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Detailed case study on China’s national carbon market: IETA

Posted on 27 March 2015 by VRS  |  Email |Print

A new report released by IETA and CDC Climat Research today finds that China has made significant advances on establishing a national emissions trading system, expected to start next year. The case study – prepared by IETA and CDC Climat Research and released at Carbon Forum Asia in Macao – finds that China has been taking great strides as it prepares to move from its seven pilot emissions trading programmes to a national carbon market from next year.
Drawing upon all recent government decisions as well as official statements, it is the most thorough and authoritative analysis of the Chinese carbon market to date. The case study takes a close look at the seven pilot programmes and how these are feeding in to the design of the national system, noting that no other country has built an ETS from the bottom-up………………………………………..Full Article: Source

EU nations back 2021 start date for carbon market reform

Posted on 27 March 2015 by VRS  |  Email |Print

Member states agreed a reform to remove a glut of permits from Europe’s carbon market that should take effect in 2021, EU diplomats said following a closed-door meeting on Wednesday (25 March).
The compromise deal is a negotiating stance that member states will take into talks with representatives of the European Parliament and the European Commission, in order to thrash out a legal text that would later be signed into EU law………………………………………..Full Article: Source

EU struggles to agree on date for carbon market reform

Posted on 26 March 2015 by VRS  |  Email |Print

EU nations will hold more talks late on Wednesday to debate reforms to Europe’s carbon market after more than two hours of debate failed to bridge a gap between those seeking early action and those wanting a delay, diplomats said.
Allowances on the EU Emissions Trading System (ETS) fell around 3 percent after diplomats said a morning session of closed-door debate had failed to reach a deal. A proposal to set up a Market Stability Reserve to hold some of the surplus allowances that have depressed carbon prices, had been the first item on the agenda of a closed-door meeting, the diplomats, speaking on condition of anonymity, said………………………………………..Full Article: Source

EU member states agree 2021 carbon market reform date-sources

Posted on 26 March 2015 by VRS  |  Email |Print

EU nations agreed a reform to remove a glut of permits from Europe’s carbon market should take effect from the start of 2021, EU diplomats said following a closed-door meeting on Wednesday. The compromise deal is a negotiating stance that member states will take into talks with representatives of the European Parliament and the European Commission to thrash out a legal text that would later be signed into EU law.
Set up a decade ago, the Emissions Trading System (ETS), the world’s biggest carbon market, is meant to be the European Union’s main tool for tackling climate change because it forces polluters to pay for their emissions………………………………………..Full Article: Source

China should link southern carbon markets ahead of nationwide scheme -study

Posted on 25 March 2015 by VRS  |  Email |Print

Academics that advise the government on carbon trading in China have proposed linking two emissions exchanges in the southern province of Guangdong as a first step towards integrating all seven of the country’s pilot markets.
China aims to launch the first phase of a nationwide carbon trading scheme as early as next year, creating the world’s largest emissions trading scheme. But integrating the seven pilot schemes already in operation will be challenging, with each operating under different trading rules, eligibility criteria and prices………………………………………..Full Article: Source

Impact of China’s Carbon Policies on Buisness

Posted on 25 March 2015 by VRS  |  Email |Print

Seismic policy shifts are underway in China as it transitions toward a lower-carbon, more resource efficient economy, according to a series of new reports by the International Institute for Sustainable Development (IISD).
IISD examined over 100 low-carbon policies to assess their impact on China’s 1,600 industrial development zones. The research also contains a first-of-its kind survey of businesses operating in the zones and a review of the first compliance year of the Beijing emission trading pilot, providing a snapshot of how companies are responding to policies designed to reduce green-house gas emissions………………………………………..Full Article: Source

Climate change: Coalition accused of politicising greenhouse gas target

Posted on 24 March 2015 by VRS  |  Email |Print

Greg Hunt says figures exaggerated under Labor but former Liberal leader John Hewson says both parties use same projections and that such interference is ‘damaging to the national interest’.
The Abbott government has been accused of politicising the release of official greenhouse gas projections that confirm Australia’s international climate change pledge for 2020 is becoming easier to reach, but which will also increase pressure for Australia to adopt a more ambitious post-2020 target………………………………………..Full Article: Source

Is Fossil Fuel Divestment A Bad Idea?

