Global environmental challenges
This week the U.S. House of Representatives passed a rather unusual bill directly addressed to Europe.
Through the European Union Emissions Trading Scheme Prohibition Act H.R. 2594, America’s legislators want to tell American airlines not to respect an EU law.
This seems to me a rather unorthodox course of action, but here in the EU we are confident that in the end the United States will respect our legislation, just as the EU respects U.S. legislation and U.S. lawmakers’ authority in U.S. airports.
As the special envoy on climate change for the World Bank, Andrew Steer might be thought of as the $6 billion man of environmental finance. He oversees more than that amount for projects to fight the effects of global warming.
“More funds flow through us to help adaptation and mitigation than anyone else,” Steer said in a conversation at the bank’s Washington headquarters. Named to the newly created position in June, Steer said one of his priorities is to marshall more than $6 billion in the organization’s Climate Investment Funds to move from smaller pilot projects to large-scale efforts.
It sounds almost too good to be true: new technology that would be better than carbon neutral — it would be carbon negative, taking more climate-warming carbon dioxide out of the air than factories and vehicles put in. It’s called air capture technology, and Reuters took a look at some promising versions of it on October 1.
This technology is expected to help some of the world’s poorest countries capitalize on any global carbon market, which would put a price on carbon emissions and let rich companies that spew lots of carbon buy carbon credits from poor companies and countries that emit less. The least developed countries emit very little carbon now. But the way the carbon market is set up under the Kyoto Protocol, this puts them at a disadvantage. If you don’t emit a lot it’s tough to get access to financing and clean technology under the current rules.