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Time to Link Northeast Asia’s Carbon Markets

Posted on 24 June 2016 by VRS  |  Email |Print

The time is now for carbon market cooperation among China, Japan, and South Korea. The major economies of Northeast Asia are developing carbon markets to help meet their climate change commitments. They would benefit from doing so in concert.
Like much in the current climate change arena, market activities beneath the global scale are booming. Carbon markets have almost doubled since 2012, with 40 states and 23 cities, regions, and provinces pricing emissions worth some $50 billion. Amid vocal calls from the business community for greater continuity in carbon pricing policies, market linkages among national and subnational systems are gaining traction………………………………………..Full Article: Source

When will the European Union ratify the Paris Agreement?

Posted on 24 June 2016 by VRS  |  Email |Print

The UN secured a new climate change agreement in Paris at the end of last year, with the consensus of all its 196 parties. Since then, 177 parties have signed the deal. The next job is to get all 197 (Palestine has since joined) to ratify it. This means that each country has to go through its domestic procedure to formally approve the agreement, then drop off its paperwork into a UN depository.
Carbon Brief has already explained the broad process of ratification. Essentially, the hard-won deal cannot come into force until at least 55 countries, representing 55% of the world’s emissions, have take the necessary steps at home to formally accept it………………………………………..Full Article: Source

A carbon price set to carbon damage

Posted on 23 June 2016 by VRS  |  Email |Print

What damage are we causing with each new emission of carbon pollution? Economists regularly assess the economic impact of each marginal greenhouse gas emission, which is labeled the “social cost of carbon.” No surprise, this is hard to measure.
We still have an imprecise understanding of the specific regional damage greenhouse gas emissions will cause, in particular due to the uncertainty of how certain feedbacks in the climate system will accelerate or decelerate how the climate responds to emissions………………………………………..Full Article: Source

Brexit Vote Threatens Europe’s Carbon Market With Worsening Glut

Posted on 23 June 2016 by VRS  |  Email |Print

European Union pollution permit prices are poised to plunge should voters in the U.K., the carbon market’s second-biggest emitter, opt to leave the European Union.
A Brexit where Britain quits the world’s largest greenhouse-gas market, a worst-case scenario, could push prices down as much as 50 percent as factories dump the permits they hold, according to Louis Redshaw, founder of London-based Redshaw Advisors, which trades carbon on behalf of companies. How Europe would adjust its cap-and-trade system is unclear, making it difficult to predict prices for the rest of Europe, he said………………………………………..Full Article: Source

EU environment ministers urge Paris ratification and carbon trading reform

Posted on 22 June 2016 by VRS  |  Email |Print

Environment council adopts statement in support of Paris Agreement and debates reform of the EU emissions trading scheme. Governments across Europe may be distracted by the threat of Brexit, but despite the potential fallout from Thursday’s vote the EU’s day-to-day work is continuing.
Yesterday, EU environment ministers gathered in Luxembourg at the latest European environment council meeting to call on all member states to finalise their ratification of the Paris Agreement “as soon as possible” and underline their support for wider reform of the bloc’s emissions trading scheme (ETS)………………………………………..Full Article: Source

EU ETS funding modalities crucial to CCS deployment

Posted on 22 June 2016 by VRS  |  Email |Print

The Environment Council recently debated the reform of the EU Emissions Trading System (EU ETS) Directive. The EU ETS is a major tool for achieving the EU’s decarbonisation targets and for enabling the block’s contribution to pursuing a 1.5°C limit endorsed in the Paris Agreement.
The system would have been a key long-term driver for critical low-carbon technologies such as Carbon Capture and Storage (CCS). However, due to the currently low carbon price, additional funding support measures for CCS are vital to spur the deployment of CCS in power and industrial sectors………………………………………..Full Article: Source

New climate group advises raising cost of carbon credits

Posted on 21 June 2016 by VRS  |  Email |Print

The expert group which advises the Government on climate change has come out in favour of a minimum price for carbon under the EU Emissions Trading Scheme. In the first advice to Government since it was established in January, the Climate Change Advisory Council has said the current price for carbon is too low.
The EU Emissions Trading Scheme provides a market where a price is put on greenhouse emissions. It relates to fossil-fuel burning energy companies and to heavy industry………………………………………..Full Article: Source

Brexit: Why a vote to leave the EU is bad news for the climate

Posted on 21 June 2016 by VRS  |  Email |Print

A British vote to leave the EU offers potentially good news in the fight against climate change: the resulting economic slump could lead to a fall in greenhouse gas emissions.
A legion of top economists predict a UK recession in the event of a leave vote, with the Treasury warning of four quarters of negative growth from June 2016. “If you were forecasting emissions post-Brexit you’d see them quite a bit lower simply taking an average from the economic forecasts from the IMF, OECD and Treasury,” says Chris Huhne, UK energy and climate chief from 2010-2012………………………………………..Full Article: Source

