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New EU proposal suggests Jan. 1, 2019 start for carbon market reform

Posted on 28 April 2015 by VRS  |  Email |Print

A new proposal from Latvia, holder of the EU presidency, puts forward a date of Jan. 1, 2019 to start reforms of the Emissions Trading System (ETS), according to EU sources, as part of efforts to seal a compromise deal.
The latest proposal says a Market Stability Reserve, to hold surplus carbon allowances, should be set up in 2018 and start operating from Jan. 1, 2019, two years earlier than the European Commission’s original proposal. It also says unallocated allowances, surplus because of factory closures, should be transferred to the reserve in 2020. The EU sources, speaking on condition of anonymity, said the date was circulated in a proposal from the Latvian presidency on Friday………………………………………..Full Article: Source

Greens reveal post-2020 emissions targets

Posted on 28 April 2015 by VRS  |  Email |Print

The Australian Greens want the nation to slash carbon emissions by up to 50 per cent by 2025 and be carbon neutral in 25 years. The party laid out its post-2020 emissions reduction targets on Monday ahead of this year’s United Nations climate change summit, where it is hoped a global agreement can be reached.
The targets are more ambitious than those proposed by the government’s independent climate body, the Climate Change Authority, which wants a 30 per cent cut on 2000 levels by 2025. That target raised government eyebrows, with Environment Minister Greg Hunt’s office labelling the recommendation the “largest reduction in emissions intensity in the world”………………………………………..Full Article: Source

Labour Party threat to UK’s carbon price support emerges

Posted on 28 April 2015 by VRS  |  Email |Print

The UK’s Labour Party is the most likely major political party to banish the country’s controversial carbon tax on power generators if its wins the forthcoming general election on 7 May, according to a leading UK energy policy expert.
Wholesale power prices for affected delivery periods jumped when the policy was announced. Consequently its repeal would see an immediate tanking of the market as power generation costs for fossil-fuelled producers plummeted. The carbon price floor (CPF), which puts in place a set penalty for carbon emissions from power producers, was introduced by the government to boost investment in low-carbon power generation such as renewables and nuclear………………………………………..Full Article: Source

Asia’s environment: In need of a green revolution

Posted on 24 April 2015 by VRS  |  Email |Print

The Asian economic miracle has lifted millions out of poverty, but at terrible cost. Deforestation and foul water are just two of the insults to nature resulting from breathless expansion. Air pollution in Beijing has been described by the American embassy as “crazy bad”. Asia is one of the biggest contributors to global warming.
Many blame economic growth, and the market forces and corporations that drive it, for this. So it is refreshing to see a clear-headed argument set out by Mark Clifford, a former editor-in-chief of the South China Morning Post, that markets and greenery can go together. Asian companies, he says, are ready to clean up…………………………………..Full Article: Source

Direct Action four times more efficient than ALP’s carbon tax

Posted on 24 April 2015 by VRS  |  Email |Print

Environment Minister Greg Hunt may just have won the next election for the Coalition. He is going to cut Australia’s carbon emissions four times more than Labor did with its carbon tax at 1 per cent of the price per tonne of emissions cut under the carbon tax. He is now publicly confident Australia will “breeze past” its 2020 target of cutting emissions by 5 per cent on 2000 levels.
This target is more ambitious than it looks. It involves a 13 per cent cut on 2005 levels and, given Australia’s rate of population growth — almost unique among developed nations — it’s a very respectable performance…………………………………..Full Article: Source

Authority calls for emissions cuts, but plays down the opportunities

Posted on 23 April 2015 by VRS  |  Email |Print

Australia should cut greenhouse gas emissions by 30% below 2000 levels by 2025, according to a draft recommendation released by the Climate Change Authority today. Australia will need to put a solid emissions target for 2025 on the table for international credibility on climate change. The Authority’s recommendation is justified on principle but will likely be unacceptable to the government.
Meanwhile the Authority gives surprisingly little heed to the opportunities for Australia of a low-emissions economy, instead highlighting international emissions trading. Under the United Nations climate negotiations, all countries are called on to submit an emissions commitment for the period after 2020 in the coming months. The United States, European Union and some other countries have already announced their targets and China has announced the outlines of its contribution……………………………………Full Article: Source

