Monday Nov 30, 2015

2015 Climate Conference Kicks Off Today in Paris

By Elena Avesani, Principal Strategy Manager, Oracle

Today world leaders converge in Paris for the 21st Conference of the Parties (COP21), an annual meeting of 195 nations that make up the United Nations Framework on Climate Change (UNFCC), with the first meeting occurring in Berlin in 1995.

The goal is to achieve a legally binding agreement by national governments towards substantial reductions in greenhouse gas emissions in order to prevent the planet’s temperature from increasing by 2°C above pre-industrial levels. Major world leaders, including U.S. President Barack Obama, Chinese President Xi Jinping and Indian Prime Minister Narendra Modi – the three countries with the largest carbon emissions – will be present for the beginning of the talks.

Businesses are eagerly looking at the outcome of these talks, pleading for clarity on issues such as carbon pricing and supply chain sourcing. A crisp policy framework would formalize many of the voluntary actions that businesses have already taken on environmental sustainability and would translate into more certainty for their investment. Carbon markets are already active in 40 countries and more than 20 cities and regions. Approximately 15 percent of the S&P 500 factor in a price on carbon when undertaking investment appraisal[1].

In addition to establishing the collective goal to decarbonize the global economy by reaching net zero emissions this century, a chief political result would be bringing governments to update their commitments every five years and to provide a regulatory environment that encourages businesses to innovate through new low-carbon technologies.

For more information about the upcoming climate talks see the interactive guide issued by the UNFCC that seeks to explain the big issues behind COP21.

[1] Trends in Private Sector Climate Finance, Climate Change Support Team (CCST), UN Secretary General, Oct 2015

 


Wednesday Mar 14, 2012

Compliance with California Cap and Trade and Carbon Reporting Legislation

In one of my previous posts, I talked about greenhouse gas (GHG) reporting requirements in Australia and how companies can address those requirements using Oracle Environmental Accounting and Reporting. Since then I've received several questions about how companies can address GHG reporting requirements imposed by the upcoming cap-and-trade program in California. Here I'll provide an overview of those new regulations as well as where you can get more detailed information.

In January 2012 California plans to launch a cap-and-trade program that will cover electricity generation as well as industrial sources that emit 25,000 tons or more each year in carbon emissions. The new cap-and-trade regulation, which will cover some 360 businesses representing 600 facilities, is divided into two phases. The first phase begins in 2013 and will include all major industrial sources and electricity utilities. The second phase starts in 2015 and will include distributors of transportation fuels, natural gas and other fuels. The goal is to reduce emissions to 1990 levels by the year 2020, and to 80 percent below the 1990 levels by the year 2050.

You can obtain full details on how the program works and how you can use Oracle Environmental Accounting and Reporting here.

By Elena Avesani, Principal Product Strategy Manager, Oracle

Friday Feb 24, 2012

Oracle Environmental Accounting and Reporting and Australia’s Carbon Tax Management

We've been getting a lot of interest around the world in our relatively new product Oracle Environmental Accounting and Reporting (EA&R). This product enables organizations to track their greenhouse gas (GHG) emissions and other environmental data against reduction targets. EA&R also facilitates environmental reporting for both voluntary and legislated emissions reporting schemes. I plan to provide several postings that will discuss EA&R in regards to various regions and their unique GHG reporting requirements – starting with Australia.

In 2007, The Australian Department of Climate Change and Energy Efficiency (The Department) issued the National Greenhouse and Energy Reporting Act 2007 (The NGER Act). The Act makes registration, and emissions reporting mandatory for corporations whose energy production, energy use or greenhouse gas emissions meet specific thresholds. In November 2011, Australia then passed a landmark law to impose a price on carbon emissions, provided for by the Clean Energy Act 2011. Companies involved will need to obtain a government-issued carbon unit for every ton of  liable carbon emissions they produce. The initial price will be fixed, but will then be replaced by a flexible price on July 1, 2015, with the price of units being set by the market, with the number of available units capped, and a 'price ceiling' and a 'price floor'. Liabilities can also be managed by certain carbon offsets, although limits apply. You can obtain full details and see how you can use Oracle Environmental Accounting and Reporting to meet these requirements here

By Elena Avesani

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