Introduction to Climate Change Management: Transitioning to a Low-Carbon Economy

Preface
Contents
About the Authors
Abbreviations and Symbols
Note on Language and Numbers
1 The Science Background
1.1 Climate Change and Global Warming
1.1.1 The Work of Climate Scientists
1.1.2 Atmospheric Concentrations of CO2
1.1.3 The World’s “Carbon Budget” and Radiative Forcing
1.1.4 Quantifying Anthropogenic Sources of Greenhouse Gas Emissions
1.1.5 Representative Concentration Pathways
1.1.6 Global Warming Hotspots
1.2 How Climate Change Affects Weather Conditions
1.3 The Interdisciplinary Nature of Climate and Earth Science
1.4 Melting Permafrost in the Arctic
1.5 Desertification of the Sahel
References
2 Policy Frameworks
2.1 International Efforts to Combat Climate Change
2.1.1 The UNFCCC
2.1.2 The Kyoto Protocol
2.1.3 The Clean Development Mechanism (CDM)
2.2 The Paris Agreement
2.3 The European Union’s Emissions Trading System
2.4 Cap-and-Trade in the USA
2.4.1 The Regional Greenhouse Gas Initiative
2.4.2 California’s Climate Action
2.4.3 California Cap-and-Trade Program
2.5 California Low-Carbon Fuel Standard
2.6 Regulation of GHG Emissions in Canada
2.6.1 Ontario’s Greenhouse Gas Reduction Plan
2.7 Alberta’s Regulation of GHG Emissions
2.7.1 British Columbia’s Climate Change Strategy
2.7.2 China
2.8 United Nations Sustainable Development Goals
2.9 International Aviation and Shipping
2.9.1 The Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA)
2.10 Maritime
2.11 The Limitations of Carbon Trading as a Policy Instrument
2.12 Policy Alternatives to Cap-and-Trade
2.12.1 Carbon Taxes
2.12.2 Regulation
2.13 The Importance of the Price Signal
References
3 Counting Carbon
3.1 The Context for Counting Carbon
3.2 Selecting Reporting Criteria
3.2.1 The GHG Protocol
3.2.2 ISO 14064-1
3.2.3 Other Criteria
3.3 Organizational Boundaries of the Inventory
3.4 Quantification of GHG Emissions and Removals; Emissions from Sinks; and Fluxes in Reservoirs
3.4.1 Fugitive Emissions
3.4.2 GHG Removals
3.4.3 Data Sources for GHG Quantification
3.4.4 Indirect Emissions from Imported Energy
3.4.5 Indirect Emissions Other Than Imported Energy
3.5 Quantification at the Product Level
3.5.1 Carbon Footprint of Products Based on Life Cycle Assessment
3.6 The Puraglobe Example
3.7 Who Should Participate in Counting Carbon?
3.8 Environmental Management System
3.8.1 Greenhouse Gas Reporting According to ISO 14064 Part 1
References
4 Reducing Emissions
4.1 Carbon Markets and GHG Mitigation
4.1.1 The Concept of Additionality
4.1.2 Obtaining Recognition
4.1.3 Monitoring of GHG Sources, Sinks and Reservoirs
4.1.4 Quantification of Emission Reductions and Removal Enhancements
4.1.5 Validation and Verification
4.1.6 Issuance of Carbon Credits
4.2 Project Development: An Overview
4.3 Mitigation of Greenhouse Gases
4.4 Emission Reductions and Removal Enhancements at the Project Level
4.4.1 Multiple Sectors of the CDM
4.4.2 Energy Industries (Renewable/Non-renewable Sources)
4.4.3 Energy Efficiency
4.4.4 Fuel/Feedstock Switching
4.4.5 Small-Scale Energy Distribution
4.4.6 Manufacturing Industries
4.4.7 Metal Production
4.4.8 Fugitive Emissions from Fuels and Other Substances
4.4.9 Buildings and Construction
4.4.10 Transport
4.4.11 Waste Handling and Disposal
4.4.12 Agriculture
4.5 Critique of a Durban (SA) MSW CDM Project
4.6 Issues Associated with the CDM
4.7 Voluntary Carbon Offset Programs
References
5 Measuring, Reporting, and Verification
5.1 Measurement and Monitoring
5.1.1 Activity Data and Emission Factors
5.1.2 Monitoring Methods and Equipment
