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China Plans National Carbon Market by 2016 Amid Emission Pledge

Posted on 26 November 2014 by VRS  |  Email |Print

China, the world’s largest greenhouse gas emitter, plans to start a nationwide carbon market in the next two years following a pledge to cap emissions by 2030. Opening in 2016, the market would have matured by 2020, Su Wei, an official at the climate change department under the National Development and Reform Commission, said today at a press conference in Beijing.
China, which is working on an absolute control plan for carbon emissions, may announce rules for carbon-permit trading as early as the end of the year, Su said……………………………Full Article: Source

China faces challenges in achieving emission targets around 2030

Posted on 25 November 2014 by VRS  |  Email |Print

It may be not so easy for China to peak its greenhouse gas emission around 2030 as the country has said in a joint announcement with the US regarding climate change last week, market sources said. Economic development will be the first challenge, because China may not have similar economic levels as the developed countries had by then, He Jiankun, the former vice principal of Tsinghua University and an expert of the China Climate Change Expert Committee said on 14 November.
The other challenge will be quota prices of the national emission trading scheme (ETS), which should range from yuan (CNY) 10/tonne to CNY25/tonne, with the annual increase at about 8%, in order to maintain the impact of emission on the GDP within 1%, according to Teng Fei, a scholar of Tsinghua University………………………………….Full Article: Source

Some climate change impacts unavoidable - World Bank

Posted on 24 November 2014 by VRS  |  Email |Print

Some future impacts of climate change, such as more extremes of heat and sea level rise, are unavoidable even if governments act fast to cut greenhouse gas emissions, the World Bank said on Sunday. Past and predicted emissions from power plants, factories and cars have locked the globe on a path towards an average temperature rise of almost 1.5 degrees Celsius (2.7 Fahrenheit) above pre-industrial times by 2050, it said.
“This means that climate change impacts such as extreme heat events may now be simply unavoidable,” World Bank President Jim Yong Kim told a telephone news conference on the report, titled “Turn down the Heat, Confronting the New Climate Normal.”………………………………..Full Article: Source

Emission goals in Brazil, China on target for 2020: report

Posted on 24 November 2014 by VRS  |  Email |Print

Brazil and China are on track to meet their emission-reduction goals by the end of the decade, according to new data from the United Nations Environment Programme (UNEP). The European Union, India and Russia join Brazil and China as the global players expected to meet projections ahead of 2020, while other leading countries need to implement more measures to curb their emissions projections, the report said.
“Linking development policies with climate mitigation will help countries build the energy-efficient, low-carbon infrastructures of the future and achieve transformational changes,” Achim Steiner, UNEP’s executive director, said in a statement on Nov 19…………………………………Full Article: Source

Emission goals in China on target for 2020

Posted on 21 November 2014 by VRS  |  Email |Print

China is among a select group of nations on track to meet their emission-reduction goals by the end of the decade, according to new data from the United Nations Environment Programme (UNEP). Brazil, the European Union, India and Russia join China as the global players expected to meet projections ahead of 2020, while other leading countries need to implement added measures to curb their emissions projections, the report said.
“Linking development policies with climate mitigation will help countries build the energy-efficient, low-carbon infrastructures of the future and achieve transformational changes,” Achim Steiner, UNEP’s executive director, said in a statement Wednesday that accompanied the release of the report………………………………….Full Article: Source

California postpones greenhouse-gas credits auction

Posted on 20 November 2014 by VRS  |  Email |Print

Hoping to inaugurate a historic link with a Canadian province in the fight against global warming, California officials were forced instead to call off a scheduled auction of carbon-emissions allowances Wednesday due to technical problems.
The California Air Resources Board said the carbon credits auction was postponed due to “technical difficulties.” It hasn’t yet been rescheduled. Wednesday’s auction was supposed to be the first sale extending beyond California’s borders by including the province of Quebec. Carbon credits purchased in California could be used by companies to emit carbon in Quebec, and vice versa………………………………Full Article: Source

