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Carbon Pricing Under Binding Political Constraints

Posted on 30 May 2016 by VRS  |  Email |Print

In a new working paper titled “Carbon pricing under binding political constraints,” MIT Institute for Data, Systems and Society doctoral candidate Jesse Jenkins and Sloan School of Management Assistant Professor Valerie Karplus discuss the political obstacles facing efforts to price carbon emissions — either via a carbon tax or emissions cap and permit trading system — and outline a set of starting points that are both politically palatable and steps toward effective policies to curb climate change.
“While putting a price on carbon is the most economically-efficient strategy to confront climate change-related risks, in the real world, efforts to price carbon routinely run right into a range of political constraints,” explains Jenkins………………………………………..Full Article: Source

Carbon trading ‘to expand due to Paris climate deal’

Posted on 30 May 2016 by VRS  |  Email |Print

Carbon markets are expected to expand as a result of the Paris agreement. That’s according to 82% of the 146 carbon traders from the International Emissions Trading Association (IETA) surveyed by PwC, which added the figure is up from 58% from 2015.
IETA members were asked questions about “a broad range of organisation types and locations” such as Europe, North America and China. Around 61% of respondents said existing emissions trading systems (ETS) will make substantial contributions towards meeting the Paris targets. However 70% agreed existing ETS initiatives are being undermined due to an overlap with other climate policies………………………………………..Full Article: Source

Carbon traders expect continued boost from Paris, but price concerns linger

Posted on 27 May 2016 by VRS  |  Email |Print

Annual survey of IETA members suggests continued optimism over impact of Paris on expanding carbon markets, but concern remains over low prices. Alongside a host of climate finance pledges, emission reduction targets and green growth plans, the Paris Agreement crucially also included a commitment to support emissions trading mechanisms.
As a result, the wave of positivity towards tackling climate change that has swept up many green policy makers and businesses post-Paris also seems to have taken hold among those involved in carbon trading. Indeed, post COP21, many in the carbon pricing sector are hopeful the Paris Agreement will herald in an expansion of global carbon markets - just as analysts predicted………………………………………..Full Article: Source

Paris Agreement seen as boost for carbon markets

Posted on 27 May 2016 by VRS  |  Email |Print

An overwhelming majority of respondents to IETA’s annual market sentiment survey expect an expansion of carbon markets, driven by the Paris Agreement. Over 80% of respondents to this year’s survey, conducted by PwC, said they expect existing carbon markets to expand as a result of the Paris Agreement – compared with 58% last year.
This will be driven by developments at both the national and sub-national level, the survey found. By 2025, new emissions trading systems (ETSs) are seen starting up in Canada, Australia, Brazil, Chile, Japan, Mexico, South Africa and Turkey, said respondents. This is in addition to the national ETS in China that is expected to begin next year, as well as the Ontario market, the legislation for which was passed last week………………………………………..Full Article: Source

China holds key to revive moribund carbon markets

Posted on 26 May 2016 by VRS  |  Email |Print

Government receipts from carbon pricing schemes leapt 60% to US $26 billion through 2015, a World Bank study revealed on Wednesday. The news comes amid widespread gloom over the impact of global carbon markets and pricing mechanisms, which are now operating in 40 countries.
While national coffers are swelling, there’s little sign it’s having the opposite impact on greenhouse gas emissions. According to a separate study from consultants PwC, to meet the targets laid out in last December’s UN climate deal a tonne of CO2 should be rated at US$45, far higher than prices in major markets………………………………………..Full Article: Source

Why British environmentalists should vote for Brexit

Posted on 25 May 2016 by VRS  |  Email |Print

The leading lights of the UK environmental movement would have us believe that a win by the Brexit camp on 23 June would be akin to a natural disaster. According to them, it is only our membership of the EU that renders our beaches swimmable, our water drinkable and our air almost breathable.
Freed from the noble, ceaseless efforts of the ever-vigilant EU, troglodyte Britain would tear up decades of environmental legislation and return to our 1970s roots as the “dirty man” of Europe. This is complete and utter tosh………………………………………..Full Article: Source