Netherlands Eyes Firmer Carbon Market in Call Welcomed by Canete

Posted on 21 June 2016 by VRS  |  Email |Print

The Dutch presidency of the European Union is seeking political support from member states to enshrine in a carbon market reform a flexibility provision that would enable strengthening the world’s biggest cap-and-trade program.
The plan would pave the way for tightening emission-permit supply and would enable a faster shift to clean technologies, according to Dutch Environment Minister Sharon Dijksma. Prices in the EU Emissions Trading System, where 2013-2020 pollution caps on companies were set before the global financial crisis, fell almost 80 percent in the past eight years as industrial output shrank, aggravating a glut of allowances………………………………………..Full Article: Source

China climate goals trigger launch of new derivatives

Posted on 20 June 2016 by VRS  |  Email |Print

China’s clean energy pledges are prompting a supply of new financing tools to fund the estimated 43 trillion yuan ($6.53 trillion) needed to switch from heavy, polluting industries to clean projects. The Beijing Environment Exchange endorsed a call option backed by 20,000 local carbon permits on Thursday, the first of its kind in China, which was bought by trading firm CMB Sinolink.
Rival bourse, the Shanghai Environment and Energy Exchange, also plans to launch four forward contracts to trade over the counter (OTC), backed by Shanghai permits which expire in each quarter of 2017, according to the Shanghai Clearing House………………………………………..Full Article: Source

Crib notes: A Brexit from EU climate plans?

Posted on 20 June 2016 by VRS  |  Email |Print

As EU environment ministers meet to discuss essential climate plans, the UK heads for a referendum to decide its membership of the bloc once and for all. Britain decides on Thursday whether to leave the European Union or stay in.
The polls are close, the debate emotionally charged after the brutal murder of MP Jo Cox, who defended Syrian refugees and campaigned for Remain. It is a momentous decision for the UK, with repercussions for the whole 28-state bloc. Ed King will have the lowdown on what Brexit means for climate diplomacy and policy on Monday morning………………………………………..Full Article: Source

Climate and energy group calls for EU emissions trading reform to match historic Paris climate deal

Posted on 17 June 2016 by VRS  |  Email |Print

At their meeting next week (21 June) the European Parliament’s environment, public health and food safety committee will discuss reform of the emissions trading scheme. The most troubling aspect of the current ETS debate is that MEPs have been silent on the most important part of the reform to bring the ETS in line with the COP 21 Paris agreement and to turn it into a functioning climate policy.
The Paris agreement was a milestone. All countries agreed that we need to take steps to limit temperature rise to 1.5°C. They furthermore recognised that their current climate commitments are inconsistent with this goal and therefore must be revised and improved………………………………………..Full Article: Source

ICIS Launches China Carbon Price Assessment

Posted on 17 June 2016 by VRS  |  Email |Print

ICIS has launched a price assessment for the national emissions trading scheme in China. On a weekly basis, the company is assessing how Chinese and international companies value Chinese Certified Emission Reductions (CCERs), a unit that can be used to comply with the Chinese national emissions trading scheme that is poised to launch next year.
In its first assessment on 16th June, the bid/offer spread for a CCER delivered in March 2018 that is eligible for compliance at time of delivery was assessed at 8-12CNY/t. The weekly assessment is offered free of charge for ICIS China carbon market clients, and can be received by non-clients with a one week delay ……………………………………….Full Article: Source

Norway pledges to become climate neutral by 2030

Posted on 16 June 2016 by VRS  |  Email |Print

Parliament approves radical proposal of accelerated emissions cuts and carbon offsetting to achieve climate goal 20 years earlier than planned. Norway’s parliament has approved a radical goal of achieving climate neutrality by 2030, two decades earlier than planned.
On Tuesday night MPs voted for an accelerated programme of CO2 cuts and carbon trading to offset emissions from sectors such as Norway’s oil and gas industries, which are unlikely to be phased out in the near future………………………………………..Full Article: Source

It’s the economy that needs to be integrated into the environment - not the other way around

Posted on 15 June 2016 by VRS  |  Email |Print

BP’s Statistical Review of World Energy is a standard industry reference document. It’s a useful indicator of trends, if occasionally the victim of politics. But the newest edition brings welcome news that the growth of global carbon emissions paused in 2015, partly to do with a shift to renewables, and partly the result of passing economic conditions, both notable in China.
But BP, the company that once promised to go “beyond petroleum”, is sticking firmly with oil and gas. Its get-out strategy from appearing over-fossilised in attitude, is to call for a “meaningful carbon price,” advocated by its chief economist, Spencer Dale………………………………………..Full Article: Source