Simon Terry: Pressure mounting on NZ to deliver real emission reduction

Posted on 20 November 2014 by VRS  |  Email |Print

After many years focused on creative accounting, New Zealand is facing pressure to deliver emission reduction results. Things are different partly because the two biggest carbon polluters, the US and China, last week pledged to do something meaningful - though not that much.
Mainly things are different because New Zealand’s options for more pretence are running out as old games come back to bite it. Tackling the actual problem requires a big change in thinking. It begins by facing up to the size of the multi-billion dollar carbon hole New Zealand has been digging itself into………………………………Full Article: Source

Businesses want higher emission cuts

Posted on 19 November 2014 by VRS  |  Email |Print

Businesses want Australia to increase its 2020 emissions-reduction goal and don’t expect the government’s signature climate policy to work without strict baselines and additional funds, according to a survey conducted in part by the Australian National University.
Of the 245 respondents to the Australian Emissions Reduction Survey, just over half wanted Australia to seek a deeper cut than the current 5 per cent of 2000-level emissions by the end of the decade, with another quarter backing an increase in the target if key trading partners also cut more……………………………………Full Article: Source

Japan CO2 emissions hit record yearly high: official

Posted on 18 November 2014 by VRS  |  Email |Print

Japan’s carbon dioxide emissions hit a record high in the year to March due to the nation’s reliance on fossil fuels following the 2011 Fukushima nuclear disaster, an official said Monday.
CO2 emissions related to the use of non-renewables reached 1.224 billion metric tonnes, up from 1.208 billion metric tonnes for the previous fiscal year, said an official of the Ministry of Economy, Trade and Industry…………………………………Full Article: Source

The China and the United States emissions deal is a game-changer

Posted on 18 November 2014 by VRS  |  Email |Print

It was a big week for climate change. China and the United States inked a deal on carbon emissions touted as a game-changer in global climate change politics, smashing the ball back into Australia’s court. From Germany came news of a continued feeding frenzy in renewable-energy investment with the appetites for clean energy investment continuing unabated.
By contrast, a Climate Council report on Monday charted the massive slump in renewable-energy investment in Australia in the past year. Investment in 2014 fell a staggering 70 per cent compared with the same period last year…………………………………Full Article: Source

Key gets G20 trade boost and climate change wakeup call

Posted on 17 November 2014 by VRS  |  Email |Print

John Key will walk away from his first and probably last ever appearance at a G20 pretty satisfied, although perhaps more wary about the challenges he now faces with climate change. The meeting came at the end of a long week of bilateral meetings at APEC and in Auckland and the Prime Minister seemed to be able to shrug off any tiredness and fit in another busy round of meetings here in Brisbane.
On the trade front it’s been a clear success, getting the chance to seal the deal on the long standing FTA negotiations with South Korea. Mr Key hasn’t until this point actually managed to sign a bilateral free trade involving two countries during his time as Prime Minister, so he will relish getting one under his belt. He was also able to make progress on another couple of deals including the European Union and Gulf States agreement……………………………………Full Article: Source

Building a lower-carbon, higher-energy future

Posted on 17 November 2014 by VRS  |  Email |Print

Cutting greenhouse gas emissions while keeping the lights on for a growing global population is a huge but critical challenge. We have to believe it is a challenge we can meet. At this year’s United Nations Climate Summit in New York, delegates gathered to “catalyze climate action” and “raise political ambition.”
Carbon pricing. The summit’s rhetoric may be high-minded but its agenda is suitably pragmatic. One clear sign of that pragmatism is its interest in carbon pricing. At first sight, carbon pricing—imposing a cost on carbon to encourage polluters to cut their greenhouse gas emissions—can look like a fiddly response to the challenge of climate change. An accountant’s solution to a scientist’s problem. But, in reality, it is one of the best tools we have……………………………………Full Article: Source

Emissions reduction: Tony Abbott says Australia is acting, not talking

Posted on 14 November 2014 by VRS  |  Email |Print

‘I’m focusing not on what might happen in 16 years’ time,’ says PM as pressure mounts to match targets set by China and US. Tony Abbott insists he is not focusing on “hypothetical” long-term emissions reduction targets in the “far distant future”, as pressure mounts on Australia to respond to Wednesday’s surprise announcement by the United States and China.
“I’m focusing not on what might happen in 16 years’ time, I’m focusing on what we’re doing now and we’re not talking, we’re acting,” Abbott told journalists in Burma…………………………………Full Article: Source

