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China to launch pilot energy trading programme

Posted on 23 September 2016 by VRS  |  Email |Print

Scheme designed to cap energy consumption by allocating quotas to companies. China is planning to use a pilot programme for energy trading between companies next year as it seeks to curb carbon emissions by forcing companies to use energy more efficiently.
The pilot programme will allocate energy consumption quotas to companies, who will have to pay if they exceed the limit. It will be introduced in four provinces initially: Zhejiang, Fujian, Henan and Sichuan, and pending a review in 2020 then be rolled out nationally………………………………………Full Article: Source

31 more countries ratify Paris Agreement on climate change

Posted on 23 September 2016 by VRS  |  Email |Print

The Paris Agreement on climate change moved closer to enter into force this year as 31 more countries on Wednesday joined it at a special event hosted by the United Nations Secretary-General Ban Ki-moon in New York.
The number of the countries, which joined the Paris Agreement, has now reached 60 - five more than the threshold of 55 nations required for bringing the Agreement into force. The Paris Agreement will enter into force 30 days after 55 countries, representing 55% of global emissions, deposit their instruments of ratification, acceptance or accession with the UN Secretary-General………………………………………Full Article: Source

Craig Hart - Doubts rise on China carbon trading

Posted on 22 September 2016 by VRS  |  Email |Print

China is planning to roll out a national greenhouse gas emissions trading market by 2017, creating the world’s largest market for carbon. However, for the scheme to be effective a greater focus on the creation of a market economy and a deeper political commitment to the environment will be essential.
In particular, the government must wean highly polluting industries off state subsidies. China’s establishment of a carbon market is widely viewed as confirmation that it is moving toward greater use of market-oriented approaches in national policy…………………………………….Full Article: Source

China cap-and-trade market gives carbon pricing opponents ‘nowhere to hide’: UN

Posted on 22 September 2016 by VRS  |  Email |Print

China’s carbon market ‘probably as consequential, in some ways, as Paris’ says Ontario’s environment minister. As Canada’s provincial, territorial and federal leaders grapple over carbon pricing policy, China is moving ahead with a cap-and-trade market that some believe could transform the dynamics of the international climate change battle.
Chinese Premier Li Keqiang arrives Wednesday in Ottawa to begin a four-day Canadian visit, including bilateral meetings with Prime Minister Justin Trudeau…………………………………….Full Article: Source

China cap-and-trade market gives carbon pricing opponents ‘nowhere to hide’: UN

Posted on 21 September 2016 by VRS  |  Email |Print

As Canada’s provincial, territorial and federal leaders grapple over carbon pricing policy, China is moving ahead with a cap-and-trade market that some believe could transform the dynamics of the international climate change battle. Chinese Premier Li Keqiang arrives Wednesday in Ottawa to begin a four-day Canadian visit, including bilateral meetings with Prime Minister Justin Trudeau.
The Prime Minister’s Office will only say that environment and climate change are on the table for discussion, and a spokeswoman for Environment Minister Catherine McKenna said Canada “commends China’s plans” to launch a national cap-and-trade market by July 2017………………………………………Full Article: Source

Trump threat looms over New York climate week

Posted on 21 September 2016 by VRS  |  Email |Print

Amid bullish clean energy predictions and packed climate policy events, fears are growing over the impacts of a potential Donald Trump presidency. Bar the most colourful expletives, there are two words you’re unlikely to hear at Climate Week in New York: Donald Trump.
Inside the sophisticated cool of the New York Times building off 8th Avenue, business leaders and politicians addressing the CWNYC launch party oozed determination and optimism………………………………………Full Article: Source

More companies put price on their carbon emissions

Posted on 20 September 2016 by VRS  |  Email |Print

Walt Disney and Goldman Sachs are among more than 1,200 companies preparing for a future in which governments make businesses pay for their carbon pollution to help stop climate change, new figures show.
According to a report by CDP, an organisation that collects company environmental data on behalf of investors, some 1,249 businesses — 23 per cent more than last year — now have an internal carbon price or plan to adopt one soon………………………………………..Full Article: Source

