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Carbon Emissions Trading System Likely Launched Next Year

Posted on 15 August 2014 by VRS  |  Email |Print

The Korea Exchange’s emissions trading system development has come to a halt, due to strong opposition from the business and industrial community. The government is planning to deal with it by reexamining the implementation date and raising the emissions cap.
Previously, the Emissions Trading Scheme was planned to be launched in January next year. However, an increasing number of local manufacturers have been opposed to the plan over concerns about the possibility of deteriorating competitiveness………………………………………..Full Article: Source

Sovereign rights still shackle EU carbon charges

Posted on 15 August 2014 by VRS  |  Email |Print

More than a year after the EU was forced to rein in its scheme for charging airlines for emissions, some foreign carriers are still balking at paying. The EU’s unilateral push in 2012 to charge airlines for carbon emissions set off a diplomatic row with China, India and others and eventually Brussels backed down, confining its scheme to flights within the EU. Most airlines — those responsible for 98 per cent of the regulated emissions — paid up by a May 2013 deadline to submit a carbon permit for every tonne of carbon emitted on EU flights in 2012.
But some airlines, including Chinese and Indian carriers operating a tiny number of internal EU flights, have been holding out. Both have all along opposed the scheme, arguing their inclusion in the EU’s Emissions Trading System breached sovereignty rules………………………………………..Full Article: Source

Climate change: Concerns of developing nations come to the forefront

Posted on 15 August 2014 by VRS  |  Email |Print

The 18th Ministerial meeting of the BASIC countries– Brazil, South Africa, India and China– has just concluded in New Delhi. It was attended by the environment ministers of the four countries, ahead of the forthcoming UN Climate Summit meeting on 23rd of September. It will be hosted by the UN Secretary General Ban ki moon in New York and will seek to create a political momentum for the climate negotiation talks to be held in Lima, Peru in December.
The meeting emphasized once again that it was time for the developed world to work in close cooperation with the four BASIC countries to resolve the issues pertaining to climate change. It said that the rich nations must in fact take a lead in dealing with pollution- induced climate change and take suitable action keeping in mind the ‘historical responsibilities ’……………………………………….Full Article: Source

How to Stop Tax Inversions With a Carbon Levy. Seriously

Posted on 14 August 2014 by VRS  |  Email |Print

President Obama and legislators are embroiled in a debate over whether and how to punish companies that seek U.S. tax relief by buying a smaller foreign company and legally reincorporating in its country. So-called tax inversions are at a record high, and Obama has suggested it’s not a victimless activity.
“It’s not right,” he said on August 6. “The lost revenue to Treasury means it has got to be made up somewhere, and that typically is going to be a bunch of hard-working Americans, who either pay through higher taxes themselves” or cuts to government services. (Would that some of his donors agreed…)……………………………………….Full Article: Source

Pricing carbon

Posted on 14 August 2014 by VRS  |  Email |Print

In a recent report, Charles Frank of the Brookings Institute discussed the pro and cons of a US carbon tax versus cap-and-trade. Frank claimed in the report that a carbon tax is clearly easier to administer because with cap-and-trade there is an additional administrative requirement – the allocation of allowances.
Early attempts at allocation allowances – for example, the sulfur dioxide trading system used in the US in the 1990s – allocated allowances on the basis of historical emissions by source. Frank explained that the more modern approach is to auction allowances as fine by the nine eastern US states comprising the Regional Greenhouse Gas Initiative (RGGI). Auctions are easier to administer and more politically palatable, he claimed………………………………………..Full Article: Source

Senate may kill carbon market

Posted on 13 August 2014 by VRS  |  Email |Print

Hundreds of millions of ­dollars of emissions reduction projects will be rendered effectively worthless if Labor, the Greens and crossbench senators vote down the Coalition’s direct action scheme.
At risk will be 153 projects around Australia which include efforts to harness waste gas from landfills run by councils, tree planting and deforestation prevention schemes, and the prevention of emissions from piggeries. They are run under the existing Carbon Farming Initiative which was part of Labor’s carbon pricing scheme………………………………..Full Article: Source