Carbon Trading and the UN Sustainable Development Goals: Joined at the Hip, In for the Haul

Posted on 15 June 2016 by VRS  |  Email |Print

In 2006, the nonprofit organization World Vision started helping people in Ethiopia plant trees, and it funded the project by selling carbon offsets for the roughly 22,000 tonnes of carbon dioxide that those trees mop up each year. But World Vision isn’t an environmental group; it’s a humanitarian aid organization, and it launched the forest-carbon project as an environmental means to achieve humanitarian ends.
It worked. The organization’s new impact report finds the tree-planting effort has created more than 2,000 jobs while restoring 12 water springs and increasing soil fertility for four out of five families. The result is a dramatic increase in food security………………………………………..Full Article: Source

Ghana Taps Carbon Markets To Avert A Chocolate Shortage

Posted on 14 June 2016 by VRS  |  Email |Print

In Ghana, cocoa is king: it accounts for almost 10 percent of the country’s economy and 30 percent of its exports - but it’s also a leading driver of deforestation, for a variety of reasons.
To begin with, the cacao tree on which the cocoa bean grows is a ravenous beast that sucks nutrients out of the soil at rates that require massive infusions of chemical fertilizer. On top of that, cacao grows best in filtered sunlight, under shade trees; but more and more farmers have been chopping the shade trees to increase yields in the short-term - largely because of widely-held beliefs that new hybrids thrive in the sun………………………………………..Full Article: Source

Reform May Cut EU Carbon-Market Glut, Lead Lawmaker Duncan Says

Posted on 14 June 2016 by VRS  |  Email |Print

The European Union should further reduce supply of permits in its ailing emissions market, the world’s biggest cap-and-trade program, instead of mulling fixing prices, according to the European Parliament’s lead lawmaker on a carbon program reform.
Ian Duncan proposed measures aimed at limiting the amount of emission permits in circulation as a part of the EU Parliament’s legislative work on the post-2020 overhaul of the Emissions Trading System, or ETS………………………………………..Full Article: Source

Campaigners call for ‘real emissions reductions’ as Scottish Government meets targets

Posted on 13 June 2016 by VRS  |  Email |Print

The Scottish Government is expected to hit its target for cutting climate pollution for the first time in five years – but only because of changes in the way emissions are counted. The new climate change minister, Roseanna Cunningham, looks likely to tell the Scottish Parliament tomorrow that the statutory target for 2014 has been met. Every previous annual target for 2010 to 2013 has been missed.
But the main reason for the success will be that the complex rules on how the European Union’s emissions trading system is taken into account have changed. This has the effect of making Scotland’s targets easier to meet………………………………………..Full Article: Source

Wynne’s carbon-pricing scheme a looming disaster

Posted on 13 June 2016 by VRS  |  Email |Print

Premier Kathleen Wynne’s government is blundering into cap-and-trade carbon pricing in the same way it did wind and solar power. It is implementing a rushed, half-baked plan, just as it did with renewable energy.
It’s doing so without providing information the public needs to assess whether taxpayers are getting good value for money, just as it did with renewable energy. Because, make no mistake, cap-and-trade will be paid for — just as the Liberals’ multi-billion-dollar renewable energy fiasco was paid for — out of the pockets of ordinary citizens………………………………………..Full Article: Source

Harvard Study Finds $38 Billion Economic Benefit From EPA’s Carbon Rule

Posted on 10 June 2016 by VRS  |  Email |Print

When the Environmental Protection Agency published a rule to reduce carbon emissions from power plants last year, critics quickly said the plan was too economically costly for businesses and home electricity bills. But now, a new study led by researchers from Harvard University finds that nearly all regions of the U.S. stand to gain economically from a power plant carbon standard like the Clean Power Plan, and do so fairly quickly.
Using a scenario that somewhat resembles the Clean Power Plan (CPP) — a policy moderately stringent and highly flexible — researchers calculated net benefits of some $38 billion a year, according to the study published Wednesday in the online journal PLOS ONE………………………………………..Full Article: Source

Takashi Hongo: South Korea’s emissions trading scheme bears watching

Posted on 10 June 2016 by VRS  |  Email |Print

Last December, at the 21st annual session of the Conference of the Parties to the United Nations Framework Convention on Climate Change, better known as COP21, countries negotiated the Paris Agreement, pledging to set national goals to reduce greenhouse gas emissions.
In Asia, South Korea’s efforts bear special attention. South Korea has set a target of cutting its greenhouse gas emissions by 37% from “business-as-usual” levels in 2030………………………………………..Full Article: Source