American Carbon Market Revive Seen a Winner in China Pact

Posted on 13 November 2014 by VRS  |  Email |Print

The U.S. carbon market that faded over the past decade as European Union trading took off is getting a fresh look after President Barack Obama signed a deal with China to curb emissions.
The climate deal between the two nations, which together spew out 42 percent of the world’s emissions, may be the first step toward a global carbon market, said Bernadett Papp, an analyst at Vertis Environmental Finance Ltd. in Budapest. The accord “weakens the argument” of European nations that say countries outside the region aren’t acting on climate change, said Mark Lewis, an analyst with Kepler Cheuvreux SA in Paris………………………………………..Full Article: Source

How America and China broke the global climate trap

Posted on 13 November 2014 by VRS  |  Email |Print

The November 11 US-China deal to curb carbon emissions is a major step forward for the campaign to address climate change. It’s also something of a shock: for a long time, the US-China rivalry had been a major stumbling block in the way of an international agreement on global warming. What happened?
Essentially, the US and China started talking on their own. Tension between the US and China has helped ruin the UN global climate talks, the main attempt to reach a worldwide accord. But now these secret bilateral negotiations between the two powers have helped break a major part of the trap US-China conflict had created for global negotiations………………………………………..Full Article: Source

China not to introduce carbon tax soon

Posted on 13 November 2014 by VRS  |  Email |Print

Carbon tax was not involved in the draft of China’s new environmental protection tax law submitted to the State Council for approval at the beginning of November, because the regulation overlapped with the current pilot emission trading schemes (ETS), market sources said.
The draft drew market attention as carbon tax was included in the preliminary version. The proposed environmental protection law aimed to replace the current pollutant discharging fee, which generally covers waste water and gas, solid water and noise pollution, except greenhouse gases………………………………………..Full Article: Source

The U.S. vs. China on Climate Change: Will the Battle Continue?

Posted on 12 November 2014 by VRS  |  Email |Print

United States President Barack Obama faces an uphill task in enlisting China’s support to combat climate change at the Asia Pacific Economic Cooperation (APEC) forum meeting underway this week in Beijing. The issue gained importance against the backdrop of a major United Nations report issued earlier this month that squarely blames human activity for global warming.
It warns that “if left unchecked, climate change will increase the likelihood of severe, pervasive and irreversible impacts for people and ecosystems.” Although China has been working to curb greenhouse gas emissions, it rejects the developed world’s interpretations of its responsibility and now faces pollution concerns at home, too………………………………………..Full Article: Source

Bishop pushes climate change message

Posted on 11 November 2014 by VRS  |  Email |Print

Julie Bishop has headed an international charge to engage China on climate change, while signalling Australia’s long-term goals to slash greenhouse gases will be guided by the depth of cuts offered by our big trading partners.
In China to reinvigorate talks about Australia-Sino efforts on climate change, the Foreign Minister said Australia was open to joining an international carbon market even though the Government shunned Labor’s carbon tax and emissions trading scheme………………………………………..Full Article: Source

On climate change, Australia will be left behind by China, the US and the EU

Posted on 10 November 2014 by VRS  |  Email |Print

Australia should be showing leadership on climate at the G20. Instead, as 39 countries put a price on carbon, we’ve just repealed ours. Australia’s most important trading partners and allies, such as China, the US and the European Union are strengthening their responses to climate change. Australia will be left in the wake of these big economies (and big emitters), according to the latest Climate Council report Lagging Behind: Australia and the Global Response to Climate Change.
Australia’s retreat from being a global leader at tackling climate change is as impressive as our recent performances at the cricket. Looking on the bright side, even countries not known for their sunshine like Germany are going solar in a big way. Global momentum is building as more and more countries invest in renewable energy and put a price on carbon………………………………………..Full Article: Source

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Australia told it should aim for 40% cut in greenhouse gases by 2025

