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In spite of its "greening" during the previous programming period, the Common Agricultural Policy has had very little impact on greenhouse gas emissions from the agricultural sector, even though they must be halved by 2050. And the CAP's two flagship instruments on environmental issues - green payments under the first pillar, and agri-environmental and climate measures (AECM) under the second - have come in for strong criticism. (...)



The pandemic caused by Covid 19 has triggered a major economic crisis. The emergency treatment of this crisis relied heavily on massive recourse to fiscal and monetary instruments already widely used during the 2008 crisis. But financial regulation was also mobilized to ease or alleviate prudential constraints in order to preserve bank financing for economic players, especially those most affected by the crisis. This illustrates the different facets of the use of financial regulation: primarily intended to ensure the efficient functioning of financial markets and financial stability, it can also be used with economic policy objectives. (...)



The current economic crisis has caused a drop in the price on the European carbon market (or EU ETS for European Union Emissions Trading System) and will contribute to the increase in the surplus of allowances. This highlights how necessary it is to reform the mechanism for managing this surplus or even to implement a floor price. However, for Charlotte Vailles from I4CE and Nicolas Berghmans from IDDRI, this crisis should lead us to consider the EU ETS no longer as the "cornerstone" of decarbonisation in Europe, but as a safety net. (...)



A few months ago, the European Commission launched a consultation on the revision of the Non-Financial Reporting Directive. The issue at stake is to strengthen the obligation for 6,000 large companies to communicate publicly on how they deal with major societal issues, such as climate change and low-carbon transition. For Romain Hubert of I4CE, reporting must be strengthened in particular on the scenario analyses that companies conduct to identify the risks and opportunities of the transition. But what exactly should they communicate? (...)



The world is confronted with a health crisis that has caused a global social and economic shock – and in the short term we must be focused on responding to this disaster. Nevertheless, it is also important to start preparing now for the aftermath of the COVID-19 pandemic to avoid a deep and lasting economic recession. Around the world, international, national and local stakeholders are starting to draw up recovery plans. Many recognize that actions that contribute to climate goals can be an effective part of improving both the economy and the resilience of our society. We thus have an opportunity to accelerate investments that will be both pro-recovery, as well as contribute to the fight against climate change. However, this will require that we do not repeat the mistakes of the past, as explains I4CE’s Quentin Perrier, who draws parallels from the post-2008 financial crisis recovery plan. (...)



Many states have set themselves the objective of becoming carbon neutral: their residual emissions will have to be offset by equivalent absorptions by carbon sinks on their territory. Julia Grimault explains the uncertainties surrounding the forest sink and calls for localized and no-regrets actions to act against climate change. (...)





For too long climate change has remained confined to the green silos of our public institutions: it was onyl the business of Environment Ministries. The situation seems to have improved over the last ten years, but we are still a long way from “climate mainstreaming”. For Benoit Leguet, Director of I4CE, 2020 will offer multiple opportunities to test commitments, in France and internationally. (...)



Since the signature of the Paris Agreement, more and more financial institutions and economic actors are committing to ‘align with its goals’. However, there is currently no common understanding of what ‘Alignment’ with the Paris Agreement means. Mandated by the International Development Finance Club (IDFC) and the European Climate Foundation (ECF), Climate Policy Initiative (CPI) and the Institute for Climate Economics (I4CE) have conducted a research project in two parts, resulting in a Discussion Paper (Part 1) and a Final Report (Part 2) on “Aligning with the Paris Agreement”.  This side-event, organized by IDFC in partnership with I4CE, CPI and ECF aims to present and discuss key outcomes of the research project linking it with emerging approaches and practices of IDFC members to implement the recommendations made and align with the Paris Agreement. (...)


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