COP21 Update: Relevance of Carbon Pricing and Faith Group Contributions to Climate Change Negotiations
The morning session of this past Friday held two strikingly different, yet in many ways similar, sessions related to addressing climate change.
The first session was a dialogue on carbon pricing. The panelists represented a diverse set of backgrounds, ranging from the Co-Chair of LafargeHolcim to the Minister of Sustainable Development of Environment of Quebec. The panel began by remarking on the need for carbon pricing to achieving the global temperature target of 2°C. Carbon pricing was said to be a mechanism for cutting emissions and stimulating investment in renewables. A starting point is deciding what prices are needed to drive investment in different scenarios, such as investments in Carbon Capture and Sequestration or creating a shift from coal to natural gas. In addition, there must be consistency between the price on carbon assigned and the emissions reduction required.
The panelists also remarked on the difficulties associated with obtaining a global pricing scheme. As an alternative, countries must take into consideration methods for linking systems to enable conversations between different governments. One example that was cited was the link between the carbon markets of Quebec and California, which aimed at achieving a 20% reduction level by 2020 compared to 1990 levels. Moreover, the carbon market revenues are then reinvested into the economy to help drive projects that allow for transitioning out of a carbon economy.
Overall, the main message from the panel is that for carbon pricing to work, national policies and global agreements must align. This includes creating a cooperative network between public and private sectors to set industry and energy efficiency standards and invest in renewable energy projects. Also, for many developing countries which are struggling to get energy access and which do not have the managerial access, getting economic actors used to the shift in tax policy is important to address the existing institutional burdens.
The second session was an evaluation of the climate change negotiations by various faith groups. Various common points mentioned included the importance of advocating for justice, recognizing ecological debt, and acknowledging common but differentiated responsibilities. The representatives also reiterated the need for accountability and strong review mechanisms. On a local level, it is necessary to encouraging individuals to make sensible choices and understand the impact of the decisions they make on the environment. Faith groups definitely play a role in making changes by encouraging moral and ethical choice and powering grass root action.
It is clear that all participating parties in this year’s negotiations are optimistic and ready for change. Representatives from the private sector, public sector, and even local communities are working to have their voices heard. We are all waiting anxiously to see whether the outcome of the negotiations will satisfy the calls of these individuals.
