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Call for carbon market reform to reverse EU coal comeback

Posted on 25 July 2014 by VRS  |  Email |Print

Coal’s comeback in Europe could become permanent unless policymakers rethink their approach, campaigners have warned. Carbon emissions from coal power across the EU have risen 6% since 2010, despite falling electricity demand and increased renewable generation.
That is a result of cheap coal displacing expensive, but less polluting, gas in the energy mix. Sandbag, a London-based NGO and think-tank, called for urgent action to curb coal emissions, in a report published on Thursday………………………………………..Full Article: Source

No change to the UK’s fourth carbon budget

Posted on 25 July 2014 by VRS  |  Email |Print

UK Secretary of State for Energy and Climate Change, Edward Davey, has announced that the government will not be making any changes to the fourth carbon budget. Carbon budgets, legally-binding caps on GHG emissions that last for a period of five years, help to lead the way to the statutory target to reduce emissions by 80% by 2050 from 1990 levels.
The fourth carbon budget covers 2023 to 2027, with a 50% emissions reduction aim from 1990 levels. The decision follows a detailed review, which took into account factors such as differing EU Emissions Trading System plans between the UK and other areas of the EU………………………………………..Full Article: Source

EU ‘regrets’ Coalition’s carbon tax repeal

Posted on 24 July 2014 by VRS  |  Email |Print

The European Union has expressed regret at the Abbott government’s decision to abolish carbon pricing and end Australia’s bid to link up with the world’s largest carbon market. EU climate action commissioner Connie Hedegaard on Thursday said Australia’s move wouldn’t deter the EU from working towards global carbon pricing with all international partners.
“The European Union regrets the repeal of Australia’s carbon pricing mechanism just as new carbon pricing initiatives are emerging all around the world,” Ms Hedegaard said in a statement………………………………………..Full Article: Source

Shorten makes case for emissions trading

Posted on 24 July 2014 by VRS  |  Email |Print

Opposition Leader Bill Shorten has warned Australia’s decision to abandon carbon pricing puts it at risk of being isolated on the world stage. Mr Shorten made his case for emissions trading during a speech in the United States, where he also urged the Abbott government to make climate change a priority at the G20 summit in November.
The government has copped criticism as host of the global forum for not including climate change in the discussions, opting to focus specifically on economic growth, trade and investment………………………………………..Full Article: Source

Germany unlikely to meet carbon reduction targets for 2020

Posted on 24 July 2014 by VRS  |  Email |Print

Germany’s environment ministry believes it’s unlikely Germany will meet its 2020 greenhouse gas reduction goals. They say the country will come up seven percent short, but critics say it could be even worse.
Germany’s environment ministry has admitted the country is likely to fall short of its future greenhouse gas emissions targets by seven percent. Environment Minister Barbara Hendricks has said that Germany is on track to reduce its greenhouse gas emissions by just 33 percent in comparison to 1990 levels by the year 2020. This falls short of the country’s previously-stated aim of 40 percent………………………………………..Full Article: Source

Anger as Australia dumps carbon tax

Posted on 23 July 2014 by VRS  |  Email |Print

Australia’s pioneering carbon-pricing mechanism has failed to survive its infancy. In a major victory for Prime Minister Tony Abbott, parliament agreed on 17 July to axe the scheme with immediate effect.
The repeal scraps both the unpopular carbon tax, established in July 2012, and proposals to turn it into a more flexible emissions-trading scheme in mid-2015. The initiative would have seen large companies and utility firms buying and selling emissions allowances in a joint market with the European Union (EU)………………………………………..Full Article: Source

