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GREEN BONDS THE STATE OF THE MARKET 2018
The global green bond market reached a cumulative issuance of USD 521bn by 2018, with USD 167.6bn issued in 2018 alone. The USA, China, and France emerged as the leading national markets. The report highlights a significant increase in issuance from financial institutions, particularly commercial banks, and a growing trend toward shorter-dated bonds. While Europe remains the largest overall market, the Asia-Pacific region saw the highest year-on-year growth at 35%. The market is also diversifying into other labelled instruments, including sustainability, social, and blue bonds, and expanding into emerging markets through the adoption of regional standards like the ASEAN Green Bond Standards.
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Document type: Report
The Business of Planting Trees
The report identifies a growing "restoration economy" where businesses generate financial returns by improving the ecological function of degraded landscapes. It categorizes these opportunities into four main investment themes: technology, consumer products, project management, and commercial forestry. Through case studies of 14 companies across eight countries, the authors illustrate how various models—from drone-based reforestation and climate-smart credit for smallholders to sustainable timber and bamboo plantations—can scale. The document highlights that while significant market opportunities exist due to government pledges and rising resource demand, investors face hurdles such as high transaction costs, low liquidity, and insecure land tenure in developing regions.
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Document type: Report
Beyond the EU ETS: Carbon Market Watch Policy Briefing
The briefing contends that the EU ETS phase 4 (2021-2030) fails to drive sufficient decarbonisation due to low carbon prices and excessive free allowances. It recommends that Member States implement national carbon floor prices, unilaterally cancel allowances following coal plant closures to avoid the 'waterbed effect', and redirect auctioning revenues toward a just transition. For the industrial sector, it advocates replacing free allocations with a carbon border tax and increasing the Linear Reduction Factor (LRF) to align with a 2040 or 2050 decarbonisation timeline.
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Document type: Policy brief
Fossil Fuel Subsidy Reform and the Just Transition
The document argues that fossil fuel subsidies are often socially regressive and environmentally damaging, and that their reform can provide the necessary budgetary space to fund a just transition for workers and communities. It outlines strategies for successful reform, including market-based pricing, impact management, and stakeholder engagement, while highlighting the higher employment potential of renewable energy sectors compared to fossil fuels.
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Document type: Research paper
Fossil Fuel Subsidy Reform and the Just Transition
The report argues that fossil fuel subsidy reform (FFSR) is a critical tool for financing a just transition, as global subsidies total at least USD 425 billion per year. It posits that FFSR can reduce global carbon emissions by roughly 10 per cent by 2050 if both production and consumption subsidies are eliminated. The document outlines a framework for successful reform based on three elements: getting prices right, managing impacts, and building support. Through case studies of Morocco, Mexico, Argentina, Indonesia, and the Netherlands, the report demonstrates that while FFSR can create budgetary space for social safety nets and renewable energy, a lack of stakeholder engagement and abrupt price hikes—as seen in Mexico—can lead to civil unrest. Conversely, the Netherlands' long-term transition of its coal sector illustrates how targeted supports and social dialogue can protect workers during industrial shifts.
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Document type: Report
The Carbon-Free City Handbook: Electricity
The document outlines four specific actions for cities to achieve carbon-free electricity: implementing LED smart streetlighting, creating electric districts by removing natural gas infrastructure, installing municipal solar photovoltaics, and leveraging renewable energy supply mechanisms like power purchase agreements.
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Document type: Guide
ESKOM’S FINANCIAL CRISIS AND THE VIABILITY OF COAL-FIRED POWER IN SOUTH AFRICA
The report argues that Eskom is facing a liquidity and financial crisis driven by stagnant electricity demand and the high costs of its coal-fired power construction programme. Through system-level modelling and station-specific analysis, the study finds that the levelised costs of operating older coal stations (Arnot, Camden, Grootvlei, Hendrina, and Komati) exceed their system alternative value, meaning they can be replaced by cheaper alternatives without compromising security of supply. Specifically, decommissioning Grootvlei, Hendrina, and Komati early could save Eskom R12.5bn in present value terms. Additionally, the report finds that cancelling Kusile units 5 and 6 is economically viable if capital cost savings exceed a threshold of approximately R4.7bn. The authors conclude that South Africa no longer requires new nuclear, coal, or gas procurement, as solar PV and wind have become the most competitive new-build options.
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Document type: Report
Don't panic about populism: greater threats abound
The document contends that the widespread panic regarding 'populism' as a threat to democracy is misplaced because populism is often a secondary ideology. The author distinguishes between left-wing populists, who are generally not anti-pluralist, and the radical right, whose threat to liberal democracy is rooted in xenophobic nationalism and anti-immigration agendas. The text highlights that the real danger lies in the broader corrosion of fundamental freedoms and the rule of law, often adopted by mainstream parties in the name of national security and identity.
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Document type: Research paper
Being serious about the Paris Agreement: Stop the ETS funding coal, Start a meaningful carbon price
A coalition of NGOs calls for the EU to ensure the post-2020 EU Emissions Trading System (ETS) does not subsidize coal plants and implements a tightening emissions cap to drive decarbonization in line with Paris Agreement goals.