Federal election 2016: Greg Hunt denies carbon tax by stealth

Posted on 25 May 2016 by VRS  |  Email |Print

New safeguard measures to boost the Coalition’s Direct Action plan on climate change are not an emissions trading scheme or carbon tax by stealth, Environment Minister Greg Hunt says.
Hunt yesterday rejected claims a “secret” emissions trading scheme had been buried in the ­Coalition’s policies, which have been roundly criticised by environment groups as too little, too late. Hunt said there were clear reasons why the Coalition “safeguards mechanisms” could not be considered a carbon trading scheme………………………………………..Full Article: Source

State AGs call on EPA to stop working on stayed climate rules

Posted on 24 May 2016 by VRS  |  Email |Print

Several states say the Environmental Protection Agency’s continued work on implementing climate rules for power plants, despite a Supreme Court stay, is bordering on the edge of violating the law.
State attorneys general Patrick Morrisey of West Virginia and Ken Paxton of Texas, who are leading 30 states in a lawsuit opposing the Clean Power Plan, released a letter pressing the agency’s clean air chief to cease all action and follow the law. They sent the letter last week, but released it publicly on Monday………………………………………..Full Article: Source

Is the UK really racing ahead of Europe with its climate and clean energy policies?

Posted on 24 May 2016 by VRS  |  Email |Print

Despite claims UK is hampering its competitiveness by adopting overly ambitious climate policies, new ECIU report argues UK performance is “distinctly average” compared to EU neighbours.
Is the UK doing more than its fair share to tackle climate change and boost clean energy compared to its European neighbours, imposing burdens on heavy industry and undermining its competitiveness in the process?……………………………………….Full Article: Source

Carbon trading fails to take root in Korea

Posted on 23 May 2016 by VRS  |  Email |Print

Korean companies have rarely traded their carbon emission rights on the South Korean main bourse this year due to a weak supply, data showed Sunday. According to the Korea Exchange, the total volume of traded emission rights stood at 1.08 million tons as of Thursday, a combined figure of 113,000 Korean allowance units and 968,000 Korean credit units.
Korean allowance units refer to the rights allocated directly by the government. Korean credit units are offset emission permits, converted from the greenhouse gas reductions through individual companies’ external projects………………………………………..Full Article: Source

How European carbon broker’s offshore account trade may boost Chinese markets

Posted on 23 May 2016 by VRS  |  Email |Print

China’s carbon markets may gain more participants after the successful closing of European carbon broker Virtuse Group’s first deal through its offshore account on Shenzhen’s emissions market, the China Emissions Exchange .
The deal, though relatively small at 800,000 yuan ($122,000), is seen as a test of China’s ability to link its own carbon trading exchanges with those overseas, and will also shed light on the ability of China’s financial system to process carbon transactions efficiently. Virtuse sold over 63,000 Shenzhen emissions permits to a local panel display producer, Shenzhen Laibao Hi-tech Corporation, said Huang Chao, the company’s trader based in the city……………………………………….Full Article: Source

Industry, competitiveness, and the fifth carbon budget

Posted on 20 May 2016 by VRS  |  Email |Print

EEF’s Richard Warren argues there is little reason for industry to be concerned about the impact of an ambitious new carbon budget on competitiveness - in fact it could provide a boost to UK manufacturers. The government has just six weeks remaining to set the level of the fifth carbon budget and bring it into legislation. Parliamentary timetables being what they are, we can therefore expect to hear something in the next two to three weeks.
It is widely anticipated the government will follow the advice of the Committee on Climate Change (CCC) in setting the budget at 1,725 million tonnes over the 2028-2032 period (excluding international shipping) representing a 57 per cent reduction from 1990 levels………………………………………..Full Article: Source