Posted on 24 March 2015 by VRS  |  Email |Print

The fossil fuel divestment movement has exploded in popularity over the last several years, thanks in parts to the massive efforts of groups like 350.org, the group behind Fossil Free, the organizers of Global Divestment Day. In addition, the sweeping divestment movement is particularly attractive to tertiary education institutions around the world, and each month closes with more universities and colleges around the world announcing their divestment from fossil fuel investments.
Beyond the education world, a number of cities are making independent announcements of their own intention to divest from fossil fuels — the most recent being the city of Oslo, capital of Norway, which announced at the beginning of March that it would divest $7 million worth of coal investments from its pension fund………………………………………..Full Article: Source

RGGI Auction Extends US Carbon Market Winning Streak

Posted on 23 March 2015 by VRS  |  Email |Print

North America’s longest-running carbon market just set a new mark for carbon pricing across the Northeast US, passing a significant revenue milestone years ahead of schedule, and continuing an impressive winning streak for American and Canadian carbon auctions.
The Regional Greenhouse Gas Initiative (RGGI) recently held its first 2015 quarterly carbon auction, selling out of all 15.2 million available carbon dioxide allowances at a clearing price of $5.41 per ton of CO2 emitted and generating over $82 million for clean energy and consumer benefits………………………………………..Full Article: Source

5 Ways to Reduce the Drivers of Climate Change

Posted on 23 March 2015 by VRS  |  Email |Print

Climate change is fundamentally a development issue. It threatens to exacerbate poverty and hurt economic growth. At the same time, how countries grow and the investments they make to meet the energy, food and water needs of an expanding population can fuel climate change, raising risks worldwide, or contribute to solutions.
In a lecture to students at Georgetown University in Washington, D.C., on March 18, World Bank Group President Jim Yong Kim laid out five key areas where policies and growth choices can help reduce the drivers of climate change. “We have to keep the economy growing – there is no turning back on growth,” President Kim told the student audience. “What we have to do is decouple growth from carbon emissions.”……………………………………….Full Article: Source

Latest carbon credit scam shut down - but will it make a difference?

Posted on 20 March 2015 by VRS  |  Email |Print

Eco Business Management, a firm Money Observer has previously warned against doing business with, has been ordered to close by the High Court. The firm was ordered into liquidation after an investigation found it mis-sold wildly overpriced carbon credits to investors, using high-pressure sales tactics and misleading statements.
Although investors were falsely told they could receive returns of up to 82 per cent within six months to two years, in some cases their carbon credits were actually being retired (cancelled) without their knowledge. Investors pursuing the firm for news about their investments - including several people who spoke to Money Observer - were falsely told the firm had entered liquidation………………………………………..Full Article: Source

Corporate carbon offset buyers dispel greenwashing myths

Posted on 20 March 2015 by VRS  |  Email |Print

A new report dispels the myth that companies purchase carbon offsets to “buy their way out” of taking responsibility for their contributions to climate change. Rather, companies that include offset purchases as part of their carbon management strategies are more environmentally proactive than their non-offsetting counterparts, the report found.
Companies ranging from General Motors to Barclays to Brazil-based Natura Cosméticos – and at least 260 other household names – are expanding their environmental protection efforts by investing in projects that reduce emissions outside of their immediate operations, according to The Bottom Line: Taking Stock of the Role of Offsets in Corporate Carbon Strategies. This new report from Forest Trends’ Ecosystem Marketplace analyses this subset of companies alongside a total of 1,882 corporate climate performance disclosures collected by CDP in 2013 and 2014………………………………………..Full Article: Source

