A threat to COP28 climate talks, decarbonizing Canada’s transportation industry and the new European carbon removal framework.
As a result of very challenging geopolitical times, there are rising concerns about international climate cooperation becoming more difficult. With COP28 around the corner, the European Union’s Climate Action Commissioner raised a call to keep climate change at the top of the agenda, comparing its importance to the present political, economic and social juncture and underscoring that the European Union would not accept an outcome at the COP28 that only reached deals on less contentious topics if it failed to solve more demanding issues.
While governments have spent a significant amount of time on discussing climate and agreeing on the path forward, we have the power to take immediate action and accelerate our decarbonization efforts. By financing climate initiatives through carbon credits, organizations can offset their remaining emissions while actively decarbonizing. This approach facilitates the continued scaling of climate solutions, which are imperative for attaining global climate objectives, as reductions on their own may not be sufficient to meet global climate targets.
The Pembina Institute unveiled its ZeroX2040 strategy, designed to offer direction on the shift from conventional fossil-fuel driven trucks and buses to those capable of generating zero emissions. The Director of Transportation at Pembina explained that the main goal of the new strategy is to give recommendations to the federal government, addressing the pressing need to mitigate emissions within the transportation industry. The urgency arises from the blurry roadmap to achieve Canada’s 2030 Emissions Reduction Plan targets.
The Pembina Institute has set the pace for a collaboration between the private and public sectors. With a six-decade track record as a leader in one of the heaviest-emitting industries in Canada, Pembina holds the knowledge and expertise required to help the government pursue its emissions reduction targets. If the government opts for a public-private partnership, Pempina’s technology and innovation, combined with public sector incentives, could be the ideal recipe for a success story.
The EU Parliament’s Committee on Environment, Public Health and Food Safety (ENVI) voted on the Carbon Removal Framework (CFCR) to enhance the quality of carbon removal efforts and combat greenwashing. The new framework differentiates between carbon removal, carbon storage in valuable products, and carbon farming. The draft version has been sent for prior review before an official vote, which is expected to pass on November 20, 2023. Some stakeholders remain concerned about the restrictive definitions, mainly the exclusion of specific technological carbon removal solutions.
The EU has positioned itself as a frontrunner in climate action. To enhance the credibility in carbon removal efforts, the proposed framework certifies that each claimed ton of CO2 removed genuinely represents a ton removed. However, stakeholder concerns remain. It is crucial for regulators to engage with them, address their concerns, and keep a balance that preserves the framework’s integrity. This balance ensures that the framework effectively bolsters trust in carbon removals, reinforcing the EU’s position as a climate action leader.