Germany, UK and Poland top ‘dirty 30’ list of EU coal-fired power stations

Posted on 23 July 2014 by VRS  |  Email |Print

The UK and Germany lead a list of the EU’s most polluting coal-fired power stations compiled by environmental campaigners, who say coal emissions are undermining efforts to combat climate change. Both countries have nine of the so-called “dirty 30” and the campaigners say coal burning is increasing due to the relatively low price of the fuel compared to gas.
“Germany and the UK are the self-declared climate champions of the EU,” says the new report. “However, Germany uses more coal to generate electricity than any other EU country, while the UK comes third in absolute coal consumption for power after Poland.” The report argues current EU policy on climate, energy and air pollution in the power sector is not strong enough to achieve the switch from coal to renewable energy and energy efficiency………………………………………..Full Article: Source

Carbon Capture market to witness 25.49 % CAGR during 2013-18

Posted on 22 July 2014 by VRS  |  Email |Print

Global Carbon Capture and Sequestration market (CCS) will grow at a CAGR of 25.49 per cent over the period 2013-2018, according to a report by Sandler Research. The report says CCS technology will emerge as a clean technology to reduce GHG (Green House Gas) emissions. The integration of CCS with Integrated Gasification Combined Cycle (IGCC) will reduce costs and make CCS technology more economically viable.
CCS is the process of capturing waste carbon dioxide (CO2) from large point sources, such as fossil fuel power plants, transporting it to a storage site, and depositing it where it will not enter the atmosphere, normally an underground geological formation………………………………………..Full Article: Source

Some Chinese carbon projects to exit UN offset market if allowed

Posted on 22 July 2014 by VRS  |  Email |Print

Some developers of projects to cut carbon emissions in developing nations, particularly China, are likely to pull out of the U.N. offset scheme and move to markets with higher prices, if plans to allow them to exit are implemented.
At a meeting last week, members of the board overseeing the U.N’s Clean Development Mechanism (CDM) said they would work on new rules to allow any registered project to exit the system. They will discuss proposed rule changes at its next meeting in September………………………………………..Full Article: Source

World Bank sees ‘momentum’ behind global carbon price

Posted on 22 July 2014 by VRS  |  Email |Print

Momentum is growing behind global efforts to develop a carbon price, despite Australia’s decision to scrap its tax on the country’s top polluters. That is the view of the World Bank’s top climate official Rachel Kyte, addressing delegates at an environmental conference in Pori, Finland.
“The question I would ask if I was Australian was would I want to be in the Pacific when every one of my trading partners is on track to have an emissions trading scheme or an economy that prices carbon in within the next 2-3 years?” she said………………………………………..Full Article: Source

Global carbon market hopes fade as Australia dumps CO2 trading

Posted on 21 July 2014 by VRS  |  Email |Print

The goal of a global carbon market to tackle climate change, once touted to reach $2 trillion (Dh7.3 trillion) by 2020, received a major setback when Australia on Thursday scrapped its planned carbon trading scheme, which would have been the world’s third biggest.
Australia’s Emissions Trading Scheme (ETS) was to have started in 2015 and linked with the world’s biggest market in Europe — the first direct connection between major emissions trading schemes and a test case for possible links between schemes emerging in China and planned in Japan and the United States………………………………………..Full Article: Source

Julia Gillard partly to blame for demise of carbon price, says Christine Milne

Posted on 21 July 2014 by VRS  |  Email |Print

Julia Gillard was not across the details of climate change policy early in her prime ministership and should bear some responsibility for the demise of a price on carbon, Greens leader Christine Milne says. Ms Milne said the former prime minister made a “disastrous” political decision when she conceded her carbon pricing scheme constituted a carbon tax.
The carbon price was abolished last Thursday with the support of all Senate crossbenchers, but the blame game over who brought it down continues. Last week, Labor senators tied the scheme’s demise to the Greens’ decision to vote against Kevin Rudd’s Carbon Pollution Reduction Scheme in 2009………………………………………..Full Article: Source

