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Illustration of existing renewable energy generation around the world from  from Carbon Brief and CartoDB

Pathway to Paris #11: Where are we after the Bonn talks?

A biweekly climate briefing for municipalities

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In this Issue #11

  • The last two weeks

  • UN preparatory meeting in the lead up to Paris

  • Countries issue their national targets

  • How can towns and cities contribute to a fair and ambitious climate deal in Paris?

  • New GHGProof pilot

  • Climate vulnerability monitor

  • Climate Publishers Network

  • Featured network: The Climate Vulnerability Network


 

A very eventful two weeks

It has been two weeks since the last newsletter and it seems like a generation, as everything is shifting very quickly. The G7 outlined a plan to phase out fossil fuels by 2100. While this plan is likely insufficient to prevent dangerous climate change, it is the first time that many key leaders have used the word decarbonisation, a shift in the discourse and a signal to investors, as the Guardian describes. Other unanticipated pronouncements: the CEOs of Europe’s largest oil companies including Shell, BP, BG Group, Eni, Statoil and Total wrote to the UN Framework Convention on Climate Change requesting an international price on carbon. Chevron and ExxonMobil did not sign the letter. For those of you with kids (or otherwise), check out the Climate Hope City built in Minecraft. The Pope is about to issue an encyclical on climate change. Newspapers launched a pioneering effort to share stories on climate change. A study found that Canada’s GHG emissions cost the world 8,800 lives and $15.4 Billion every year. An IMF analysis found that fossil fuel subsidies totalled $4.9 trillion (6.5 percent of global GDP) in 2013. Eliminating these subsidies in 2015 could raise government revenue by $2.9 trillion (3.6 percent of global GDP), cut global CO2 emissions by more than 20 percent, and cut premature air pollution deaths by more than half.

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Pathway to Paris #10: financing and developing the low carbon economy

A biweekly climate briefing for municipalities

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About this service | Subscribe to this newsletter | Contact the editor

In this Issue #10

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  • Governments subsidise fossil fuels massively

  • The growing job market in renewables

  • Under2MOU: Regions unite for a low carbon future

  • Public commitments to climate action

  • Featured network: Global Parliament of Mayors

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Green bonds: A ballooning new mechanism to finance climate action

The transition to a low carbon society requires a major injection of capital to fund renewable energy, new transportation systems, retrofits of buildings and so on. At the same time, trillions of dollars from pension funds and insurance companies sits in the bond market. Match the need with green investments with capital and the result is green bonds or climates. First issued in 2007, green bonds totaled almost $37 billion in 2014 and are projected to climb to $300 billion by 2018. SSG is currently partnering with a number of financial institutions to explore how green bonds can be used to finance municipal climate action plans. Please be in touch if you are interested in this subject.

Governments subsidise fossil fuels massively

The International Monetary Fund issued an influential paper analysing national subsidies to fossil fuels last week. Subsidies were calculated to total $4.9 trillion (6.5 percent of global GDP) in 2013, and were projected to reach $5.3 trillion (6.5 percent of global GDP) in 2015, $10 million a minute. The elimination of these subsidies could raise government revenue by $2.9 trillion in 2015. In a previous 2013 report, the IMF estimated subsidies to fossil fuels in Canada to total $34 billion. The paper also describes impacts of the subsidies including damaging the environment, causing more premature deaths through local air pollution, exacerbating congestion and other adverse side effects of vehicle use, increasing atmospheric greenhouse gas concentrations, imposing large fiscal costs, which need to be financed by some combination of higher public debt, highertax burdens, and crowding out of potentially productive public spending (for example, on health, education, and infrastructure), discouraging needed investments in energy efficiency, renewables, and energy infrastructure, increasing the vulnerability of countries to volatile international energy prices and increasing inequality.

More and more people work in renewable energy

The International Renewable Energy Agency released its annual report on employment with the headliner that the total jobs in renewable energy reached 6.5 million in 2013 up from 5.7 million in the prior year, overall growth which masks some turbulence within countries due to the economic slowdown and shifting manufacturing base. The largest employers in China, Brazil, United States, India, Germany, Spain and Bangladesh.

Here are some inspiring examples from Canada:

The Ottawa Renewable Energy Co-operative (OREC), established in 2010, is a for-profit co-operative that develops renewable energy systems implementable in local communities. OREC, is based in Ottawa, and empowers Ottawa residents to support the growth of a local renewable energy sector through long-term investments that finance renewable energy projects through a co-operative structure. OREC enters into 20-year lease agreements with property owners in Ottawa communities to use their land or rooftops for the installation of renewable energy systems. Once the installations are in place, the renewable energy produced generates revenue through Ontario’s Feed-in Tariff (FIT) program, which provides guaranteed payment for each kilowatt hour (kWh) of electricity produced. This enables OREC to fully repay invested capital to investors along with a dividend over a 20-year period. In addition to the benefits of renewable energy and economic
growth associated with local community-level renewable projects, OREC’s projects are democratically governed through a co-operative model rooted in co-operation rather than competition and strong community engagement.

SolarShare is another example of a leading renewable energy co-op in Canada. SolarShare develop commercial scale solar energy installations for Ontario residents to invest in – 100% of the funds directly finance solar projects across the province that are already built and producing stable revenue. The solar projects range in size from 10 kW rural systems to 600 kW (DC) arrays on industrial rooftops. The projects are all generating clean power and earning a 5% return to their members. SolarShare’s completed portfolio is 3.5 MW of installed capacity and valued at $15 Million.

Under2MOU: Regions unite for a low carbon future

California and Baden-Wurttemberg in Germany initiated the Under2MOU, an agreement to reduce GHG emissions by 80% to 95% below the 1990 benchmark by 2050, a reduction which is considered necessary to limit the average increase in global temperatures to less than two degrees. Other regions have already signed on including BC, Ontario, Wales, Calalonia, Oregon, Washington, Baja California and Jalesco. To sign on, regions must submit an appendix describing how they all achieve the target. Other regions and cities are invited to join.

Public commitments to climate action

A new UN site, NAZCA, tracks GHG emissions targets by cities, regions, companies and investors. For example, Honda Motor Company has committed to reduce emissions by 50% across its entire value chain by 2040, Minneapolis has committed to reduce its emissions by 30% by 2025 over 2006 levels and so on it goes with more than 2,700 entities adopting science-based targets. Is your city listed there?

Featured network: Global Parliament of Mayors

If Mayor’s ruled the world, so they say. Here is a network of empowered mayors campaigning for decentralisation from national capitals, to support one another across borders and encourage climate action. This October, the network will convene to establish its governance legitimacy and address the urgent problems of climate change and sustainability. On their agenda is Governance, Sustainability and Resilience and Jurisdiction and resources to enable cities to take on climate action plans.

A briefing prepared by SSG’s Office of the Research

VANCOUVER | MONTREAL | HALIFAX | NEW YORK | BRISTOL

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Join the Climate Tracker Programme with our friends at Global Call for Climate Action

Post from Global Call for Climate Action – please respond to Joshua if you have any questions

Join the world’s biggest climate change writing movement for a chance to be part of the Adopt a Negotiator COP21 team in Paris this year!

 This is a huge year for climate action. Almost every country on earth is in the midst of preparing its national climate action plans before a new global climate treaty is revealed in Paris this December.

  • Throughout this year, we want to work with you to shape your government’s climate action plans.
  • We want to connect you with our partners and peers, working on these issues around the world.
  • And we want to help ensure your voice is heard in national debates about why and how we respond to climate change.

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