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Canada launches world’s largest commercial carbon-capture project

Posted on 02 October 2014 by VRS  |  Email |Print

Canada will launch the world’s first commercial-scale carbon capture and storage project at a coal-fired power plant on Thursday, a closely watched experiment designed to cut 90 percent of the plant’s carbon emissions.
The carbon-capture unit at the Boundary Dam power plant in Estevan, Saskatchewan, will be formally commissioned after a four-year C$1.35 billion ($1.21 billion) retrofit. Governments and industry around the world will be watching to see if the plant’s operator, SaskPower, can turn large-scale carbon capture and storage (CCS) into a commercial success………………………………………..Full Article: Source

Cutting carbon: Cap and trade — the sequel?

Posted on 02 October 2014 by VRS  |  Email |Print

When it comes to cutting carbon, what’s old, it seems, is new again. Exelon Corp. executives are using terms like “cap and trade” and “carbon tax” in describing how they think Illinois should lower its carbon footprint in anticipation of the Environmental Protection Agency’s bid to cut greenhouse gases from power plants.
At its first public presentation to Illinois regulators last week, Exelon Corp.’s remarks were brief. The Chicago-based parent company of Commonwealth Edison presented just three slides that explained how a more than $10-per-ton tax on carbon pollution could aid the company’s financially flailing nuclear plants………………………………………..Full Article: Source

Swiss bank Julius Baer says cooperating in EU carbon market tax fraud probe

Posted on 01 October 2014 by VRS  |  Email |Print

Swiss private bank Julius Baer is cooperating in a French investigation into suspected money laundering and tax fraud by a former client involved in the European carbon allowances market, a spokeswoman said, following French media reports.
News agency AFP said last week the bank is suspected of receiving funds in a Swiss account that were linked to value-added tax (VAT) fraud in the EU Emissions Trading System, and of failing to perform adequate client checks………………………………………..Full Article: Source

Germany issues warrants for two in $171 mln CO2 trading fraud probe

Posted on 01 October 2014 by VRS  |  Email |Print

German authorities on Tuesday sought the arrest of two Pakistani nationals on suspicion of tax evasion of 136 million euros ($171 million) related to the European carbon market, widening a carbon trading probe that has also drawn in Deutsche Bank.
International arrest warrants were issued in late July for Mobeen Iqbal, 32, and Ashraf Muhammad, 35, both of whom are thought to be living in Dubai, the Frankfurt prosecutor’s office said in an emailed statement………………………………………..Full Article: Source

How Much of World’s Greenhouse-Gas Emissions Come From Agriculture?

Posted on 30 September 2014 by VRS  |  Email |Print

Agriculture might seem green by definition, but farming accounts for a lot of greenhouse-gas emissions when the entire food production system is taken into account. Typically, estimates of greenhouse-gas emissions from agriculture are around 11%-15% of global emissions.
Estimates discussed earlier this week at the United Nations Climate Summit put that number closer to 50%. This is an important calculation as climate change issues come to the fore, with record greenhouse-gas emissions and international negotiations to halt that rise………………………………………..Full Article: Source

Beijing says emissions fell during first year of carbon trading

Posted on 30 September 2014 by VRS  |  Email |Print

Carbon dioxide emissions from Beijing’s major polluters fell 4.5 percent in 2013 as a nascent emissions trading scheme cut compliance costs for firms, the Chinese capital’s municipal government said on Monday.
Beijing is one of seven cities and provinces in China that have launched pilot emissions trading schemes ahead of a national market to be launched in the world’s biggest-emitting nation in 2016. The Beijing market began in November, but with caps on CO2 emissions for participating companies backdated to the beginning of the year………………………………………..Full Article: Source

Teething troubles

Posted on 30 September 2014 by VRS  |  Email |Print

China is poised to launch a national carbon trading market – potentially the largest one in the world - but if its seven regional pilot projects are anything to go by, there is still much to be done.
As the world’s leading carbon emitter, China looms large in the climate change debate. So when a senior government official said in September that China plans to roll out a national carbon market in 2016, it raised hopes that the country is stepping up its efforts to rein in emissions. Although a move in the right direction, China’s early experiences with carbon trading show it has a long way to go………………………………………..Full Article: Source

Is the EU’s carbon market safe from fraud?