EU ’stands ready’ fast-track Paris Agreement ratification

Posted on 20 September 2016 by VRS  |  Email |Print

Fast-track ratification, which could see the EU approve the climate deal within a month, will need the backing of all 28 national environment ministers. The EU is looking to fast-track the ratification process for the Paris Agreement, in a move which could see the trading bloc formally approve the treaty in a matter of weeks.
Speaking on Friday after an informal summit of leaders in Bratislava, French President Francois Hollande said the EU is preparing to ratify the accord “as soon as possible”………………………………………..Full Article: Source

For China’s Polluted Megacities, A Focus on Slashing Emissions

Posted on 16 September 2016 by VRS  |  Email |Print

The booming industrial center of Shenzhen is a showcase for Chinese efforts to cut CO2 emissions and make the nation’s burgeoning cities more livable. But it remains to be seen whether China’s runaway industrial development can give way to a low-carbon future.
The northeastern fringes of Shenzhen — a fishing village that has been rapidly transformed into a global port city of at least 11 million people — are a patchwork of drab factories spewing smoke, and multi-lane highways packed with container trucks. The area epitomizes the severe pollution and runaway urbanization that have dogged southern Guangdong province since China’s ruling Communist Party began to embrace capitalism in the 1980s………………………………………..Full Article: Source

Time for Canada to install a federal floor under lagging carbon prices

Posted on 16 September 2016 by VRS  |  Email |Print

With our major trading partners, the United States and China, having recently ratified the Paris climate agreement, there is mounting pressure on Canada to come up with a plan to meet its emissions reduction targets. It’s time for Ottawa to take action and put in place a floor price on carbon nationwide.
If the goal is to reduce Canada’s carbon emissions in a way that causes the least amount of economic damage, a uniform price on carbon that applies across the entire country is the best option. A national carbon price has many advantages: It eliminates unproductive jockeying between provinces to attract business and doesn’t push firms across borders solely because of carbon price differentials………………………………………..Full Article: Source

World Bank Tries to Revive Projects for Reducing Methane Emissions

Posted on 15 September 2016 by VRS  |  Email |Print

The World Bank has a novel plan to jump-start projects aimed at cutting emissions of methane and other greenhouse gases: It is auctioning off financial contracts that give investors the right to sell a certain amount of emission reductions—known as carbon credits—to the bank at a fixed price over the next four years.
The bank has conducted two auctions focused on methane emissions already and is reviewing plans for a third auction focused on nitrous-oxide emissions. By offering investors certainty in an especially volatile market, the World Bank says it is hoping to revive some of the hundreds of methane-emissions projects in the developing world that have been idled or abandoned following a sharp drop in the price of carbon credits………………………………………..Full Article: Source

Revisiting Global Emissions Accounting

Posted on 15 September 2016 by VRS  |  Email |Print

As COP 22 approaches and negotiators face the task of implementing the Paris Agreement, they will be required to interpret, expand on and operationalize the various Articles of the Paris text. One such piece is Article 6, which offers a framework that can support the establishment of a global carbon market. But the rules of that market may be very different to ones that have preceded it.
The design of the Kyoto Protocol resulted in a particular emissions accounting architecture that is a mixture of allowance allocation against a cap, combined with a provision for project based credits originating outside the cap (supplied by developing countries in the case of the Kyoto Protocol, i.e. non-Annex 1)………………………………………..Full Article: Source

