Carbon finance

Comment by energy expert Boyan Rashev

Environmental regulations aimed at cutting the carbon footprint of aviation will increase the cost of flying by around 8% by 2050, according to the European Commission.

The EU executive tabled a package of energy and climate laws in July this year, aiming to halve the EU's carbon emissions by the end of the decade before reaching net-zero by 2050.

The EC will design a "toolbox" of measures, that Member States can implement to respond to latest energy price spikes without breaching the Union's market rules, as consumers face a sharp rise in bills with winter approaching.

The European Union is using its heft as a wealthy trade bloc of half a billion consumers to set the global pace of climate change action, challenging others to match the ambitions of its latest carbon cutting plans.

The World Bank said on July 15 that it extended financing worth $1.5 billion for five critical development projects during Fiscal Year 2021. 

Recalling that the country fought the impacts of COVID-19, the bank said the financial support contributed to the implementation of Turkey's 11th National Development Plan as laid out in the Bank's Country Partnership Framework.

A draft of the ETS proposal, said the supply of CO2 permits in the ETS will face a one-off reduction

The carbon border tax bill that the European Commission will propose by mid-2021 to regulate the carbon footprint of imported goods may affect multiple industrial fields in Turkey, the European Bank for Reconstruction and Development (EBRD) said in a statement on April 21.

Climate-changing CO2 emissions are set to surge by the second-biggest amount in history this year as the global economy recovers from the Covid-19 pandemic, the IEA warned on April 20, days before a major climate summit.

France launched yet another initiative, aimed at curbing carbon emissions. Under new amendments in legislation all domestic flights that could be substituted by train travel for under two and a half hour routes will be permanently suspended, Reuters reported. The move is the last in a series of actions targeted to lower green house gases.

 In recent months, the price of carbon dioxide (CO2) emissions has increased significantly and is already above the forecast of the Bulgarian Energy and Water Regulatory Commission (EWRC), according to a published report.