Posted on 10 November 2014 by VRS  |  Email |Print

The Climate Institute also says the world needs to know how Australia will calculate its target. Australia needs to tell the world how it will calculate its medium-term greenhouse target for release early next year and should be looking at a 40% reduction by 2025, the Climate Institute think tank says.
As revealed by Guardian Australia, US and European Union negotiators have also been unsuccessfully lobbying Australia to back a pledge by G20 leaders that their post-2020 greenhouse emission reduction targets will be unveiled early, to improve the chances of a deal at the United Nations meeting in Paris on global greenhouse reductions after 2020………………………………………..Full Article: Source

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How to manage carbon prices — Lessons from the Northeast

Posted on 07 November 2014 by VRS  |  Email |Print

Recently, the U.S. Energy Information Administration posted a revealing graph that could be interpreted as suggesting that efforts to prevent high carbon prices in the Regional Greenhouse Gas Initiative (RGGI) emissions trading market have failed.
RGGI is a consortium of northeastern U.S. states that have agreed to limit the greenhouse gas emissions of carbon dioxide from electric power generation through a regional emissions trading (i.e., cap-and-trade) program. To hold down price escalation, RGGI uses a pioneering Cost Containment Reserve (CCR), which added extra allowances to the program when the price per ton reached $4 this year………………………………………..Full Article: Source

Agriculture will suffer unless emissions are cut

Posted on 07 November 2014 by VRS  |  Email |Print

A range of measures will be required to minimise the impact of climate change on agriculture if production is not to suffer. Evidence presented by the Intergovernmental Panel on Climate Change this week showed how climate change is contributing to flooding, disruption to farming, food and water shortages, and species migration and extinction.
The report said the changing climate would lead to ‘severe, widespread and irreversible’ impacts unless carbon emissions were cut rapidly. Agriculture, especially livestock production, has previously been blamed for its contribution to carbon emissions. However, the sector has been working hard to minimise its impact………………………………………..Full Article: Source

South Korea carbon trading unlikely to deliver climate target, say analysts

Posted on 06 November 2014 by VRS  |  Email |Print

South Korea’s new carbon market is unlikely to deliver the country’s carbon reduction goals because heavy emitters will be oversupplied with carbon credits from the outset, a new analysis has found.
According to Thomson Reuters Point Carbon, South Korea’s carbon trading market, which launches on 1 January 2015, will allocate 53 mega tonnes of CO2 more than is required by businesses during the scheme’s initial two year trading period………………………………………..Full Article: Source

‘Heartless’ carbon credit investment firms shut down by High Court

Posted on 06 November 2014 by VRS  |  Email |Print

Two fraudulent investment companies that raised more than £850,000 from the public for near worthless carbon credits have been ordered into liquidation by the High Court. Carbon Green Capital and Agora Capital were shut down in the public interest by the High Court last month, following petitions presented by the Secretary of State for Business, Innovation & Skills.
An investigation into the two companies on behalf of the Insolvency Service found that Carbon Green Capital, a limited liability partnership (LLP) trading out of offices in Lime Street, London, had sold carbon credits to members of the public as investments by making false and misleading claims as to the likely investment returns. The company received in excess £274,000 from members of the public………………………………………..Full Article: Source

South Korea’s carbon market

Posted on 05 November 2014 by VRS  |  Email |Print

South Korea’s carbon market will likely be oversupplied, however power producers will be under-allocated allowances, according to Thomson Reuters Point Carbon. South Korea will launch its carbon trading market on 1 January 2015, however its proposed form could fall short of the country’s goal to cut greenhouse gas (GHG) emissions to 30% below business-as-usual (BAU) levels by 2020. In its current form, the market will likely be oversupplied during its first trading period (2015-2017).
The Korean government has allocated 1687 million Korean Allowance Units (KAUs) to the power and industry sectors for the years 2015-2017 as part of the country’s cap-and-trade scheme………………………………………..Full Article: Source