Posted on 30 September 2014 by VRS  |  Email |Print

Four British men were jailed for their role in a multi-million euro carbon market crime syndicate last week, raising the spectre of security concerns over the future of emissions trading. But could such widespread theft happen again?
The National Crime Agency confirmed on Wednesday that Hanif Patel, 53, Ruman Patel, 32, Mohammed Patel, 52, and Ayyub Ibrahim, 60, were jailed for a total of nearly 19 years for their part in a crime ring that stole 500,000 EU carbon allowances from the Czech emissions registry, which at the time were worth €7m (£5m)………………………………………..Full Article: Source

China Embraces Carbon Pricing and UN Takes a Shine to Plan

Posted on 29 September 2014 by VRS  |  Email |Print

Millions of visitors and residents could hardly miss the message projected on the side of the world famous United Nations building in New York this week: “Put a price on carbon.”
At the UN’s Climate Summit this week a diverse group of global leaders, from World Bank president Jim Yong Kim to California Governor Jerry Brown, spoke of the need for polluters to pay for each ton of carbon they emit. More than 1,000 companies pledged their support for the effort………………………………………..Full Article: Source

South Korea to test carbon trading market ahead of launch

Posted on 29 September 2014 by VRS  |  Email |Print

South Korea’s securities exchange says it will test the country’s new emission trading market next ahead of its planned 2015 launch. The Korean Exchange (KRX), the country’s only securities bourse, landed the rights to manage the platform last year after an agreement with the Ministry of Environment.
Set to become the world’s second largest carbon trading market, the scheme will cap greenhouse gas emissions from over 400 of South Korea’s biggest emitters, mainly power generators and manufacturers. Firms will be given free permits by the government based on their historical emission levels, but must buy more in the market if their emissions exceed allocated levels………………………………………..Full Article: Source

A Clean Climate Must Be a Consumer Commodity

Posted on 26 September 2014 by VRS  |  Email |Print

The United Nations Climate Summit which took place here in New York was, of course, a venue for important scientific releases highlighting the now well-established consensus on both the economic and social severity of inaction on global warming. These statements will bolster thoughtful proposals to move nations to a common ground on a framework for action.
While these efforts are critically needed, they are not enough. Without greater attention to individual consumers, we are likely to continue down the ineffective path where we’ve wandered for decades. Simply put, we need to take a fresh look at how to engage a national movement around the real benefits of a secure climate for humanity………………………………………..Full Article: Source

Progress at the U.N. summit included big steps for carbon pricing

Posted on 26 September 2014 by VRS  |  Email |Print

More than 100 world leaders gathered Tuesday at the United Nations in New York, along with over 800 leaders from business, finance and civil society, to confront the threat of climate change and to embrace the opportunities inherent in addressing it. The Climate Summit had two clear objectives: to reinvigorate the process that will lead to a meaningful universal climate agreement in Paris next year, and to catalyze significant action to cut emissions and reduce risk. The summit delivered.
First, climate change is now higher on the global political agenda than it has ever been. The summit succeeded in focusing the minds of decision makers whose influence will be essential in the run-up to climate negotiations in Lima this year and in Paris in 2015………………………………………..Full Article: Source

EU agrees to €5bn carbon permit giveaway

Posted on 26 September 2014 by VRS  |  Email |Print

The European Parliament’s environment committee on Wednesday (24 September) narrowly upheld plans to give billions of euros worth of carbon allowances to heavy industries for free, in order to help them compete in global markets. The 67-strong cross-party parliamentary committee voted by 34 to 30, with three abstentions, to uphold the proposal.
It was supported by centre-right groups, and opposed by Greens and Liberal members, who said it would waste billions of euros of public funds on needless handouts to big business………………………………………..Full Article: Source