EU May Keep Own Aviation Emissions Rules to Meet Targets

Posted on 14 September 2016 by VRS  |  Email |Print

The European Union wants its own measures to reduce airline pollution from 2018 to 2020 ahead of when a proposed global deal is due to come into force and may extend its own system if it sees fit, European officials said.
Some EU lawmakers argue the global accord falls short of EU ambitions to cut back greenhouse gases and does not justify extending an exemption for flights from the EU’s own aviation emissions trading scheme beyond 2016. Aviation was excluded from December’s climate accord in Paris when countries agreed to limit the global average rise in temperatures to “well below” 2 degrees Celsius (3.6 degrees Fahrenheit) above pre-industrial levels………………………………………..Full Article: Source

China, S. Korea seek to cut emissions in daily life

Posted on 13 September 2016 by VRS  |  Email |Print

Government officials, experts and representatives from non-governmental organizations (NGOs) from China and South Korea gathered in Beijing on Sept. 10 to share their views and experiences in cutting carbon dioxide emissions in people’s daily lives.
“It is a trend that emissions arising from investment-driven development will see a gradual drop, while consumption-based emissions will keep growing,” said He Jiankun, vice chairman of National Experts Panel on Climate Change and director of Institute of Low Carbon Economy of Tsinghua University………………………………………..Full Article: Source

UK must move now on carbon capture to save consumers billions, says report

Posted on 13 September 2016 by VRS  |  Email |Print

The UK must immediately kickstart an industry to capture and bury carbon emissions in order to save consumers billions a year from the cost of meeting climate change targets, according to a high-level advisory group appointed by ministers.
This requires the setting up of a new state-backed company to create the network needed to pipe the emissions into exhausted oil and gas fields under the North Sea, the group said. With this government backing, carbon capture and storage (CCS) could deliver clean electricity at a lower cost than an expanded Hinkley Point nuclear power station and almost all renewables, the group’s report states………………………………………..Full Article: Source

Domestic firms step up efforts to cut emissions

Posted on 12 September 2016 by VRS  |  Email |Print

Domestic energy-consuming companies will get the chance to improve their core competitiveness and sustainable development ability, but still face many challenges after China and the US ratified the Paris climate deal, experts said Sunday.
China and the US, the world’s two largest emitters of greenhouse gases, ratified the Paris Agreement to address global warming the day before the opening of this year’s Hangzhou G20 summit, which was held during September 4 to 5, in East China’s Zhejiang Province………………………………………..Full Article: Source

Carbon Capture Seen Competitive With Offshore Wind in U.K.

Posted on 12 September 2016 by VRS  |  Email |Print

The U.K. could build facilities to capture and bury carbon pollution under the sea at a similar price to offshore wind farms and nuclear plants, a government adviser will say Monday, setting out options for tackling climate change.
Carbon capture and storage could be deployed at a cost of 85 pounds ($113) a megawatt-hour in the early 2020s if ministers introduce policies to back the nascent technology, according to a report by Lord Ernest Ronald Oxburgh, former Chairman of Shell Transport & Trading Co………………………………………..Full Article: Source

Is a global consensus starting to build around carbon market mechanisms?

Posted on 09 September 2016 by VRS  |  Email |Print

UNFCCC meetings in Asia Pacific region and developing countries have recently explored new market approaches towards tackling emissions. Tackling climate change is perhaps too often seen by the public as a job for governments, but in recent years it has often been businesses, cities, and public organisations that have been leading the way with their decarbonisation efforts.
As the window for keeping global temperatures rises within 1.5C - or even well below 2C - gets ever narrower, it is increasingly necessary for action to come from a broader range of areas, including cities, public bodies, the private sector and even individuals………………………………………..Full Article: Source

California Fights to Save Market Plan to Cut Carbon Emissions

Posted on 09 September 2016 by VRS  |  Email |Print

In 2012, when California began its cap-and-trade program, it was hailed as a model for the rest of the world. While Congress had failed to pass a similar system two years earlier, California was going to demonstrate how a large, industrialized economy could cut greenhouse gases while also raising billions of dollars for clean energy projects.
The idea was fairly straightforward: By forcing oil refiners, power plants, and factories to buy permits to emit greenhouse gases and then gradually shrinking the supply of those permits, the state could steadily raise the cost of carbon dioxide pollution and compel businesses to lower their carbon footprint………………………………………..Full Article: Source