EU carbon market emissions fell 3.7 percent in 2014: analysts

Posted on 19 March 2015 by VRS  |  Email |Print

Emissions capped by Europe’s carbon market fell 3.7 percent in 2014, driven by higher output from renewable power producers and lower electricity consumption, analysts at Thomson Reuters Point Carbon said on Wednesday.
Firms covered by Europe’s Emissions Trading System (ETS) emitted 1.838 billion tonnes of carbon dioxide equivalent (CO2e) in 2014 compared with 1.907 billion tonnes a year earlier, the analysts estimated in a research note. Official data on last year’s emissions will be released by the European Commission on April 1. Participants in Europe’s carbon market will be eyeing the numbers, which give an indication of demand for carbon permits………………………………………..Full Article: Source

Finland Cool on Early Start of European Carbon Market Reserve

Posted on 19 March 2015 by VRS  |  Email |Print

Finland has reservations over plans to advance the start of a draft European Union carbon-market fix by four years from 2021 as it seeks to avoid raising costs for industrial companies.
The administration of Prime Minister Alexander Stubb endorsed the proposal by the European Commission to create a stability reserve to alleviate a glut of emission permits, according to an e-mailed statement. It also agreed that carbon permits delayed at auctions in 2014-16 should “in principle” be auctioned rather than put into the reserve………………………………………..Full Article: Source

EU Sets Pace With Ambitious Emissions, Clean Energy Targets

Posted on 18 March 2015 by VRS  |  Email |Print

With the next stage of the United Nations Framework Convention on Climate Change (UNFCCC) process set for November and December of this year in Paris, there has been a recent flurry of political and diplomatic activity from the European Union and its 28 member-states regarding their plans for reducing greenhouse gas emissions.
Their pledges have come alongside ambitious designs for future joint electricity generation continent-wide, given geopolitical tensions with Russia, which remains “Europe’s largest single foreign supplier of not only gas, but also oil, coal and nuclear fuel.” While there are still critical challenges to realizing the milestones set down so far, much progress has already been made, and the EU’s aspirations, writ large, put it in pole position for greener energy among the international community………………………………………..Full Article: Source

Think tanks suggest less formal multi-state carbon-trading to meet EPA goals

Posted on 18 March 2015 by VRS  |  Email |Print

Visceral politics and administrative hurdles could keep many states from using regional cap-and-trade programs to cut carbon emissions under U.S. EPA’s Clean Power Plan, but there might be a less controversial alternative.
A policy brief released today by Duke University’s Nicholas Institute for Environmental Policy Solutions suggests that states adopt “common elements” that would allow them to participate in cross-state carbon trading systems to reduce power-sector emissions of the planet-warming gas………………………………………..Full Article: Source

Europe Carbon Trade Would Gain Extra $1.1 Billion From Biomass

Posted on 17 March 2015 by VRS  |  Email |Print

European carbon trading will probably bring in as much as an extra 1 billion euros ($1.1 billion) a year to combat climate change if wood-burning power stations are included in the system for limiting greenhouse-gas emissions.
The assumption that burning wood doesn’t mean more carbon because greenhouse gases are sucked up by growing trees ignores the effect of changes in land use, emissions from transporting the so-called biomass and unsustainable operations, said a report from the Transport & Environment campaign group, BirdLife Europe and the European Environmental Bureau………………………………………..Full Article: Source

China scales up pilot carbon trading markets

Posted on 17 March 2015 by VRS  |  Email |Print

The Chinese provinces of Gansu and Anhui are among several regions now working to set up carbon exchanges, but it remains unclear how the new CO2 trading platforms will be integrated into a nationwide scheme set to start next year.
China’s seven existing pilot carbon schemes force around 2,000 firms to buy permits to cover their emissions. Premier Li Keqiang vowed last week to “expand the trials for trading carbon emissions rights” to combat climate change………………………………………..Full Article: Source

