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October 10, 2023

Editor’s note: UK transition plans vs California’s carbon market disclosures

Carbon emissions
Voluntary carbon market bodies have welcomed the inclusion of guidelines for the use of carbon credits in the UK Transition Plan Taskforce’s disclosure framework (Photo: J David Ake/AP Photo)

The latest edition of our Sustainable Views newsletter

Dear reader,

The UK has come up with a framework to disclose companies’ transition plans. Alex wrote about it yesterday. In addition to sharing the broad structure of the proposal, which was created by the government-backed Transition Plan Taskforce, Alex also zoomed in on a specific aspect mentioned in the framework: carbon credits.

While organisations like the Voluntary Carbon Markets Integrity Initiative and the Integrity Council for the Voluntary Carbon Market welcomed the inclusion of guidelines for the use of carbon credits in the UK’s framework, Barbara Haya of the Berkeley Carbon Trading Project struck a different note.

She told Alex that the “[TPT] disclosure framework doesn’t require very basic information needed to understand the quality of credits used”, in contrast to the prescriptions of a recently passed California law.

Read our piece for more. As always, we strive to bring you insightful views, not just news, about the latest ESG policy developments.

On that note, you may also be interested to look deeper into other major economies’ climate plans. We will be considering a few of these in the run-up to COP28 (in addition to sector-specific analysis), starting with France.

Today, Philippa details the main pledges of French president Emmanuel Macron’s “planification écologique”, along with the arguments behind some local pushback on funding (with some calling for a tax on investments in polluting companies), as well as criticism of inconsistencies in the country’s green industrial strategy.

Lastly, financial companies (and their clients) may wish to read new research by the Finance for Biodiversity Foundation about the synergies and trade-offs between climate policies and those addressing nature more broadly.

Until tomorrow,

Silvia

Silvia Pavoni is the editor of Sustainable Views

 

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