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10 Carbon Market Trends to Watch in 2016

Posted on 11 January 2016 by VRS  |  Email |Print

The Climate Trust, a mission-driven nonprofit that specializes in mobilizing conservation finance for environmental benefit, announced its third annual prediction list of 10 carbon market trends to watch in 2016.
The trends, which range from climate change playing a larger role in federal decision-making to increased carbon market linkage and momentum in conservation finance, were identified by The Climate Trust based on interactions with their diverse group of working partners—government, utilities, project developers and large businesses………………………………………..Full Article: Source

Poland files lawsuit over ETS reserve

Posted on 11 January 2016 by VRS  |  Email |Print

Poland has filed a lawsuit at the European Court of Justice (ECJ) calling for an annulment of the decision to implement a market stability reserve (MSR) for the EU emissions trading scheme (ETS). The complaint was filed to the ECJ on the 4 of January, the country’s permanent representation to the EU told Argus.
The Polish government said last week that it would challenge the decision on the basis that the reserve’s introduction in 2019 will disrupt phase 3 (2013-20) of the EU ETS, thereby undermining investor certainty. Warsaw also argued that the MSR effectively violates the principle of proportionality by increasing the EU’s emissions reduction goals beyond its international obligations………………………………………..Full Article: Source

A 2016 Carbon Market Forecast

Posted on 08 January 2016 by VRS  |  Email |Print

The Climate Trust, a mission-driven nonprofit that specializes in mobilizing conservation finance for environmental benefit, announced its third annual prediction list of 10 carbon market trends to watch in 2016.
The trends, which range from climate change playing a larger role in federal decision-making to increased carbon market linkage and momentum in conservation finance, were identified by The Climate Trust based on interactions with their diverse group of working partners—government, utilities, project developers and large businesses………………………………………..Full Article: Source

Poland files lawsuit over ETS stability reserve

Posted on 08 January 2016 by VRS  |  Email |Print

Poland has filed a lawsuit at the European Court of Justice (ECJ) calling for an annulment of the decision to implement a market stability reserve (MSR) for the EU emissions trading scheme (ETS). The complaint was filed to the ECJ on the 4 of January, the country’s permanent representation to the EU told Argus today.
The Polish government said last week that it would challenge the decision on the basis that the reserve’s introduction in 2019 will disrupt phase 3 (2013-20) of the EU ETS, thereby undermining investor certainty. Warsaw also argued that the MSR effectively violates the principle of proportionality by increasing the EU’s emissions reduction goals beyond its international obligations………………………………………..Full Article: Source

Horizons holds Lithuanian and Russian carbon credits

Posted on 07 January 2016 by VRS  |  Email |Print

Horizons Regional Council’s carbon emissions are being helped out by Russian and Lithuanian carbon credits. The council reviewed its carbon footprint late last year and evaluated whether it needed to be doing more. The council’s emissions were offset by 12 million trees planted in the region, which would lock up at maturity 9 million tonnes of carbon credit over the next 30 years. That averaged out to 323,654 tonnes per year.
But the council had also previously bought carbon credits to help its situation. Environmental Management group manager Craig Mitchell said that following the council’s registration of its pre-1990 forests under the Emissions Trading System (ETS) they identified about 7 hectares that would not be replanted due to accretion………………………………………..Full Article: Source

Washington state’s draft CO2 market plan allows use of RGGI, WCI units

Posted on 07 January 2016 by VRS  |  Email |Print

Washington’s Department of Ecology on Wednesday released details of the US state’s proposed carbon market, potentially opening the door to the use of allowances and offsets from other North American emissions trading schemes while limiting trade to operators.
If approved, the scheme will be the centrepiece of state efforts to force its largest emitters, including power plants, metal manufacturers, natural gas distributors, petroleum fuel producers and importers, waste facilities and other large industrial polluters, to cut their output to help Washington halve its GHGs from 1990 levels by 2050. The measures are expected to initially affect around two dozen installations, which collectively account for around 60% of the state’s emissions………………………………………..Full Article: Source

The Global Warming Carbon Regime

Posted on 06 January 2016 by VRS  |  Email |Print

“There has never been a global movement to put a price on carbon at this level and with this degree of unison,” World Bank Group President Jim Yong Kim declared in an October 19, 2015 press release announcing the establishment of a global Carbon Pricing Panel — a group convened by Kim and IMF Managing Director Christine Lagarde.
“It marks a turning point,” the World Bank chief said, “from the debate on the economic systems needed for low carbon growth to the implementation of policies and pricing mechanisms to deliver jobs, clean growth and prosperity. The science is clear, the economics compelling and we now see political leadership emerging to take green investment to scale at a speed commensurate with the climate challenge.”……………………………………….Full Article: Source

Top EU court rules ETS penalties proportionate, upholds German fine

Posted on 06 January 2016 by VRS  |  Email |Print

Europe’s top court has upheld a lower court ruling that backed the German government’s decision to fine a now-closed brick factory and its liquidator more than €332,000 for failing to return EU carbon allowances in 2011.
The European Court of Justice (ECJ) on Dec. 17 ruled against Sandra Bitter, a lawyer appointed as liquidator for Hoxter GmbH who first brought the case to Berlin’s Administrative Court, arguing that the size of the penalty, enshrined in the EU’s ETS Directive, breached the bloc’s principle of proportionality………………………………………..Full Article: Source