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Document type: Statement
Will Europe’s key climate tool become fossil fuel subsidy scheme?
The author warns that the EU ETS reform for 2021-2030 could inadvertently subsidize coal and other fossil fuels, potentially channeling 160 billion euros to polluters. While the European Parliament and several member states advocate for emissions performance standards to exclude coal from the Modernisation Fund and Article 10c provisions, the document highlights that 90% of previous investments under these rules have supported existing fossil fuel infrastructure.
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Document type: Statement
SMOKE AND FUMES
The report synthesizes documentary evidence to show that major oil and gas companies were aware of the climate risks associated with their products as early as the 1950s. It argues that these companies had the capacity to foresee harms and the opportunity to mitigate them through technology and public warnings, but instead engaged in coordinated campaigns to sow scientific doubt. The document links this conduct to legal frameworks of responsibility in tort and human rights law, noting that attribution science now allows for the quantification of specific corporate contributions to global climate impacts.
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Document type: Report
Is “Moonlighting” a Problem?
The report examines the 'moonlighting' of ICJ judges in ISDS arbitrations, noting that 20 judges have served in at least 90 such cases. It highlights the significant financial incentives for judges to act as arbitrators compared to their fixed ICJ salaries and argues that this practice may undermine the ICJ's reputation for impartiality and independence.
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Document type: Report
VALUING SOCIETY FIRST
The document proposes a feebate system for India—where inefficient vehicles pay a fee and efficient ones receive a rebate—as a market-based alternative to static fuel economy standards. It argues that such a policy could help India reach its goal of 100 percent electric vehicle adoption by 2030 without relying on public funds. Drawing on case studies from Norway, France, and Ontario, the authors suggest a three-phase implementation strategy: establishing a professional design body, implementing a revenue-neutral point-of-sale feebate, and eventually expanding to other vehicle segments and the used car market.
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Document type: Policy brief
Something nasty in the woodshed
The report examines biomass co-firing across Europe, noting that in Finland, Denmark, the Czech Republic, and Hungary, biomass is often used alongside fossil fuels. It argues that subsidies for co-firing can hinder the phase-out of coal and peat, specifically citing cases in Finland and the Netherlands where financial support may extend the lifetimes of fossil-fuel plants.
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Document type: Report
Milking it
The report examines the practices of Nestlé, Danone, Mead Johnson Nutrition, and Abbott, concluding that the proliferation of 'premium' and 'specialised' infant formulas is a strategy to increase market share and profit margins, particularly in Asia, often at the expense of breastfeeding promotion and consumer affordability.
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Document type: Report
Proposal for a Regulation on the Governance of the Energy Union Joint Briefing: The Case for a Multi-level Climate and Energy Dialogue Platforms
The document advocates for a shift in the EU Energy Union's governance from a top-down administrative process to a participatory model. It specifically proposes 'Multi-Level Climate and Energy Dialogue Platforms' to integrate the expertise and actions of cities and regions into National Energy and Climate Plans (NECPs). The authors argue that current Commission proposals treat local actors as mere side stakeholders and suggest that permanent national structures, aligned with the Aarhus Convention, are necessary to achieve the EU's 2050 decarbonization goal. The briefing provides examples of successful local-national coordination in Ireland, Luxembourg, Croatia, France, and the Netherlands.
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Document type: Briefing
Euro-Mediterranean heat summer 2017
The summer of 2017 saw extreme heat across Southern Europe, including the 'Lucifer' heat wave in early August. World Weather Attribution analysis indicates that human-induced climate change significantly increased the likelihood of these events. A summer as hot as 2017 is now estimated to have a 1 in 10 annual chance in the Euro-Mediterranean region and is projected to become normal weather by the middle of the century under continued greenhouse gas emissions.
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Document type: Research paper
AMICUS CURIAE BRIEF IN OPPOSITION TO THE PETITION FOR WRIT OF MANDAMUS
The brief contends that a stable climate system is a necessary precondition for the exercise of fundamental rights, such as the right to life, liberty, and property. It supports this position by citing international agreements, including the Paris Agreement and the UNFCCC, as well as jurisprudence from foreign courts and U.S. state constitutions that link environmental health to human rights.
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Document type: Legal commentary
Slipping through the net
The report finds that EU Member States have failed to effectively implement fisheries enforcement frameworks, characterized by delays in adopting penalty point systems, a lack of harmonized definitions for 'serious infringements', and sanctions that are neither deterrent nor transparent.
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Document type: Report
The control and enforcement of fisheries in the Netherlands
The report finds that while the Netherlands rapidly integrated EU fisheries control requirements into national law, practical implementation is undermined by resource shortages and low sanctions. The Dutch Food and Consumer Product Safety Authority (NVWA) has seen a decrease in staff and funding, and the report notes a potential conflict of interest due to the NVWA's dual role as an inspection and certification authority. Furthermore, sanctions applied by courts are often not deterrent, with repeat offences and the capture of endangered species like the European eel frequently resulting only in community service. Between 2012 and 2014, only 16 penalty points were attributed, suggesting the penalty point system is not widely applied in practice.
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Document type: Case study