Why Business Leaders Support a Price on Carbon

Posted on 12 August 2014 by VRS  |  Email |Print

The companies we turn to every day for electricity, transportation, consumer goods, and even electronics face risks from climate change. Most need reliable water for production processes and products. Extreme weather and temperatures can hurt their productivity and damage their supply chains and assets.
Business leaders understand that climate change can have real economic impact, and that their current business models may not be profitable in a 4-degree warmer world. They also see opportunity in innovating for a cleaner future……………………………………Full Article: Source

Do Carbon Offset Programs Really Help Pollution Control?

Posted on 12 August 2014 by VRS  |  Email |Print

Carbon offset programs are a means to exchange a number of tons of GHG (greenhouse gas) pollution reduction for an equal amount of pollution continuation. Various offset programs allow program participants with relatively low pollution control costs to profit by cutting their GHG discharges and selling the resulting emissions reductions as offset credits that could be subtracted from the buyers’ pollution control requirements.
The buyer will have to pay an offset credit price — usually set by trading in a carbon market — to avoid eliminating a selected amount of its own discharges, while the offset seller must cut its emissions by the corresponding volume of GHG emission reductions at a presumably lower per-ton pollution control cost……………………………………Full Article: Source

Is This Trend a Killer for Oil and Gas?

Posted on 11 August 2014 by VRS  |  Email |Print

Very interesting research released last week by the U.S. Energy Information Administration shows that the domestic E&P sector may be headed for some difficult times.
The Administration calculated the spending habits of oil and gas firms operating within the U.S., tallying both incoming operational cash flow and outgoing capital expenditures for these companies. The results are surprising, revealing that today’s oil and gas sector is spending well beyond its means……………………………………..Full Article: Source

Obama Action Group Joins Fight Against Christie’s Climate Pact Exit

Posted on 11 August 2014 by VRS  |  Email |Print

Environmental activists who have been campaigning for three years to get New Jersey to rejoin a regional cap-and-trade system have a potent new ally: Organizing for Action, President Obama’s grassroots lobbying operation.
OFA’s role in the New Jersey fight showed up as the state held a hearing on Friday on its controversial exit three years ago from the Regional Greenhouse Gas Initiative, or RGGI, a carbon trading pact. The hearing was called after a state judge ruled earlier this year that Gov. Chris Christie’s unilateral withdrawal had violated the rules of due process……………………………………..Full Article: Source

Asia’s economic giants appear to be getting serious about tackling emissions.

Posted on 08 August 2014 by VRS  |  Email |Print

South Korea could compete with Europe in carbon credits, while China, Japan and even India are curbing greenhouse gases. Suddenly, Asia’s major economies are looking a shade greener, despite justified skepticism over the region’s patchy environmental record.
On Monday, Beijing’s Municipal Environmental Protection Bureau took a step toward cleaning up the polluted Chinese capital by announcing plans to ban the use of coal by the end of 2020, putting priority on electricity and natural gas for heating instead………………………………………..Full Article: Source

Reasons Differ, But Wyoming and China Agree On Cutting CO2 From Coal

Posted on 08 August 2014 by VRS  |  Email |Print

Four Wyoming lawmakers came away from a recent trip to China with a deeper perspective on China’s CO2 emissions policy, and what it means to Wyoming’s coal industry.
For some of the lawmakers, it’s a perspective that runs counter to the assumption behind a long-standing political dogma among Wyoming leaders. The dogma is simple: China isn’t cutting CO2 emissions, so why should we?: “There is a sense here (in Wyoming) that they (China) just don’t care, and they’re going to develop and make no efforts to deal with the environment………………………………………..Full Article: Source

