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Nick Stern Is Wrong; Climate Change Is Not The Largest Market Failure The World Has Ever Seen

Posted on 26 January 2015 by VRS  |  Email |Print

The takeaway line from the Stern Review, Sir Nicholas Stern’s (now Lord Stern) investigation into climate change and what, if anything , we might do about it, is that climate change is the largest market failure the world has ever seen. My argument here is that this simply isn’t true. No, this doesn’t mean that I think the Stern Review itself is wrong. I think there’s a lot that is wrong with it, certainly, and I have since I first read it on the day it was released.
The estimations of future emissions are far too high, it has, to put it mildly, an interesting way with discount rates and I’m deeply unimpressed with the way it deals with the capital cycle. However, at another level I agree with the report. Climate change is happening, we’re causing it, something should be done and that something is a carbon tax………………………………………..Full Article: Source

EU carbon market price expected to rise before 2020 following MEPs’ vote

Posted on 23 January 2015 by VRS  |  Email |Print

The chances of a modest increase in carbon prices before 2020 rose on Thursday after votes by MEPs on one of the European Parliament’s most conservative committees.
MEPs on the industry committee voted first against market reforms to EU carbon trading, and then against the package they had just agreed. The chaotic manoeuvring leaves open the possibility of more ambitious reforms early this year, which could lead to higher carbon prices………………………………………..Full Article: Source

Political divisions hit EU carbon price

Posted on 23 January 2015 by VRS  |  Email |Print

Carbon prices plunged almost 8 per cent on Thursday after a bumpy start to the EU’s attempt to fix its dysfunctional emissions market, with bitter divisions among parliamentarians creating uncertainty among traders.
Europe’s emissions trading system is the world’s biggest cap-and-trade market, covering more than 11,000 factories and companies, but it has proved a blunt instrument in the fight against climate change. Rock bottom prices, which have fallen to about €7 a tonne, from a high of about €30 in 2008, offer little incentive to stop burning fossil fuels………………………………………..Full Article: Source

EU Carbon Plummets as Panel Rejects Market Fix Recommendation

Posted on 23 January 2015 by VRS  |  Email |Print

European Union carbon allowances posted their biggest drop since April after a panel in the bloc’s parliament failed to agree on how to modify a measure curbing a glut of carbon permits.
Permits fell as much as 8.1% after the European Parliament’s industry committee, which has an advisory role in the legislative process, rejected a recommendation on a mechanism to withhold surplus allowances. Earlier, committee members backed inclusion in the report of an amendment to start the market overhaul in 2021, as envisaged by the European Commission, while a proposal for it beginning in 2017 was rejected………………………………………..Full Article: Source

A Year of Opportunity to Combat Climate Change — and Transform Economies

Posted on 22 January 2015 by VRS  |  Email |Print

Scientists declared this past year as the warmest year on Earth since record-keeping began in 1880, and a series of scientific reports found glaciers melting and extreme weather events intensifying. There can be no doubt that this year world leaders must commit to transforming their economies to combat climate change.
We must put an end to decades of harmful fossil fuel subsidies and redirect those resources to the people who need them. We must put a price on carbon and begin to rein in pollution that fuels climate change. And world leaders must produce a substantive climate agreement in Paris that commits every country to reduce greenhouse gas emissions………………………………………..Full Article: Source

Shanghai bans pre-2013 offset credits in carbon market

Posted on 22 January 2015 by VRS  |  Email |Print

Companies participating in Shanghai’s carbon market can only use offset credits generated after Jan. 1, 2013 for compliance, the city government said Wednesday, ruling out the vast majority of offsets issued so far.
Shanghai is the second of China’s seven pilot carbon markets after Beijing to release detailed rules on what type of offsets will be eligible in the scheme. Shanghai firms can use the offsets, known as Chinese Certified Emissions Reductions (CCERs) to cover for 5 percent of their CO2 emissions under the emissions trading scheme………………………………………..Full Article: Source