Reduce emissions by 30pc before 2025, says CCA

Posted on 22 April 2015 by VRS  |  Email |Print

The Climate Change Authority has recommended Australia cut greenhouse gas emissions 30 per cent by 2025 – a significant increase on the current commitment of 5 per cent by the end of the decade that would likely hit big emitters such as electricity and aluminium production.
With the federal government yet to make any commitment beyond 2020, Climate Change Authority chairman and former Reserve Bank of Australia governor Bernie Fraser said the Abbott government needed to commit to the targets now or subsequent targets in future decades may be harder to meet…………………………………..Full Article: Source

Canada’s GHG emissions rose in 2013, leaving little room to meet 2020 target

Posted on 22 April 2015 by VRS  |  Email |Print

Canada’s greenhouse-gas emissions rose in 2013, propelled by higher oil and gas production, Environment Canada said in a report to the United Nations that suggests the country has little hope of meeting its international commitments. Ministers in the Conservative government have frequently touted the fact that the production of GHGs has declined since 2005, but that decrease reflects the steep losses during the 2008-09 recession.
The report released Monday shows that Canada’s annual GHG emissions rose by 1.5 per cent in 2013, and were up 4 per cent between 2009 and 2013 to a level nearly 20 per cent above Ottawa’s 2020 target. The country’s production of greenhouse gases rose by 27 megatonnes between 2009 and 2013…………………………………..Full Article: Source

Australia’s Direct Action climate policy challenged by US, China and Brazil at the UN

Posted on 21 April 2015 by VRS  |  Email |Print

Large emitters join other countries in challenging Australia on its emissions reduction target and commitment to renewables. Australia has been been asked to defend the credibility of its Direct Action climate change policy at the UN after several countries submitted questions to the Abbott government querying how the policy would reduce carbon emissions.
The US, China and Brazil – all large emitters – have joined other countries in challenging Australia on its emissions reduction target and commitment to renewables. The questions were submitted to the UN framework convention on climate change. Australia has not yet submitted answers to the questions but is expected to do so by the end of May…………………………………..Full Article: Source

Carbon limits for Ontario

Posted on 21 April 2015 by VRS  |  Email |Print

The Canadian province of Ontario is following its efforts to phase out coal-fired electricity generation by introducing a cap-and-trade system to limit greenhouse gas emissions. The cap-and-trade system will set limits on greenhouse gas emissions allowed in each sector of the province’s economy, allocating quotas to individual companies. The system aims to encourage businesses to improve their energy efficiency by enabling them to sell unused portions of their quota.
The province will join the cap-and-trade system under the Western Climate Initiative, a collaboration of jurisdictions from western US states and Canadian provinces working together to develop and implement emissions trading policies at a regional level. Originally established in 2007 by the governors of the five US states, the initiative’s current membership consists of California, Quebec and British Columbia…………………………………..Full Article: Source

Carbon reserves held by top fossil fuel companies soar

Posted on 20 April 2015 by VRS  |  Email |Print

Top 200 firms including Gazprom, ExxonMobil, BP and Anglo American hold four to five times more fossil fuels in existing reserves than can be safely burned. The carbon locked up in coal, oil and gas reserves owned by the world’s biggest fossil fuel companies has swollen by 10% in the last five years, despite warnings from the World Bank and others that most existing reserves cannot safely be burned.
The top 200 publicly traded coal, oil and gas companies now hold 555 gigatonnes of CO2 in their fuel reserves, boosted by their continuing efforts to find and develop new reserves. That figure alone is close to the total amount the world could ever emit while keeping global warming below the danger limit of 2C……………………………………Full Article: Source

National carbon trading market to launch in China in 2016

Posted on 16 April 2015 by VRS  |  Email |Print

At a forum held in Wuhan in central China’s Hubei province on April 8, China was said to be readying itself to kick off a national carbon trading market in 2016, with insiders estimating it will reach 100 billion yuan (US$16.1 billion) annually, an official in charge at the National Development and Reform Commission (NDRC) stated, according to Guangzhou’s Time Weekly.
The announcement coincided with a statement by the Ministry of Environmental Protection on March 30 on resuming a study on a green GDP to determine the environmental cost for economic development, as a prelude to pushing the development of green industries………………………………………..Full Article: Source