Air pollution deaths cost global economy $5tn annually

Posted on 09 September 2016 by VRS  |  Email |Print

Premature deaths due to air pollution are costing the global economy $5.1tn annually, or roughly twice the economic output of the UK, with more than half of that burden falling on China and other developing economies in Asia, according to a study.
The estimates released on Thursday by the World Bank for the first time put a “welfare cost” on the toll from both indoor and outdoor air pollution and highlight how it has soared over the past quarter of a century, as developing economies such as China have rapidly industrialised and become more urban………………………………………..Full Article: Source

US carbon permits price falls as shale gas replaces coal

Posted on 08 September 2016 by VRS  |  Email |Print

Tepid interest in market reflects legal uncertainty and effect of shale boom on electricity sector. The price of carbon dioxide in fledgling US emissions markets has been softening even as officials try to encourage investment in projects that spew fewer heat-trapping gases.
Futures contracts on carbon credits in the US north-east were this week trading for $4.64 per short ton on the ICE Futures US exchange, down from a peak above $8 in January. An auction for allowances scheduled Wednesday was also expected to draw bids in the $4 range, brokers said………………………………………..Full Article: Source

MEPs want shipping included in 2030 emissions target through ETS ‘climate fund’

Posted on 08 September 2016 by VRS  |  Email |Print

A proposal to include emissions from shipping in the EU’s 2030 emissions reduction target through the EU emissions trading system (ETS) has gained cross-party support among MEPs.
The amendment calls for shipowners to buy ETS allowances from 2021 onwards or pay an equivalent amount into a new climate fund that minimises administrative burden by buying allowances collectively on their behalf………………………………………..Full Article: Source

Evaluating China’s low-carbon cities

Posted on 07 September 2016 by VRS  |  Email |Print

China was responsible for 25 per cent of global carbon dioxide emissions in 2012. According to World Bank research, cities consume more than 65 per cent of global energy and emit some 70 per cent of greenhouse gases. Transforming cities into ‘low-carbon cities’ will therefore be an important policy tool in mitigating climate change.
In early 2008, the Ministry of Construction of China and the World Wide Fund for Nature introduced ‘Low-Carbon City’ pilot schemes in Shanghai and Baoding in Hebei province. In 2010, such schemes were formally endorsed by the National Development and Reform Commission (NDRC)………………………………………..Full Article: Source

Being a Climate Change Adviser

Posted on 07 September 2016 by VRS  |  Email |Print

Shell is often cited in climate change discussions, sometimes disparagingly simply because it is an oil and gas company, but increasingly as a company that has recognised that major changes in both the provision and use of energy across the globe will be needed to both meet demand and significantly reduce greenhouse gas emissions.
Following from the Paris Agreement, it is hard to see how this won’t be the case. The leadership in Shell regarding climate change has always come from the top. The first major steps were taken in the period 1997 to 2001 when the foundations for change were established by former Chairman Sir Mark Moody-Stuart………………………………………..Full Article: Source

How California is channelling carbon market revenues into green vehicles, clean air, and methane reductions

Posted on 06 September 2016 by VRS  |  Email |Print

Last-minute deal breaks political stalemate to deliver $900m to programmes to cut greenhouse gases. The EU’s carbon market may be spluttering, with carbon plummeting to its lowest price in more than three years on Friday, but elsewhere in the world there are signs carbon trading systems are finally demonstrating a degree of maturity.
In the US last week years of fraught negotiations came to an end with an agreement by the Californian state legislature to spend $900m of revenues from the state’s carbon-trading programme on a host of policies to support its ambitious climate change programme………………………………………..Full Article: Source