UN Negotiators Spar Over Draft Global Aviation Emissions Reduction Scheme

Posted on 20 May 2016 by VRS  |  Email |Print

The 191 members of the UN International Civil Aviation Organization (ICAO) tussled last week over a draft resolution to establish a global market-based measure (GMBM) to help meet the sector’s goal of carbon neutral growth from 2020 during a meeting held in Montreal, Canada, from 11-13 May.
According to media reports, divisions emerged over how to share responsibilities between nations, a tension that has long plagued separate UN climate talks………………………………………..Full Article: Source

Agricultural emissions ‘reality check’

Posted on 19 May 2016 by VRS  |  Email |Print

A new report says that global agricultural emissions must be slashed to prevent the planet warming by more than 2C over the next century. The current focus is on reducing emissions from transport and energy. But an international team of scientists argues that if farm-related emissions aren’t tackled then the Paris climate targets will be breached.
An estimated one-third of our greenhouse gas emissions come from agriculture. The report by researchers from the universities of Vermont and Sheffield and the CGIAR Research Program on Climate Change examines non-CO2 emissions, such as methane and nitrous oxide………………………………………..Full Article: Source

Europe needs independent carbon market regulator - Total’s CEO

Posted on 19 May 2016 by VRS  |  Email |Print

Europe needs an independent carbon market regulator with clear objectives rather than the current mix of state administrators and the European Commission that has complicated the market, the chief executive of Total said on Wednesday.
Patrick Pouyanne told a French Senate commission that the current situation of the European carbon market cannot work in the long term and take carbon prices to a level where they will spur investments in less polluting energies………………………………………..Full Article: Source

France sets carbon price floor

Posted on 18 May 2016 by VRS  |  Email |Print

2017 finance bill will set price at €30 a tonne in a bid to stir European action to cut emissions and drive forward the Paris climate agreement. France will set a carbon price floor of about €30 ($33.95) a tonne in its 2017 finance bill as the government seeks to kickstart broader European action to cut emissions and drive forward last year’s landmark international climate accord.
The French government said last month that it would unilaterally set a carbon price floor in the absence of a broader European initiative to strengthen carbon pricing, hoping the move will spur other countries to act. It did not, however, give an indication on pricing………………………………………..Full Article: Source

Carbon Markets: Learning from the Past, Looking to the Future

Posted on 18 May 2016 by VRS  |  Email |Print

Neo-classical economics tells us that markets reduce costs and increase social welfare. It also teaches that pollution not properly accounted for is a classic economic externality. That is, if clean air and clear water are not properly valued, degrading them reduces economic efficiency, impacts social welfare, and increases social costs. Pollution not-paid-for represents a market failure.
In the early 1990s, officials in President George H.W. Bush’s administration pioneered the concept of using markets for pollution rights to fix this inefficiency in order to arrest the primary causes of acid rain………………………………………..Full Article: Source

COP21 requires emissions reduction target if agriculture is to succeed

Posted on 18 May 2016 by VRS  |  Email |Print

The Paris climate agreement was historic. Some 127 nations signed the Paris treaty to limit warming to at least 2°C above pre-industrial levels by 2100. Yet the question remains – are countries clear on how they will get there? asks Dr Lini Wollenberg.
Dr Lini Wollenberg is the leader of the CCAFS Low Emissions Development research program, based at the University of Vermont’s Gund Institute for Ecological Economics. To guide climate change mitigation and track progress towards this ambitious agreement, clear and measurable global targets need to be set for all sectors………………………………………..Full Article: Source

China Will Start the World’s Largest Carbon Trading Market

Posted on 17 May 2016 by VRS  |  Email |Print

When it comes to learning about emissions trading, China has had a leg up. The world’s leading emitter of greenhouse gases has spent 15 years scouting the globe to learn from the mistakes of other nations and find the best ways to build a trading system of its own, which could become the world’s largest.
One of China’s earliest mentors was Dan Dudek, an agricultural economist and vice president of the Environmental Defense Fund (EDF) who, early in his career, got into an argument with its president, Fred Krupp, over whether China might be a big piece of the puzzle the group was exploring: Was there a way to use economics, rather than politics and regulations, to shift the world’s businesses away from polluting the environment toward protecting it and to reward low-cost innovations that do that?……………………………………….Full Article: Source

Green investment leaders ask if it is time to ‘break the cycle’ of short term quarterly reporting?

