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Did anyone notice that Australia now has a carbon trading scheme?

Posted on 18 December 2014 by VRS  |  Email |Print

Senator Nick Xenophon has brought back a carbon trading scheme to Australia and nobody seems to have noticed. Quietly tucked behind the headlines from the Palmer United Party and the government was the mention of Senator Xenophon inserting a ‘Safeguard Mechanism’ into the Direct Action legislation.
The mechanism creates the framework for a baseline and credit system which is similar to a cap-and-trade system in that both are market based methods to arrive at a price for carbon. While the specific details of the Safeguard Mechanism have yet to be determined, conceptually any company who currently emits more than 100,000 tonnes of CO2 annually will be required from 1 July 2016 to keep their emissions below a predetermined baseline level or face penalties…………………………………….Full Article: Source

Climate Summit fails to deliver real solutions to planetary emergency

Posted on 17 December 2014 by VRS  |  Email |Print

After 11 full days of intense negotiations, the 20th annual United Nations Framework Convention on Climate Change “Conference of the Parties” (COP20) held in Lima, Peru ended with proposals deemed too weak by climate campaigners.
The results, which will lock us to at least 3 to 4°C, do not merely show a lack of progress in the talks, it proved that the convention could not offer the right solutions to the millions of people that are already being affected by climate change, like those in the Philippines and vulnerable small-island states. The process, in its current state, does not and will not offer appropriate actions to those who will be affected in the future — the whole planet……………………………………..Full Article: Source

China releases ground rules for carbon trading

Posted on 16 December 2014 by VRS  |  Email |Print

China’s top economic planning agency has released basic rules for a nationwide emissions trading scheme, expected to be launched in 2016. The regulations published by the National Development and Reform Commission (NDRC) make formal China’s plans to launch an emissions trading scheme, set to be the world’s biggest.
China, the world’s largest emitter of climate-changing greenhouse gases, aims to use the market as a key tool to halt the growth of its emissions by the end of next decade………………………………………Full Article: Source

Climate Talks Yield Plan to Spread Burden of Emission Cuts

Posted on 15 December 2014 by VRS  |  Email |Print

The U.S. and other wealthy countries persuaded their developing-nation peers to advance a framework that for the first time would spread the burden of economically painful emission cuts across all nations.
The compromise reached at early Sunday at climate talks in Lima—part of negotiations aimed at reaching a final, comprehensive climate pact next year in Paris—would require every country to submit plans for cutting their carbon footprints in the coming months. The final deal being negotiated would be a departure from earlier agreements that put the responsibility of such cuts only on highly industrialized countries………………………………………..Full Article: Source

Carbon trade in Beijing tops 100 million yuan

Posted on 15 December 2014 by VRS  |  Email |Print

Carbon trade volume in Beijing has reached 105 million yuan (17 million U.S. dollars) since a carbon emissions trading scheme was launched in the city a year ago, the Beijing Environment Exchange announced.
According to Wang Yang, head of the exchange’s carbon trade center, a total of 719 deals worth 2.1 million tonnes in carbon quotas had been traded as of Friday. Beijing, home to one of seven pilot carbon emissions trading schemes, started carbon trading on Nov. 28, 2013………………………………………..Full Article: Source

U.N. carbon scheme investors unlikely to get lifeline from Lima

Posted on 12 December 2014 by VRS  |  Email |Print

Hundreds of companies in developing countries that invested in projects to generate UN-backed carbon credits had hoped the Lima climate talks would yield measures boosting the price of the credits, but they are likely to be disappointed.
Negotiators and carbon market experts say that discussions at the UN climate conference have not seriously addressed a collapse in carbon credit prices as diplomats focus on the type of commitments countries are expected to make in a new treaty expected next year………………………………………..Full Article: Source