A clean climate must be a consumer commodity

Posted on 25 September 2014 by VRS  |  Email |Print

Without a doubt, this week’s United Nations Climate Summit in New York City is a venue for important scientific releases highlighting the now well-established consensus on the severe consequences of inaction on global warming. These statements will bolster proposals to move nations toward common ground on a framework for action.
While these efforts are critically needed, they are not enough. Without greater attention to individual consumers, we are likely to continue down the ineffective path we’ve wandered for decades. Simply put, we must engage a national movement around the real benefits of a secure climate to each and every person………………………………………..Full Article: Source

Climate summit advances towards Paris deal

Posted on 25 September 2014 by VRS  |  Email |Print

Despite the absence of India and Australia, a majority of prime ministers and presidents did as Mr Ban had asked. They came to New York with pledges of action. The French promised a billion dollars for the Green Climate Fund, a significant amount you might think, but miles from the goal of getting a hundred billion a year by 2020.
Following on from the Rockefeller Brothers Foundation divesting their dosh from fossil fuel, there were further significant announcements from institutional investors. Two of the largest asset managers and pension funds in Europe, have connected with the UN Environment Programme to “substantially reduce the carbon footprint of $100bn of institutional investment worldwide”………………………………………..Full Article: Source

Carbon pricing and politics

Posted on 25 September 2014 by VRS  |  Email |Print

Existing carbon pricing initiatives are too modest in their current climate reduction targets to drive a meaningful transition to low-carbon technologies, report analysts at Thomson Reuters Point Carbon. A total of 73 countries and over 1000 companies signed onto the World Bank’s ‘price on carbon’ statement, presented ahead of the UN climate summit on 23 September, including the world’s largest emitter China.
The governments who signed up to the initiative represent 54% of global greenhouse gas emissions, many having already implemented carbon taxes or emission trading schemes domestically. Without more ambitious carbon reduction targets however, such pricing mechanisms will fall short of achieving their goal of a shift to low-carbon technologies and industries………………………………………..Full Article: Source

Carbon emission data not the whole story

Posted on 25 September 2014 by VRS  |  Email |Print

The release of figures this week that show China’s carbon emissions have outstripped those of the European Union and the United States combined has caught the global eye, but it may also be misleading. The Global Carbon Project (GCP) data is meaningful in the way that it sounds alarms for China to confront its mountainous burden and continue the arduous task of cutting emissions and fighting climate change.
However, it would be hypocritical to use this data to impose more pressure and responsibilities on China, as it is a distorted reflection of the ‘who’ behind the carbon figures. At present, everybody looks to carbon emissions as a key in assessing a country’s responsibility in fighting climate change. It may be high time to revisit the old rules………………………………………..Full Article: Source

World’s biggest investors call for a price on carbon

Posted on 24 September 2014 by VRS  |  Email |Print

As they do preceding each U.N. Climate Summit, many of the world’s largest institutional investors sent a letter calling on world leaders to aggressively act on climate change.
Some 340 global investment managers issued the statement, representing $24 trillion in assets, up from $13 trillion in 2009 before the Copenhagen summit. Signatories include BlackRock, Calvert Investments, BNP Paribas Investment Partners, Standard Bank, CalPERS, PensionDanmark and Deutsche Bank………………………………………..Full Article: Source

U.N. climate summit sets goals to save forests, use clean energy

Posted on 24 September 2014 by VRS  |  Email |Print

A United Nations summit on climate change agreed on Tuesday to widen the use of renewable energy and raise billions of dollars in aid for developing countries in an effort to increase the prospects for a wide-ranging deal to slow global warming.
The one-day summit, hosted by U.N. Secretary-General Ban Ki-moon, set goals to halt losses of tropical forests by 2030, improve food production and hike the share of electric vehicles in cities to 30 percent of new vehicle sales by 2030………………………………………..Full Article: Source