Fate of EU carbon market hangs in the balance

Posted on 22 January 2015 by VRS  |  Email |Print

The credibility of Europe’s climate policy faces a critical test on Thursday, when lawmakers vote on reforms to its carbon market. Members of the European Parliament’s industrial committee will debate how fast and far to go with measures to tackle an oversupply of pollution permits, which has chronically depressed the carbon price. At around €7/tonne, the price gives industry only a weak signal to invest in low carbon technology.
Experts say that swift action is needed to restore faith in the emissions trading system (ETS), which forms the cornerstone of the European Union’s climate policy………………………………………..Full Article: Source

EU Parliament’s Biggest Group Withdraws Early Carbon-Fix Offer

Posted on 21 January 2015 by VRS  |  Email |Print

The European Parliament’s largest political group withdrew a draft compromise on advancing a remedy for Europe’s carbon market to 2019 after its proposal failed to win broad support Monday in the legislature’s industry committee.
The European People’s Party opted Tuesday to form a coalition with the European Conservatives and Reformists group that will push to introduce the so-called carbon-market stability reserve in 2021, in line with the European Commission’s original proposal last year. A coalition of four other groups in the committee wants to bring the emissions fix forward by four years in a vote on Jan. 22………………………………………..Full Article: Source

ETS Reform – Where are we now?

Posted on 21 January 2015 by VRS  |  Email |Print

The first two trading periods of the European Union’s Emission Trading System (EU ETS) were marked by a low and volatile carbon price, which failed to incentivise investment in low-carbon technologies and sufficient cuts in CO2 emissions. With the aim of curing the Emission Unit Allowance (EUA) price, the European Commission (EC) submitted a reform proposal, the so-called Market Stability Reserve.
Bellona views the EU ETS as a key instrument to attain the EU’s climate change objectives cost-effectively and therefore calls for its comprehensive structural reform to ensure it sends a strong price signal to investors and places us on the right track to attaining a low-carbon economy………………………………………..Full Article: Source

After the oil price crash, it’s time for a carbon tax

Posted on 20 January 2015 by VRS  |  Email |Print

The reduction in oil prices should be a good opportunity for Europe to put in place the appropriate tools for combating climate change, and to start the transition to a sustainable economy. In just over a year, the price of Brent crude has plummeted from $107.78 to $47.44, a fall of over 55%.
At a time when the European economy is suffering from a severe recession and looming deflation has yet to be dealt with by courageous decisions from the European Central Bank, the reduction in the cost of energy should be a positive shock from the supply side and provide a boost in production. ……………………………………….Full Article: Source

EU politicians seek to revive sluggish carbon market

Posted on 20 January 2015 by VRS  |  Email |Print

European politicians are expected this week to back by a narrow majority early action to bolster prices on the EU carbon market and sharpen a weapon against climate change that recession has blunted. Thursday’s vote, one of several legislative stages, will be closely watched by traders.
The Emissions Trading System (ETS) is designed to make polluters pay for their emissions but a surplus of more than 2 billion carbon allowances generated by economic crisis has crushed the market. That means industry can still burn highly polluting fuel, such as coal, at little cost as permits are worth only around 7 euros per tonne………………………………………..Full Article: Source

Food diversity under siege from global warming, U.N. says

Posted on 20 January 2015 by VRS  |  Email |Print

Climate change threatens the genetic diversity of the world’s food supply, and saving crops and animals at risk will be crucial for preserving yields and adapting to wild weather patterns, a U.N. policy paper said on Monday.
Certain wild crops - varieties not often cultivated by today’s farmers - could prove more resilient to a warming planet than some popular crop breeds, the U.N. Food and Agriculture Organisation (FAO) said………………………………………..Full Article: Source

Carbon trading: Concerted efforts needed for success of market

Posted on 19 January 2015 by VRS  |  Email |Print

Korea launched its carbon trading market this week, which government officials hope will help the nation meet its international commitments to reduce greenhouse gas emissions and foster green industries.
As expected, the market got off to a slow start, registering thin trading in terms of the volumes and values of the carbon emission allowances that changed hands. As officials say, it will take some time for the market to take root………………………………………..Full Article: Source

EON Urges Advancing Start of EU Carbon Market Reserve to 2017

Posted on 16 January 2015 by VRS  |  Email |Print

EON SE urged European Union lawmakers to speed up a planned reform of the bloc’s emissions market to bolster prices and spur the transition to a low-carbon economy.
A mechanism to ease an oversupply of carbon permits should begin no later than 2017, four years before the start date proposed by the European Commission, according to Christopher Delbrueck, chief executive officer of EON Global Commodities, a unit of Germany’s biggest utility. Permit prices fell almost 70 percent since 2008 to levels that don’t deter coal burning………………………………………..Full Article: Source

