Both ENDS
Everything is tradable, even the right to CO2 emissions. In the European Union this has been common practice for some years now. EU countries have agreed to a maximum amount of CO2 emissions, and this 'right' is divided amongst companies in EU countries that produce a lot of CO2. Theoretically, CO2 emissions should be reduced this way. But are they? Both ENDS, together with a number of other organizations, signed a letter calling to stop this system. Wiert Wiertsema, specialist on international capital flows, explains why.
After a busy week filled with side-events, meetings, negotiations and covid, our colleagues Daan and Niels are back in the office in Utrecht. Together, they look back to their expereiences and results during the climate conference COP27 in Egypt.
Climate action is urgently needed to slow down global warming. The effects of climate change are already showing themselves. Floods in Pakistan and closer to us, in the Netherlands, are causing loss of life and much emotional and economic damage, while local climate solutions are still largely being ignored. That's why Both ENDS is going to participate in COP27, the climate conference in Sharm El Sheikh, Egypt.
Last year at COP26, the Netherlands, alongside 38 other governments and institutions, committed to the Glasgow Statement on International Public Support for the Clean Energy Transition. By signing this statement, the Netherlands has committed to ending new direct public support for the international unabated fossil fuel energy sector by the end of 2022- a commitment it has yet to deliver.
With this letter, 20 civil society organisations call on the Netherlands to announce its implementation policies for the Glasgow Statement ahead of the Export Finance for Future (E3F) Summit on the 3 November. The E3F Summit is a critical opportunity for the Netherlands to uphold the commitments made in Glasgow last year, alongside all other E3F members.
The recent E3F transparency report highlighted that Netherlands insured 6x more fossil fuel transactions than renewables from 2015-2020, with 3 billion EUR in fossil fuel transactions compared to only 0.5 billion EUR in renewables. This demonstrates that a fossil-fuel exclusion policy for Dutch export support is urgent, and essential, to align the Netherlands with its Glasgow commitment and the Paris Agreement.