Rise of Carbon Markets Drives Interest In Linking Them, Speakers on Climate Say

Posted on 24 September 2014 by VRS  |  Email |Print

The rise of carbon markets across the world is driving increased interest from companies and governments to link those markets together, representatives from companies and a Harvard University researcher said Sept. 22.
About 40 countries and more than 20 cities, states and provinces have carbon pricing policies or plan to launch them. Together, these carbon pricing instruments cover about 12 percent of annual global greenhouse gas emissions………………………………………..Full Article: Source

World Bank leads carbon pricing push before UN Climate Summit

Posted on 23 September 2014 by VRS  |  Email |Print

The World Bank said Monday that 73 national and 11 regional governments and some 1,000 companies will join forces to push for policies setting a price on carbon emissions to encourage a shift to cleaner energy technologies.
The announcement aims to build momentum for a high-profile UN summit on climate change on Tuesday that Secretary General Ban Ki-moon hopes will mobilize governments and the private sector to make “bold commitments” to address climate change. The World Bank and United Nations have been strong advocates for policies that shift the responsibility to polluters to pay for carbon emissions………………………………………..Full Article: Source

We’re at a tipping point over climate

Posted on 23 September 2014 by VRS  |  Email |Print

Across the globe, political and economic leaders have come under increasing pressure to live up to their words on climate change. And, on the eve of the U.N. Climate Summit taking place in New York, it seems we might even be at a tipping point in the global battle against climate change.
After all, new technology is revealing the impact of our daily consumption on the climate, and influential leaders in the public, private and nonprofit sectors are finding common ground, coming up with innovative solutions to address the most egregious drivers of climate change. But if the world is truly serious about changing the path we are on, it would do well to recognize an area where dramatic advances are already within reach — on deforestation………………………………………..Full Article: Source

Climate Change Is Single Biggest Risk To Global Economy - Paulson

Posted on 23 September 2014 by VRS  |  Email |Print

Few were more tightly involved with managing the financial crisis than Henry Paulson, Treasury Secretary during President George W. Bush’s administration. Speaking Monday, he said the stresses that nearly brought down the U.S. financial sector are now playing out in climate.
Paulson made parallels between the 2008 financial crisis and today’s climate crisis. The build-up of greenhouse gas emissions mirrors the debt excesses of 2008. And flawed U.S. government policies, encouraging the overuse of carbon-based fuels are much like the banking incentives, which encouraged borrowing to finance homes. ……………………………………….Full Article: Source

Merkel’s Taste for Coal Poised to Upset $130 Billion Green Drive

Posted on 22 September 2014 by VRS  |  Email |Print

When Germany kicked off its journey toward a system harnessing energy from wind and sun back in 2000, the goal was to protect the environment and build out climate-friendly power generation.
More than a decade later, Europe’s biggest economy is on course to miss its 2020 climate targets and greenhouse-gas emissions from power plants are virtually unchanged. Germany used coal, the dirtiest fuel, to generate 45 percent of its power last year, the highest level since 2007, as Chancellor Angela Merkel is phasing out nuclear in the wake of the Fukushima atomic accident in Japan three years ago………………………………………..Full Article: Source

Big Oil’s heirs join call for action as climate summit opens

Posted on 22 September 2014 by VRS  |  Email |Print

For 140 years, the Rockefellers were the oil industry’s first family, scions of a business empire that spawned companies called Exxon, Mobil, Amoco and Chevron. So it was no trivial matter when a group of Rockefeller heirs decided recently to begin severing financial ties to fossil fuels.
“There is a moral imperative to preserve a healthy planet,” said Valerie Rockefeller Wayne, a great-great-granddaughter of oil magnate John D. Rockefeller Sr. and a trustee of the largest charitable foundation in which the family still plays the leading role………………………………………..Full Article: Source