The repeal of carbon laws was a tragedy for Australian politics

Posted on 07 August 2014 by VRS  |  Email |Print

Australia’s repeal of its carbon laws is the culmination of some sorry chapters in Australian politics and policy, but is by no means the end of the story. The repeal represents a tragedy for Australian politics, a travesty for public policy and a train wreck for climate action. But there are significant remnants among the wreckage.
The last decade has seen Australian politics dominated by greed, self-interest, poor judgment and rotten luck. Despite this, a working and credible climate policy emerged. By establishing a bipartisan consensus for emissions trading in July 2007, the then-prime minister, John Howard, responded to years of growing climate concerns and business calls for greater carbon policy certainty………………………………………..Full Article: Source

Carbon pricing is still the best way to cut emissions, if we get it right

Posted on 06 August 2014 by VRS  |  Email |Print

The Coalition government has recently axed Australia’s carbon “tax”, leaving us with no carbon price. Alternatives include the government’s “Direct Action” plan, or Clive Palmer’s proposed emissions trading scheme. Neither, as currently proposed, provides an effective price on carbon.
Former Labor climate change minister Greg Combet recently said that the carbon price repeal was “no more than a setback” and that carbon prices are the “most economically efficient, environmentally effective and socially fair” way to reduce carbon emissions………………………………………..Full Article: Source

Clock is ticking for cheap credits

Posted on 05 August 2014 by VRS  |  Email |Print

Cheap imported carbon credits comprised 99.5 per cent of the units New Zealand emitters used to meet their obligations under the emissions trading scheme last year, Environmental Protection Agency figures released yesterday show.
Just under 91 per cent of the units surrendered by emitters were emissions reduction units (ERUs) created under the Kyoto Protocol. They represent emission cuts in former Soviet bloc countries that their governments certify arise from projects and investments which would not have occurred had they not given rise to these tradeable credits………………………………………..Full Article: Source

The repeal of carbon laws was a tragedy for Australian politics

Posted on 05 August 2014 by VRS  |  Email |Print

Australia’s repeal of its carbon laws is the culmination of some sorry chapters in Australian politics and policy, but is by no means the end of the story. The repeal represents a tragedy for Australian politics, a travesty for public policy and a train wreck for climate action. But there are significant remnants among the wreckage.
The last decade has seen Australian politics dominated by greed, self-interest, poor judgment and rotten luck. Despite this, a working and credible climate policy emerged. By establishing a bipartisan consensus for emissions trading in July 2007, the then-prime minister, John Howard, responded to years of growing climate concerns and business calls for greater carbon policy certainty………………………………………..Full Article: Source

U.N. agency warns of weakened climate policy

Posted on 04 August 2014 by VRS  |  Email |Print

Amid concerns over its dwindling commitment to climate initiatives, South Korea should muster the political will to follow through on its international pledges to curb emissions and the green growth initiative, the chief of the U.N. Office for Sustainable Development said.
Seoul has taken credit for promoting “green growth” as a global agenda. In 2009, the country vowed a voluntarily cut in its greenhouse gas emissions by 30 percent from projected levels by 2020 and funnel billions of dollars into related research and programs, including a carbon trading system. Korea is now home to such international agencies as the Green Climate Fund and the Global Green Growth Institute………………………………………..Full Article: Source

Carbon forestry ‘in free fall’

Posted on 04 August 2014 by VRS  |  Email |Print

The National government’s refusal to restrict cheap international units under the Emissions Trading Scheme (ETS) has caused significant damage to the carbon forestry sector according to new figures released today says Labour’s Climate Change spokesperson Moana Mackey.
“Only 0.3% of units surrendered under the ETS in 2013 were forestry units. This is just 141,253 units compared to the 5,325,191 surrendered in 2010. “99.5% of units surrendered by polluters to meet their obligations were international units. “It is also deeply concerning that more than 700 foresters left the scheme last year………………………………………..Full Article: Source

EU must shield industry from future CO2 costs - manufacturers

Posted on 01 August 2014 by VRS  |  Email |Print

Manufacturers in the European Union want clear assurances they will be insulated from costs of complying with emissions regulations before lawmakers agree reforms to the bloc’s carbon market, industry lobby group IFIEC Europe said on Thursday.
The European Commission admits the EU Emissions Trading System (ETS) is failing to drive low carbon investment and wants to reform it with a reserve to set aside surplus permits………………………………………..Full Article: Source