Climate Change Authority’s plan is ‘a dog’s breakfast’, say dissenting members

Posted on 05 September 2016 by VRS  |  Email |Print

Climate scientist and economist publish minority report calling for full emissions trading scheme and closure of brown-coal-fired power plants. The Climate Change Authority’s latest report is a “recipe for further delay” on climate change, contravenes the authority’s legal obligations and recommends “a dog’s breakfast” of policies, say two key members in a dissenting minority report.
Climate scientist David Karoly and economist Clive Hamilton said they could not “in good conscience” put their name to the majority report, which they said privileged “political feasibility” over environmental effectiveness and economic efficiency………………………………………..Full Article: Source

A ‘fourth way’ in cutting carbon emissions

Posted on 05 September 2016 by VRS  |  Email |Print

Just as they say, there’s more than one way to skin a cat, so there are a lot of ways to reduce greenhouse gas emissions and “decarbonise” the economy. We’ve tried three ways so far, and now we may try a fourth.
The Rudd government tried to introduce an emissions trading scheme in 2009, but it was blocked in the Senate when the Greens joined the Tony Abbott-led opposition in voting it down………………………………………..Full Article: Source

G20 states must take harder carbon line, say NGOs

Posted on 02 September 2016 by VRS  |  Email |Print

G20 states must work harder to ensure a swifter transition to a low carbon economy, NGOs urged Wednesday (31 August), notably deploring continued EU finance for fossil fuel-powered projects.
Major powers should revise upwards by a factor of six greenhouse gas reduction targets by 2030 to meet their commitments of limiting temperature rises to two Celsius under last year’s Paris Accord on climate change, Climate Transparency said………………………………………..Full Article: Source

China to establish green financing mechanism

Posted on 02 September 2016 by VRS  |  Email |Print

China will establish a green financing mechanism to facilitate the economy’s transition to sustainable growth, becoming the first country worldwide to make such a move. The decision aims to encourage more private capital into green sectors and stem investment that might pollute the environment, according to the guidelines released Wednesday by the People’s Bank of China (PBOC) and six other central authorities.
“Green growth is now part of China’s development strategy and the demands for green financing keep growing as China enters a critical period for economic restructuring,” Chen Yulu, PBOC deputy governor said………………………………………..Full Article: Source

China vows to push forward green financial system

Posted on 01 September 2016 by VRS  |  Email |Print

China says it would push for the establishment of its green financial system through a series of innovative financial arrangement. As one example of this, the vice governor of China’s Central Bank says a national market for carbon products will be launched in 2017.
“It is necessary to lower the cost of investment and financing to improve the revenue of green projects through Finance Discount, Guaranteed Re-lending and the Public-Private Partnership,” said Chen Yulu, Vice Governor, People’s Bank of China………………………………………..Full Article: Source

Mexico Strikes First International Climate Deal Since Paris

Posted on 01 September 2016 by VRS  |  Email |Print

Mexico and the Canadian provinces of Ontario and Quebec have agreed to work together on developing carbon markets to curb greenhouse gases, marking the first international climate deal since United Nations envoys struck a pact in Paris last year.
The agreement to collaborate on pricing carbon builds on existing regional efforts to curb global warming, such as the Western Climate Initiative that includes California and Quebec, Ontario said in an e-mailed statement. Mexico is planning to pilot a carbon market later this year………………………………………..Full Article: Source

Seven steps to smarter carbon policy

Posted on 31 August 2016 by VRS  |  Email |Print

As the Australian Parliament reconvenes, it’s timely to reassess the scope for Australia to establish a clear, enduring path to efficiently meet its current and future carbon targets. This week, the Energy Networks Association (ENA) released a final report by Jacobs analysing alternate options for carbon policy in Australia.
The analysis has informed ENA’s publication, Enabling Australia’s Cleaner Energy Transition, which proposes seven steps to smarter carbon policy. The Jacobs analysis evaluated three different policy settings for achieving the current Australian abatement target (26 to 28% below 2005 levels by 2030)………………………………………Full Article: Source