Japan, Indonesia launch greenhouse gas emission trade

Posted on 05 November 2014 by VRS  |  Email |Print

The government has adopted a plan to offer Indonesia energy-saving technology in a trade for greenhouse-gas emission rights, the Environment Ministry said Tuesday. It is the first project under the so-called Bilateral Offset Credit Mechanism to come to fruition.
The installation of a Japanese-made cooler at an Indonesian plant is expected to reduce carbon dioxide emissions there by 800 tons by 2020 and allow Tokyo to earn emission credits on 400 tons, the ministry said………………………………………..Full Article: Source

Direct Action could deliver a useful outcome: carbon trading

Posted on 04 November 2014 by VRS  |  Email |Print

There’s little point in getting too excited just yet about the details of Direct Action and its merits (or otherwise) as compared with emissions trading. Why? Because all of the current debate about Australia’s response to climate change is focused on paths that are completely inadequate compared with the action that climate science tells us we must take. If we were really serious, we would no longer be trying to expand our fossil-fuel production.
If we were serious, we would increase the Renewable Energy Target, rather than the government proposing to cut it. We would introduce aggressive energy-efficiency measures, instead of shutting down and emasculating programs. We would protect the carbon stored in our forests. And we would be actively helping to cut emissions in developing countries………………………………………..Full Article: Source

The real cost of green developments

Posted on 04 November 2014 by VRS  |  Email |Print

Green developments to fight climate change may be hurting some of the world’s most vulnerable people, according to research from The University of Queensland.
A report from UQ’s School of Social Science Associate Professor Kristen Lyons and Dr Peter Westoby examined the impact of Norwegian plantation company Green Resources and its forestry-based carbon offset projects in Uganda………………………………………..Full Article: Source

Australia set to pay polluters to cut emissions

Posted on 03 November 2014 by VRS  |  Email |Print

Australia is set to approve measures giving polluters financial incentives to reduce emissions blamed for climate change, in a move critics described as ineffective environmental policy.
The so-called “direct action” plan, which will see the government pay companies to increase energy efficiency, passed through the upper house Senate early Friday following a marathon debate. The bill is expected to be approved next month by the lower House of Representatives where the conservative government of Prime Minister Tony Abbott has a majority………………………………………..Full Article: Source

EU leaders reach agreement on proposed 2030 climate, energy goals

Posted on 03 November 2014 by VRS  |  Email |Print

EU heads of state and government reached a political agreement at the end of October on a new climate and energy policy framework for 2030. After some reportedly late night haggling, the 28 political leaders endorsed a binding 40 percent greenhouse gas (GHG) emissions reduction target by 2030 from 1990 levels, an EU-wide binding renewable energy target of at least 27 percent, and an EU-wide indicative energy efficiency target of at least 27 percent.
The new package will take over from the bloc’s current “20-20-20” goals – which set emissions reduction, renewables usage, and energy efficiency targets for the end of this decade………………………………………..Full Article: Source

Colombia to launch voluntary carbon credit trading

Posted on 31 October 2014 by VRS  |  Email |Print

A Colombian environmental charity will launch a carbon trading platform in mid-2015 to companies at home and abroad seeking to voluntarily offset emissions, it said on Thursday, as projects in the Andean nation to cut greenhouse gases intensify.
The Andean nation, one of the world’s most biodiverse, has up to 17 million potentially reforestable hectares, an area larger than Greece, to generate carbon credits, said Fundacion Natura, the charity heading up the planting initiatives around the country………………………………………..Full Article: Source

Emissions trading will be back in the game if Direct Action proves ineffective

Posted on 31 October 2014 by VRS  |  Email |Print

Greg Hunt vows emissions trading is dead and won’t be revived for 20 years or more. But he has quietly given himself the power to bring back a form of carbon trading, and he has advice that if he doesn’t use it, Australia cannot meet the climate promises it has made to the world.
The seeds of an emissions trading scheme are buried in the deal Hunt did with crossbench senators. And the power for them to bloom into a new form of carbon trading also rests with him. The catch is, if he doesn’t allow this to happen, Australia is very unlikely to meet its 2020 emissions reduction targets, and has almost no chance of meeting the deeper targets it will have to commit to after that………………………………………..Full Article: Source