Carbon trading schemes around the world

Posted on 18 July 2014 by VRS  |  Email |Print

The goal of a global carbon market to tackle climate change hit turbulence on Thursday when Australia scrapped its planned carbon trading scheme. Such schemes have been emerging all over the world as governments try to meet greenhouse gas emission reduction targets.
Around 40 countries and over 20 states, regions or cities have started or plan to begin emissions trading schemes or carbon taxes to put a price on emissions. Under cap-and-trade schemes, companies or countries face a carbon limit. If they exceed the limit they can buy allowances from others. They can also purchase carbon offsets from outside projects that avoid emissions, often from developing countries………………………………………..Full Article: Source

Global carbon market hopes fades as Australia dumps CO2 trading

Posted on 18 July 2014 by VRS  |  Email |Print

The goal of a global carbon market to tackle climate change, once touted to reach US$2-trillion by 2020, received a major setback when Australia on Thursday scrapped its planned carbon trading scheme, which would have been the world’s third biggest.
Australia’s Emissions Trading Scheme (ETS) was to have started in 2015 and linked with the world’s biggest market in Europe — the first direct connection between major emissions trading schemes and a test case for possible links between schemes emerging in China and planned in Japan and the United States………………………………………..Full Article: Source

Australia’s carbon trading future

Posted on 18 July 2014 by VRS  |  Email |Print

Australia’s Parliament on Thursday repealed the country’s controversial carbon tax and the emissions trading scheme that was to succeed it in 2015, signalling an end to what would have been the second largest such system after the European Union’s.
The schemes were part of a larger package of legislation to combat climate change passed in 2011, elements of which were preserved to win the support of Clive Palmer, whose Palmer United Party holds the balance of power in the Senate………………………………………..Full Article: Source

Fix the EU’s Carbon-Trading System

Posted on 17 July 2014 by VRS  |  Email |Print

President Barack Obama recently said in an interview on climate and energy that if there’s one thing he would like to see, it would be for the U.S. to be able to put a price on carbon emissions. He is right — an effective market-driven approach to carbon pricing is crucial to tackling climate change and reducing emissions. The U.K. was the first to adopt carbon trading in 2002, and it continues to trade under the European Union’s Emissions Trading System.
The EU cap-and-trade system is the world’s largest. By putting a price on every metric ton of carbon emitted and allowing companies to trade allowances, the system enables carbon-reduction targets to be met at the least cost………………………………………..Full Article: Source

S.Korea’s carbon trading to cost $27 bln; should be delayed -business

Posted on 17 July 2014 by VRS  |  Email |Print

South Korea’s emission trading to start next year will cost a total of 27.5 trillion Korean won ($26.64 billion) for the next three years and should be delayed to 2020, a business lobby group said.
The scheme is due to start January 1, 2015 to cap greenhouse gas emissions from over 400 of the country’s major polluters such as power generators and manufacturers. It aims to cut emission in 2020 at 30 percent below business-as-usual levels………………………………………..Full Article: Source

UK calls for cancelling of carbon permits to revive EU emissions trading

Posted on 17 July 2014 by VRS  |  Email |Print

Britain said it wants deeper reforms to the EU Emissions Trading System than those proposed by the European Commission and Germany, favouring cancelling a “significant number” of carbon permits over launching a tool to regulate market supply.
In a report detailing its vision for the fourth phase of the EU ETS, which will run from 2021 to 2030, Britain said major changes to the system are needed to help businesses cut their greenhouse gas emissions, to protect them from foreign competitors, and to foster investment in low-carbon technology………………………………………..Full Article: Source

Carbon tax strain taking toll on MPs

Posted on 16 July 2014 by VRS  |  Email |Print

Tony Abbott’s hopes of quickly scrapping the carbon tax under a more compliant Senate have again been put on hold with the repeal bills not brought before the upper house until Tuesday night for fear of another mishap. That was despite amended legislation being passed in the House of Representatives on Monday.
But the Senate has extended its hours to try to pass the Abbott government’s repeal - whether that takes hours, days or a weekend or two. The government kept senators in the upper house late into the evening on Tuesday as it debated the carbon tax repeal, and could keep the chamber open much longer if it doesn’t get its way………………………………………..Full Article: Source

