Aviation Group Carbon Trading Bulletin November 2009

航空

游客，如果您要查看本帖隐藏内容请回复

航空

Aviation Group Carbon Trading Bulletin
November 2009

Thisisthesecondinourseriesofbulletinsthatexaminecurrentissuesrelatingtocarbonemissionsand climatechange,andtheirimpactontheAviationindustry.FollowingtheprimeronCarbonTradingincluded inourfirstbulletin,inthiseditionweprovideinformationonCarbonTradingandCounterpartyRisks.
AVIATION | BUSINESS & FINANCE | COMMERCIAL DISPUTESENERGY & OFFSHORE | INSURANCE & REINSURANCEINTERNATIONAL TRADE | SHIPPING
The road to Copenhagen
Both China and the US now advocate cooperation towards a global agreement on climate change at Copenhagen in December 2009. Translating words into actions is the problem, but trends and consensuses are emerging.
In March 2009 President Obama launched the Major Economies Forum on Energy and Climate (MEF), intended to facilitate negotiations between the 17 largest economies that are responsible for 80% of the World’s greenhouse emissions. The MEF meeting on 9 July found common ground on the “pillar” of mitigation, adaptation, finance and technology. A new global partnership was proposed under which different countries will focus on advancing specific types of clean energy technology. In August, the Chinese National People’s Congress, its top legislature, approved a resolution supporting international negotiations to contain climate change.
At the UN climate change summit in September, the US pledged a 17% reduction in emissions by 2020 compared with 2005 levels, which is less than the EU’s 18-29% or Japan’s 30%. China is endeavouring to cut CO 2 emission per unit of GDP by a ‘notable’ margin but, like Brazil and Mexico, China continues to resist binding targets and limits. More recently, eight South Asian countries including India and Pakistan declared their refusal to be part of any climate change deal that sets legally binding limits on their emissions. In contrast, the US has stated that voluntary targets for fast growing countries such as China and India are not acceptable. While developing countries demand deeper emissions cuts from industrialised countries, developed countries demand firm promises to contain emissions growth from developing countries. Meanwhile, it is thought that if measures are not taken very soon, the Himalayan glaciers, which provide year-round water to over one billion people in China and India, will have gone by 2035; and that the USA’s Glacier National Park will have no glaciers left by 2030 unless climate change is slowed.
There is, however, a growing consensus that developed countries will provide financial assistance to developing countries to adapt to climate change. The question is how much. In October, MEF leaders met for talks to discuss funding, and EU finance ministers met to agree an EU aid figure. They concluded that climate change would need