Emissions trading scheme ‘never coming back in any form’ under Coalition, says Greg Hunt

Posted on 30 October 2014 by VRS  |  Email |Print

Environment Minister Greg Hunt says he commissioned a review into emissions trading, which he has vowed to never reintroduce, because the Climate Change Authority, which he failed to abolish, “might as well do work”. Mr Hunt declared on Wednesday emissions trading “is never coming back in any form”, potentially for the next two decades if the Coalition has its say.
A deal between the government and the Palmer United Party was struck late on Wednesday afternoon after protracted negotiations. Under the agreement, the government has backflipped on a promise to abolish the Climate Change Authority and will instead fund the body to undertake an 18-month inquiry into the effectiveness of emissions trading programs around the world………………………………………..Full Article: Source

Experts: Reducing Carbon Emissions And Increasing Grid Reliability Are Doable

Posted on 30 October 2014 by VRS  |  Email |Print

With the Clean Power Plan out for comment, a lot utilities are scurrying to figure out their game plan — or just how they would work with their state utility regulators to reduce their carbon emissions by 30 percent by 2030, from a 2005 baseline. The general feeling is that the goal is doable but it may take a little more time.
Understandably, the utilities and the state regulators want to find better and cheaper ways of doing business. Their level of enthusiasm, though, differs based on which part of the country they live and which fuels they burn to make electricity. The Northeast and California are leading the charge, having created free market exchanges to buy and sell credits to reduce carbon levels — mechanisms that each say is helping to broaden their generation mixes and to boost their economies………………………………………..Full Article: Source

UK energy minister sees rapid reform of EU carbon market

Posted on 29 October 2014 by VRS  |  Email |Print

Plans to accelerate reform of Europe’s carbon market could be finalised as soon as April, building on the momentum from last week’s EU deal on green energy policy, Britain’s energy and climate minister said on Tuesday.
The EU has been debating proposals to strengthen its Emissions Trading Scheme (ETS), meant to be the bloc’s sharpest tool in shifting to a low carbon economy but blunted by a surplus of spare pollution permits. The plan is to set up a mechanism known as the Market Stability Reserve (MSR) to absorb some of the excess and drive up the price of allowances to increase the cost of burning higher carbon fuels relative to cleaner energy………………………………………..Full Article: Source

EU sets CO2 challenge; China and Brazil score top marks

Posted on 29 October 2014 by VRS  |  Email |Print

With the United Nations’ global warming summit at the end of the year in sight, there have recently been important moves on climate and clean energy policy, some helpful to the cause of decarbonisation and some not.
Last week, the European Union agreed on the world’s toughest emissions reduction goal, while Prime Minister Tony Abbott’s government looked to ease Australia’s renewable ambitions. Meanwhile, in the developing world, China and Brazil have caught the eye with their ability to attract capital for low-carbon energy sources………………………………………..Full Article: Source

Is China a leader or a laggard on climate?

Posted on 29 October 2014 by VRS  |  Email |Print

Greens senator Scott Ludlam’s prophecy that environment minister Greg Hunt has been directed to play solitaire for an entire term of office is so far holding up to scrutiny. It is looking increasingly unlikely that Australia will meet even its now-minuscule target of cutting emissions to 5 per cent of 2000 levels by 2020, in the face of news that the European Union has just agreed to cut emissions by 40 per cent by 2030.
This landmark agreement leaves Australia’s bipartisan target pitifully short of any internationally credible benchmark. But even this target is being eroded by direct inaction on Hunt’s part and the coal mining lobby’s resurgence in Australia………………………………………..Full Article: Source

EU 2030 Energy and Climate Framework to tackle rising energy prices

Posted on 28 October 2014 by VRS  |  Email |Print

Rising energy prices and volatility of energy markets has been threatening economic stability in Europe and inevitably weakening its competitiveness. While the U.S. having access to cheaper unconventional fossil fuel supplies like shale gas, the EU has long term gas and oil contracts with higher prices.
Generally speaking, the EU industry currently pays gas prices three times higher than the industry in the U.S., India or Russia. Meanwhile, EU industrial electricity prices are more than twice those in the U.S. and Russia. This price gap negatively affects the EU’s energy-intensive industries’ competitiveness, particularly where energy accounts for a vast share of total production costs. ……………………………………….Full Article: Source