Posted on 17 May 2016 by VRS  |  Email |Print

Two Investment Leader Group reports seek to promote longer-term investment thinking and better reporting of environmental impacts. For all the encouraging developments in the sustainable investment sector in recent years, high profile attempts to remove fossil fuels or polluting businesses from investment portfolios remain hampered by an absence of clear information on assets’ environmental and social impacts.
The Financial Stability Board’s new taskforce may have recently called for improved reporting on climate-related risks and the Paris Agreement and UN Sustainable Development Goals may have made it clear businesses need to better consider long term trends and opportunities………………………………………..Full Article: Source

Global warming: Grim news on carbon dioxide should compel change

Posted on 16 May 2016 by VRS  |  Email |Print

News that atmospheric carbon dioxide levels have passed the globally significant milestone of 400 parts per million at the aptly named Cape Grim in Tasmania should be of concern to people everywhere.
The Age has long argued that the time for scepticism about human-induced climate change has passed; the scientific evidence is beyond reasonable doubt. On the crucial question of what is causing global warming, which has already pushed average temperatures about 1 degree above pre-industrial levels, the debate is over. As the United Nations conference in Paris in December showed, there is all but universal agreement on the need to act………………………………………..Full Article: Source

The great climate change rort

Posted on 16 May 2016 by VRS  |  Email |Print

The Government’s main climate policy is under attack by those who say it has been a vehicle for dodgy dealing and has done nothing to reduce carbon emissions. Canterbury farmer Warrick James is not your stereotypical climate activist.
You won’t see him abseiling in protest off the side of an oil rig or waving a ­placard in front of a coal-fired milk-drying plant. But he’s rightly proud of the contribution he is making to combating what many consider humanity’s greatest challenge………………………………………..Full Article: Source

Carbon taxes, emissions trading and electricity prices: making sense of the scare campaigns

Posted on 13 May 2016 by VRS  |  Email |Print

Yet again, electricity prices are set to be a key point of contention in an Australian federal election. The Coalition responded quickly to Labor’s election commitment to an emissions trading scheme (ETS), with Prime Minister Malcolm Turnbull warning of “much higher electricity prices” and a “very big burden” on Australians.
Other ministers joined in. Treasurer Scott Morrison labelled the plan a “a big thumping electricity tax” and Environment Minister Greg Hunt branded it “Julia Gillard’s carbon tax on steroids”, warning of “even higher electricity prices for Australian families”………………………………………..Full Article: Source

Coalition climate plan ‘assumes emissions trading’, says government modeller

Posted on 12 May 2016 by VRS  |  Email |Print

The government is campaigning against Labor’s emissions trading scheme but its own Direct Action will only work with large funding increases or as an ETS. Modelling hailed by the Liberal party as proof its Direct Action plan could meet Australia’s long-term climate promises in fact assumes the Coalition would turn its policy into a type of emissions trading scheme, according to the authors.
The environment minister, Greg Hunt, released the modelling, by the Energetics consulting firm, just days before the election was called and told the Australian newspaper it was proof that critics of the government’s policy – who say it has no hope of reaching Australia’s target without changes – were totally wrong………………………………………..Full Article: Source

Cap & Trade: Selling Pollution

Posted on 12 May 2016 by VRS  |  Email |Print

Across the last 160 years, the timber industry has leveled the largest trees in California’s north coast counties in a burst of wealth that would be impossible to replicate for hundreds of years, even if industrial civilization persists for that long despite global climate change and a broad, interlocking global environmental crisis.
But the climate change era is also supplementing the region’s lumber economy by offering up the latest secondary forest product boom: carbon molecules. As I found in a review for the AVA, Mendocino and Humboldt Counties – which are home to some of the world’s fastest-growing forests, despite those forests’ thoroughly diminished state – have had a dominant role in the California’s Cap-and-Trade program………………………………………..Full Article: Source