To Stop Climate Change, Don’t Just Cut Carbon

Posted on 30 August 2016 by VRS  |  Email |Print

This year’s Democratic platform has the fingerprints of progressive movements all over it. A $15 minimum wage, a pathway to cannabis legalization, improvements to Social Security, police accountability, and financial reforms — including a tax on speculation — all make an appearance.
The platform also highlights the critical link between climate and the economy. In particular, it argues that “carbon dioxide, methane, and other greenhouse gases should be priced to reflect their negative externalities.”……………………………………….Full Article: Source

G20: Seven steps to sustained economic growth

Posted on 30 August 2016 by VRS  |  Email |Print

The International Chamber of Commerce has put forward a set of business recommendations to help leaders of the world’s major economies prepare for discussions on the world’s most pressing economic policy challenges at next month’s G20 Summit taking place Hangzhou, China.
From climate change and energy to taxation and trade, the recommendations cover seven areas not covered by the 20 principle 2016 policy recommendations developed by the Business -20 (B20), and to which ICC significantly contributed and fully endorses………………………………………..Full Article: Source

California Assembly Approves Bill to Sharply Reduce GHG Emissions

Posted on 29 August 2016 by VRS  |  Email |Print

California’s lower house on Tuesday passed a bill to reduce the state’s greenhouse gas emissions to 40% below 1990 levels by 2030. The State Assembly approved the measure on a 49-30 vote, largely along party lines. Two Democrats opposed the bill, with five abstaining, while just one Republican voted in favor. The bill now advances to the State Senate, where it is expected to pass before being signed into law by Gov. Jerry Brown.
The bill would build on the California Global Warming Solutions Act of 2006, the landmark legislation that required the state to reduce its emission to 1990 levels by 2020. It also codifies an executive order issued last year by Brown, making it more difficult for a future governor to roll back efforts to reduce the state’s emissions………………………………………..Full Article: Source

Wynne heads to Mexico to promote trade and cap-and-trade

Posted on 29 August 2016 by VRS  |  Email |Print

With all the Trump-fuelled talk of trade protectionism in the U.S. presidential election, Premier Kathleen Wynne is headed to Mexico to remind officials there that Ontario is wide open for business.
Wynne flies to Mexico City on Monday for meetings with Mexican political leaders, manufacturers, exporters, and potential investors. “Mexico is our fourth-largest trading partner — $27 billion goes back and forth (annually) so it’s really important that we have that relationship,” the premier told the Star………………………………………..Full Article: Source

Government urged to tear up surplus carbon credits, not use them to meet target

Posted on 26 August 2016 by VRS  |  Email |Print

The Government has been urged to “tear up” its surplus carbon credits instead of using them to meet climate targets. The nearly 86 million surplus credits were described as “laundered” by the Parliamentary Commissioner for the Environment in a recent report.
Co-leader of the Green Party James Shaw said using the surplus credits was like “trying to have two meals for the price of one”. Green Party Co-leader James Shaw has said using the surplus carbon credits was like eating two meals while paying for one………………………………………..Full Article: Source

Could the G-20 Become Coherent on Climate?

Posted on 26 August 2016 by VRS  |  Email |Print

The G-20—a forum of 20 of the world’s largest economies—has a record of ambivalence on the topic of climate change. One case in point is the disconnect between the group’s efforts to address climate risks and its efforts to reduce the shortfall in global infrastructure investment.
On one hand, the G-20 is aware that investing in projects that are high-carbon or vulnerable to the physical effects of rising temperatures carries risks that could have a destabilizing influence on the global economy. On the other hand, the G-20 is seeking to narrow the infrastructure gap in the absence of a guiding principle that infrastructure investments must be climate-compatible………………………………………..Full Article: Source