China regulator approves fresh supply for carbon market

Posted on 01 August 2014 by VRS  |  Email |Print

The Chinese carbon market regulator has approved 33 new projects that could yield up to 6 million offset credits per year, equivalent to around half the number of permits traded so far and piling pressure on already shaky carbon prices.
The roughly 2,000 companies facing caps on their greenhouse gas emissions under China’s seven pilot carbon markets can use the offset credits, known as Chinese Certified Emissions Reductions, to cover for 5-10 percent of their annual emissions………………………………………..Full Article: Source

California Joins Mexico in Clean-Energy Pact

Posted on 31 July 2014 by VRS  |  Email |Print

California and Mexico have signed a bilateral pact aimed at advancing cross-border investments in clean energy. Signed July 29 by California Gov. Jerry Brown (D) and Mexico’s Secretary of Energy Pedro Joaquin Coldwell during the governor’s trade visit to Mexico City, the agreement calls for the two governments to work together in developing and deploying renewable energy, biofuels and other clean energy technologies.
The agreement also includes a commitment to explore integrating Baja California Norte into the California energy market and to support expanded markets for clean and energy-efficient technologies, including manufacturing and transportation………………………………………..Full Article: Source

Washington State Is Gearing Up A System To Cut Its Carbon Emissions

Posted on 31 July 2014 by VRS  |  Email |Print

Washington State is poised to join California and several Canadian provinces in a carbon trading system, according to a Monday memoranda from the governor’s office. The Western Climate Initiative (WCI) is an agreement between California, British Columbia, Ontario, Quebec and Manitoba to develop and implement coordinated systems to cut their collective greenhouse gas emissions.
California already has its cap-and-trade plan, for instance, and British Columbia has sported a carbon tax since 2008. Washington had been poised to also join the WCI, but the midterm elections 2010 upended much of the political momentum………………………………………..Full Article: Source

California eyes southern border for ETS expansion

Posted on 30 July 2014 by VRS  |  Email |Print

California Governor Jerry Brown and Mexican environmental officials signed a pact on Monday aimed at reducing greenhouse gas emissions, an agreement that could eventually expand the market for carbon credits.
The six-page memorandum of understanding calls for cooperation in developing carbon pricing systems and calls on the partners to explore ways to align those systems in the future. “California can’t do it alone and with this new partnership with Mexico, we can make real progress on reducing dangerous greenhouse gases,” said Governor Brown………………………………………..Full Article: Source

Combet urges ‘climate war’ to continue

Posted on 30 July 2014 by VRS  |  Email |Print

The man Julia Gillard wanted to become her successor as prime minister, Greg Combet, says Labor must again go to war with Tony Abbott on carbon - but this time win the politics. Speaking at the launch of his book The Fights of My Life, the former climate change minister said Mr Abbott’s abolition of the carbon tax was only a temporary setback.
“Ultimately, all of the work that we did will return because if you are making a reform of that nature, you’ve got to find the most economically efficient, environmentally effective and socially fair way of enacting it - and that is the reform that we made,” he said………………………………………..Full Article: Source

Japan, Mexico sign carbon trade deal

Posted on 29 July 2014 by VRS  |  Email |Print

Japan and Mexico have signed a deal for Japanese companies to earn carbon credits by investing in technology to cut greenhouse gas emissions in Mexico - in Japan’s 12th bilateral carbon agreement. The programme, known as the Joint Crediting Mechanism (JCM), lets companies in Japan, the world’s fifth-biggest greenhouse gas emitter, use lower-cost emission cuts abroad to help meet domestic targets.
“The objective … is to establish the basis through which the participants will promote the investment and the use of technologies, products, systems, services and infrastructure in order to reach a low carbon growth in Mexico,” the Embassy of Japan in Mexico and Mexico’s Ministry of Environment and Natural Resources said in a joint statement on Monday………………………………………..Full Article: Source