Cutting carbon a good business opportunity, private sector told

Posted on 12 December 2014 by VRS  |  Email |Print

Whatever the global climate agreement reached next year in Paris looks like, the private sector will need to dramatically step up efforts to cut global carbon emissions, negotiators and analysts said at U.N. climate talks in Lima Thursday.
Political leaders including U.S. Secretary of State John Kerry, U.N. Secretary-General Ban ki-Moon and Peru’s President Ollanta Humala urged the private sector to play a bigger role in cutting carbon emissions because it makes good business sense. Lima is the last major conference before the world is meant to reach agreement in Paris late next year on climate action beyond 2020………………………………………..Full Article: Source

Lead EU Carbon-Fix Lawmakers Optimistic on Early Start

Posted on 12 December 2014 by VRS  |  Email |Print

European Union lawmakers will most likely agree to bring forward the start of a carbon-market fix to 2017, according to three parliamentarians overseeing the draft measure for the Conservatives, Liberals and Greens.
The EU legislature and the bloc’s governments are discussing a proposal to introduce a market reserve in 2021 to automatically absorb surplus permits after the price of emissions fell about 80 percent in the past 6 1/2 years………………………………………..Full Article: Source

Europe’s 2030 Emissions Targets

Posted on 11 December 2014 by VRS  |  Email |Print

Long regarded as one of the leading actors in the fight against climate change, the European Union recently revealed its newest targets for European climate change policy. By 2030, the EU aims to reduce its greenhouse gas emissions to 40 percent of their 1990 levels, increase the share of energy consumption from renewables to 27 percent, and increase energy efficiency by at least 27 percent.
In addition to these targets, the EU also resolved to increase the interconnectivity of Europe’s energy markets and reform the Emissions Trading Scheme, a cap-and-trade mechanism that notoriously failed early on when too many emissions allowances were distributed and the price fell to virtually nothing. These are all worthy goals and, despite criticism, are among the most ambitious targets being pursued anywhere in the world………………………………………..Full Article: Source

Oil price slump a “golden opportunity” to price carbon – IEA

Posted on 10 December 2014 by VRS  |  Email |Print

Oil prices have plummeted in recent months, from US$115 a barrel in June to less than US$70. That dramatic shift could increase greenhouse gas emissions in the short term, as consumers take advantage of cheap fuel. It also gives policymakers a “golden opportunity” to scrap fossil fuel subsidies and bring in carbon pricing, a leading energy expert argued on Tuesday.
Maria van der Hoeven, executive director of the International Energy Agency, said they could consider measures that “would have been unthinkable a year ago”. She was addressing media at the UN climate talks in Lima, where negotiators are considering a target of net zero emissions by 2050………………………………………..Full Article: Source

Are we closer to carbon emission targets?

Posted on 09 December 2014 by VRS  |  Email |Print

THE 20th session of the United Nations Framework Convention on Climate Change (UNFCCC COP20) is under way in Lima. Parties will continue discussions on their Intended Nationally Determined Contributions (INDCs) under the Ad Hoc Working Group of the Durban Platform for Enhanced Action (ADP) in preparation for the post-2020 agreement in Paris next year.
Optimism in the global climate change agreement post-Kyoto rose again before the COP20 when China and the United States reached what has been hailed as a “historic” climate deal. Despite the non-binding nature of the deal, China has made great strides with its pledge for national emissions to peak by 2030 while the US agreed to cut emissions by 26 to 28 per cent below 2005 levels by 2025………………………………………..Full Article: Source

EU nations split on carbon market reserve start date: presidency

Posted on 09 December 2014 by VRS  |  Email |Print

EU national governments are split on when to start a carbon market stability reserve and what to do with 900 million backloaded EU Emissions Trading System allowances, the Italian EU presidency said in a progress report on the EU Council website Monday.
The European Commission in January proposed launching a reserve mechanism in 2021 to tackle the estimated more than 2 billion surplus allowances in the EU’s ETS. So far diplomats from the 28 EU countries are roughly evenly split into three groups on the start date and backloaded allowances, said the presidency, which is coordinating the debate………………………………………..Full Article: Source