IETA presses for rapid steps to further international emission trade

Posted on 11 May 2016 by VRS  |  Email |Print

Carbon trading business association IETA is urging governments to build on the Paris Agreement by furthering rules to stimulate international emissions trade. In a paper published on Tuesday, IETA outlined its vision for linking cap-and-trade systems, crediting emission reductions, and allowing limited trade of offsets for cutting emissions in sectors not covered in a country’s NDC.
“Linking systems can help drive costs down even more, and allow for even greater emissions cuts than operating in isolation – and allow governments to go further than proposed ahead of Paris,” said IETA President and CEO Dirk Forrister………………………………………..Full Article: Source

User-pays scheme for carbon

Posted on 11 May 2016 by VRS  |  Email |Print

Increased landfill costs arising from the Emissions Trading Scheme will be passed on to users contributing to carbon emissions. The Dunedin City Council voted to pass on the costs - which total $354,600 - to landfill users whose waste was contributing to carbon emissions. The increased cost of carbon resulted in the shortfall in the council’s draft budget.
When the budget was drafted the projected cost of a carbon unit price was $7, which the council believed was a conservative estimate. However, a recent change in Government policy has seen prices rise as high as $13.50 a unit………………………………………..Full Article: Source

China’s Shanghai allows use of surplus permits in extended carbon scheme

Posted on 10 May 2016 by VRS  |  Email |Print

The Shanghai carbon market, one of China’s pilot emissions trading schemes, will allow participants to use surplus permits from the last three years of trading to comply with emissions targets over 2016-2018, the local government said on Monday.
China is preparing to launch a nationwide carbon trading scheme next year, but regulators have not said whether permits on the seven pilot exchanges would remain valid afterwards, and the ruling by Shanghai could bring some clarity to the market………………………………………..Full Article: Source

Sudan: First Sudanese Project to Enter the Global Carbon Market

Posted on 10 May 2016 by VRS  |  Email |Print

The carbon stabilization is the first project for minimization of emissions to be carried out in the forests sector in Sudan aimed at marketing the idea of the global carbon market financed by the Global Environment Facility and International Fund for Agricultural Development (IFAD) as part of the mechanism for minimization of the carbon dioxide emissions.
The project is expected to be of benefit to some 10,000 families in the Butanah region. According to the national director of the Sudanese carbon project, Sumaya Abdoun, the project is funded by a 3.650 million US dollar grant from the Global Environment Facility. It is a complementary program with the integrated Butanah Rural Development project of Gedaref and Gezira states which is financed by an IFAD loan of more than 10 million US dollars for the carbon project………………………………………..Full Article: Source

Australian govt advisors to hold back ETS report until after July 2 election

Posted on 09 May 2016 by VRS  |  Email |Print

Australian Prime Minister Malcolm Turnbull on Sunday confirmed the nation will be going to the polls on July 2, but a report by an advisory body to the government thought to recommend setting up an emissions trading scheme has been delayed until after the election.
The Climate Change Authority was due to release two reports in late June – one on how Australia can best decarbonise its electricity sector and one on which policy measures should be put in place to make sure the country meets its target under the Paris Agreement………………………………………..Full Article: Source

Aviation Watchdog Seeks to Increase Carbon Offset Requirements for Airlines

Posted on 09 May 2016 by VRS  |  Email |Print

The International Civil Aviation Organization is considering new rules that would require airlines to buy two forest-protection emission credits for each metric ton of carbon dioxide, double the typical amount, amid concern over the permits’ environmental credibility, according to two people with direct knowledge of negotiations.
As the United Nations-overseen regulator builds the first global emissions market for the industry from 2020, it wants to include forest-protection credits to get a wide range of supply. It’s also accounting for the fact that some see the offsets as less rigorous than other types of credits, said the people, who asked not to be identified because some of the discussions are private………………………………………..Full Article: Source