Korea: Fine-tune carbon scheme

Posted on 29 July 2014 by VRS  |  Email |Print

The government’s plans to launch a carbon emissions trading scheme next year have become a hot subject of national debate because of the strong call from industries to delay it until 2020. New Deputy Prime Minister Choi Kyung-hwan’s pro-business stance is adding to the intensity of the debate.
The debate surrounds Korea’s plans to open a carbon trading market next January to impose what industries here say would be the world’s toughest caps on greenhouse gas emissions. The scheme is in line with the Seoul government’s commitment in 2009 to restrict greenhouse gas emissions to 30 percent below business-as-usual levels by 2020………………………………………..Full Article: Source

Australian Repeal Deals Blow to Global Carbon-Emission Plans

Posted on 29 July 2014 by VRS  |  Email |Print

Australia’s repeal of a pioneering tax on carbon emissions has dealt a sharp blow to struggling international efforts to coordinate on global warming and comes ahead of key climate-change talks next year.
On July 17, Australia’s parliament pulled the plug on the 2012 tax, which charged 348 businesses such as steelmakers and power companies A$25.40 (US$24) per ton of carbon dioxide emitted. The levy was slated to evolve next year into an emissions-trading system that would link to the European Union’s………………………………………..Full Article: Source

Australian Repeal Deals Blow to Global Carbon-Emission Plans

Posted on 28 July 2014 by VRS  |  Email |Print

Australia’s repeal of a pioneering tax on carbon emissions has dealt a sharp blow to struggling international efforts to coordinate on global warming and comes ahead of key climate-change talks next year.
On July 17, Australia’s parliament pulled the plug on the 2012 tax, which charged 348 businesses such as steelmakers and power companies A$25.40 (US$24) per ton of carbon dioxide emitted. The levy was slated to evolve next year into an emissions-trading system that would link to the European Union’s………………………………………..Full Article: Source

Greenhouse follies must end

Posted on 28 July 2014 by VRS  |  Email |Print

The carbon tax may have gone, but the players have not moved on. For the Greens, its resurrection is only a matter of time. Labor, ever reluctant to face realities, pretends to maintain the rage, much as it did with the GST. Meanwhile, the lessons of the fiasco, and its implications for the Abbott government, are ignored.
At the heart of those lessons is a simple fact: the electorate is unwilling to bear crippling costs for the purely hypothetical benefits of decarbonisation. Despite all their apocalyptic rhetoric, the climate change advocates cannot secure and sustain popular support for the taxes needed if large-scale reductions in emissions are to occur………………………………………..Full Article: Source

Call for carbon market reform to reverse EU coal comeback

Posted on 25 July 2014 by VRS  |  Email |Print

Coal’s comeback in Europe could become permanent unless policymakers rethink their approach, campaigners have warned. Carbon emissions from coal power across the EU have risen 6% since 2010, despite falling electricity demand and increased renewable generation.
That is a result of cheap coal displacing expensive, but less polluting, gas in the energy mix. Sandbag, a London-based NGO and think-tank, called for urgent action to curb coal emissions, in a report published on Thursday………………………………………..Full Article: Source

No change to the UK’s fourth carbon budget

Posted on 25 July 2014 by VRS  |  Email |Print

UK Secretary of State for Energy and Climate Change, Edward Davey, has announced that the government will not be making any changes to the fourth carbon budget. Carbon budgets, legally-binding caps on GHG emissions that last for a period of five years, help to lead the way to the statutory target to reduce emissions by 80% by 2050 from 1990 levels.
The fourth carbon budget covers 2023 to 2027, with a 50% emissions reduction aim from 1990 levels. The decision follows a detailed review, which took into account factors such as differing EU Emissions Trading System plans between the UK and other areas of the EU………………………………………..Full Article: Source