California’s Cap-and-Trade Law Is a Success

Posted on 09 June 2016 by VRS  |  Email |Print

The purpose of California’s cap-and-trade program is to reduce greenhouse-gas emissions. By that crucial measure, California’s program is working well.
The purpose of California’s cap-and-trade program is to reduce greenhouse-gas emissions. By that crucial measure, California’s program is working well. Emissions under the cap fell more than 3% in its first two years, beating the program’s targets………………………………………..Full Article: Source

EU politicians say no to forests as easy option for curbing emissions

Posted on 09 June 2016 by VRS  |  Email |Print

Seven political groups in the European Parliament on Wednesday called on the European Commission to prevent nations such as a Poland using forests to try to escape from cutting emissions in other areas.
Following the Paris climate change agreement in December last year, the European Union is about to begin what is expected to be a fierce debate on how to cut emissions across the 28-member bloc. Poland, which is heavily reliant on coal, has been promoting the idea of climate neutrality, rather than decarbonisation and has said its forests can be used to offset emissions from other sectors………………………………………..Full Article: Source

OCBC says China’s focus on yuan value against currency basket is working

Posted on 08 June 2016 by VRS  |  Email |Print

OCBC has forecast a weaker Chinese currency by year-end, saying that the country’s new focus on a basket-valuation of the yuan had been effective. OCBC economist Tommy Xie told CNBC’s “The Rundown” that the bank expected “mild depreciation” in the Chinese currency, largely due to a stronger dollar on the back of expected monetary tightening from the U.S. Federal Reserve.
The value of the currency has a talking point in recent days, with U.S. Treasury Secretary Jack Lew saying on Sunday that a market-driven yuan would benefit Chinese consumers’ purchasing power………………………………………..Full Article: Source

About Carbon Offsets and How to Purchase Them Wisely

Posted on 08 June 2016 by VRS  |  Email |Print

Climate change has produced its own set of buzz words: Global warming, greenhouse gas emissions, carbon footprint, sea level rise, carbon neutral, sustainability, organic, carbon trading, renewable energy, and eco-everything.
One of the greatest pushes has been for individuals to reduce their carbon footprint, which equates to a person consuming less energy by using fewer resources (cars, air travel, electricity, plastic products) that emit high levels of greenhouse gases, such as carbon dioxide, through production and/or use………………………………………..Full Article: Source

Offshore wind can match coal, gas for value by 2025

Posted on 07 June 2016 by VRS  |  Email |Print

Eleven energy and technology firms said on Monday offshore wind can be as cheap as gas and coal within a decade, but said European nations must do more to ensure a stable legal framework to inspire investment in zero carbon generation.
Germany’s RWE, E.On and Siemens signed an open letter, alongside Norwegian oil firm Statoil, Sweden’s Vattenfall and General Electric of the United States, saying they can produce for less than 80 euros ($90.80) per megawatt hour per project by 2025………………………………………..Full Article: Source

S.Korea focusing on boosting carbon trading

Posted on 06 June 2016 by VRS  |  Email |Print

The government is seeking ways to boost carbon emissions rights trading, which is failing to take root in the country. The Ministry of Strategy and Finance established the Climate Economy Division within the Future and Social Policy Bureau last week, which will be supporting the government’s climate change schemes.
Its major task is to increase carbon trading, setting up and coordinating plans on emissions quotas, as well as controlling the emissions rights market. It will have government officials from the finance ministry and the environment ministry………………………………………..Full Article: Source

Airlines back carbon emissions deal despite cost

Posted on 06 June 2016 by VRS  |  Email |Print

Airlines want one global deal to reduce carbon dioxide emissions from air travel despite higher costs, in order to avoid a patchwork of regulation that would be harder to manage, an executive of the International Air Transport Association trade group said on Friday.
The market-based plan must win the support of the United Nations aviation agency’s 191 member countries at a fall assembly, or risk the European Union’s imposing its own emissions trading scheme on international airlines. At its annual meeting last week in Dublin, the trade group said the deal led by the International Civil Aviation Organisation, or ICAO, should be the only agreement to reduce emissions from international aviation………………………………………..Full Article: Source

Chinese president vows to boost green, low-carbon development

Posted on 03 June 2016 by VRS  |  Email |Print

China will constantly boost green and low-carbon development in an effort to promote harmony between human and nature, according to a congratulatory letter sent by President Xi Jinping to the 7th Clean Energy Ministerial (CEM) and inaugural Mission Innovation Ministerial on Thursday.
In the message read by Yin Hejun, Chinese vice minister of science and technology, Xi called the meetings crucial high-level forums in the area of clean energy held after the 2015 UN Climate Change Conference in Paris………………………………………..Full Article: Source