World cannot prosper without cutting carbon emissions, says Climate Group

Posted on 17 March 2015 by VRS  |  Email |Print

Countries should consider their climate change pledges to the UN as investment prospectuses to attract low carbon businesses, argues non-profit organisation. The world cannot prosper without cutting emissions, an economic expert has warned as he urged countries to use plans for tackling climate change to attract investment.
Over the next few months countries are submitting their “intended nationally determined contributions” (INDC) outlining action they plan to take on climate change, ahead of UN talks in Paris at the end of the year to secure a new global deal on the issue………………………………………..Full Article: Source

Global emissions trading scheme ’should be based on UN carbon budget’

Posted on 13 March 2015 by VRS  |  Email |Print

The Intergovernmental Panel on Climate Change’s (IPCC) carbon budget could provide the scientific basis for a global cap on emissions, suggested Tim Yeo, the outgoing chair of the UK’s energy and climate change committee. In its most recent report, the UN-backed panel of climate scientists calculated that total carbon dioxide emissions must be limited to 3,670 gigatonnes in order to prevent warming of more than two degrees Celsius.
Around 1,890 gigatonnes of this “budget” had already been emitted by 2011. Yeo told a conference in London today that the remaining gigatonnes could guide governments in capping carbon globally through an emissions trading scheme………………………………………..Full Article: Source

China needs CO2 cap to meet climate pledges: legislator

Posted on 13 March 2015 by VRS  |  Email |Print

China needs to impose a nationwide carbon cap if it is to fulfill a pledge made last year to bring emissions to a peak by around 2030, a legislator said in a proposal submitted to parliament this week.
Wang Yi, a member of the China Academy of Sciences and adviser to China’s climate negotiation team, said the country should include an absolute CO2 cap of around 10 billion tonnes for 2020 in its five-year plan covering the 2016-2020 period. China has not published official carbon emissions data but researchers at Tsinghua University estimated the total reached 7.25 billion tonnes in 2010………………………………………..Full Article: Source

California and Quebec’s combined carbon market tilts positively

Posted on 12 March 2015 by VRS  |  Email |Print

California and Quebec have announced the completion of their second joint carbon dioxide allowance auction through a cap-and-trade system. Despite geographical distance and economic differences, California and Quebec have worked to align their CO2 emissions markets and policies.
Previous auctions sold emissions allowances for electric generators and large industrial sources. The most recent auction, held in February 2015, also included allowances for the transportation sector, covering wholesale gasoline suppliers………………………………………..Full Article: Source

China’s Chongqing cuts carbon permit supply

Posted on 11 March 2015 by VRS  |  Email |Print

Companies obliged to reduce their carbon emissions in China’s pilot carbon exchange in Chongqing will be allocated a smaller number of permits for 2014, with the government tightening its grip on the market to tackle climate change.
Market regulators in the southwestern city of Chongqing handed out 116 million 2014 permits early this month, a decline of 7.2 percent compared with the amount issued for 2013, according to an announcement posted on the website of the local municipal development and reform commission………………………………………..Full Article: Source

New carbon accounting method proposed

Posted on 11 March 2015 by VRS  |  Email |Print

Established ways of measuring carbon emissions can sometimes give misleading feedback on how national policies affect global emissions. In some cases, countries are even rewarded for policies that increase global emissions, and punished for policies that contribute to reducing them.
“We have developed a new method that provides policy makers with more useful information, in order to set national targets and evaluate their climate policies”, says Astrid Kander, Professor in Economic History at Lund University, and lead author of the study, published in the latest issue of Nature Climate Change………………………………………..Full Article: Source

EU Nations to Discuss Carbon Market Reserve Proposal

Posted on 10 March 2015 by VRS  |  Email |Print

European Union member states meet Tuesday to hold their first talks on a compromise proposal for carbon-market reform. Representatives of the EU’s 28 nations gather at 10 a.m. in Brussels to discuss the presidency’s plan to begin operating in 2019 a reserve to curb a surplus of emission rights, according to the Council of the EU meeting agenda. The U.K. and Germany want a 2017 start while an alliance headed by Poland is pushing for 2021, as first proposed by the European Commission.
The planned reserve would ease a glut of permits that has pushed emission prices down about 75 percent since 2008 to levels that fail to deter industry from burning coal, the most-polluting fossil fuel………………………………………..Full Article: Source