Britain to fund South African carbon trading experiment

Posted on 16 July 2014 by VRS  |  Email |Print

Britain will expand funding for a programme to help coal-rich South Africa develop a carbon trading market in an attempt to rein in its rising greenhouse gas emissions. The British High Commission in Pretoria last week said it will fund a pilot emissions trading programme from next year to help companies prepare for a 120-rand-per-tonne ($11.21) carbon tax that is expected to come into force in 2016.
The value of the grant was not disclosed. The launch of South African’s carbon tax, which would apply to major emitters including steel giant ArcelorMittal, utility Eskom [ESCJ.UL] and petrochemical group Sasol, was delayed by one year to allow more time for planning and consultation with stakeholders………………………………………..Full Article: Source

Britain to fund South African carbon trading experiment

Posted on 15 July 2014 by VRS  |  Email |Print

Britain will expand funding for a programme to help coal-rich South Africa develop a carbon trading market in an attempt to rein in its rising greenhouse gas emissions. The British High Commission in Pretoria last week said it will fund a pilot emissions trading programme from next year to help companies prepare for a 120-rand-per-tonne ($11.21) carbon tax that is expected to come into force in 2016.
The value of the grant was not disclosed. The launch of South African’s carbon tax, which would apply to major emitters including steel giant ArcelorMittal, utility Eskom and petrochemical group Sasol, was delayed by one year to allow more time for planning and consultation with stakeholders………………………………………..Full Article: Source

Switzerland threatens 40 per cent carbon tax rise if targets not met

Posted on 15 July 2014 by VRS  |  Email |Print

Switzerland threatened on Monday to raise its tax on greenhouse gas emissions from the energy sector by 40 per cent if companies regulated by the country’s emissions trading system do not meet government-imposed targets this year.
The Swiss environment ministry said the tax would jump to 84 francs ($94.25) per tonne of carbon dioxide (CO2) in 2016, from 60 francs currently, if power-related emissions are reduced by less than 22 per cent below 1990 levels by the end of this year……………………………………….Full Article: Source

Tony Abbott finally cuts deal to axe carbon tax

Posted on 14 July 2014 by VRS  |  Email |Print

The federal government has cut a deal with Clive Palmer which it believes removes any more excuses to block the repeal of the carbon tax, the Coalition’s No. 1 election promise. On the weekend, Mr Palmer and the government agreed to changes to his key demands for stiff penalties and price disclosure provisions to ensure they would apply only to energy sup­pliers, not all businesses.
The government was prepared on Thursday to vote for Mr Palmer’s original demands in return for his support to repeal the carbon tax. But concern from industry and other senators about a red tape nightmare for business prompted the negotiations to remove any ambiguity………………………………………..Full Article: Source

Greg Hunt ‘very hopeful’ as carbon tax repeal bills return to parliament

Posted on 14 July 2014 by VRS  |  Email |Print

A newspoll showing a majority of voters want Clive Palmer and his senators to immediately support the removal of the carbon tax reflects a “very strong and categorical vote” for the government’s agenda, Environment Minister Greg Hunt says.
The Newspoll, conducted exclusively for The Australian after last Thursday’s chaos in the Senate saw the repeal bills rejected, reveals 53 per cent want the controversial tax abolished. Only 35 per cent want the Palmer United Party to continue to block the removal of the tax, while 12 per cent are uncommitted………………………………………..Full Article: Source

Beyond carbon chaos, does compromise loom on Direct Action?

