Royal Decree No. 1007/2015 on carbon credits

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Laws and Policies

CCLW

CCLW national policies

Decree passed

This Law aims to make the economy more competitive by promoting environmental sustainability in sectors such as energy, transport and sustainable mobility, and housing.The Law has four sections. The first is dedicated to improving the economic environment. The second addresses competitiveness and the third, environmental sustainability. The fourth deals with how to implement and evaluate the Law.The major principles of environmental sustainability are the guarantee of economic efficiency, respect for the environment, national objectives for 2020 on energy saving and efficiency and on the use of renewable energy. Energy policy should promote renewable energy, strengthen predictability and efficiency in energy policy decisions - especially as regards the incentives framework - and cut back the contribution of energies with higher CO2 emission potential.The law establishes a national target of 20% of energy consumption to come from renewable energy by 2020 for both homes and commercial buildings.It also creates the Carbon Fund for a Sustainable Economy (FES - CO2), which will help to reduce GHG emissions by buying carbon credits.The purpose Royal Decree 1.007/2015 is to regulate the specific procedure for the acquisition of carbon credits, within the framework of the PIMA Company Plan, to companies that carry out actions that meet the requirements established in this standard, by the Carbon Fund to a Sustainable Economy (FES-CO2) provided for in the Sustainable Economy Law 2/2011.

Royal Decree No. 1007/2015

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An aim to achieve a quantifiable outcome within a given time-frame, set by an institution such as a national government.

Policy instruments are techniques or tools used by governing authorities to promote certain policies in order to achieve predetermined goals. Put simply, instruments are how a government tries to achieve its goals, with this taxonomy being focused on national policy instruments.

Risk is the potential for adverse consequences resulting from the dynamic interplay between (climate-related) hazards, exposure, and vulnerability of affected human or ecological systems.

Groups  of people who are adversely affected by climate change or the response to it

A set of principles, processes, and practices that build economic and political power to shift from an extractive economy to a regenerative economy.

Renewable energy means all forms of energy produced from renewable sources in a sustainable manner.

Fossil fuel is a generic term for non-renewable energy sources such as coal, fossil gas, and oil (including crude oil, and petroleum products), that can be used for electricity and heat generation. Fossil fuels are hydrocarbons formed from pressurised and heated organic material buried over millions of years.

Molecules in the atmosphere that play a key role in the greenhouse effect by trapping heat radiating from Earth’s surface.

Area of the economy in which actors engage in identical or related activities.

In human systems, the process of adjustment to actual or expected climate change and its effects, in order to moderate harm, increase resilience or exploit beneficial opportunities. In natural systems, the process of adjustment to actual climate change and its effects; human intervention may facilitate adjustment to expected climate change and its effects.

The management and allocation of funds, assets and investments to meet various objectives

A long-lived, colourless gas, chiefly emitted from fossil fuel combustion, deforestation and cement production.

Slow onset events evolve gradually from incremental changes over many years or from increased frequency or intensity of recurring events. As defined in the Cancun Adaptation Framework (2010), slow onset events include risks and impacts from rising temperatures, desertification, biodiversity loss, land and forest degradation, glacial retreat, ocean acidification, sea level rise, and salinization.

A subsidy is a direct or indirect payment to individuals or businesses, typically provided as a government cash payment or a specific tax reduction.

A target to reduce the prevalence of a greenhouse gas over a specific time frame

Activities that involve the cultivation of crops and raising of livestock for food, fibre, and other products essential for human life and industry.

Tradable permits are market-based tools that grant permission for specific activities, frequently used to regulate emissions. These permits can be issued within a trading system to manage environmental impacts.

Either money or something of monetary value is transferred between two or more organisations, people or countries.

Activities of businesses and institutions that provide financial services and products to individuals and organisations.

The activities of industries involved in the production, distribution, and sale of energy, including electricity, gas, and renewables.

This sector creates and distributes information and entertainment through television, radio, print, and digital platforms.

A potent, short-lived greehouse gas, largely released from livestock, fossil fuel extraction and waste management.

Heat extracted from the ground, usually in the form of hot water or steam and typically referred to as hydrothermal fluid.

The release of heat-trapping gases, primarily from human activities such as burning fossil fuels, agriculture and industry.

Activities of government agencies and institutions that provide public services, enforce laws and manage public resources.

This sector involves activities to move goods and people, alongside the storage of products.

Fossil gas, commonly known as natural gas, is a fossil fuel consisting chiefly of methane with smaller amounts of other hydrocarbons and trace gases, found in underground deposits.

Royal Decree No. 1007/2015 on carbon credits

Target

Policy instrument

Risk

Renewable energy

Fossil fuel

Greenhouse gas

Economic sector

Finance