EU ‘regrets’ Coalition’s carbon tax repeal

Posted on 24 July 2014 by VRS  |  Email |Print

The European Union has expressed regret at the Abbott government’s decision to abolish carbon pricing and end Australia’s bid to link up with the world’s largest carbon market. EU climate action commissioner Connie Hedegaard on Thursday said Australia’s move wouldn’t deter the EU from working towards global carbon pricing with all international partners.
“The European Union regrets the repeal of Australia’s carbon pricing mechanism just as new carbon pricing initiatives are emerging all around the world,” Ms Hedegaard said in a statement………………………………………..Full Article: Source

Shorten makes case for emissions trading

Posted on 24 July 2014 by VRS  |  Email |Print

Opposition Leader Bill Shorten has warned Australia’s decision to abandon carbon pricing puts it at risk of being isolated on the world stage. Mr Shorten made his case for emissions trading during a speech in the United States, where he also urged the Abbott government to make climate change a priority at the G20 summit in November.
The government has copped criticism as host of the global forum for not including climate change in the discussions, opting to focus specifically on economic growth, trade and investment………………………………………..Full Article: Source

Germany unlikely to meet carbon reduction targets for 2020

Posted on 24 July 2014 by VRS  |  Email |Print

Germany’s environment ministry believes it’s unlikely Germany will meet its 2020 greenhouse gas reduction goals. They say the country will come up seven percent short, but critics say it could be even worse.
Germany’s environment ministry has admitted the country is likely to fall short of its future greenhouse gas emissions targets by seven percent. Environment Minister Barbara Hendricks has said that Germany is on track to reduce its greenhouse gas emissions by just 33 percent in comparison to 1990 levels by the year 2020. This falls short of the country’s previously-stated aim of 40 percent………………………………………..Full Article: Source

Anger as Australia dumps carbon tax

Posted on 23 July 2014 by VRS  |  Email |Print

Australia’s pioneering carbon-pricing mechanism has failed to survive its infancy. In a major victory for Prime Minister Tony Abbott, parliament agreed on 17 July to axe the scheme with immediate effect.
The repeal scraps both the unpopular carbon tax, established in July 2012, and proposals to turn it into a more flexible emissions-trading scheme in mid-2015. The initiative would have seen large companies and utility firms buying and selling emissions allowances in a joint market with the European Union (EU)………………………………………..Full Article: Source

Germany, UK and Poland top ‘dirty 30’ list of EU coal-fired power stations

Posted on 23 July 2014 by VRS  |  Email |Print

The UK and Germany lead a list of the EU’s most polluting coal-fired power stations compiled by environmental campaigners, who say coal emissions are undermining efforts to combat climate change. Both countries have nine of the so-called “dirty 30” and the campaigners say coal burning is increasing due to the relatively low price of the fuel compared to gas.
“Germany and the UK are the self-declared climate champions of the EU,” says the new report. “However, Germany uses more coal to generate electricity than any other EU country, while the UK comes third in absolute coal consumption for power after Poland.” The report argues current EU policy on climate, energy and air pollution in the power sector is not strong enough to achieve the switch from coal to renewable energy and energy efficiency………………………………………..Full Article: Source

Carbon Capture market to witness 25.49 % CAGR during 2013-18

Posted on 22 July 2014 by VRS  |  Email |Print

Global Carbon Capture and Sequestration market (CCS) will grow at a CAGR of 25.49 per cent over the period 2013-2018, according to a report by Sandler Research. The report says CCS technology will emerge as a clean technology to reduce GHG (Green House Gas) emissions. The integration of CCS with Integrated Gasification Combined Cycle (IGCC) will reduce costs and make CCS technology more economically viable.
CCS is the process of capturing waste carbon dioxide (CO2) from large point sources, such as fossil fuel power plants, transporting it to a storage site, and depositing it where it will not enter the atmosphere, normally an underground geological formation………………………………………..Full Article: Source