Posted on 11 July 2014 by VRS  |  Email |Print

It seems to be a fitting finale for the Carbon Price Mechanism, with chaos yesterday as the Palmer United Party backed out of its agreement to support the government’s carbon tax repeal bills, seeking a last minute amendment to include penalties for companies that fail to pass on the full savings from the carbon tax repeal.
The government will introduce a set of amended bills to repeal the carbon tax to the House of Representatives on Monday. The bills are then expected to go to the Senate, where debate is likely to be guillotined to force a vote prior to the end of the week………………………………………..Full Article: Source

China’s Tianjin extends carbon deadline again

Posted on 11 July 2014 by VRS  |  Email |Print

China’s Tianjin has extended the deadline for its biggest carbon producers to comply with the city’s emissions trading scheme a second time, giving companies two more weeks to hand over permits to the government.
The delay is the latest in a string of hiccups as governments and company officials in seven regions running emissions schemes gather experience in carbon trading, Beijing’s favoured approach for reducing greenhouse gases………………………………………..Full Article: Source

Finnish firm granted trading licences for Chinese emissions schemes

Posted on 10 July 2014 by VRS  |  Email |Print

Finnish carbon trading firm Greenstream has been granted licences to operate in three of the mainland’s pilot emissions schemes, making it the second foreign company to gain entry to what might become the world’s largest carbon market.
The mainland, the world’s biggest emitter of climate-changing greenhouse gases, has launched seven pilot carbon markets to help slow down the rapid growth in its emissions. Its carbon market is widely expected to be the biggest in the world when a mainland-wide trading scheme is launched sometime before 2020. Banks and trading houses that have invested billions of dollars in the European market are now looking to be early participants in the mainland’s efforts………………………………………..Full Article: Source

EU Parliament to Start on Carbon Fix in Fall, La Via Says

Posted on 10 July 2014 by VRS  |  Email |Print

The European Parliament will start discussions “in the autumn” on a proposal to help boost carbon prices by introducing automatic supply controls, said the chair of the assembly’s environment committee Giovanni La Via.
The panel, which leads parliamentary work on emissions-trading laws, will scrutinize the draft “carefully and comprehensively” before a vote, La Via said by e-mail. The fix for the European Union emissions-trading system was put forward by the European Commission in January and aims to alleviate a record glut of pollution permits by introducing a reserve to which excess allowances would be transferred………………………………………..Full Article: Source

Carbon emissions to be disclosed in balance sheet from 2015

Posted on 09 July 2014 by VRS  |  Email |Print

South Korean companies will be required to disclose carbon emissions in their balance sheet to inform investors and stakeholders when the cap-and-trade system takes effect next year, the Korea Accounting Standards Board (KASB) said Tuesday.
The accounting standard agency has recently drawn up a draft that requires companies to include activities related to greenhouse gas emissions in financial statements sent to the Korea Exchange, the nation’s main bourse. The exchange is preparing to open the carbon exchange market at the start of 2015……………………………………Full Article: Source

$10 Trillion Annual Carbon Debt

Posted on 09 July 2014 by VRS  |  Email |Print

In the face of resolute climate change inaction by their elders, it is now up to young people to take action to stop climate crime and save the world. Humanity and the Biosphere are increasingly threatened by man-made global warming but climate change inaction means that it may soon be too late to act to prevent catastrophic global warming.
This climate change inaction is associated with a $10 trillion annual increase in the circa $200 trillion Carbon Debt for young people and future generations. Young people must now realize the truth in the 1960s slogan “Don’t trust anyone over 30” and that the answer of their elders to the question “What did you do in the War on Terra?” …………………………………..Full Article: Source

EU Carbon Market Needs Deep Changes, Industry Panel’s Buzek Says

Posted on 09 July 2014 by VRS  |  Email |Print

The European Union should overhaul its emissions program to ensure it encourages investment in clean energy without recurrent market intervention, according to the chair of the industry committee in the EU Parliament.
Jerzy Buzek, who was elected yesterday to head the panel for 2 1/2 years, said the EU emissions-trading system has failed to stimulate a switch to low-emission technologies because of a combination of a flawed design and an economic crisis. The proposal by the European Commission to start automatic supply controls to lift the price of emission permits after a 78 percent decline over the past six years will not solve the problem, he said……………………………………Full Article: Source