Chinese banks face $1.26 trillion carbon risk

Posted on 06 May 2016 by VRS  |  Email |Print

The natural capital cost of carbon emissions associated with Chinese commercial banks’ outstanding credit to 35 sectors of the economy in 2014 totalled $1.26 trillion, according to a report by environmental consultancy Trucost.
That figure is derived from an overall environmental risk amounting to 11 trillion yuan, with emissions accounting for nearly 75% of the total, the report said. “This significant impact should raise immediate concerns for lenders as the Chinese government has implemented various policies to internalise unpaid natural capital costs,” it said………………………………………..Full Article: Source

Exxon and FuelCell to study capturing carbon emissions

Posted on 06 May 2016 by VRS  |  Email |Print

Exxon Mobil and FuelCell Energy say that they will jointly work on technology to reduce the cost of capturing carbon emissions from power plants. The companies will try to develop technology that uses carbonate fuel cells to generate power while capturing carbon dioxide, which scientists say is the most prevalent greenhouse gas responsible for climate change.
It is a sensitive subject for Exxon Mobil Corp., based in Irving, Texas. Officials in several states are investigating the company, which they accuse of misleading investors and the public by understating the risk of climate change………………………………………..Full Article: Source

EU lawmakers want to increase free carbon allowance share

Posted on 05 May 2016 by VRS  |  Email |Print

The largest political group in the European Parliament said on Wednesday it wants a greater proportion of EU carbon permits to be handed out free to industry from 2020. EU politicians are debating how to reform the Emissions Trading System (ETS).
The scheme is designed to make big polluters pay for their emissions but a surplus of carbon credits following the economic crisis has crushed the market. Under the current ETS trading phase, which runs from 2013 to 2020, the majority of allowances are sold via government auctions, with most of the remainder given free to industry………………………………………..Full Article: Source

Germany Considers Minimum EU Carbon Price in Energy Policy Draft

Posted on 05 May 2016 by VRS  |  Email |Print

Germany is proposing a minimum price on European carbon emissions, according to a draft document outlining the nation’s energy and climate policy through 2050. The German government favors an emissions market that may “include the adoption of a Europe-wide minimum price to set a sufficiently strong price signal,” according to the document obtained by Bloomberg News.
Chancellor Angela Merkel’s government plans to publish its policy recommendations in early summer. Germany’s proposal follows a push last week by French President Francois Hollande for a carbon-price corridor that would boost the cost of pollution and encourage investment in low-emission technologies………………………………………..Full Article: Source

Multi-billion euro carbon-trading fraud trial opens in Paris

Posted on 04 May 2016 by VRS  |  Email |Print

The trial of 12 people accused of involvement in a multi-billion euro carbon-trading fraud opened in Paris on Monday, in a case that has been described by French authorities as “the heist of a century”.
Shady deals, offshore accounts, money laundering… The trial has all the hallmarks of a crime thriller and comes nearly seven years after French authorities cracked down on a carbon-trading scheme that cost the European Union €5 billion – including €1.6 billion in France – according to Europol………………………………………..Full Article: Source

Price of Carbon Credits Rises In Europe, Which is a Good Thing

Posted on 04 May 2016 by VRS  |  Email |Print

Whatever your thoughts are on trading carbon credits to reduce the levels of heat-trapping emissions, European leaders think they are making progress. Long criticized as being ineffective because the price of credits was too cheap and the cost of exceeding compliance rates was too low, the program is now evolving.
Carbon prices have risen nearly 7 percent since December, reports Bloomberg. The price is now about 7 Euros per metric ton. A cap-and-trade program allows companies to buy and sell credits amongst themselves. Those companies that are exceeding emissions limits can sell credits to those that are unable………………………………………..Full Article: Source