Big business using trade groups to lobby against EU climate policy

Posted on 16 April 2015 by VRS  |  Email |Print

When we embarked on our research into how trade groups are lobbying on EU climate policy, we knew trade associations were likely to be influential. However, we were surprised at just how important they are to companies, and how ferociously opposed some have been to recent progressive European Union climate policies.
These EU policies include attempts to strengthen the EU Emissions Trading Scheme, and targets on energy efficiency and renewable power. The policies and regulations put in place in Brussels matter to businesses. Some companies see the transition to a low-carbon society as a business opportunity, while others see it as a threat to their bottom line………………………………………..Full Article: Source

Circular economy could bring 70 percent cut in carbon emissions by 2030

Posted on 16 April 2015 by VRS  |  Email |Print

Odds are, your mobile phone is less than two years old. Today’s economy is built on a “fast turnover” principle. The faster we replace our gadgets the better – not only our phones, but most items we consume.
This leads to a staggering inefficiency in the way we manage the Earth’s resources, with increased pollution, loss of ecosystems and substantial losses of value with each product disposed. A new study from The Club of Rome, a global thinktank, highlights that moving to a circular economy by using and re-using, rather than using up, would yield multiple benefits………………………………………..Full Article: Source

The provinces get it: Carbon pricing can be simple and efficient

Posted on 15 April 2015 by VRS  |  Email |Print

Globally, some 40 national jurisdictions have implemented, or are scheduled to implement, some form of carbon pricing to combat climate disruption. Carbon pricing unleashes market forces to lower greenhouse gas emissions. Instead of governments picking solutions, the market does.
Markedly absent are Canada and the United States. What to do about recalcitrant national governments? Go around them. Oregon, California, Quebec, British Columbia and Alberta all moved ahead in the absence of national leadership. As more sub-national jurisdictions stitch together complementary carbon markets, the ability to define climate policy is snatched away from national capitals………………………………………..Full Article: Source

Ontario to introduce carbon trading plan to fight climate change

Posted on 14 April 2015 by VRS  |  Email |Print

Ontario will adopt a cap-and-trade system to reduce greenhouse gas emissions, Premier Kathleen Wynne said Monday before she travelled to Quebec to sign a deal with that province. Wynne offered scant details on how the system would work and said specifics will come later.
“It would be irresponsible of us to speculate on exactly what the costs are going to be when we haven’t worked to design the mechanism yet,” she said in Toronto. That will come in the next six months, she added. Her announcement comes seven years after Ontario first signed onto the Western Climate Initiative with Quebec and California………………………………………..Full Article: Source

What is cap and trade?

Posted on 14 April 2015 by VRS  |  Email |Print

Premier Kathleen Wynne has announced that she will sign a deal with Quebec to set up a cap-and-trade system to curb carbon emissions and fight climate change. “The action we take today will help secure a healthier environment, a more competitive economy and a better future for our children and grandchildren,” said Wynne, who is expected to sign a letter of intent in Quebec City on Monday.
The move to join Quebec, which instituted its own cap-and-trade system in 2013, was taken after two months of consultations in the province. The exact details of the plan have not been released yet, but here is what a cap-and-trade system entails………………………………………..Full Article: Source

Poland Sees No Prospect for Early EU Carbon-Market Fix

Posted on 14 April 2015 by VRS  |  Email |Print

Polish climate negotiator Marcin Korolec said he saw no room for European Union governments to agree on an early start of a carbon-market fix in negotiations with the European Parliament.
A potential compromise on a draft law designed to help boost carbon prices could include the transfer of some unused permits into a planned market-stability reserve or into a special fund for industries prone to relocating production abroad, Korolec said in an interview. The reserve considered by EU policy makers would ease a glut of permits that led to a 75 percent drop in the price of emission allowances since 2008………………………………………..Full Article: Source

Canada: Environment minister asks provinces to set better emissions targets

Posted on 13 April 2015 by VRS  |  Email |Print

Although Canada missed the March 31 deadline to announce reduction pledges, Stephen Harper says decision will be made soon. Having missed a March 31 deadline to submit greenhouse gas emissions reduction targets to the United Nations, the Harper government is prodding the provinces to come up with better numbers.
In letters sent to her provincial and territorial counterparts on Friday, and released publicly on Sunday, Environment Minister Leona Aglukkaq urged the provinces to send more information to bolster reduction targets that Ottawa has so far only estimated based on 2014 information………………………………………..Full Article: Source