Washington State updates emission trading scheme proposal

Posted on 03 June 2016 by VRS  |  Email |Print

The US state of Washington has updated its draft plan for an emissions trading scheme following feedback from businesses and environmental organisations, with a view to establishing the state’s first carbon cap-and-trade market from next year.
Washington’s Department of Ecology launched the revised draft Clean Air Rule for public consultation yesterday, having withdrawn the initial ETS plans in February in order to “act quickly on improvements and stay on track with adopting the rule by late summer” for legislative approval………………………………………..Full Article: Source

EU Power-Price Boost on Hold as Traders Doubt Carbon Tax

Posted on 03 June 2016 by VRS  |  Email |Print

A jolt in power prices because of the introduction next year of a carbon floor price in France has so far failed to materialize as traders suspect the measure may be delayed or won’t happen at all.
French Environment and Energy Minister Segolene Royal said last month that the nation will introduce a floor price for carbon of about five times current permit levels. The tax would probably boost power prices because of higher running costs for price-setting coal-stations, potentially leading to closures and increased imports………………………………………..Full Article: Source

EU parliament starts debating more carbon-market cuts

Posted on 02 June 2016 by VRS  |  Email |Print

Legislative work on the post-2020 overhaul of Europe’s carbon emissions market has been launched by a proposal in a draft report tabled in the European Parliament by MEP Ian Duncan. The law, which proposes to adjust the Emissions Trading System (ETS) to EU climate goals for 2030, needs majority backing in the parliament and weighted majority support from national governments to take effect.
As reported by Bloomberg, the EU wants to lead the global fight against climate change. Under a United Nations deal reached by more than 190 countries in December in Paris, the EU has submitted its 2030 goal to cut carbon by at least 40% percent from 1990 levels………………………………………..Full Article: Source

Five ways to accelerate the low-carbon energy transition

Posted on 02 June 2016 by VRS  |  Email |Print

World Energy Council Trilemma Report outlines clear need for innovative investment policies to encourage growth of low-carbon energy. The key to accelerating the rise of low-carbon energy systems lies in innovative investment policies, according to a new report released today by the World Energy Council (WEC).
The new report, produced in partnership with global consultancy Oliver Wyman, will be presented to ministers gathered at the Clean Energy Ministerial today in California. It highlights the challenges facing the energy system from the “energy trilemma” - a term coined by the WEC to summarise competing pressures of ensuring secure supplies, meeting rising demand for energy and curbing carbon emissions simultaneously………………………………………..Full Article: Source

California’s Cap-and-Trade Bubble

Posted on 01 June 2016 by VRS  |  Email |Print

The carbon-credit market sputters, as it also has in Europe. When carbon cap and trade flopped in Europe, liberals blamed design flaws and hailed California’s embryonic program as a better regulatory model. But cap and tax is struggling in the Golden State too.
A mere 2% of the carbon emissions credits that the California Air Resources Board (CARB) put up for auction in May were sold. The quarterly auction raised only $10 million of the $500 million that CARB projected. That’s awful news for Democrats in Sacramento who planned to spend the windfall on high-speed rail, housing and electric-car subsidies………………………………………..Full Article: Source

UK to fight North Sea’s EU carbon burden

Posted on 01 June 2016 by VRS  |  Email |Print

The UK is set to fight an EU loophole which stands to burden North Sea explorers with spiralling carbon emissions costs of £1.5bn in the next decade. The struggling North Sea sector pays millions of pounds to buy ‘allowances’, which are used to offset the carbon intensity of the electricity it uses on offshore rigs through the EU’s emissions trading system.
Other energy intensive industries, however, such as steel and cement, are entitled to free carbon allowances, while sectors that generate power can offset the extra charges by passing the costs on to consumers through their bills………………………………………..Full Article: Source

Tokyo’s cap and trade scheme goes beyond hitting the bullseye

Posted on 31 May 2016 by VRS  |  Email |Print

The city-wide Tokyo Cap and Trade Program has stimulated energy efficiency in the commercial and industrial sector so effectively it has achieved double its emissions reduction goal across the 1300 properties covered, according to a recent research report.
The commercial office sector outperformed all others, achieving a reduction of emissions intensity of 27 per cent by financial year 2013, compared to the year 2000 baseline. The target had been set at eight per cent by FY 2015, and 20 per cent by 2020………………………………………..Full Article: Source

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

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