Germany’s planned CO2 cuts to dampen demand for certificates - EU

Posted on 08 December 2014 by VRS  |  Email |Print

Germany’s new, lower targets for CO2 emissions will further curb demand for carbon permits and undermine Europe’s already dysfunctional emission trading system, the EU’s new energy commissioner told a German newspaper.
“The agreed additional emission reductions in the power plant sector are also causing a further decline in demand for certificates,” Miguel Canete, EU Commissioner for Climate Action and Energy, told the Frankfurter Allgemeine Zeitung………………………………………..Full Article: Source

IETA: Carbon markets need to matter more in Lima

Posted on 08 December 2014 by VRS  |  Email |Print

The first week of the UN climate talks is always fraught with tension. This usually heightens in the second week when ministers arrive amid a scramble to walk away with something agreed. Usually, it is the first time that countries have gathered at the UN for almost six months to discuss climate change, and there is always a sense of boundaries being pushed and a loathing to give up anything too soon.
Lima has been no different so far. This is disappointing, given the excitement and announcements from September’s climate summit in New York, agreement on the EU’s 2030 energy and climate targets, November’s announcement from the US and China that the world’s two largest emitters will cooperate on climate change (a peak year on emissions for China, and a 26-28% reduction for the US), and the $9.7 billion in pledges so far to the Green Climate Fund………………………………………..Full Article: Source

Carbon market chief denounces European policy

Posted on 05 December 2014 by VRS  |  Email |Print

The head of the world’s only global carbon market has said the “dumb decisions” of bureaucrats in Brussels have brought the system to the point of near-irrelevance. Hugh Sealy said the UN-backed Clean Development Mechanism had been undermined by a Brussels decision to restrict the use of its permits in the EU emissions trading system, the largest scheme of its kind.
That was one reason why permit prices in the UN scheme have fallen from about $10 to less than $1 in the past three years, he said………………………………………..Full Article: Source

Gradual Carbon Squeeze to Beat Climate Deadlock, Brazil Says

Posted on 05 December 2014 by VRS  |  Email |Print

An international climate agreement next year should encourage developing nations to gradually take on tighter carbon-reduction targets after 2020, helping overcome barriers to previous emission deals, according to Brazil.
Allowing progressive caps could “help break the deadlock in negotiations,” Brazil’s foreign ministry said in an e-mailed statement to Bloomberg on Dec. 2. Climate talks have stalled since the 1997 Kyoto Protocol as developed and developing nations argue over the responsibility for global warming and who should bear the cost………………………………………..Full Article: Source

EU climate committee seeks stronger carbon market stability reserve

Posted on 04 December 2014 by VRS  |  Email |Print

Growing support for an early start to the European Commission’s proposed market stability reserve, intended to tackle the 2 billion allowance surplus in the EU Emissions Trading System, was apparent during a debate in the European Parliament’s environment committee Wednesday.
Most of the members who spoke during the debate supported introducing the reserve by 2017 at the latest rather than waiting until 2021 as the EC has proposed. They also supported placing the 900 million “backloaded” allowances due to come back to the market in 2019 and 2020 directly into the reserve, with some going further and saying they should be deleted entirely………………………………………..Full Article: Source

IEA director: ETS reform should have started yesterday, not in 2017

Posted on 04 December 2014 by VRS  |  Email |Print

The EU and its member countries must learn the lessons of the 2020 Climate and Energy package, and realise the only way to meet the 2030 targets is through better policy coordination, and a governance and monitoring framework. Reform of the EU Emissions Trading System is vital for hitting both 2020 and 2030 targets and is long overdue, International Energy Agency executive director Maria van der Hoeven said.
Maria van der Hoeven is the executive director of the International Energy Agency (IEA), a global organisation that promotes clean energy and energy security among its member countries. She was Dutch Minister of Economic Affairs from 2007 to 2010 before joining the IEA in 2011………………………………………..Full Article: Source

Put a price on carbon? More governments, businesses say ‘yes’

