The eagle eyed among you may have noticed that this was originally a midnight blog! I have decided to put it in News now that I have found a very good summary as I originally felt ill qualified to analyse what happened at G7 and cast judgement, but have today found an article which does the job!. Please follow this link for a factual summary of what what was decided at the recent G7 meeting. What can we conclude about G7 and the international and national CCL calls for a fair and transparent carbon pricing system?
Earlier in the year we had reason to believe that there would be detailed discussion of Border Carbon Adjustments, and Dave wrote a blog about it! It is possible that the Government actually decided to wait and see what the EU CBAM Proposal (on a Border Carbon Adjustment system) has to say, despite some prior ‘leakage’ already out there! The plan is due to be published on Bastille Day, I am not sure if that date has a hidden message, but I have also heard that it might be postponed until September, slippage as well as leakage!
Despite the discussion about carbon leakage not being how we would have envisaged it back in April, a pledge was made to co-operate on tackling the issue ……“We … acknowledge the risk of carbon leakage, and will work collaboratively to address this risk and to align our trading practices with our commitments under the Paris agreement,”
The final communique states that...We recognise the potential of high integrity carbon markets and carbon pricing to foster cost-efficient reductions in emission levels, drive innovation and enable a transformation to net zero, through the optimal use of a range of policy levers to price carbon. We underline their importance towards the establishment of a fair and efficient carbon pricing trajectory to accelerate the decarbonisation of our economies, to achieve a net zero global emissions pathway. In all this, we will develop gender-responsive approaches to climate and nature financing, investment and policies, so that women and girls can participate fully in the future green economy.
I would call that a good if unintended endorsement of the Climate Income strategy, and may be useful for lobbying or writing to the media!