Carbon emissions and the Polish Puzzle

Posted on 08 July 2014 by VRS  |  Email |Print

While Brussels winds down for the summer and preoccupies itself with finding new commissioners, there will be some very busy people left working on a climate policy conundrum that needs to be solved by autumn. We’ll be hearing quite a bit about it, so here at the Brussels Blog we’ve decided to give it a name: The Polish Puzzle.
By October, the EU needs to agree a target for reducing greenhouse gases by 2030. This is one of the most critical numbers for the determining the course of European industry over the next 15 years, so it is not a decision to be taken lightly. The commission has proposed a cut of 40 per cent from 1990 levels……………………………………..Full Article: Source

Abbott Government on the cusp of axeing the carbon tax

Posted on 08 July 2014 by VRS  |  Email |Print

The Abbott Government is on the cusp of fulfilling its election promise to axe the carbon tax. In another sign of just how capricious the new Senate could be, the Palmer United Party had a change of heart last night and voted with the Government to bring forward debate on the repeal bills.
The tax looks set to be gone within days and Government Ministers claim the uncertain nature of negotiations in the new Upper House shows its budget measures shouldn’t be written off……………………………………..Full Article: Source

Don’t axe the tax: Emissions trading supporters make last-ditch plea

Posted on 07 July 2014 by VRS  |  Email |Print

Repeal could cost $20bn over next four years and 59 economists insist a carbon price is the best way to reduce emissions. Supporters of emissions trading are making a last-ditch plea to the Senate not to repeal Australia’s laws – citing new analysis that shows “axing the tax” will cost the budget almost $20bn over the next four years and a letter from 59 leading economists insisting a carbon price is the best way to reduce emissions.
But the government is determined the carbon price repeal should be the first decision of the new Senate and, with the support of the Palmer United party (PUP), appears set to bring on the debate and finally achieve the tax’s repeal this week………………………………………..Full Article: Source

International carbon permits the cheapest option, says CCA

Posted on 07 July 2014 by VRS  |  Email |Print

Australia could dramatically exceed its current emissions reduction target for just a fraction of the $2.55 billion the Coalition plans to spend on “direct action” by buying international abatement permits. The Climate Change Authority argues the nation’s emissions reduction target could be increased from 5 per cent to 19 per cent at a cost of just $500 million by buying international carbon abatement units.
The authority, in a report to be released today, finds that international CERs could be bought for just $1.15 a tonne up to 2020. This was significantly cheaper than trying to achieve emissions abatement entirely at home………………………………………..Full Article: Source

NASA Successfully Launches CO2 Monitoring Satellite

Posted on 04 July 2014 by VRS  |  Email |Print

Atmospheric carbon dioxide has now reached its highest level in the past 800,000 yrs. US space agency NASA launched Orbiting Carbon Observatory-2 (OCO-2) spacecraft Wednesday from California into the night skies to study global warming, NASA TV showed.
The United Launch Alliance Delta 2 rocket carrying the OCO-2 spacecraft, the first dedicated NASA mission to monitor atmospheric carbon dioxide (CO2) on global scales, blast off at 2:56 a PDT (0956 GMT) Wednesday from Space Launch Complex 2 at Vandenberg Air Force Base in California. Engineers successfully established communication with the Orbiting Carbon Observatory-2, NASA said in a statement………………………………………..Full Article: Source

Australia sees limited G20 appetite on new climate change steps

Posted on 03 July 2014 by VRS  |  Email |Print

Australia, this year’s G20 chair, sees little consensus among the Group of 20 leading economies to take major new steps on climate change, senior official Heather Scott said on Wednesday.
Scott, the personal representative or G20 sherpa of Australian Prime Minister Tony Abbott, is helping shape the agenda for November’s G20 summit in Brisbane, and spoke of the importance of finding agreement across the group………………………………………..Full Article: Source

We’d be crazy to enter into an ETS

Posted on 03 July 2014 by VRS  |  Email |Print

If the Abbott government is successful in reducing Australia’s greenhouse gas emissions by 5 per cent based on 2000 levels then Australia will have done more to reduce greenhouse gas emissions than almost any other advanced nation.
You will never hear this in the Australian debate because there are so many institutional vested interests in favour of a carbon tax or an emissions trading scheme and most of the media are sympa­thetic to them………………………………………..Full Article: Source