U.S. and China Prepare for Climate Negotiation

Posted on 25 August 2016 by VRS  |  Email |Print

White House senior adviser Brian Deese is in Beijing this week laying the groundwork for President Obama’s visit to China next month. Deese’s agenda includes meetings with Executive Vice Premier Zhang Gaoli and Xie Zhenhua, special representative for climate change, according to the White House.
The discussions will center on key international environmental agreements, namely the details of implementing the Paris Agreement to curb global greenhouse gas emissions, as well as developing a market to cut emissions from air travel……………………………………….Full Article: Source

Expanding the volume of global carbon markets

Posted on 24 August 2016 by VRS  |  Email |Print

Grenatec principal Stewart Taggart highlights ways to make carbon markets more economically viable, and harness their power to mitigate climate change. Raising carbon prices, eliminating fossil fuel subsidies, reducing carbon pollution-related health care costs. These will transform reducing climate change into a global wealth creation engine.
The most important of the three is eliminating the current $5.3 trillion of annual world fossil fuel subsidies. The Group of Seven has pledged to do this for the world’s largest economies by 2025. The rest of the world can follow. Everyone will gain………………………………………..Full Article: Source

China refiners, petrochemical companies to propose CO2 benchmarking plan

Posted on 24 August 2016 by VRS  |  Email |Print

China’s oil refining, petrochemical and chemical companies will propose a plan to benchmark their carbon dioxide (CO2) emissions as the first step toward setting up an emissions market for the sector, the group’s industry association said on Tuesday.
The China Petroleum and Chemical Industry Federation (CPCIF), China’s oil industry lobbying group, plans to make a proposal by September on how to set benchmarks for the CO2 produced while manufacturing products ranging from diesel fuel to benzene, it said in its China Chemical Industry News newsletter………………………………………..Full Article: Source

China turns to free market in carbon trading to tame smog from fossil-fuel pollution

Posted on 23 August 2016 by VRS  |  Email |Print

There are at least three good reasons why China is likely to succeed in starting the world’s biggest carbon-trading market when its efforts to limit pollution kick in next year.
The government wants to put a cost on emissions of toxic smog to control pollution in industrial cities, starting with Beijing. The market may trade as much as 408 billion yuan (US$61 billion) of certificates a year, a step toward making the economy more transparent to outsiders. And it’s good public relations, showing China is serious about climate change………………………………………..Full Article: Source

Theresa May can reduce carbon emissions or protect British jobs – not both

Posted on 23 August 2016 by VRS  |  Email |Print

The “proper industrial strategy” being advocated by Theresa May faces some immediate tests. The first is climate change: carbon reduction destroys jobs and a “proper industrial strategy” will have to choose jobs over carbon reduction.
The second is the exchange rate, which has been ignored for decades, even though an over-valued currency can wipe out all the efforts of our companies to reduce prices by improving their productivity. In her Birmingham speech Mrs May said she wanted an energy policy that “emphasises the reliability of supply and lower costs for users”, and she voiced her commitment to greater prosperity in which everyone shares………………………………………..Full Article: Source

Analysts slash EU carbon price forecasts following Brexit

Posted on 22 August 2016 by VRS  |  Email |Print

Analysts have slashed their price forecasts for European carbon prices after Britain’s decision to leave the European Union raised questions about the future of the European Emission Trading System (ETS), a Reuters poll showed on Friday.
Analysts have cut their forecasts by 9-18 percent and now expect prices to average 5.46 euros per tonne in 2016, 5.59 euros per tonne in 2017 and 6.02 euros per tonne in 2018 for EU Allowance (EUA) futures, the poll of eight analysts showed. In April, analysts had forecast prices of 6.02, 6.78 and 7.10 euros per tonne. Benchmark European carbon prices have fallen almost 20 percent to around 4.70 euros since Britain voted to leave the EU on June 23 amid fears the country could exit the scheme………………………………………..Full Article: Source