Posted on 04 December 2014 by VRS  |  Email |Print

The momentum for putting a price on carbon to help keep the Earth cool has gathered surprising speed ahead of the next round of UN climate negotiations that opened in Lima. “I think we are coming into the event with a head of steam that many of us weren’t really expecting,” said Dirk Forrister, president of the International Emissions Trading Association (IETA), in a briefing to reporters last week.
Supporters of carbon pricing say it will force companies to lower their use of carbon-emitting fossil fuels, increase efficiency and propel the use of alternative energy………………………………………..Full Article: Source

UN Carbon Price Heads Toward Zero as Eligibility Deadline Nears

Posted on 03 December 2014 by VRS  |  Email |Print

United Nations carbon credits for December fell to a record as holders of the offsets seek to sell them before they expire in March. Front-year Certified Emission Reductions dropped 20 percent to 0.04 euros ($0.05) a metric ton today on London’s ICE Futures Europe, the lowest since the contract began trading in 2008.
Prices for the credits that rich nations from Germany to Australia use to offset domestic emissions by investing in green projects elsewhere have lost more than 99 percent from a 2008 peak as slowing global growth cut demand. CERs for emission cuts before Dec. 31, 2012, can’t be used after March 31 in the EU’s emissions trading system nor by nations with climate targets under the 1997 Kyoto Protocol………………………………………..Full Article: Source

Bank of England investigating risk of ‘carbon bubble’

Posted on 03 December 2014 by VRS  |  Email |Print

The Bank of England is to conduct an enquiry into the risk of fossil fuel companies causing a major economic crash if future climate change rules render their coal, oil and gas assets worthless.
The concept of a “carbon bubble” has gained rapid recognition since 2013, and is being taken increasingly seriously by some major financial companies including Citi bank, HSBC and Moody’s, but the Bank’s enquiry is the most significant endorsement yet from a regulator………………………………………..Full Article: Source

A realistic approach to linking carbon markets

Posted on 02 December 2014 by VRS  |  Email |Print

Three weeks ago, the U.S. and China announced a landmark bilateral agreement to cut greenhouse gas emissions. Secretary of State John Kerry heralded the agreement as a key step toward reinvigorating international negotiations on climate change.
His theory will be tested this week, when diplomats will converge on Lima, Peru to negotiate the next steps of the climate change regime. Although there is some optimism, the prospects remains highly uncertain. The Kyoto Protocol expired in 2012, and so far, only a handful of countries have renewed their commitments, comprising only 12 percent of global emissions. ……………………………………….Full Article: Source

China’s Retail Banks Turn To Carbon Trading

Posted on 01 December 2014 by VRS  |  Email |Print

China’s retail-banking sector is looking to expand to the country’s nascent carbon-trading market. This will be a one-of-a-kind financial offering that will aid banks’ institutional clients to hedge risks associated with carbon trading, and encourage firms to invest in projects to slash their carbon emissions.
China’s Industrial Bank Co. Ltd made an announcement recently that it plans to introduce a yield-enhancement product in Shenzhen. The performance of this unique instrument will depend on the revenues earned from trading carbon………………………………………..Full Article: Source

Testing the Limits of European Ambitions on Emissions

Posted on 01 December 2014 by VRS  |  Email |Print

The European Union has long been a world leader on climate change, and its new agreement to cut greenhouse gas emissions 40 percent from 1990 levels by 2030 keeps it at the forefront of that effort.
But experts question whether the plans European leaders have sketched out are strong enough to meet their ambitious goal, and even whether a 40 percent cut is enough to keep the Continent on track toward its longer-term target, an emissions cut of between 80 percent and 95 percent by mid-century………………………………………..Full Article: Source

Guangdong carbon market to restrict access to offset credits

Posted on 28 November 2014 by VRS  |  Email |Print

China’s biggest carbon market in Guangdong is going to clamp down on the use of cheaper credits generated by large government-regulated mitigation projects in an attempt to prop up prices in an oversupplied market.
China’s seven regional pilot carbon markets cover the CO2 emissions of around 2,000 companies, and handed out a total of 1.2 billion permits in 2013 that can be used to trade or are handed over to the government to fulfil carbon emission targets……………………………………Full Article: Source