The Climate Change President

Posted on 03 May 2016 by VRS  |  Email |Print

The U.S. has been slow to embrace climate change as a reality and slower to embrace climate action as a policy priority. Environmentalism more broadly struggled to take hold until the later half of the 20th century, with the publishing of major works like Rachel Carson’s Silent Spring in 1962 heralding it into the public conversation.
Some presidential administrations took some action in response to the public outcry, with President Nixon, for example, founding both the EPA and the White House Council on Environmental Quality. The Carter administration issued the first comprehensive report on global environmental challenges and listed global man-made climate change as one of the key issues. ……………………………………….Full Article: Source

EU Market: EUAs drift towards €6 in thin trade

Posted on 03 May 2016 by VRS  |  Email |Print

EU carbon prices slumped towards €6 on Monday amid very thin turnover hampered by the lack of auction and absence of many UK-based traders. The benchmark Dec-16 EUA futures ended down 5 cents at €6.13, having reached as low as €6.02,on volume 5.9 million.
Carbon prices have been highly volatile over the past few weeks, rallying as much as 50% to a three-month high of €7.07 last week before easing back on profit-taking, with daily volumes sometimes seen topping 40 million for some sessions………………………………………..Full Article: Source

EU Carbon Drops Most in Two Months as Ruling Sparks Uncertainty

Posted on 02 May 2016 by VRS  |  Email |Print

Permits to emit greenhouse gases under the European Union cap-and-trade program had the biggest drop in two months after the region’s top court told regulators to correct mistakes in the way they calculate the allocation of free allowances to companies.
Exxon Mobil Corp., Dow Chemical Co. and OMV AG lost a challenge to a EU decision to cut the number of free emission permits they receive under Europe’s emissions trading system, the EU Court of Justice in Luxembourg said on Thursday………………………………………..Full Article: Source

China’s Sichuan province aims to launch pilot carbon market this year

Posted on 02 May 2016 by VRS  |  Email |Print

Sichuan province in southwestern China aims to launch the nation’s eighth regional pilot carbon market this year, state media reported Friday.
The provincial carbon exchange is hopeful that a pilot ETS will be up and running before the end of 2016, covering nearly 300 companies that are expected to be included in the national cap-and-trade system when it launches next year, state-owned Xinhua news agency reported………………………………………..Full Article: Source

EU High Court Rules Against Businesses on Carbon Credits

Posted on 29 April 2016 by VRS  |  Email |Print

European Court of Justice rules EU gave out too may allowances when it expanded the emissions program in 2013. The European Union’s highest court on Thursday ordered the European Commission to adjust its emissions-trading program in a way that could raise costs for some of the bloc’s biggest companies.
The European Court of Justice ruling reinforced the EU’s efforts to more aggressively cap carbon-dioxide emissions in the years to come, following a landmark agreement in Paris last year among world leaders to address climate change………………………………………..Full Article: Source

Cap-and-trade best way for Canada to reduce emissions

Posted on 29 April 2016 by VRS  |  Email |Print

Rather than a patchwork of provincial policies, a Canada-wide system would send a stronger signal that a low-carbon future is upon us. Over the last decade, in the absence of federal leadership, Canadian provinces have gone their own way on carbon pricing.
Alberta chose a unique carbon pricing system, British Columbia implemented a carbon tax, and Quebec launched a cap-and-trade system which Ontario will soon join. Others are waiting in the wings, either weighing their options or vehemently opposed. As a result, Canada’s environmental standing fell and full economic potential went untapped………………………………………..Full Article: Source

EUA rally crosses €7 mark, prices up 23% in past week

Posted on 28 April 2016 by VRS  |  Email |Print

European carbon prices continued to climb on Tuesday after the previous day’s stellar rise, notching a 3.3% gain on the back of a bullish energy complex and after EUAs hit their highest since mid-January.
The front-year futures trading on ICE settled up 22 cents at €6.84 having retreated from the intraday peak of €7.07 touched several times in morning trade. Prices are now up 23% in the last week and 43% over the past month………………………………………..Full Article: Source

Carbon copy: Are we in for another scare campaign over climate change?