UK industry weighs up impact of carbon support on electricity demand

Posted on 16 January 2015 by VRS  |  Email |Print

Energy suppliers and experts have expressed conflicting views over the extent to which energy bills and carbon price support will impact the UK’s heavy industry, potentially diverting production to countries with less onerous energy costs and cutting demand from energy intensive users in the process.
Some market participants have argued that the potential shift of energy intensive production away from the UK could have a significant softening effect on power demand in the coming years, which would act as a bearish driver for far curve UK wholesale electricity contracts………………………………………..Full Article: Source

European lawmakers torn over how early to begin carbon market reform

Posted on 15 January 2015 by VRS  |  Email |Print

European politicians meeting on Wednesday ahead of a critical vote next week on reforming the European Carbon market were unable to agree on a single date, putting forward both 2017 and 2019 as deadlines to begin action.
The EU’s Emissions Trading System is the bloc’s flagship policy to cut greenhouse gas emissions by charging for the right to emit carbon dioxide, but weak economic growth across Europe has cut industrial production and energy demand, creating a glut of more than 2 billion permits………………………………………..Full Article: Source

China opens national registry for carbon offsets, doubles supply

Posted on 15 January 2015 by VRS  |  Email |Print

China on Wednesday opened its national register for carbon offsets, allowing buyers to transfer credits for emitting carbon from the national scheme to regional exchanges and opening the way for spot trading of the permits. At the same time it approved the issuance of 7 million offset credits, more than doubling the supply.
The offsets, known as Chinese Certified Emissions Reductions (CCERs), are a low-cost option for power generators and manufacturers covered by China’s seven pilot emissions trading schemes to meet their carbon emission targets, as they cost less than regular permits………………………………………..Full Article: Source

Top 10 Carbon Market Predictions for 2015

Posted on 15 January 2015 by VRS  |  Email |Print

Last week, the Climate Trust, a mission-driven nonprofit that specializes in climate solutions, with a reduction of 1.9 million tons of greenhouse gases to its name, announced its second annual prediction list of 10 carbon market trends to watch in 2015.
The trends, which range from increased climate change adaptation measures at the state and city-level to new protocols for agriculture and forestry, were identified by the Climate Trust based on interactions with their diverse group of working partners—government, utilities, project developers and large businesses. “We’re excited to once again look at the overall market with fresh eyes and identify areas of potential movement and growth,” said Dick Kempka, vice president of business development for The Climate Trust………………………………………..Full Article: Source

EU Carbon Jumps Most Since 2013 Amid Talks on Bolstering System

Posted on 14 January 2015 by VRS  |  Email |Print

European Union carbon permits advanced the most in 16 months as climate officials from member nations gathered to discuss a proposal to strengthen the bloc’s emissions-trading system.
Benchmark carbon allowances settled up 8.5 percent, the biggest gain since Sept. 5, 2013, on ICE Futures Europe in London. EU lawmakers are seeking to curb a glut of the contracts that pushed prices down about 80 percent since 2008, reducing the penalty for burning fossil fuels………………………………………..Full Article: Source

EU to Hold Talks on Latvia’s Plan to Cut Carbon Emission Permits

Posted on 14 January 2015 by VRS  |  Email |Print

European Union member states will hold talks in Brussels on Tuesday about Latvia’s efforts to impose controls on the supply of permits in the bloc’s carbon emissions market, Bloomberg reported Tuesday, citing unnamed sources.
Latvia, which took over the European Union’s rotating presidency earlier in January, is seeking to prevent a glut of carbon permits on the market by transferring 900 million carbon allowances to the bloc’s market stability reserve, the news outlet cited sources familiar with the situation as saying………………………………………..Full Article: Source