Price slowly rising on carbon emissions in US cap-and-trade states

Posted on 19 September 2014 by VRS  |  Email |Print

Economists and policymakers frequently talk about the “social cost of carbon”—the price that society as a whole pays for disruptions caused by climate change and ocean acidification. Although there are various ways of calculating it that give different results, the US currently estimates the cost at $37 a ton. At least nationally, however, there have been no attempts to get anyone to actually pay this price for their emissions.
But locally, a number of states are trying. Most of the Northeast has banded together to form the Regional Greenhouse Gas Initiative, or RGGI. This is a cap-and-trade system, where emissions allowances are auctioned by the group……………………………………..Full Article: Source

B.C. issues carbon offset procurement call

Posted on 19 September 2014 by VRS  |  Email |Print

The B.C. government is resuming the buying of carbon offsets, a little over a year after it announced it would dissolve the controversial Pacific Carbon Trust. The B.C. government issued a procurement call September 11 to fund private enterprise projects that reduce greenhouse gas emissions through carbon offsets.
Under the program, the government will invest in projects, like tree planting or fuel switching, if the proponent can demonstrate they will reduce greenhouse gases. “B.C.’s carbon neutral government successes have shown that offset projects provide a cost-effective approach to meeting the province’s GHG reduction targets while supporting innovation for new, clean technologies,” B.C. Environment Minister Mary Polak said……………………………………..Full Article: Source

Funds and ETFs magnify EM volatility

Posted on 18 September 2014 by VRS  |  Email |Print

Emerging equity markets are taking another lurch. The reasons are well rehearsed: angst about the future actions of the Federal Reserve occasionally prompts western investors to pull back their money in a hurry.
But the extent of the volatility over the past 18 months goes beyond that simple analysis. Why are emerging markets so jumpy? The answer has much to do with the way fund managers channel money to the emerging world…………………………………….Full Article: Source

Obama Aide Calls Carbon Rule First Important Step

Posted on 18 September 2014 by VRS  |  Email |Print

Obama administration officials said their signature effort to combat climate change will make only a modest dent in global greenhouse-gas emissions even as they called it an important first step.
With Republicans such as Representative Lamar Smith blasting a proposal from the U.S. Environmental Protection Agency to curb emissions from existing power plants, White House science adviser John Holdren defended it as an important step. Holdren said that India, China and Germany already are taking measures to curtail their emissions, too…………………………………….Full Article: Source

Britain sells 2.7 million aviation CO2 allowances for 5.20 euros each

Posted on 18 September 2014 by VRS  |  Email |Print

Britain on Wednesday sold 2.71 million spot EU aviation emission allowances (EUAAs) for 5.20 euros (3.18 pound) per tonne, London-based energy exchange ICE said.
The auction, hosted by ICE, attracted 13 participants who bid for 11 million units, and raised 14 million euros in revenues. EUAAs were valued at a 50-cent discount to the equivalent EU Allowance (EUA) contract as of Tuesday’s close…………………………………Full Article: Source

A Step Too Short: Obama’s New Carbon Pollution Rules Must Be Strengthened

Posted on 17 September 2014 by VRS  |  Email |Print

Earlier this summer, in a crucial albeit insufficient step to mitigate climate disruption, President Obama proposed a rule to limit carbon pollution from existing power plants. The administration predicts that it would result in a 30 percent reduction of carbon pollution from power plants below 2005 levels, by 2030.
It establishes targets for each state and encourages them to meet these targets by improving the efficiency of coal plants, switching to natural gas, increasing reliance on renewable energy and/or reducing energy demand. These actions will, hopefully, reduce the amount of carbon pollution from the electric power sector, which currently contributes almost 40 percent of the country’s total emissions……………………………………..Full Article: Source