EU agrees on law to make ships measure CO2 emissions

Posted on 28 November 2014 by VRS  |  Email |Print

For the first time, the shipping sector will have to monitor its carbon emissions under a law agreed upon by the European Union Wednesday (26 November), intended as a step towards tackling a growing source of pollutants linked to climate change.
International shipping accounts for around 3 percent of the world’s emissions of carbon dioxide, a share which could increase to 18 percent by 2050 if regulation is not in place, according to the International Maritime Organisation (IMO)……………………………………Full Article: Source

Huaneng sets up China’s first carbon fund

Posted on 27 November 2014 by VRS  |  Email |Print

State-owned power generator Huaneng on Wednesday set up China’s first carbon fund, which will focus on trading carbon permits in the emissions trading scheme in Hubei province.
The establishment of the 30 million yuan ($4.9 million) fund marks another step towards maturity for China’s fledgling pilot carbon markets, which will convert to a national scheme in 2016…………………………………..Full Article: Source

New Carbon Market Most Important in Climate Deal, U.K. Says

Posted on 27 November 2014 by VRS  |  Email |Print

A new carbon market that will spur emerging nations to cut emissions is the key element of next year’s planned global climate accord, a U.K. official said.
Winning United Nations support for a market that would give credits for emission reductions “would be the most important part of any international agreement,” Amber Rudd, parliamentary under secretary of state for climate change, said yesterday at a hearing at the U.K. Parliament in London. Rather than specify what nations must do, the meeting needs to agree on a framework, or “toolbox that countries can take down and operate” themselves, she said…………………………………..Full Article: Source

China Plans National Carbon Market by 2016 Amid Emission Pledge

Posted on 26 November 2014 by VRS  |  Email |Print

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

China faces challenges in achieving emission targets around 2030

Posted on 25 November 2014 by VRS  |  Email |Print

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

Some climate change impacts unavoidable - World Bank

Posted on 24 November 2014 by VRS  |  Email |Print

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

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

Posted on 24 November 2014 by VRS  |  Email |Print

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

Emission goals in China on target for 2020

Posted on 21 November 2014 by VRS  |  Email |Print

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

California postpones greenhouse-gas credits auction

Posted on 20 November 2014 by VRS  |  Email |Print

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

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

Posted on 20 November 2014 by VRS  |  Email |Print

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

Businesses want higher emission cuts

Posted on 19 November 2014 by VRS  |  Email |Print

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

Japan CO2 emissions hit record yearly high: official

Posted on 18 November 2014 by VRS  |  Email |Print

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

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

Posted on 18 November 2014 by VRS  |  Email |Print

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

Key gets G20 trade boost and climate change wakeup call

Posted on 17 November 2014 by VRS  |  Email |Print

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

Building a lower-carbon, higher-energy future

Posted on 17 November 2014 by VRS  |  Email |Print

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

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

Posted on 14 November 2014 by VRS  |  Email |Print

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

American Carbon Market Revive Seen a Winner in China Pact

Posted on 13 November 2014 by VRS  |  Email |Print

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

How America and China broke the global climate trap

Posted on 13 November 2014 by VRS  |  Email |Print

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

China not to introduce carbon tax soon

Posted on 13 November 2014 by VRS  |  Email |Print

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

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

Posted on 12 November 2014 by VRS  |  Email |Print

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

Bishop pushes climate change message

Posted on 11 November 2014 by VRS  |  Email |Print

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

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

Posted on 10 November 2014 by VRS  |  Email |Print

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

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

Posted on 10 November 2014 by VRS  |  Email |Print

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

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How to manage carbon prices — Lessons from the Northeast

Posted on 07 November 2014 by VRS  |  Email |Print

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

Agriculture will suffer unless emissions are cut

Posted on 07 November 2014 by VRS  |  Email |Print

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

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