Korea starts trading of carbon emission rights

Posted on 13 January 2015 by VRS  |  Email |Print

The trading of carbon emission rights started Monday at the Korea Exchange. Companies whose annual emission volume exceeds a quota set by the government will have to purchase extra emission rights from other companies.
The total sum of their emission quotas amounts to 1.59 billion tons this year, about 21 percent less than the 2.021 billion tons suggested by the companies. A total of 502 companies, including Samsung Electronics, Hyundai Motor, POSCO, Hyundai Heavy Industries and Lotte Department Store are trading the rights at the exchange based in Busan………………………………………..Full Article: Source

Linking Carbon Markets To Climate Change

Posted on 13 January 2015 by VRS  |  Email |Print

By the end of the century 1,400 cities and towns could be submerged due to rising sea levels caused by climate change, according to a recent study. The impact of climate change is becoming more severe: ice caps are melting, water is becoming scarce in some places, many fish and animal species face extinction, and heat waves are becoming the norm.
Though that is bad enough, many scientists think the worst is yet to come, with more extreme weather and the UN warning that the world’s food supply is at considerable risk. At Statoil we believe that one of the best ways to combat climate change is to ensure a cost on carbon pollution. According to Rachel Kyte, World Bank Group Vice President and Special Envoy, Climate Change Group, the benefits of a carbon price are already visible……………………………………….Full Article: Source

Cheaper oil complicates war on climate change

Posted on 12 January 2015 by VRS  |  Email |Print

The drastic fall in global crude oil prices over the past six months could reduce the chance of a universal agreement on climate change policy this year, according to HSBC.
Environmentalists hope the widely-anticipated Paris Climate Summit in December will bring about two key outcomes: a universal accord that enables the world to transition to a low-carbon future as well as concrete measures to limit global warming to 2 degrees Celsius above pre-industrial times. Discussions in Peru last month saw all participating countries commit to lowering greenhouse gas emissions for the first time ever………………………………………..Full Article: Source

Oil Plunge Seen Eroding Emissions Ambition: Carbon & Climate

Posted on 09 January 2015 by VRS  |  Email |Print

While the falling price of crude oil is giving consumers cheaper energy, it’s threatening long-term global pollution-control efforts. Reduced national income from energy taxes and “a low-growth economic environment” might spur countries to curtail their emissions-curbing pledges for after 2020, leading to more emissions of carbon for a longer time, said Zoe Knight, head of HSBC Holdings Inc.’s climate change center in London.
These proposals will be submitted under a United Nations climate-protection process starting in March. Public money “for funding low-carbon energy scale-up and energy-efficiency retrofits could be scarcer,” Knight said……………………………………….Full Article: Source

Early EU carbon market reform paramount - UK study

Posted on 08 January 2015 by VRS  |  Email |Print

Early implementation of planned reforms to fix the EU carbon market is much more important than the details of those reforms, according to a report produced for the UK’s Department of Energy and Climate Change (DECC). Rapid reforms are needed to tackle the “myopia of firms” who risk getting locked in to a high-carbon path, says the report published by DECC yesterday. Early reform is the single biggest factor in correcting the problems faced by the carbon market, it adds.
The EU emissions trading scheme (ETS) is central to EU efforts to tackle climate change. But it has been suffering from chronically low prices that are insufficient to drive needed low-carbon investments, potentially leaving firms facing higher costs later on if they are forced to retire high-carbon technology early………………………………………..Full Article: Source

California carbon market off to strong start in 2015

Posted on 08 January 2015 by VRS  |  Email |Print

California’s newly expanded carbon market is off to a better-than-expected start to the year, with strong trading volumes driven by new participants, traders said on Tuesday. The market’s benchmark December 2015 (v15) contract settled at $13.10 a tonne on Tuesday, up 8 cents from the previous day’s close on the IntercontinentalExchange.
Traded volumes on Tuesday topped 2.7 million allowances, well above the average daily volumes last year, traders said, with buyers picking up allowances for a range of delivery dates………………………………………..Full Article: Source

China carbon trading to almost double in 2015

Posted on 07 January 2015 by VRS  |  Email |Print

Carbon trading in China could almost double in 2015, analysts say, as more companies come up against curbs on climate pollution. It is the first year all seven regional carbon market pilots, designed to make polluters pay, are up and running.
Some 24 million tonnes of carbon dioxide equivalent were traded under these schemes in 2014, according to Thomson Reuters, with a value of €123 million. That will rise to 40 Mt in 2015, the research agency forecasts. “Historically, Chinese companies did not have to report on carbon emissions,” analyst Hongliang Chai told RTCC………………………………………..Full Article: Source