Some Chinese carbon projects to exit UN offset market if allowed

Posted on 22 July 2014 by VRS  |  Email |Print

Some developers of projects to cut carbon emissions in developing nations, particularly China, are likely to pull out of the U.N. offset scheme and move to markets with higher prices, if plans to allow them to exit are implemented.
At a meeting last week, members of the board overseeing the U.N’s Clean Development Mechanism (CDM) said they would work on new rules to allow any registered project to exit the system. They will discuss proposed rule changes at its next meeting in September………………………………………..Full Article: Source

World Bank sees ‘momentum’ behind global carbon price

Posted on 22 July 2014 by VRS  |  Email |Print

Momentum is growing behind global efforts to develop a carbon price, despite Australia’s decision to scrap its tax on the country’s top polluters. That is the view of the World Bank’s top climate official Rachel Kyte, addressing delegates at an environmental conference in Pori, Finland.
“The question I would ask if I was Australian was would I want to be in the Pacific when every one of my trading partners is on track to have an emissions trading scheme or an economy that prices carbon in within the next 2-3 years?” she said………………………………………..Full Article: Source

Global carbon market hopes fade as Australia dumps CO2 trading

Posted on 21 July 2014 by VRS  |  Email |Print

The goal of a global carbon market to tackle climate change, once touted to reach $2 trillion (Dh7.3 trillion) by 2020, received a major setback when Australia on Thursday scrapped its planned carbon trading scheme, which would have been the world’s third biggest.
Australia’s Emissions Trading Scheme (ETS) was to have started in 2015 and linked with the world’s biggest market in Europe — the first direct connection between major emissions trading schemes and a test case for possible links between schemes emerging in China and planned in Japan and the United States………………………………………..Full Article: Source

Julia Gillard partly to blame for demise of carbon price, says Christine Milne

Posted on 21 July 2014 by VRS  |  Email |Print

Julia Gillard was not across the details of climate change policy early in her prime ministership and should bear some responsibility for the demise of a price on carbon, Greens leader Christine Milne says. Ms Milne said the former prime minister made a “disastrous” political decision when she conceded her carbon pricing scheme constituted a carbon tax.
The carbon price was abolished last Thursday with the support of all Senate crossbenchers, but the blame game over who brought it down continues. Last week, Labor senators tied the scheme’s demise to the Greens’ decision to vote against Kevin Rudd’s Carbon Pollution Reduction Scheme in 2009………………………………………..Full Article: Source

Carbon trading schemes around the world

Posted on 18 July 2014 by VRS  |  Email |Print

The goal of a global carbon market to tackle climate change hit turbulence on Thursday when Australia scrapped its planned carbon trading scheme. Such schemes have been emerging all over the world as governments try to meet greenhouse gas emission reduction targets.
Around 40 countries and over 20 states, regions or cities have started or plan to begin emissions trading schemes or carbon taxes to put a price on emissions. Under cap-and-trade schemes, companies or countries face a carbon limit. If they exceed the limit they can buy allowances from others. They can also purchase carbon offsets from outside projects that avoid emissions, often from developing countries………………………………………..Full Article: Source

Global carbon market hopes fades as Australia dumps CO2 trading

Posted on 18 July 2014 by VRS  |  Email |Print

The goal of a global carbon market to tackle climate change, once touted to reach US$2-trillion by 2020, received a major setback when Australia on Thursday scrapped its planned carbon trading scheme, which would have been the world’s third biggest.
Australia’s Emissions Trading Scheme (ETS) was to have started in 2015 and linked with the world’s biggest market in Europe — the first direct connection between major emissions trading schemes and a test case for possible links between schemes emerging in China and planned in Japan and the United States………………………………………..Full Article: Source

Australia’s carbon trading future

Posted on 18 July 2014 by VRS  |  Email |Print

Australia’s Parliament on Thursday repealed the country’s controversial carbon tax and the emissions trading scheme that was to succeed it in 2015, signalling an end to what would have been the second largest such system after the European Union’s.
The schemes were part of a larger package of legislation to combat climate change passed in 2011, elements of which were preserved to win the support of Clive Palmer, whose Palmer United Party holds the balance of power in the Senate………………………………………..Full Article: Source