We can avoid climate change, and boost the world’s economy – if we act now

Posted on 17 September 2014 by VRS  |  Email |Print

The global economy is undergoing a remarkable transformation which is altering our ability to deal with climate change. The growth of emerging economies, rapid urbanisation and new technological advances are making possible a new path of low-carbon growth in ways that were not apparent even five years ago.
We know that if left unchecked, greenhouse gas emissions will cause devastating climate change. What is now becoming clear is that reducing emissions is not only compatible with economic growth and development; if done well, it can actually generate better growth than the old high-carbon model………………………………………Full Article: Source

For The World’s Biggest Companies, Carbon Taxes And Trading Are Inevitable

Posted on 16 September 2014 by VRS  |  Email |Print

An increasing number of big corporations expect governments worldwide to put a price on carbon dioxide emissions to help tackle climate change and some are already factoring in the cost to guide future investment decisions, a report found on Monday.
Some 150 large listed companies - including 29 in the United States such as Dow Chemical Company, banking group Goldman Sachs and oil firm ExxonMobil - now incorporate an internal carbon price ranging from $6-80 per tonne, according to a report by CDP, which gathers environmental information from companies worldwide on behalf of investors………………………………………..Full Article: Source

EU polluters to land EUR5bn windfall under ‘carbon leakage’ proposal

Posted on 16 September 2014 by VRS  |  Email |Print

European commission report assumes an unrealistically high carbon price, in move expected to cost governments billions. Heavily-polluting industries are in line for a €5bn (£4bn) handout from Europe’s taxpayers because of the way the EU is measuring their exposure to unregulated competitors outside the bloc, according to an unpublished report prepared for the European commission.
Steel-making, cement and power plants have their greenhouse gas emissions capped by the emissions trading system (ETS), putting a price on carbon to encourage companies to cut emissions by trading allowances………………………………………..Full Article: Source

China’s Environmental Awakening

Posted on 15 September 2014 by VRS  |  Email |Print

China today — as it begins to come to terms with air, water and land befouled by three decades of industrialization — bears some resemblance to the United States of the late 1960s. The Chinese are beginning to wonder, just as Americans did back then, whether “industrial progress” has come at too high a cost to the environment. Attitudes in China are changing.
When the PEW Research Center asked Chinese people in a 2008 survey to rate the seriousness of air pollution on a scale ranging from “not a problem at all” to a “very big problem,” 31 percent rated it a “very big problem.” In 2013, in a repeat of the PEW survey, 47 percent called it a “very big problem.” While these numbers tell us only so much, the trend is clear: environmental anxiety is spreading………………………………………..Full Article: Source

China plans $65bn carbon market – at around $18/tonne

Posted on 15 September 2014 by VRS  |  Email |Print

Just two months after Australia trashed its carbon price because it was “too high” and would “trash the economy”, China has flagged that its planned carbon trading scheme will cover 40 per cent of its economy and be worth up to $65 billion.
The National Development and Reform Commission (NDRC), China’s top economic planner, this week outlined its initial plans for a nationwide market to slow down the rapid growth of greenhouse gas emissions in China. The NRDC said it is likely to regulate 3 to 4 billion tonnes of carbon dioxide (nearly 8 times Australia’s entire annual emissions) by 2020 and the market will be worth up to 400 billion yuan ($65 billion)………………………………………..Full Article: Source

S.Korea increases emissions cap in proposed carbon trading scheme

Posted on 12 September 2014 by VRS  |  Email |Print

A cap on carbon dioxide emissions that South Korea expects to introduce as part of a carbon trading scheme will be around 3 percent larger than previously touted over the next three years, the government said on Thursday. Seoul has been under pressure from industry worried about costs from plans to begin what will be the world’s second-biggest carbon emissions trading scheme from the start of 2015.
South Korea is one of the world’s top 10 carbon producers, so any steps it takes to curb emissions are key to global efforts to combat greenhouse gases in the environment. It wants to cut emissions in 2020 to 30 percent below business-as-usual levels………………………………………..Full Article: Source

Carbon markets gaining momentum in the U.S.