South Korea to Open Carbon Trading Exchange Next Week

Posted on 07 January 2015 by VRS  |  Email |Print

South Korea will open a carbon trading system next week after years of delay, but the road ahead remains bumpy due to resistance from the business community and weak confidence in the nascent program.
The Korea Exchange (KRX), the nation’s main bourse operator, will begin the cap-and-trade system on Jan. 12 with 525 local companies to join global efforts to curb greenhouse gas emissions to 30 percent below business-as-usual (BAU) levels over the next five years………………………………………..Full Article: Source

S. Korea to open carbon trading exchange next week

Posted on 06 January 2015 by VRS  |  Email |Print

South Korea will open a carbon trading system next week after years of delay, but the road ahead remains bumpy due to resistance from the business community and weak confidence in the nascent program.
The Korea Exchange (KRX), the nation’s main bourse operator, will begin the cap-and-trade system on Jan. 12 with 525 local companies to join global efforts to curb greenhouse gas emissions to 30 percent below business-as-usual (BAU) levels over the next five years………………………………………..Full Article: Source

Global carbon market value to hit €70bn this year

Posted on 06 January 2015 by VRS  |  Email |Print

The value of global carbon markets is set to near €70bn this year after strong growth in 2014, according to a major new analysis. Point Carbon at Thomson Reuters says a 15 per cent rise saw the global carbon market hit €45bn on the back of higher prices in Europe and North America and it now expects a further rise to €69.6bn during 2015 - a 55 per cent increase.
The forecast is based on a higher turnover of European Union Allowances (EUAs), the main units traded under the EU Emissions Trading Scheme (EU ETS), as well as a virtual doubling of the volume of trades in North America’s Western Climate Initiative (WCI) to 610 Mt following the expansion of the scheme’s emissions cap to include transportation fuels and natural gas - a move which should translate into larger auction volumes and higher secondary market liquidity………………………………………..Full Article: Source

Four Questions For Global Carbon Markets In 2015

Posted on 06 January 2015 by VRS  |  Email |Print

The world’s carbon markets are one of the climate change fight’s biggest stories, and they’ve never been stronger. Cap-and-trade systems combined with carbon taxes to cut emissions and invest billions in clean energy technologies, while expanding to over 40 national and regional jurisdictions in 2014.
While 1,000 companies and 84 governments support carbon pricing, market growth is in a tenuous position moving forward, and this year is sizing up to be a make-or-break year for carbon markets in combating climate change. While any one system is deserving of in-depth examination, I think these four questions will determine international carbon market growth in 2015………………………………………..Full Article: Source

EU Carbon Market Has First Volume Drop Amid Supply Cut

Posted on 05 January 2015 by VRS  |  Email |Print

Buying and selling of European Union carbon allowances on ICE Futures Europe declined for the first time last year after the bloc began withholding supply to reduce a surplus that’s built up since 2008.
Trading slipped 5.2 percent, according to data from the exchange compiled by Bloomberg. Benchmark prices rose 48 percent in 2014 and averaged 6.01 euros ($7.24) a metric ton. Lawmakers took more than three years to install the first measure aimed at reducing the surplus, beginning last March to retain the equivalent of six months’ permit supply temporarily………………………………………..Full Article: Source

2015: A year for carbon pricing, peer pressure and Paris

Posted on 02 January 2015 by VRS  |  Email |Print

The year 2015 is burned into climate watchers’ brains, and internal satnavs set to Paris. In December, this is where negotiators from around the world are set to strike a global deal to tackle climate change.
What happens in the next 12 months politically, economically and environmentally could make or break that deal. Parallel efforts on disaster risk reduction and sustainable development will be critical to protect vulnerable communities and grow green industries………………………………………..Full Article: Source