Fix the EU’s Carbon-Trading System

Posted on 17 July 2014 by VRS  |  Email |Print

President Barack Obama recently said in an interview on climate and energy that if there’s one thing he would like to see, it would be for the U.S. to be able to put a price on carbon emissions. He is right — an effective market-driven approach to carbon pricing is crucial to tackling climate change and reducing emissions. The U.K. was the first to adopt carbon trading in 2002, and it continues to trade under the European Union’s Emissions Trading System.
The EU cap-and-trade system is the world’s largest. By putting a price on every metric ton of carbon emitted and allowing companies to trade allowances, the system enables carbon-reduction targets to be met at the least cost………………………………………..Full Article: Source

S.Korea’s carbon trading to cost $27 bln; should be delayed -business

Posted on 17 July 2014 by VRS  |  Email |Print

South Korea’s emission trading to start next year will cost a total of 27.5 trillion Korean won ($26.64 billion) for the next three years and should be delayed to 2020, a business lobby group said.
The scheme is due to start January 1, 2015 to cap greenhouse gas emissions from over 400 of the country’s major polluters such as power generators and manufacturers. It aims to cut emission in 2020 at 30 percent below business-as-usual levels………………………………………..Full Article: Source

UK calls for cancelling of carbon permits to revive EU emissions trading

Posted on 17 July 2014 by VRS  |  Email |Print

Britain said it wants deeper reforms to the EU Emissions Trading System than those proposed by the European Commission and Germany, favouring cancelling a “significant number” of carbon permits over launching a tool to regulate market supply.
In a report detailing its vision for the fourth phase of the EU ETS, which will run from 2021 to 2030, Britain said major changes to the system are needed to help businesses cut their greenhouse gas emissions, to protect them from foreign competitors, and to foster investment in low-carbon technology………………………………………..Full Article: Source

Carbon tax strain taking toll on MPs

Posted on 16 July 2014 by VRS  |  Email |Print

Tony Abbott’s hopes of quickly scrapping the carbon tax under a more compliant Senate have again been put on hold with the repeal bills not brought before the upper house until Tuesday night for fear of another mishap. That was despite amended legislation being passed in the House of Representatives on Monday.
But the Senate has extended its hours to try to pass the Abbott government’s repeal - whether that takes hours, days or a weekend or two. The government kept senators in the upper house late into the evening on Tuesday as it debated the carbon tax repeal, and could keep the chamber open much longer if it doesn’t get its way………………………………………..Full Article: Source

Britain to fund South African carbon trading experiment

Posted on 16 July 2014 by VRS  |  Email |Print

Britain will expand funding for a programme to help coal-rich South Africa develop a carbon trading market in an attempt to rein in its rising greenhouse gas emissions. The British High Commission in Pretoria last week said it will fund a pilot emissions trading programme from next year to help companies prepare for a 120-rand-per-tonne ($11.21) carbon tax that is expected to come into force in 2016.
The value of the grant was not disclosed. The launch of South African’s carbon tax, which would apply to major emitters including steel giant ArcelorMittal, utility Eskom [ESCJ.UL] and petrochemical group Sasol, was delayed by one year to allow more time for planning and consultation with stakeholders………………………………………..Full Article: Source

Britain to fund South African carbon trading experiment

Posted on 15 July 2014 by VRS  |  Email |Print

Britain will expand funding for a programme to help coal-rich South Africa develop a carbon trading market in an attempt to rein in its rising greenhouse gas emissions. The British High Commission in Pretoria last week said it will fund a pilot emissions trading programme from next year to help companies prepare for a 120-rand-per-tonne ($11.21) carbon tax that is expected to come into force in 2016.
The value of the grant was not disclosed. The launch of South African’s carbon tax, which would apply to major emitters including steel giant ArcelorMittal, utility Eskom and petrochemical group Sasol, was delayed by one year to allow more time for planning and consultation with stakeholders………………………………………..Full Article: Source

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September 2014
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