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Recent times have witnessed an increasing number of countries and private firms pledging carbon neutrality by mid-century. Whilst representing a significant improvement in intentions to tackle climate change, such pledges lack substance and structure. For instance, individual pledges lack coordination and aggregation among peers, while strategies and measures to achieve ambitious targets are largely absent. Moreover, current disagreements obstructing progress in international climate change negotiations further undermine the reliability of carbon neutrality objectives. Effective international policies are needed to foster aggregate mitigation ambitions and the creation of adequate supporting mechanisms. This theoretical paper describes a governance innovation aimed at overcoming such shortfalls and disagreements through a unifying yet customizable pathway towards carbon neutrality. It does so by first outlining a political governance framework based on a climate club interpretation of Article 6 of the Paris Agreement. Secondly, it proposes carbon emission mitigation effort sharing on a per capita basis to ensure efficiency, equity and political feasibility. Thirdly, this paper describes how the supply of certified mitigations of carbon emissions required to satisfy effort sharing-based demand can be assetized as carbon credits by operationalizing Article 6 as a joint certification mechanism. The resulting governance architecture for managing demand and supply of mitigations shifts efforts to tackle climate change from a 'problem-driven' cost approach to 'opportunity-driven' value creation pathways towards carbon neutrality.

Financiado para publicación en acceso aberto: Universidade da Coruña/CISUG ; [Abstract] In this article we present a valuation method for Renewable Energy Certificates (RECs) or green certificates. For this purpose, we propose a non-linear PDE model with two stochastic factors: the accumulated green certificates sold by an authorized generator and the natural logarithm of the renewable electricity generation rate. One novelty of the work comes from the numerical treatment of the non-linear convective term in the PDE. Thus, we use the Bermdez-Moreno algorithm to deal with this non-linear term. This duality algorithm is based on the Yosida regularization of non-linear maximal monotone operators. In order to solve the obtained linearized problem, we use numerical methods based on semi-Lagrangian schemes in the direction without diffusion while we consider an implicit second order finite differences scheme in the direction with diffusion term. Finally, we show illustrative results of the performance of the proposed model and numerical methods that have been implemented. ; MB, MCG and CV acknowledge the funding by Spanish MINECO with the grants MTM2016-76497-R and PID2019-10858RB-I00, and by Galician Government with the grant ED431C2018/033, both including FEDER financial support. As members of CITIC, they also acknowledge the grant ED431G 2019/01, funded by Consellería de Educación, Universidade e Formación Profesional of Xunta de Galicia through FEDER funds with 80%, from FEDER Galicia 2014–2020 Program and 20% from Secretaría Xeral de Universidades ; Xunta de Galicia; ED431C2018/033 ; Xunta de Galicia; ED431G 2019/01