The end of the first week of the Paris climate talks is approaching, with limited progress reported so far. Carbon Pulse continues to publish updates throughout the day of key developments in the negotiations as well as on the sidelines.
2343 CET – CDM SUPPLY COULD BE FAR LOWER THAN THOUGHT: The global supply of CDM credits could be far lower than previously expected by 2020 because most projects won’t bother applying for the units, potentially bringing the ailing market into balance, according to a study from NewClimate Institute. The findings are a follow-up to a two-year study published in May from the researchers that surveyed 1,310 CDM projects worldwide and found that despite inadequate carbon credit revenues, hardly any expected their mitigation activity to stop. The follow-up study, launched on the sidelines of UN climate talks in Paris this week, found that the supply of CERs could be around 270 million CERs a year over 2015-2020. See full story.
1541 CET – BUILDING ACTION ON BUILDINGS: 18 countries (Austria, Brazil, Cameroon, Canada, Finland, France, Germany, Indonesia, Japan, Mexico, Morocco, Norway, Senegal, Singapore, Sweden, Tunisia, Ukraine, UAE and the US) and over 60 organizations launched a Global Alliance for Buildings and Construction to speed up and scale up the sector’s huge potential to reduce its GHGs. The buildings and construction sector is responsible for 30% of global CO2 emissions, but it also has the potential to avoid about 3.2 billion tonnes of CO2 by 2050 “through mainstreaming today’s available state-of-the-art policies and technologies,” the UN said. “Reducing energy demand in the building sector is one of the most cost-effective strategies for achieving significant greenhouse gas reductions.” These efforts are estimated to require an additional $220 billion by 2020 – an almost 50% increase on 2014 investment in energy efficient buildings but equivalent to less than 4% of the current total global annual investment in construction activity ($8.5 trillion/year). “Returns on this investment could be as high as 124% if investments in ambitious policy and technology actions are being made now,” the UN added. More than 90 countries have targeted emissions reductions in the buildings sector in their INDCs.