Posted on 12 September 2014 by VRS  |  Email |Print

An emerging model for reducing global pollution and promoting renewable energy is quietly gaining traction. Two of the nation’s major carbon trading markets have recently held auctions that brought in hundreds of millions of dollars, funding expected to go toward future “clean energy” projects. Last month, the California Air Resources Board announced the results of its latest cap-and-trade allowance auction.
CleanTechnica notes the August 18 auction brought in nearly $332 million, money earmarked for the Golden State’s funding of “clean energy, emissions reductions, consumer utility bill relief and the state budget.”……………………………………….Full Article: Source

Heavy industries renew calls for ‘carbon leakage’ protection

Posted on 11 September 2014 by VRS  |  Email |Print

Raising the EU’s emission targets for 2030 would threaten industrial competitiveness if they are not accompanied by supporting measures, according to the chemical industry and other energy-intensive sectors, which stepped up their campaign for protective measures in Brussels on Tuesday (9 September).
Existing measures to support industrial sectors at risk of relocating abroad due to the EU’s energy and climate policies, should be revamped to focus “on sectors really affected by leakage risk”, according to the European Chemical Industry Council (CEFIC)………………………………………..Full Article: Source

China to Create Carbon Market to Reduce Greenhouse Gas Emissions

Posted on 11 September 2014 by VRS  |  Email |Print

China announced plans to roll out a national carbon-permit market in 2016 in an effort to reduce its carbon emissions, Reuters reports. The market would be the largest of its type in the world. As of 2011, China led the world in emitting carbon dioxide, pumping out 28 percent of the global total, according to the World Resources Institute. (The United States came in second, at 16.5 percent.)
But the country has pledged to reduce its emissions, per unit of GDP, to between 40 and 45 percent below its 2005 levels by the end of this decade. To that end, it’s already operating seven regional carbon trading markets, according to Reuters………………………………………..Full Article: Source

The U.S. May Not Be Leading on Climate, but California Is

Posted on 10 September 2014 by VRS  |  Email |Print

On Monday, Jerry Brown and Arnold Schwarzenegger, the current and former governors of the world’s eighth-largest economy, appeared together in Sacramento to assert that the path to a global accord on climate change runs through their home state—and not Washington, D.C.
“As leaders from all over the world prepare for the next UN climate talks in Lima and Paris, we in California are ready to lead by example,” Schwarzenegger told attendees of a symposium, titled Global Climate Negotiations: Lessons From California, at the California Environmental Protection Agency headquarters………………………………………..Full Article: Source

The UK’s plan for a new global climate deal

Posted on 10 September 2014 by VRS  |  Email |Print

The government today released a report outlining what it wants from a new international climate deal. World leaders are due to meet in New York later this month to add impetus to negotiations, with a deal set to be agreed in Paris at the end of 2015.
Here’s what the UK is hoping for. ‘Fair’ commitments from all countries: The 70 page document makes it clear that the UK expects all countries to commit to making emissions cuts. It doesn’t expect all the commitments to be the same, however………………………………………..Full Article: Source

EU nations make little headway on carbon market reforms

Posted on 10 September 2014 by VRS  |  Email |Print

European Union nations have given broad support to a proposal to reform the bloc’s Emissions Trading System (ETS) but talks ended on Monday having made little headway on details needed to advance the bill, three EU sources said.
National officials held discussions on the proposed market stability reserve, aimed at driving up the price of allowances to emit carbon dioxide and encourage investment in cleaner technologies………………………………………..Full Article: Source

Why A Tax On Carbon Can Help Climate Change - And The Economy

Posted on 09 September 2014 by VRS  |  Email |Print

A carbon tax, essentially a “tax on pollution,” has long been regarded as a potentially effective means of reducing the emission of greenhouse gases, but the concern about it has been its negative economic impact. Jorgenson contends, as described below, that needn’t be the case.
Full disclosure: I’ve been concerned for years that climate change – with the risks it poses to natural resources, agriculture, supply chains and operational infrastructure – could well be the biggest long-term management issue facing business, and have written about it here………………………………………..Full Article: Source