Posted on 28 April 2016 by VRS  |  Email |Print

While groups such as The Climate Institute and the Greens will question whether targets for emissions cuts – close to double the Coalition’s by 2030 – go far enough, Shorten is sending a clear signal he’s willing to make climate a centrepiece of the 2016 election campaign.
Labor’s strategy, including an emissions trading scheme, has its risks. The success of Tony Abbott’s scare campaign against the carbon tax prompted then environment spokesman Greg Hunt to predict the 2013 election would be the last in a generation to feature climate change prominently………………………………………..Full Article: Source

UK’s ECCC backs fifth carbon budget proposal to cut emissions by 57% from 1990

Posted on 28 April 2016 by VRS  |  Email |Print

A House of Commons select committee backed the UK’s proposal to set the fifth carbon budget at 1,765 million metric tons of carbon dioxide equivalent (MtCO2e), which would cut emissions to an average 57% below 1990 baseline levels.
In a report on Wednesday, the Energy and Climate Change Committee (ECCC) said the Committee on Climate Change (CCC), an independent body established under the UK’s 2008 Climate Change Act, had produced robust advice in line with previous budgets and with the overall trajectory towards meeting the 2050 target………………………………………..Full Article: Source

Australia: Labor would introduce carbon market, pledge deeper carbon cuts if elected

Posted on 27 April 2016 by VRS  |  Email |Print

A Shorten Labor government would slash carbon emissions by significantly more than the Turnbull-led Coalition by 2030, introduce a broad-based emissions trading scheme, and block states like NSW and Queensland from expanding land clearing.
Signalling that the ALP is prepared to make climate change a central point of difference from the incumbents, leader Bill Shorten said “the consequences of refusing to take meaningful action on climate change will be devastating for Australia and our economy”. “While senior ministers in the Liberal government are still disputing whether the ’science is settled’ on climate change, Labor knows it is,” Mr Shorten said………………………………………..Full Article: Source

EU carbon soars 13% on short-covering, energy in biggest rise for 3 years

Posted on 27 April 2016 by VRS  |  Email |Print

EU carbon prices surged to a three-month high in volatile trade on Tuesday, with traders attributing the gains to speculative short-covering and utility buying amid large gains in the wider energy complex.
Front-year EU Allowance futures trading on ICE ended up 75 cents or nearly 13% at €6.65, just shy of the day’s €6.71 peak, which was touched earlier in the afternoon on what appeared to be a brief but sharp spike in buying caused by triggered stop-losses………………………………………..Full Article: Source

UK envoy: Carbon pricing ‘too sluggish’ to meet climate goals

Posted on 26 April 2016 by VRS  |  Email |Print

Carbon pricing is “too sluggish a weapon” against climate change, top UK envoy Sir David King said on Monday. Speaking at a sustainability event in London, Sir David argued innovation to bring down the cost of clean technology would bring swifter results.
“I don’t think it [carbon pricing] is a fast enough driver for change,” he told Climate Home on the sidelines. “It needs to go hand in hand with other regulatory systems.” His stance contrasts with the priorities of neighbouring France and indeed the UK government’s line within the EU………………………………………..Full Article: Source

US: Compliance entities calling for straight-line approach to 2030 cap

Posted on 26 April 2016 by VRS  |  Email |Print

Multiple California compliance entities are asking the Air Resources Board (ARB) to take a straight-line approach to determine caps post-2020 rather than reconfiguring the cap in 2021 to estimated emissions, according to comments submitted to the regulator.
The ARB, California’s cap-and-trade regulator, is working to make changes to its programme ahead of the third compliance period. Any amendments passed would not be effective until October 2017………………………………………..Full Article: Source

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