Europe’s evolving climate position

Posted on 09 March 2015 by VRS  |  Email |Print

The European Union had a busy February with respect to climate policy and diplomacy, with a host of substantial developments on mitigation pledges, further retreat from support for biofuels, and root-and-branch reform of its faltering emissions trading scheme.
Commentators were worried that with the appointment of former oil-industry investor Miguel Arias Cañete as climate chief in the new European Commission, the EU was signaling a pull-back from its climate change ambition over the last decade, and indeed developments were a mixed bag………………………………………..Full Article: Source

Latvia proposes compromise 2019 start to EU carbon reforms

Posted on 09 March 2015 by VRS  |  Email |Print

Latvia, current holder of the EU presidency, has proposed a compromise start date of 2019 for a reserve to store millions of permits from the EU Emissions Trading System (ETS) in a bid to bolster carbon prices, according to a document seen by Reuters.
Circulated among diplomats by the Latvian presidency, the document says the Market Stability Reserve (MSR) should be “operational in 2019″. More than 12,000 companies are part of the Emissions Trading System (ETS) where they pay for permits for each tonne of carbon they emit………………………………………..Full Article: Source

EU Presidency Said to Propose Carbon Supply Controls From 2019

Posted on 06 March 2015 by VRS  |  Email |Print

The European Union presidency proposed advancing the setting-up of a planned carbon market stability reserve to 2018 and starting its operation on Jan. 1, 2019, according to two people with knowledge of the matter.
Latvia, which holds the EU’s rotating presidency, sent its plan to member states today in an attempt to secure a compromise on the measure, which would curb a glut of permits in the bloc’s emissions trading system. Carbon contracts for delivery in December fell the most in a week by the close on ICE Futures Europe in London………………………………………..Full Article: Source

Poland Seeks to Limit EU Carbon Fix’s Impact on Producers

Posted on 06 March 2015 by VRS  |  Email |Print

The European Union draft carbon-market fix should be amended to prevent planned supply controls from curbing the number of free emission permits for power producers, according to the Polish government.
EU policy makers are considering introducing a market stability reserve, or MSR, to alleviate a glut of permits that has pushed emission prices about 75 percent down since 2008 to levels that fail to deter industry from burning coal, the most-polluting fossil fuel………………………………………..Full Article: Source

EU Carbon market reforms likely to be agreed by end-June -official

Posted on 05 March 2015 by VRS  |  Email |Print

Reforms aimed at raising prices on Europe’s carbon market are likely to be agreed by the end of June at the latest, a senior official at the European Commission said on Wednesday. Peter Zapfel, head of unit implementation of the ETS (Emissions Trading System) at the European Commission, said he had every confidence that the Latvian presidency of the EU would be able to broker an agreement before its rotating EU presidency finishes on June 30.
“I am confident we will see an end to this legislative procedure by the end of the Latvian presidency at the latest,” he said at an industry event in Amsterdam………………………………………..Full Article: Source

China’s carbon emissions could save the world—or doom it

Posted on 05 March 2015 by VRS  |  Email |Print

Coal is the most carbon-intensive fossil fuel by far and China is the world’s largest producer and most voracious consumer. According to estimates published in May by the US Energy Information Administration, China was responsible for 46% of global coal production and 49% of global coal consumption in 2012, having already accounted for 69% of the 3.2 billion ton increase in global coal production during the decade prior.
The existing reportage on the consequences of this dependence is legion: Higher heart disease and cancer rates due to polluted air; international airports temporarily shuttered by smog; vast tracts of land gutted, scraped and despoiled; people buried alive by collapsed illegal mines that churn out low-quality rock and depress prices………………………………………..Full Article: Source