Ending gas flaring more important than carbon trading

Posted on 22 August 2016 by VRS  |  Email |Print

Oil companies have the responsibility to end gas flaring in Nigeria rather than seek to make money through carbon trading on gas flare out projects, a report has said. The report, ‘Up in Smoke: Gas Flaring, Communities and Carbon Trading in Nigeria,’ prepared by Social Action and released in Abuja on Tuesday, said all oil fields that continue to flare associated gas should be shut down to encourage development of associated gas-gathering infrastructure.
Carbon trading is a mechanism through which entities and organisations in the West buy carbon credits from entities in developing countries involved in remission of greenhouse gasses in order to meet their own requirement………………………………………..Full Article: Source

Brexit Concerns Prompt Cut in BNEF’s Outlook for Carbon Prices

Posted on 19 August 2016 by VRS  |  Email |Print

Uncertainty over Britain’s future participation in the European Union carbon market led Bloomberg New Energy Finance to cut its outlook for pollution prices by 14 percent following the decision by U.K. voters to leave the EU.
BNEF analysts forecast on Wednesday that allowances to discharge carbon dioxide in the EU will cost 5.90 euros a metric ton on average in 2016-2019, compared with the previous forecast of 6.90 euros in February, four months before the U.K. referendum won by supporters of Brexit. Britain is the 28-nation bloc’s third-biggest emitter………………………………………..Full Article: Source

China’s Carbon Markets: How Beijing Is Leading With Cap-and-Trade

Posted on 19 August 2016 by VRS  |  Email |Print

China was deathly hot and fevered with excitement about the Olympics, which it was about to host. I was there for a celebration of another sort: the ceremonial signing of an agreement I had helped negotiate to create the Tianjin Climate Exchange (TCX), the first of China’s seven pilot carbon markets.
At the time, it was a landmark in the integration of environmental and economic imperatives. TCX would explore how to use a cap-and-trade system and carbon pricing to encourage the reduction of greenhouse gas emissions………………………………………..Full Article: Source

Norwegian oil firms plan carbon emissions cut in decade to 2030

Posted on 18 August 2016 by VRS  |  Email |Print

Norwegian oil and gas companies plan to cut greenhouse gas emissions by 2.5 million tonnes in the decade to 2030 as part of efforts to rein in global warming, the Norwegian Oil and Gas Association said on Wednesday.
Statoil said it would account for 2 million tonnes of the total cuts planned for the Norwegian continental shelf. The goals could be achieved by measures including more efficient technology, electrification of offshore platforms, carbon capture and storage, the Association said in a statement………………………………………..Full Article: Source

Can carbon trading break the Caribbean free of fossil fuels?

Posted on 18 August 2016 by VRS  |  Email |Print

To the tourists who support most of their economies, the sunny and wind-swept cluster of 15 island nations that constitute the Caribbean Community — often referred to as CARICOM — might seem like a renewable energy paradise, but the opposite is closer to the truth. This year, island governments and business groups have begun to explore carbon emissions trading and other ways to reduce the heavy and costly burdens of the region’s fossil fuel reliance.
“It’s an idea that’s in its infancy, but it’s exciting,” explained Hugh Sealy, a lead negotiator for small island nations in international climate talks and U.N.-appointed consultant to island states looking for ways to develop and use market-based trading mechanisms that nations approved in Paris late last year………………………………………..Full Article: Source

Mexico to launch carbon cap-and-trade market pilot

Posted on 17 August 2016 by VRS  |  Email |Print

Mexico reportedly set to launch 12-month pilot ETS for up to 60 companies in November ahead of full scheme in 2018. Mexico is preparing to launch a 12-month pilot cap and trade scheme in November ahead of an expected full rollout of a national carbon market in 2018, according to media reports.
Up to 60 major power generating companies will be allowed to voluntarily participate in the pilot scheme, according to Reuters reports. The scheme, which will be overseen by independent platform MEXICO2, will set a cap on greenhouse gas emissions and enable firms to trade any excess carbon allowances between them………………………………………..Full Article: Source

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