Labor error costly to carbon trade consensus, says Shorten

Posted on 02 July 2014 by VRS  |  Email |Print

Opposition Leader Bill Shorten says Labor played politics too aggressively against Malcolm Turnbull as opposition leader, helping to destroy his leadership in 2009 and ruin a carbon trading consensus.
The admission, which amounts to a direct criticism of former prime minister Kevin Rudd, came as Mr Shorten reasserted Labor’s belief in serious climate policy, recommitted the party to an emissions trading scheme going into the 2016 election, and reminded Clive Palmer that an ETS had already been legislated………………………………………..Full Article: Source

Former head of Barclays carbon trading launches advisory firm

Posted on 01 July 2014 by VRS  |  Email |Print

Louis Redshaw, the former head of carbon, coal and iron ore trading at Barclays investment bank, has launched a London-based advisory firm to help companies manage their risks stemming from carbon trading.
Redshaw Advisors, which will also provide carbon finance for client firms, is banking on a return to growth for the world’s emissions trading markets, many of which have been hit by low prices and falling demand in the wake of the global economic crisis………………………………………..Full Article: Source

Carbon abatement needs a bipartisan policy approach

Posted on 01 July 2014 by VRS  |  Email |Print

Clive Palmer’s extravagant, duplicitous foray into the carbon tax debate highlights the gullibility, naivety and inflexibility of the Greens and their dogmatic fellow travellers on the issue of what to do about climate change. In this case, the well-understood principle of “overshoot and collapse” refers not to former US vice-president Al Gore’s much-hyped environmental tipping points, but to the political overreach of the global-warming true believers.
The Greens, who refused to sign up to Labor’s emissions trading scheme, and Labor, which imposed the world’s most expensive carbon price on the nation, have only themselves to blame if, as seems likely, Australia is left without a meaningful carbon abatement policy………………………………………..Full Article: Source

Carbon price debate set to continue

Posted on 27 June 2014 by VRS  |  Email |Print

The carbon tax has a ticket to the scrap heap, but debate will continue about a future pricing mechanism and when it should come into force. The tax’s repeal legislation passed the lower house on Thursday and, with a helping hand from Palmer United Party senators, is set to pass the upper house in July.
But Prime Minister Tony Abbott will need to juggle the policy victory with Clive Palmer’s plan for an emissions trading scheme drafted with a zero-dollar starting price, to be activated when Australia’s trading partners set a price. ……………………………………….Full Article: Source

Korean firms should stop complaining about carbon-trading scheme

Posted on 27 June 2014 by VRS  |  Email |Print

The new director general of the Global Green Growth Institute (GGGI) urged the automobile and energy industries Tuesday to stop complaining about the carbon-trading scheme and imposing heavy taxes on polluting cars.
The two measures are expected to be implemented in January 2015. Firms that generate massive amounts of greenhouse gases, in particular, have strongly opposed the measures, saying they will reduce their competitiveness………………………………………..Full Article: Source

Al Gore joins Clive Palmer to back emissions trading scheme for Australia

Posted on 26 June 2014 by VRS  |  Email |Print

Clive Palmer has said his party will support the abolition of the carbon tax but not that of the renewable energy target and the Clean Energy Finance Corporation, and he wants an emissions trading scheme, which he announced with former US Vice President Al Gore by his side.
Australian politics has witnessed many strange events, but fewer as gob-smacking as the alliance revealed late this afternoon between maverick politician Clive Palmer and former United States Vice President Al Gore. The billionaire MP and the world’s most famous campaigner against global warming have joined forces to turn Tony Abbott’s climate policy upside down. ……………………………………….Full Article: Source

Carbon tax versus emissions trading scheme: What’s the difference?

