effect in making it difficult to establish a reporting framework around green bonds. For more analysis, and to respond to a consultation on green bonds by the Climate Bonds Initiative, see here

Sustainable business

  • The UN Global Compact has held a meeting in Colombia aimed at committing businesses in the country to sustainable development. Issues discussed included the Global Compacts ten principles for private sector participation, and how the forthcoming new Sustainable Development Goals will align with the Colombian National Development Plan.
  • The Global Reporting Initiative has announced a new reporting framework. They will aim to not only encourage greater take-up and standardization of sustainability reporting, but also drive reporting as a key tool for companies to make business decisions. Some of the issues they highlight include using big data and technology to make reporting easier and more transparent, and collaborating with other standards include the Carbon Disclosure Project and the Sustainability Accounting Standards Board.

Fishing boats in Thailand. Source: Wikipedia

Fisheries

  • A group of researchers from the IIED have produced a report assessing the accessibility of MSC certification for small-scale fisheries in developing countries. For more information on the report and to view a copy, see here.

Forestry

  • At the UN climate negotiations in Bonn, there was some agreement around details of the REDD+  deforestation initiative. These include around the "non-carbon benefits" of preserving forests, with more safeguards to protect the rights of indigenous forest communities such as through greater levels of consultation. Important financing details have been left for later negotiations, with a number of potential sources mooted, including the Green Climate Fund.