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COP25 Climate Summit, Madrid, 4 December 2019. Today, the United Kingdom was presented with a Net Zero Award in recognition of its outstanding approach to enabling private sector finance to meet a net zero emission goal.
The award was presented at a ceremony during the COP25 Climate Summit in Madrid, and was received on behalf of the UK by a member of the country’s delegation. The Net Zero Award is delivered by the International Emissions Trading Association (IETA), supported by Natural Capital Partners.
“The U.K. has a long history of innovation in market-based mechanisms and in climate ambition,” said Dirk Forrister, CEO of IETA. “They were an early adopter of emissions trading, they have advocated for market mechanisms at home and abroad for many years, and they have legislated a net zero goal for 2050.”
Natural Capital Partners’ Managing Director, External Affairs, Jonathan Shopley, commented, “We all know there’s a big gap between the current NDC commitments and the 1.5 degree goal. This award also recognises the U.K.’s understanding of the important role the private sector can play in closing that gap if countries establish strong mechanisms to harness that power and meet net zero targets.”
A judging panel comprising 13 business climate specialists selected the UK to receive the Net Zero Award for a few key reasons. Earlier this year, the UK set a national net zero emissions target, enshrined by law, which made it the first country to have binding legislation on absolute emission reductions. A member of the judging panel called it the “most robust net zero commitment of any G20 country.”
The UK has a long track record in emissions management, with its early involvement in the EU Emissions Trading Scheme (ETS), shifting from coal, electricity market reform and support of domestic forest protection schemes like the Woodland Carbon code. In addition, the UK has laid out its intentions to promote further carbon market mechanisms and continue to advocate for similar action in other countries.
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About The International Emissions Trading Association (IETA) IETA is a non-profit business organisation created in June 1999 to establish a functional international framework for trading in greenhouse gas emission reductions. Its membership includes leading international companies from across the carbon trading cycle. IETA members seek to develop an emissions trading regime that results in real and verifiable greenhouse gas emission reductions, while balancing economic efficiency with environmental integrity and social equity.
About Natural Capital Partners Natural Capital Partners is harnessing the power of business to create a more sustainable world. With more than 300 clients in 34 countries and a network of partners providing the highest quality projects, Natural Capital Partners delivers solutions to make real change possible – reducing carbon emissions, generating renewable energy, building resilience in supply chains, conserving forests and biodiversity, and improving health and livelihoods.
It created The CarbonNeutral Protocol in 2002 to provide a clear set of guidelines for businesses to achieve carbon neutrality. Every year since then it has continued its commitment to providing a robust framework for credible carbon neutral action, updating the Protocol to reflect the latest scientific, industry and business best practice.