ICE to host British carbon permit auctions until end-2017

Posted on 05 March 2015 by VRS  |  Email |Print

ICE Futures Europe will continue to host Britain’s carbon auctions until November 2017, the bourse said on Wednesday. ICE was appointed in 2012 by the British government to carry out its auctions of EU Allowances (EUAs) until the end of 2015 but this contract has now been extended, the exchange said in a press release.
ICE Futures Europe is a part of the Intercontinental Exchange. EUAs are the currency of the EU’s Emissions Trading System, which regulates around half of Europe’s output of heat-trapping gases by forcing over 12,000 power plants, factories and airlines to surrender one allowance for every tonne they emit………………………………………..Full Article: Source

Nineteen EU nations hand out 500 mln free 2015 CO2 permits

Posted on 04 March 2015 by VRS  |  Email |Print

Nineteen countries, including Germany, Britain and France, have so far handed out a total of around 500 million free European Union carbon permits to industry to cover their 2015 emissions, European Commission data showed on Tuesday.
The Commission said on its website it will publish another update on March 17 on the number of permits allocated. The increased supply could hit an already oversupplied carbon market and could exert downward pressure on prices which were trading at around 6.80 euros a tonne on Tuesday……………………………………….Full Article: Source

Study: Increasing EU carbon price would have ‘extremely limited’ impact on business

Posted on 04 March 2015 by VRS  |  Email |Print

Despite claims that increasing the price of carbon in the EU could harm businesses, a new study suggests that this is not the case. According to the paper, even a ten-fold increase in the carbon price is likely to have an “extremely limited” impact on exports and imports.
The researchers, from the Grantham Research Institute on Climate Change and the London School of Economics, analysed 62 business and industry sectors in 42 countries over a 15-year period, using data that covers 80% of global merchandise trade……………………………………….Full Article: Source

China’s War on Air Pollution May Cause More Global Warming

Posted on 03 March 2015 by VRS  |  Email |Print

China’s efforts to improve urban air quality are often viewed as a helper for fighting climate change, but a new joint China-U.S. study says otherwise. The study—carried out by researchers at the Massachusetts Institute of Technology and Tsinghua University in Beijing—was released last week.
It shows that China’s strategies for cleaning up air do not necessarily lead to carbon dioxide emissions reductions. Sometimes, according to the study, the efforts could actually increase emissions. The study came as cleaning up air climbed to near the top of China’s policy priorities, especially with record air pollution levels in 2013. The smog triggered unprecedented public outcry that motivated Chinese leaders to declare a “war on pollution.”……………………………………….Full Article: Source

Business and Carbon Pricing

Posted on 03 March 2015 by VRS  |  Email |Print

At the UN Climate Summit last September, the World Bank and others put the carbon pricing – or perhaps more correctly carbon valuation – discussion squarely back on the agenda, first with a Statement on Carbon Pricing signed by over 1000 companies and 70 governments and then with a series of side events and meetings which also carried through to COP20 in Lima. The World Bank is now building on their initiative throughout 2015 as we head towards COP21 in Paris.
One important aspect of the initiative is the role of business and the way in which companies handle the carbon pricing (carbon valuation) agenda internally. This stems from another part of the World Bank initiative which was initially launched by the UN Global Compact, the Business Leadership Criteria on Carbon Pricing………………………………………..Full Article: Source

EU Environment Committee Backs Emissions Trading Reform

Posted on 02 March 2015 by VRS  |  Email |Print

A draft law to reform the European Union’s Emissions Trading System, by cutting the surplus of carbon credits available for trading so as to support the price, has won approval from the European Parliment’s Environment Committee.
Combustion of fossil fuels is the main cause of climate change and air pollution, according to the European Environment Agency. The Emissions Trading System is a cornerstone of EU policy to combat climate change and its key tool for cost-effectively reducing industrial emissions of carbon dioxide, CO2, the most prevalent greenhouse gas………………………………………..Full Article: Source