Heurtel discusses ‘historic’ climate summit

Posted on 13 April 2015 by VRS  |  Email |Print

A throng of 25,000 people marched through Quebec City on Saturday to demand premiers take swift action to fight climate change. Provincial and territorial leaders are planning to meet there on Tuesday to discuss environmental issues, including carbon pricing. It would be the first time premiers have met to discuss climate change.
The Montreal Gazette caught up with Quebec Environment Minister David Heurtel at his Montreal office on Thursday to ask him about his expectations for the summit. The Gazette also spoke with Ed Whittingham, co-chairperson of the Canadian Roundtable on the Green Economy and executive director of the Pembina Institute, a clean energy think tank………………………………………..Full Article: Source

Don’t bet the planet on carbon taxes

Posted on 10 April 2015 by VRS  |  Email |Print

Last month, the Obama administration pledged that, by 2025, the U.S. will cut greenhouse gas emissions 26 to 28 percent from 2005 levels — the same commitment it made in its deal with China last fall. The pledge is both heartening because it keeps the international negotiating process moving, and depressing because, even if we achieve it, it is (according to most scientists) far too little to avert climate catastrophe.
So the question remains: is there any imaginable way that U.S. political action could go further? Or are we betting the planet on a potpourri of rules and regulations may not even be fully implemented? Many economists argue that a tax on carbon is the ultimate climate solution. In this view, the failure of markets to charge appropriate prices for carbon causes everyone to burn too much of it. Let government add a tax — ideally a steadily rising one — and the problem is solved………………………………………..Full Article: Source

London Brokers Handle No UN Carbon Offsets for First Time

Posted on 10 April 2015 by VRS  |  Email |Print

Carbon brokers in London handled no United Nations certified emissions offsets in March, the first time volume in the over-the-counter market fell to zero, according to an industry group.
Buying and selling of Certified Emission Reductions spot and futures contracts slid from 415,000 metric tons in February and 18 million tons a year earlier, according to data Thursday from the London Energy Brokers Association, which started reporting monthly volumes in January 2011. The group’s members include ICAP Plc and BGC Partners. Brokers handled 100 million tons of European Union carbon permits in March, LEBA data show………………………………………..Full Article: Source

Kathleen Wynne’s plan is cap-and-tax in Ontario

Posted on 09 April 2015 by VRS  |  Email |Print

If Premier Kathleen Wynne prices industrial carbon dioxide emissions by setting up a cap-and-trade market in Ontario, it will be a disaster for taxpayers. It will be a bigger disaster than the Liberals’ green energy fiasco.
And that’s saying a lot since former auditor general Jim McCarter said in his 2011 annual report that the Liberals had introduced renewable energy so incompetently, that taxpayers and hydro consumers will be paying billions of dollars more for electricity than they otherwise would have, for decades to come. The Liberals will claim cap-and-trade isn’t a carbon tax. Don’t be fooled………………………………………..Full Article: Source

Major carbon polluters ‘up to three times over limit’

Posted on 08 April 2015 by VRS  |  Email |Print

Some of the country’s biggest carbon polluters arestill failing to rein in their greenhouse gas output as Ireland prepares to back plans to hike the cost of excess emissions. Figures released by the European Commission show almost all of the country’s large carbon emitters — companies emitting more than 10,000 tonnes of damaging carbon per year — exceeded their free allocation of carbon units last year.
Most breached their allocation by between 25%-75% but, in some cases, the amount of carbon emitted was double or even treble the allocation which is intended as a guideline for acceptable emission levels………………………………………..Full Article: Source

How provinces can lead the way on global warming: Cohn

Posted on 08 April 2015 by VRS  |  Email |Print

When it comes to global warming, all politics is local — and glacial. Bogged down by voter ambivalence, Canada remains conflicted on climate change. We all profess our love for the environment, yet precious few of us are prepared to sacrifice for a threat that seems a world away.
Little wonder Stephen Harper pays lip service to lower greenhouse gas emissions but still won’t put a price on carbon. Now, after years of prime ministerial paralysis, time’s up. It’s not just the world, but the provinces that are passing the PM by — with Ontario leading from behind………………………………………..Full Article: Source