5.1.3 The IPCC Guidelines for National Reporting
5.1.4 Monitoring at the Organizational Level
5.2 Validation and Verification
5.2.1 Oversight of Validation and Verification Bodies
5.2.2 Types of Engagements
5.2.3 Verification Planning
5.2.4 Criteria and Materiality
5.2.5 Strategic Analysis and Risk Assessment
5.2.6 Risk Assessment
5.2.7 Site Visits
5.2.8 Transitioning from Planning to Execution
5.2.9 Execution and Completion of Verification Activities
5.2.10 Drafting an Opinion
5.2.11 Limited Assurance
5.3 Validation
5.3.1 Independent Review
5.3.2 Issuance of Opinion
5.3.3 Facts Discovered After the Verification/Validation
5.4 Agreed-Upon Procedures
5.4.1 Certain Indirect Emissions/Removals
5.4.2 Compliance to Specifications
5.4.3 GHG Information and Data Management and Controls
References
6 Financing the Transition
6.1 Means for Financing the Transition
6.1.1 Cryptocurrencies or Cashless System
6.2 Role of Finance in Transitioning to a Low-Carbon Economy
6.2.1 What is the Value of a Traded Asset?
6.3 How Does Green Finance Work?
6.4 Who are the Finance Sector Actors?
6.4.1 International Financial Institutions
6.4.2 National Banking System
6.4.3 Companies’ Financial Services
6.4.4 Sovereign Wealth Funds (SWF)
6.4.5 Pension Funds
6.5 A Quick Survey of the Finance Sector
6.6 Multilateral Banking and Finance
6.7 Development Aid
6.8 The Birth of Green Finance
6.9 International Standards for Green Finance
6.9.1 The Process for Green Bonds
6.9.2 The Process for Green Loans
6.10 How Do Green Loans Work?
6.11 ISO’s Taxonomy of Eligible Investment Categories
6.11.1 Regulatory and Voluntary Taxonomies
References
7 Adaptation
7.1 The International Context for Adaptation
7.2 Disaster Risks are Related to Climate Change
7.3 Systems Thinking
7.4 Thresholds Analysis
7.5 Construction Along Coastal Areas and Rivers
7.6 Climate Change Scenarios and Pathways
7.7 Impact Chains
7.8 Creating Redundant Infrastructure
7.9 Restoring Environmental Amenities in Urban Centers
7.10 Water Management in Venice
7.11 Forest Preservation
7.12 Adaptive Capacity
References
8 The Path to Net Zero
8.1 The Concept of Net Zero
8.2 Energy
8.2.1 Renewable Sources of Electricity
8.2.2 Hydroelectric Sources of Electricity
8.2.3 Green Hydrogen
8.2.4 Geothermal Sources of Electricity
8.2.5 Energy Efficiency
8.2.6 Transitioning Away from Fossil Fuels
8.2.7 Nuclear Power
8.2.8 Natural Gas-Fired Generating Stations
8.2.9 Renewable Energy as a Fossil Fuel Replacement
8.3 Manufacturing
8.4 Transport
8.4.1 Efficient, Low-, and Zero-Direct Emissions Fleets
8.5 Mining/Mineral Production
8.5.1 Production of Steel and Iron
8.5.2 Production of Aluminum
8.6 Chemical Industry
8.7 Construction
8.8 Fugitive Emissions
8.9 Waste Handling and Disposal
8.9.1 Carbon Capture and Storage
8.10 Afforestation and Reforestation
8.10.1 Voluntary Initiatives
8.10.2 The Role for Standards
8.11 Making Economies Circular
8.12 The Role for Finance on Pathways to a Low-Carbon Future
8.13 Stranded Assets
8.14 Inequality, Culture, and Consumerism
References
9 Conclusions
9.1 Assessing Climate Policy
9.2 The Carbon Markets
9.3 Europe’s Experience with the Emissions Trading System
9.3.1 Interim Emission Reduction Targets in the EU
9.3.2 The European Green Deal
9.4 Shifting Views of Economists on Climate Change
9.5 Transition Risks and Financial Risks
9.5.1 Government Policies
9.5.2 Industry Action
9.5.3 Nongovernmental Organizations
9.6 Lessons from the Pandemic of 2020
9.6.1 Public Health Care
9.6.2 Behavioral and Life Style Changes
9.6.3 Economic Impacts
9.7 Last Words
References
Chapter 1: Questions for Readers
Index