Posted on 26 June 2014 by VRS  |  Email |Print

The federal government has plans to abolish the carbon tax from July first onward and replace it with an emissions trading scheme (ETS). Both programs are aimed at tackling pollution by putting the onus on companies that produce carbon dioxide, but they go about it in very different ways. So what’s the difference between the carbon tax and ETS?
The carbon tax was launched on July 1, 2012 by the Labor government to tackle the problem of pollution. Companies in Australia that emit over 25,000 tonnes of carbon dioxide are currently charged $25.40 per tonne emitted, payable to the Australian government………………………………………..Full Article: Source

Korean firms should stop complaining about carbon-trading scheme

Posted on 25 June 2014 by VRS  |  Email |Print

The new director general of the Global Green Growth Institute (GGGI) urged the automobile and energy industries Tuesday to stop complaining about the carbon-trading scheme and imposing heavy taxes on polluting cars.
The two measures are expected to be implemented in January 2015. Firms that generate massive amounts of greenhouse gases, in particular, have strongly opposed the measures, saying they will reduce their competitiveness………………………………………..Full Article: Source

Sandor remains optimistic about carbon, despite EU ETS

Posted on 25 June 2014 by VRS  |  Email |Print

Despite turmoil in the EU ETS, the notion of emissions trading is continuing to gain ground, Richard Sandor, the chairman of Environmental Financial Products, said. Fixing the European Union Emissions Trading System (ETS) has been a long, hard slog. Following its launch in 2005, strong prices for EU Allowances (EUAs) boosted the scheme’s ability to secure reductions in harmful greenhouse gas emissions.
But after the financial crisis, Europe’s economic woes sent prices for EUAs spiralling downwards. Having traded at as much as €30 ($41) per tonne during 2006, the price of EUAs sank to under €3/tonne during 2013 – far lower than the level analysts say is needed to fuel investment in cleaner energy………………………………………..Full Article: Source

Climate Change Policy: The European Trading Scheme (ETS)

Posted on 25 June 2014 by VRS  |  Email |Print

A plenary session at the 37th IAEE International Conference in New York – titled “Climate Change & Carbon Policies – International Lessons and Perspectives,” continued to draw huge crowds as experts on climate change and carbon policies highlighted different approaches to those issues in the US, China and Europe. As expected, the audience was able to walk away with some very interesting insights and further food for thought.
In particular, Professor Denny Ellerman of the European University Institute provided fascinating insight into the European ETS scheme. Emissions of power and large industrial plants are subject to a cap by way of the so-called European Trading Scheme (ETS)………………………………………..Full Article: Source

Why a Carbon Tax Is Better Than Obama’s Cap and Trade

Posted on 24 June 2014 by VRS  |  Email |Print

This weekend, former Treasury secretary Hank Paulson weighed in at the New York Times abouyt the need for more urgent action on the climate front, and described how various indicators of how quickly climate change is taking place, such as the speed of Arctic and Antarctic ice melt, are moving much faster than models had predicted.
Paulson, who has long been an ardent conservationist (and in contrast to his alpha Wall Street male standing, lives modestly), made a forceful pitch for carbon taxes. The irony of this proposal is that we have a Republican showing what a right-winger Obama really is. Without mentioning the recent Administration carbon scheme directly, Paulson’s article make the case for more forceful and effective intervention than cap and trade, a central part of the Administration’s proposed “pay to pollute” program………………………………………..Full Article: Source

Obama’s Carbon Order Increases Nuclear Energy’s Odds

Posted on 24 June 2014 by VRS  |  Email |Print

Mandating the reduction of carbon emissions could result in the increasing use of nuclear energy. Is that good? If the nation’s current and former leaders of the Environmental Protection Agency are asked, the answer is an unmistakable ‘yes.” In fact, once nuclear plants become operational, they are able to generate electricity efficiently, safely and cheaply.
Now that the White House is making it more costly for utilities to emit carbon dioxide, nuclear energy could become an attractive option………………………………………..Full Article: Source

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