Notwithstanding the ongoing negotiations outlined above (and many more parallel discussions), action is already happening on the ground.
The International Civil Aviation Organisation has recently proposed an international emissions offsetting scheme, which will offset all emissions growth above a baseline established as at 2020. The International Maritime Organisation has agreed that it will have an initial strategy in place by 2018 to address emissions from international shipping, although the strategy is unlikely to be implemented until 2023 because of the need to collect fuel data.
The cost of renewable energy technologies is falling rapidly, including in respect of solar and offshore wind. Renewable energy deployment is at its highest ever level and companies such as Elon Musk’s Tesla are seeking to revolutionise the rooftop solar market through products described as “beautiful, affordable, integrated”.
New emissions trading schemes are being implemented, with China’s national scheme due to commence in 2017 and Canada seeking to have carbon pricing in place by 2018. A current snapshot of carbon pricing across the globe can be found here.
Corporates are paying increasing attention to carbon disclosure and energy procurement, including entering into direct power purchase agreements with renewable energy generators. We at Norton Rose Fulbright have very recently authored, in conjunction with EY, a report for the World Business Council for Sustainable Development on scaling up renewable PPAs, which can be found here.
The 22nd session of the Conference of the Parties (COP 22) is scheduled to take place in Marrakech from 7-18 November 2016. Our dedicated COP22 microsite provides you with an analysis of the climate negotiations, and will provide legal updates from developments in the COP22 negotiations in Marrakech and directly from the conference floor.