Bold proposals on climate deal

Posted on 28 October 2014 by VRS  |  Email |Print

The bold proposals that form the European Union’s (EU) new climate deal set the tone for the best bargain for a global agreement in Paris next year. The decision to cut greenhouse gas (GHG) emissions by 40 per cent by 2030 is ambitious in comparison with the 8 per cent reductions on a 1990 baseline under the Kyoto Protocol.
The EU was the lone participant from among the industrialised nations. Last week’s move follows through on the offer made at the 2013 Warsaw United Nations Conference on Climate Change where countries agreed to make voluntary GHG emissions curbs in a post-Kyoto scenario. The mainstay of the overall EU strategy would be the much-touted emissions trading system (ETS). It currently covers over 11,000 power and industrial plants and airlines and about 45 per cent of the total GHG emissions within the bloc. ……………………………………….Full Article: Source

Palmer still wants ETS

Posted on 28 October 2014 by VRS  |  Email |Print

Clive Palmer maintains his senators will only vote for the government’s Direct Action climate change plan if it commits to his idea for an emissions trading scheme. THE coalition’s $2.55 billion emissions reduction fund, designed to replace Labor’s axed carbon pricing scheme, is being held up in the Senate pending talks with the Palmer United Party.
To pass its legislation, the government needs the support of PUP’s three senators plus three other crossbenchers. But Mr Palmer says the government will only get PUP votes if it implements an emissions trading scheme designed to kick in when Australia’s main trading partners institute similar schemes………………………………………..Full Article: Source

The paradox of lower gas prices and low carbon subsidies

Posted on 27 October 2014 by VRS  |  Email |Print

There is an old Daily Mash story from 2009 where the headline screams: ‘Price of gas to rise, say men who set price of gas’. The argument goes that big energy company bosses have a vested interest in talking up gas prices. If that was ever true (I am not convinced it is), no-one is listening any more.
Last week, DECC announced it had revised its forecasts for future gas prices down. DECC tends to take the consensus position on fossil fuel prices, so its change reflects what most gas soothsayers have been saying for a while; prices look soft at the moment, even if you take into account recent falls………………………………………..Full Article: Source

EU’s green gambit: Pressure now on US, China and India over 2025/2030 goals

Posted on 27 October 2014 by VRS  |  Email |Print

Just a few days back, leaders of the 28-country European Union (EU) announced that the EU as a whole would cut its emissions of greenhouse gases by at least 40% by 2030 on 1990 levels. They also agreed to a renewable energy market share of 27% and a 27% increase in energy efficiency by 2030.
The operational aspects of the three decisions have been left vague so that a consensus could be reached since countries like the UK, Poland and Portugal have been baulking. Clearly, Europe is once again sending a signal to countries like the US, China and India in the run-up to the UN Climate Change Conference to be held in Paris in December 2015 when a new international agreement to curb global warming is expected to be finalised……………………………………….Full Article: Source

Greens Demand Greater CO2 Cut After EU Target Increase

Posted on 27 October 2014 by VRS  |  Email |Print

Australia is under pressure to cut its carbon emissions deeper after the European Union agreed on a new target of 40 per cent by 2030. The agreement, labelled by the EU as a new global standard, also includes a 27 per cent target for renewable energy by 2030.
Labor and the coalition have agreed on a bipartisan emissions cut target of at least five per cent by 2020, but the parties differ on how it should be achieved. The coalition government will consider a new post-2020 target in early 2015 before a United Nations conference in Paris, where a new commitment will be discussed and possibly settled………………………………………..Full Article: Source

EU leaders set to strike climate deal to cut greenhouse gases 40% by 2030

Posted on 24 October 2014 by VRS  |  Email |Print

European leaders were expected to strike a broad climate change pact obliging the EU as a whole to cut greenhouse gases by at least 40% by 2030. But key aspects of the deal that will form a bargaining position for global climate talks in Paris next year were left vague or voluntary, raising questions as to how the aims would be realised.
Draft proposals were given to national delegations on watermarked paper in sealed envelopes as the EU summit in Brussels started on Thursday, in an attempt to prevent leaks………………………………………..Full Article: Source