Malta calls for reforms of emissions trading scheme

Posted on 02 March 2015 by VRS  |  Email |Print

The joint ministerial letter signed by Energy and Climate Change Ministers from the UK, Germany, the Netherlands, Sweden, Denmark, Slovenia, Luxembourg, Malta, and Norway calls for the introduction of a new Market Stability Reserve in 2017.
Malta and eight other EU states, including the UK, Germany and France, have signed a letter calling on the European Union to deliver urgent reforms to the EU emissions trading scheme (ETS), in a bid to bring an end to the long-standing oversupply of emissions allowances in the market………………………………………..Full Article: Source

Poland not keen on quick rescue of emissions trading scheme

Posted on 27 February 2015 by VRS  |  Email |Print

A simmering disagrement between member states about when to start a market stability reserve for the bloc’s struggling emissions trading system has been taken up a political notch by Poland. Polish PM Ewa Kopacz has written to European commission president Jean-Claude Juncker asking that the market intervention mechanism only kick into place in 2021.
The letter, signed Wednesday 25 February, came the day after MEPs in the environment committee agreed the scheme should go into place two years earlier………………………………………..Full Article: Source

EU court rules against Czech tax on carbon permits

Posted on 27 February 2015 by VRS  |  Email |Print

A Czech tax imposed in 2011 and 2012 on carbon emission allowances granted to companies for free breached a European Union directive, the European Union’s Court of Justice ruled on Thursday.
The ruling was made at the request of a Czech court which is considering an appeal of an electricity producer, Sko-Energo, against the tax, but a similar claim to get the gift tax back was made by the country’s biggest energy firm, CEZ. Under the EU’s Emissions Trading Directive, companies were awarded at least 90 percent of each member state’s permits for carbon emissions for free in 2008-2012………………………………………..Full Article: Source

Cap-And-Trade Costs California Businesses $1 billion

Posted on 27 February 2015 by VRS  |  Email |Print

California businesses paid a whopping $1 billion this year buying permits to comply with the state’s cap-and-trade law — the largest sale recorded since the state began regulating carbon dioxide in 2012.
Even with record permit sales, the $1 billion raised was well below market expectations. But environmentalists sold the auction as a huge success, because now oil and gas companies have to buy permits………………………………………..Full Article: Source

Bitcoin revolution could be the next internet, says Bank of England

Posted on 26 February 2015 by VRS  |  Email |Print

The Bank of England has unveiled analysis of cryptocurrencies like Bitcoin that suggests electronic money could cause a tectonic shift in the payments industry. The arrival of electronic currencies could revolutionise the way Britons pay for goods and services, in much the same way as the internet shook up how we access information, the Bank of England has said.
Cashless forms of payment like the cryptocurrency Bitcoin “potentially combined with mobile technology, may reshape the mechanisms for making secure payments”, the central bank said. While traditional currencies, including the pound, are backed by central banks, new alternatives have allowed individuals to exchange directly without any such third party………………………………………..Full Article: Source

California carbon permits fetch $12.21 a tonne at auction

Posted on 26 February 2015 by VRS  |  Email |Print

California said on Wednesday that carbon allowances fetched $12.21 a tonne at the cap-and-trade program’s first auction of the year, a rate below market expectations even though all of the permits offered were sold.
The auction was the first since the two-year-old cap-and-trade program expanded to cover distributors of transportation and home heating fuels on Jan. 1, roughly doubling the market’s size. The state sold all 73.6 million permits offered to cover 2015 emissions and 10.4 million allowances offered to cover emissions in 2018………………………………………..Full Article: Source

MEPs call for emissions trading reform to start in 2019

Posted on 26 February 2015 by VRS  |  Email |Print

The environment committee of the European Parliament on Tuesday (24 February) voted to introduce a market mechanism for the EU’s struggling emissions trading system at the end of 2018. The date was the subject of much wrangling among MEPs and national governments with European Commission having originally proposed 2021.
A majority voted to adopt a deal that was struck by the two largest political groups saying that “market stability reserve is established in 2018 and shall operate by 31 December 2018”. The Green group, which wanted an earlier year, criticised the deal saying MEPs had caved into pressure from energy intensive companies………………………………………..Full Article: Source