Carbon-pricing policy needed

Posted on 02 January 2015 by VRS  |  Email |Print

Although difficult to accept the reality of the situation - that ‘the United Nations High Commissioner for Refugees and the Intergovernmental Panel on Climate Change, reported the best estimates suggest climate change could force hundreds of millions on the move in coming decades’ - it was good to read it in a newspaper that is syndicated across Canada.
Not only does Canada need to prepare for climate refugees, we must cut our carbon emissions to avoid the worse impacts of human-caused climate disruption. Despite stark warnings from many international organizations, on Oct. 7, 2014 Canada’s Environment Commissioner, Julie Gelfand, reported that Canada is only 7% towards meeting our Copenhagen targets………………………………………..Full Article: Source

Why Russia should ally with China and India on carbon rules

Posted on 23 December 2014 by VRS  |  Email |Print

Russia, China and India, the world’s top three net carbon exporters, should unite and start putting pressure on the UN climate talks to adopt rules for sharing the burden of emissions associated with international trade in a more equitable way, Russian economists suggest.
Today, a country’s annual greenhouse gas emissions are counted as the sum of all carbon dioxide, methane, nitrous oxides and other gases being emitted into the atmosphere from sources within the country’s territory, regardless of whether goods and services produced in the process are later consumed locally or exported………………………………………..Full Article: Source

Direct Action unlikely to meet emissions target, says Climate Change Authority

Posted on 23 December 2014 by VRS  |  Email |Print

The government’s climate advisory body has delivered a stark assessment of the Coalition’s policies, stating it was unlikely that its Direct Action policy would meet Australia’s 5% emissions reduction target and calling for the renewable energy target (RET) to remain intact.
The Climate Change Authority, which the Coalition unsuccessfully attempted to abolish, has conducted two statutory reviews for the government: one on the RET and one on the carbon farming initiative (CFI)………………………………………..Full Article: Source

Washington State sets out carbon trading plans

Posted on 22 December 2014 by VRS  |  Email |Print

Washington has become the latest state to reveal plans for a mandatory carbon trading scheme, after Governor Jay Inslee last week published proposals for a new cap-and-trade market. A policy briefing published by the governor’s office detailed plans to introduce the emissions trading scheme from July 2016, requiring an estimated 130 industrial facilities and fuel distributors to purchase carbon allowances.
“Governor Inslee’s Carbon Pollution Accountability Act requires, for the first time, major polluters to pay for their carbon pollution,” the briefing states, adding that the legislation means emitters “can either invest in cleaner technology and improve their operation efficiency or simply pay for allowances whose cost will grow over time”………………………………………..Full Article: Source

Abbott: repealing carbon tax ‘best thing I did as Minister for Women’

Posted on 22 December 2014 by VRS  |  Email |Print

Tony Abbott has nominated repealing the carbon tax as his greatest achievement as Minister for Women, saying women are “particularly focused on the household budget”. The Prime Minister, under pressure over perceived difficulties with female voters, last year named himself Minister for Women.
Asked to nominate his greatest achievement in the portfolio, Mr Abbott told the Nine Network: “Well, you know, it’s very important to do the right thing by families and households and, as many of us know, women are particularly focused on the household budget and the repeal of the carbon tax means a $550-a-year benefit for the average family………………………………………..Full Article: Source

Global linkage of carbon markets remains a challenge

Posted on 19 December 2014 by VRS  |  Email |Print

Although plans to link carbon-trading schemes internationally have suffered setbacks over the years, advocates of carbon trading hope the UN climate summit in Paris next year will produce new commitments.
Linked emission trading systems (ETSs) could create a larger and more liquid market, harmonise emission prices and reduce price volatility, according to a number of carbon market researchers. Higher emission prices would benefit gas over other fossil fuels because it is less carbon-intensive………………………………………..Full Article: Source

Washington state carbon market plan to raise $1bn a year

Posted on 19 December 2014 by VRS  |  Email |Print

Washington has become the latest US region to set out plans for a carbon market to limit emissions. The Carbon Pollution Accountability Act would cover 85% of the state’s emissions and raise around US$1 billion in its first year, if passed.
Along with boosts for electric vehicles and clean energy, the cap-and-trade system is to deliver a target to cut emissions 15% by 2020 from 2005 levels. “It’s the smart thing to do because we can make the air cleaner for our children, our businesses can lead the world in clean technology and doing so will bring good-paying jobs to Washington,” said governor Jay Inslee………………………………………..Full Article: Source

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

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February 2015
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