The final rules for the Californian allowance trading scheme initiative, which was agreed in December 2010, were voted on October 20th 2011. As from 2013, this new carbon market, which covers 85% of Californian emissions, is expected to enable the State to return to its 1990 emissions level by 2020. It will be a life-size test for the implementation of economy-wide carbon pricing policies in the United States.
Commission President von der Leyen announced a €2 trillion EU budget fit “for a new era,” set to launch for a seven-year period in 2028. As EU-watchers in Brussels and beyond scrambled to digest the reams of legislative proposals that followed this headline-grabbing announcement, much in the detail should give pause – especially from the perspective of closing the EU’s climate investment deficit.
With the dust settling from COP29’s hard-fought negotiations on the New Collective Quantified Goal (NCQG), attention is shifting to how the climate finance goal will be met. The challenge is how to scale up financing for increasingly connected priorities in a challenging landscape of debt stress and cuts in official development assistance.