ETS ‘back on track’ thanks to market stability reserve

Posted on 26 February 2015 by VRS  |  Email |Print

Parliament has requested that the measure be implemented by December 2018 at the latest. The emissions trading system (ETS) allows businesses to purchase CO2 emission allowances. Unfortunately, too many allowances have been made available on the market. As a result, their price has dropped dramatically in recent years. They currently cost €7 to €8 per tonne, whereas it was originally hoped they could be sold for €30 per tonne.
A market stability reserve (MSR) would reduce the number of allowances on the market if there are too many, and introduce new ones onto the market in case of a shortage………………………………………..Full Article: Source

European carbon market reform set for 2019

Posted on 25 February 2015 by VRS  |  Email |Print

MEPs vote to strengthen emissions trading scheme by taking 1.6bn surplus credits off the market to boost carbon prices, but critics call for steps to be taken earlier. Reforms to strengthen the EU’s flagship policy for cutting carbon, the emissions trading scheme (ETS), will start at the end of 2018 following a vote by MEPs on Tuesday.
The carbon market is supposed to drive Europe’s transition to cleaner sources of energy, but a cocktail of recession, free allocations to polluters and over-achievement on green energy targets have created a flood of 2bn allowances. That has led to a carbon price of around €7 (£5) per tonne, too low to encourage power companies to switch from polluting fuels such as as coal………………………………………..Full Article: Source

EU reforms boost European carbon market

Posted on 25 February 2015 by VRS  |  Email |Print

European parliamentarians made a significant step towards repairing the EU’s ailing carbon market on Tuesday, setting a 2018 start date for a key reform that should help the price of allowances recover from rock-bottom levels.
Traders had been expecting the move over the past weeks and carbon prices closed at a two-year high of €7.80 per tonne on MMonday, up from less than €7 at the end of January. On Tuesday, prices rose further to €7.86, before slipping back to €7.60………………………………………..Full Article: Source

EU ministers set out case for early emissions trading scheme reform

Posted on 24 February 2015 by VRS  |  Email |Print

The UK and eight other member states yesterday reiterated their call for the European Union to deliver urgent reforms to the EU emissions trading scheme (ETS), in a bid to bring an end to the long-standing oversupply of emissions allowances in the market. The joint ministerial statement was signed by Energy and Climate Change Ministers from the UK, Germany, the Netherlands, Sweden, Denmark, Slovenia, Luxembourg, Malta, and Norway.
It welcomes the European Commission’s recent proposals to introduce a new Market Stability Reserve (MSR) that would control the number of allowances in the market, but argues that the bloc cannot wait to launch the new mechanism until 2021, as currently proposed………………………………………..Full Article: Source

China Outlines Plans For Its Carbon Trading Markets

Posted on 24 February 2015 by VRS  |  Email |Print

The Climate Department of China’s National Development and Reform Commission (NDRC) recently published an article entitled “Regarding the Fundamental Conditions and Operational Thinking Behind the Promotion and Establishment of the National Carbon Emissions Rights Trading Market” (National Market Plan).
This is significant as it addresses some basic questions that many observers have been asking about China’s anticipated national carbon trading market, and lays out a roadmap of how China plans to develop this market over the coming years. At this moment, much remains to be done in terms of liquidity and efficiency for this market to achieve its real potential………………………………………..Full Article: Source

Carbon Pricing Pays the Way for Cleaner Energy

Posted on 23 February 2015 by VRS  |  Email |Print

Following more than two centuries of fossil-fueled industrialization, during which the atmosphere has been used as a free dump for climate-changing pollution, an incipient era of carbon-pollution pricing is paying dividends to the climate.
More than 80 percent of the $4.8 billion raised by the European Union’s emissions trading system (ETS) in 2013 was spent supporting growth of clean energy and other climate-friendly initiatives. The leading cap-and-trade programs in the U.S. are spending similar proportions of their revenues on climate-friendly programs………………………………………..Full Article: Source

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