Bridging the Ambition Gap
BRIDGING THE RISE, REACH AND POWER OF THE CARBON MARKETS. AMBITION GAP. GHG. 2016/17 REPORT BRIDGING THE RISE, REACH AND POWER OF THE CARBON MARKETS. AMBITION GAP. ABOUT THE INTERNATIONAL 2016/17 EDITORIAL COMMITTEE IETA expresses its gratitude to all authors EMISSIONS TRADING ASSOCIATION Tanya Morrison, Shell who have contributed to this report, to the editorial committee and to all others (IETA): www.ieta.org. IETA is the voice Rebecca Fay, Natural Capital Partners of business on carbon markets around who have worked on the publication. Lauren Nichols, WINROCK International the world. Established in 1999, IETA’s Mark Proegler, IETA Fellow IETA would also like to thank our members include global leaders in Arne Eik, sponsors, Dentons, Shell, and EEX. the oil, electricity, cement, aluminium, Statoil Marisa Martin, Baker McKenzie chemical, technology, data verification, EDITOR: Alessandro Vitelli broking, trading, legal, finance and Andrea Bonzanni, EDF Trading DESIGN: Hitman Creative Media Inc. consulting industries. Joseph Pallant, Brinkman Climate www.hitmanmedia.com TABLE OF CONTENTS 4 THE RISE, REACH AND POWER 20 THE DIFFERENT APPROACHES 42 ARTICLE 6 OF THE PARIS OF A GLOBAL MARKET TO CARBON MARKETS AGREEMENT: REVISITING GLOBAL EMISSIONS ACCOUNTING 6 HOW THE PARIS AGREEMENT 24 SECTION 115, A NEXT STEP WAS WON (AND WHY THE FORWARD IN US CLIMATE POLICY HARD WORK HAS JUST BEGUN) 44 FROM PARIS TO MONTREAL: A VOLUNTARY APPROACH 8 SCALING UP CARBON 26 CHINA’S NATIONAL ETS: TO SAVING THE WORLD MARKETS POST-PARIS IT’S NOT HOW IT STARTS, BUT
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