EU set to allow car emissions into carbon trading market

Posted on 24 October 2014 by VRS  |  Email |Print

The European Union is set to make it easier to bring road transport emissions into the carbon trading market, a move that critics say could empower carmakers to push back against more effective curbs on greenhouse gases.
EU leaders will attempt to agree on energy policy for 2030 when they meet in Brussels on Thursday and Friday, including an EU-wide cut in greenhouse gas emissions of 40 percent compared with 1990 levels………………………………………..Full Article: Source

China readies legal framework for carbon market, hefty fines possible

Posted on 24 October 2014 by VRS  |  Email |Print

China is planning hefty fines for companies that fail to comply with the rules of its national carbon trading market but has yet to decide how to set emission caps for big polluters, according to a draft government document seen by Reuters.
The world’s biggest emitter of greenhouse gases plans to launch a national emissions trading scheme in 2016 in a bid to reduce its impact on climate change and make its economy less reliant on polluting fossil fuels………………………………………..Full Article: Source

China’s Grand Carbon Trading Experiment Experiences Highs and Lows

Posted on 23 October 2014 by VRS  |  Email |Print

Beijing and six other jurisdictions launched pilot carbon trading systems within the last 18 months to address the pollution problem that has plagued the country. The city of Qingdao is set to join the mix in 2015 after recently approving plans to start its own carbon market in preparation for the expected implementation of a national market in 2016.
China’s pilot programs combined already constitute the second largest carbon market after the granddaddy of trading schemes – the European Union’s Emissions Trading System (EU ETS), according to a World Bank analysis. However, the anticipated national carbon market in China would regulate 40% of the country’s economy, making it by far the largest in the world, by covering roughly 3-4 billion tonnes of carbon dioxide up to 2020 and worth up to $65 billion if fully implemented………………………………………..Full Article: Source

Nagoya Commodity Exchange(ngcx)to Launch Carbon Credits Contract

Posted on 23 October 2014 by VRS  |  Email |Print

In a landmark initiative that will enable direct trading of Carbon Credits Nagoya Commodity Exchange today launched futures trading in Carbon Credits. This pioneering initiative at Nagoya Commodity Exchange makes it among the select few in league.
Commenting on the launch Mr. Genichi Nakatoni Chairman and CEO of NGCX said “Launching of carbon credit futures on the Nagoya Commodity Exchange’s trading platform would provide transparency to markets and help producers earn remunerative returns out of environmentally clean projects.” Trading in new generation commodities like carbon credits has placed Nagoya Commodity Exchange on the global map of innovative exchange for providing global products to its clients………………………………………..Full Article: Source

Big business and trade unions lead calls for bold EU climate change package

Posted on 22 October 2014 by VRS  |  Email |Print

Big business groups and Europe’s trade unions are united in urging EU leaders to deliver an ambitious new energy and climate change strategy for the post 2020 period, as the CBI and the European Trade Union Confederation both stepped up calls for ambitious new emissions targets for 2030.
The UK’s CBI today became the latest leading business organisation to call for a binding emissions reduction target that would require the EU to cut emissions 40 per cent against 1990 levels by 2030………………………………………..Full Article: Source

EU summit to debate multi-billion carbon quota ‘transfer’ system

Posted on 22 October 2014 by VRS  |  Email |Print

European leaders meeting later this week for an EU summit on energy and climate change will discuss proposals allowing energy-rich nations like France and Germany to transfer 10% of CO2 emissions quotas to member states such as Poland, who are struggling to diversify their energy mix.
The EU’s 28 heads of states and government will try to reach agreement on climate and energy policy for 2030 at the EU summit, which takes place in Brussels on Thursday and Friday (23 and 24 October). Leaders will debate the European Commission’s proposed targets for 2030 to reduce greenhouse gas emissions, ramp up renewable energy and improve energy efficiency across the continent………………………………………..Full Article: Source

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