World falls behind in efforts to tackle climate change-PwC

Posted on 08 September 2014 by VRS  |  Email |Print

The world’s major economies are falling further behind every year in terms of meeting the rate of carbon emission reductions needed to stop global temperatures from rising more than 2 degrees this century, a report published on Monday showed.
The sixth annual Low Carbon Economy Index report from professional services firm PwC looked at the progress of major developed and emerging economies towards reducing their carbon intensity, or emissions per unit of gross domestic product………………………………………..Full Article: Source

This business of climate change

Posted on 08 September 2014 by VRS  |  Email |Print

Paris 2015 is the buzzword among the global climate change community today, when the countries would negotiate a long-term agreement on climate change. The road to Paris is also dotted with two events this year — the UN Secretary General’s Climate Summit in New York in September, and the 20th Conference of Parties to the UN climate change conference in December.
Both aim to rouse the interest and ambition of the global community to strike a successful long-term deal — a deal that will have ambitious goals beyond 2020. So, what is the deal for business and industry? Many say the negotiations are about the politics of climate change, less about the economics of it. Whatever the outcome of negotiations, there will be an impact on businesses. The impact could be an opportunity or a risk………………………………………..Full Article: Source

EU carbon prices tumble to 3-week low on lower energy, European Central Bank move

Posted on 05 September 2014 by VRS  |  Email |Print

European carbon prices fell for a third consecutive day on Thursday, hitting a three-week low on selling by industrials and speculators and as the European Central Bank cut interest rates to combat flagging growth in the euro zone.
Front-year EU Allowance futures, trading on ICE, stood at 6.15 euros/tonne by 1403 GMT, after slipping to an intraday low of 6.09 euros moments earlier - a drop of 25 cents or 3.9 per cent from Wednesday’s settlement………………………………………..Full Article: Source

China will launch world’s biggest carbon market in 2016

Posted on 05 September 2014 by VRS  |  Email |Print

China will launch its eagerly awaited national Emissions Trading Scheme (ETS) in 2016, an official anticipated to Reuters last Sunday. Once implemented, this market for carbon permit trading will become the biggest in the world, helping the largest greenhouse emitting nation to axe pollution.
China is already experimenting with seven regional carbon market pilots, which were announced in 2011 and operative over the last two years. Each pilot covers a large city - Beijing, Tianjin, Shanghai and Shenzhen - or a province - Chongqing, Guangdong, and Hubei. Together the projects have accounted for almost 4 million tons of carbon emission quotas so far, according to the National Development and Reform Commission, making China the world’s second largest carbon trading market following the European Union’s EU-ETS………………………………………..Full Article: Source

South Korea dumps vehicles from ETS

Posted on 04 September 2014 by VRS  |  Email |Print

South Korea has confirmed it will exempt car-markers from its emissions trading scheme, which is set to launch at the start of next year, Reuters reports. According to the news service, Finance Minister Choi Kyung-hwan said the so-called smog tax – which has already been postponed by more than two years – would be too challenging for industry if it was launched at the same time as the ETS.
The government says it will delay the tax until the end of 2020, with Reuters citing pressure from domestic and US car-makers………………………………………..Full Article: Source

Industry, green groups slam emissions policies

Posted on 04 September 2014 by VRS  |  Email |Print

Both industry and environmental groups have criticized the government’s latest road map for emissions reduction. The government said Tuesday that it would begin its carbon emissions trading scheme from next year as planned, but would delay the incentive system for low-emission cars by a few years.
Under the government’s emissions reduction scheme, the low-carbon vehicle incentive system, which had initially been slated to go into effect in January 2015, will be put on hold until 2020, apparently to ease the burden on Korean carmakers………………………………………..Full Article: Source

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