Cap-and-trade is really a carbon tax

Posted on 07 April 2015 by VRS  |  Email |Print

In her desperate search for up to $2 billion-a-year more of our money to fund her debt-ridden government, Premier Kathleen Wynne is reportedly going to try and convince us that cap-and-trade isn’t a carbon tax. Don’t be fooled. Cap-and-trade is a carbon tax by another name.
In fact, it’s far more prone to political corruption, insider manipulation and fraud than a carbon tax. That’s why the fraudsters at Enron were among its earliest promoters in North America. Cap-and-trade raises the prices of consumer goods and services, as opposed to a carbon tax which is essentially a sales tax or a tax on consumption………………………………………..Full Article: Source

Terence Corcoran: Canada’s carbon taxapalooza!

Posted on 07 April 2015 by VRS  |  Email |Print

“The provinces and Canada’s Ecofiscal Commission are leading a carbon tax attack on consumers” We hereby declare this to be Carbon Taxapalooza Week. The objective is to acknowledge and deplore the great stampede of provincial governments to tax the hell out of fossil fuels.
Some recent examples: Last week a Quebec tax committee called for a phased-in 5-cent-a-litre increase in gasoline taxes. Alberta didn’t wait for a committee report; its new budget added a 4-cent tax on gasoline starting immediately. Ontario is about to announce plans to join California’s cap-and-trade carbon emissions reduction scheme, essentially a carbon tax on industry. ……………………………………….Full Article: Source

EU carbon market emissions fall most in 5 years on mild weather

Posted on 02 April 2015 by VRS  |  Email |Print

Carbon dioxide emissions in the European Union’s cap-and-trade program, the world’s largest, fell by the most in five years as warmer-than-average weather curbed demand for gas and power. Emissions from companies covered by the program dropped 4.9% in 2014 compared with a 5.8% decrease forecast by analysts in a Bloomberg survey.
The preliminary EU data implies pollution in the emissions trading system fell to 1.816 billion metric tons, the lowest since the bloc’s carbon market started in 2005, according to Bloomberg New Energy Finance. Last year was Europe’s warmest on record, according to MDA Information Systems LLC in Gaithersburg, Maryland, whose data goes back to 1981………………………………………..Full Article: Source

U.S. Submits Climate Pledge in Next Step to UN’s Paris Talks

Posted on 02 April 2015 by VRS  |  Email |Print

As promised, the U.S. turned in its emissions goals, but China and other large countries missed the UN’s suggested deadline. Clap your hands if you believe in Intended Nationally Determined Contributions.
After all, it’s faith in those documents, known as INDCs—detailed country-by-country pledges to reduce climate change—that are supposed to keep alive the glimmering hopes of a universal, binding treaty on climate change that the United Nations wants to conclude in Paris at the end of the year………………………………………..Full Article: Source

German CO2 emissions down in 2014

Posted on 01 April 2015 by VRS  |  Email |Print

Germany’s carbon emissions fell last year - due largely to the milder winter. Experts say that unless action is taken to cut the use of highly polluting brown coal, the country will not reach its 2020 climate targets.
The German government released figures Tuesday (31.03.2015) indicating that carbon dioxide emissions fell in 2014 - putting the country back on track after three years of rising emissions. But politicians admitted that warmer weather was a decisive factor. “Much of the reduction was in 2014 due to the mild winter. But we owe part of the decline to real progress on climate protection,” said Environment Minister Barbara Hendricks………………………………………..Full Article: Source

God save the planet: UK renewables rise to 20%, emissions fall 8% in year

Posted on 01 April 2015 by VRS  |  Email |Print

The past week has been bright for the UK’s renewable energy sector. The UK Department for Energy and Climate Change released energy trends data for 2014, showing that renewables supplied a record 19.2% of all generated electricity, up from 14.9% in 2013. A Bloomberg New Energy Finance Analyst Reaction details how the outcome of the upcoming general election could influence these figures for the future.
Drax Group’s conversion of a second coal power plant to burn wood, has reduced the utility’s exposure to the price of carbon emission permits and boosted the UK’s biomass power generation. Total UK greenhouse gas emissions are estimated to have fallen 8.4% in 2014. This and a surprisingly sharp drop in the country’s electricity consumption in 2014 are examined in a separate note from Bloomberg New Energy Finance………………………………………..Full Article: Source

South Korea’s green initiative meets resistance

Posted on 31 March 2015 by VRS  |  Email |Print

South Korea launched Asia’s first nationwide carbon emissions trading scheme in January. It is part of the government’s efforts to reduce greenhouse gas emissions 30 per cent by 2020.
The creation of the world’s second-largest cap-and-trade system, after the European Union Emissions Trading Scheme, created a lot of excitement around the world. Locally, concerns about the lack of trading and the government’s top-down approach are mounting. Critics question whether the country can possibly meet its ambitious emissions reduction target………………………………………..Full Article: Source

The Carbon Brief Interview: Tim Yeo

Posted on 31 March 2015 by VRS  |  Email |Print

Tim Yeo has been the Conservative MP for South Suffolk since 1983 and is the current chair of the Commons’ Energy and Climate Change (ECC) committee. Yeo served as the minister for environment and countryside from 1992-3. Yeo is standing down as an MP at the general election in May after being deselected by his local party members in 2013.
In his final in-depth interview before stepping down as the chair of the ECC select committee, Yeo discusses… Fracking: “By the late 2030s we won’t need to be fracking in this country, but for the time being, I think it’s better than not doing so.”……………………………………….Full Article: Source

How will energy trading respond to climate change targets?

Posted on 30 March 2015 by VRS  |  Email |Print

As other countries follow Switzerland’s lead in setting targets for greenhouse gas cuts, questions arise as to how industry will respond. swissinfo.ch looks at what these moves globally may mean for the energy trading sector.
Switzerland became the first country last month to announce how it would contribute to a global climate treaty that the United Nations hopes to clinch next December in Paris. It set targets of 50% reductions in carbon dioxide and other warming gases from 1990 levels by 2030, with 30% coming from within the country and 20% achieved by market trading or offsets………………………………………..Full Article: Source

The World Bank’s Carbon Fund: Undermining indigenous rights or saving the planet?

Posted on 30 March 2015 by VRS  |  Email |Print

The World Bank’s emerging Carbon Fund, which provides payments to participating countries that are taking measures to reduce deforestation and carbon emissions, is under scrutiny from civil society leaders and indigenous rights groups, citing its insufficient safeguards to uphold land rights of local and indigenous peoples.
But as industry insiders told Devex, in order to develop a market for carbon that incentivizes the maintenance of forests and achieves results in the face of looming climate change, the World Bank and Carbon Fund donors may need to look beyond a cookie-cutter approach to land rights and remain open to to the political contexts and policies of participating Carbon Fund countries………………………………………..Full Article: Source

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

Posted on 27 March 2015 by VRS  |  Email |Print

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

EU nations back 2021 start date for carbon market reform

Posted on 27 March 2015 by VRS  |  Email |Print

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

EU struggles to agree on date for carbon market reform

Posted on 26 March 2015 by VRS  |  Email |Print

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

EU member states agree 2021 carbon market reform date-sources

Posted on 26 March 2015 by VRS  |  Email |Print

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

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

Posted on 25 March 2015 by VRS  |  Email |Print

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

Impact of China’s Carbon Policies on Buisness

Posted on 25 March 2015 by VRS  |  Email |Print

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

Climate change: Coalition accused of politicising greenhouse gas target

Posted on 24 March 2015 by VRS  |  Email |Print

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

Is Fossil Fuel Divestment A Bad Idea?

Posted on 24 March 2015 by VRS  |  Email |Print

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

RGGI Auction Extends US Carbon Market Winning Streak

Posted on 23 March 2015 by VRS  |  Email |Print

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

5 Ways to Reduce the Drivers of Climate Change

Posted on 23 March 2015 by VRS  |  Email |Print

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

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

Posted on 20 March 2015 by VRS  |  Email |Print

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

Corporate carbon offset buyers dispel greenwashing myths

Posted on 20 March 2015 by VRS  |  Email |Print

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

EU carbon market emissions fell 3.7 percent in 2014: analysts

Posted on 19 March 2015 by VRS  |  Email |Print

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

Finland Cool on Early Start of European Carbon Market Reserve

Posted on 19 March 2015 by VRS  |  Email |Print

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

EU Sets Pace With Ambitious Emissions, Clean Energy Targets

Posted on 18 March 2015 by VRS  |  Email |Print

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

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