EU Market: Carbon sinks to 3-mth low as analysts flag bearish start to year

Posted on 05 January 2016 by VRS  |  Email |Print

EU carbon fell 2.1% on Monday to its lowest settlement since Sep. 29 as power prices dropped and analysts predicted prices would come under pressure despite a lack of auction supply.The benchmark Dec-16 EUA contract settled down 18 cents on ICE at €8.11, a cent off the session floor, on what was the first trading day of 2016.
Turnover was modest at just 6.7 million, with just 1.4 million changing hands on all other vintages, which could be an indicator that trade was dominated by speculators rather than utilities that tend to deal further along the curve………………………………………..Full Article: Source

The Paris Agreement: A new glimmer of hope

Posted on 05 January 2016 by VRS  |  Email |Print

World leaders have been celebrating what has been called a historic moment: the approval of the Paris Agreement on climate change by 195 countries. Indeed, the deal is worth celebration. Never before have so many heads of state and governments gathered to push forward an agreement to fight climate change.
At the kick-start of the COP21, more than 150 world leaders were present, showing their active engagement. Paris marked a paradigm shift from previous COP meetings: we have now stepped up from action by a few to action by many, enabling a truly ambitious and meaningful result………………………………………..Full Article: Source

Global Carbon Markets Through Private-Government Partnership

Posted on 04 January 2016 by VRS  |  Email |Print

The Paris climate change agreement has paved the way for a comprehensive reduction in greenhouse gas emissions, with an ultimate target to restrict the rise in global temperature by 1.5 or 2 degrees C.
Such a huge target, however, cannot be achieved by actions of the governments alone. Bureaucracy tends to move much too slowly to yield timely and efficient results. Thus, an equal, if not greater, responsibility falls on the private sector. A number of countries have implemented direct policies and programs to have industries reduce their GHG emissions………………………………………..Full Article: Source

Carbon pricing’s dirty secret

Posted on 04 January 2016 by VRS  |  Email |Print

Of all the absurdities in the cash-grabbing carbon pricing schemes being imposed on Canadians by their governments, the biggest one is this. Why are governments which promise to stop giving billions of dollars annually in public subsidies to major industrial greenhouse gas (GHG) emitters — for example the fossil fuel industry — devising carbon pricing schemes which give billions of dollars annually in public subsidies to major industrial greenhouse gas emitters — for example the fossil fuel industry?
This is the key feature of both Ontario Premier Kathleen Wynne’s cap-and-trade plan and Alberta Premier Rachel Notley’s carbon tax plan, both coming Jan. 1, 2017………………………………………..Full Article: Source

Obama Plans to Leave it All on the Field With Climate Change

Posted on 30 December 2015 by VRS  |  Email |Print

Pres­id­ent Obama de­clared that 2015 would be a “year of ac­tion” on cli­mate change. With the re­lease of land­mark emis­sions reg­u­la­tions, agree­ments with coun­tries like China and Brazil, and the clinch­ing of an in­ter­na­tion­al cli­mate-change deal in Par­is, it seemed to live up to the hype.
The Par­is agree­ment—which sets nearly 200 coun­tries on the path to com­bat cli­mate change—could be a walk-off-the-field mo­ment, the cul­min­a­tion of years of cli­mate work. But Obama’s still got a full year left and has prom­ised to “leave it all on the field.” Even as the clock runs down and the reg­u­lat­ory cal­en­dar emp­ties, he has more cli­mate work in mind………………………………………..Full Article: Source

Paris Agreement Sets the Stage for Global Greenhouse Gas Emission Reductions

Posted on 30 December 2015 by VRS  |  Email |Print

On December 12, 2015, 195 countries adopted the first global agreement addressing climate change. The Paris Agreement was adopted following two weeks of negotiations during the 21st Conference of the Parties (COP21) to the United Nations Framework Convention on Climate Change (UNFCCC).
The Agreement marks the first time that developed and developing countries have joined together to address what the Parties consider “an urgent and potentially irreversible threat to human societies.” The Agreement’s goals are lofty. First, the Agreement seeks to limit the increase of the global average temperature to well below 2°C over pre-industrial levels. The Parties also committed to “pursue efforts” to limit warming to only 1.5°C above pre-industrial levels………………………………………..Full Article: Source

KRX to list second carbon offset type from May

Posted on 29 December 2015 by VRS  |  Email |Print

The Korea Exchange (KRX) will start listing Korean Offset Credits (KOCs) from next May, the bourse operators announced, hoping to boost trading activity in the country’s fledgling carbon market. The exchange made the announcement following pressure from market participants to add the offset type. The KRX currently offers trade in Korean Allowance Units (KAUs) and Korean Carbon Units (KCUs).
When the government issues new offsets, whether from projects under its domestic offset scheme or as replacement for cancelled CERs, they are issued as KOCs, and can only be used for ETS compliance after they are converted to KCUs………………………………………..Full Article: Source

2016 will accelerate environmental progress. Here are 5 reasons why

Posted on 29 December 2015 by VRS  |  Email |Print

2015 was a breakthrough year for our environment – one of the most important in decades. The nations of the world agreed to a climate deal that finally gives us a chance to turn the corner toward safety. America put in place the first-ever limits on carbon pollution from its largest source, power plants.
And the Senate passed sweeping bipartisan legislation that promises to fix our chemical safety system, which has been broken for 40 years. At Environmental Defense Fund, we’re proud to have played key roles in all of these breakthroughs. Still, even with all that we accomplished, I expect 2016 to top the year now coming to an end………………………………………..Full Article: Source

China sets CO2 reporting standards ahead of market launch

Posted on 28 December 2015 by VRS  |  Email |Print

China issued national standards for industrial firms to report their greenhouse gas emissions as part of the country’s plan to launch a national carbon market in 2017. The new standards, issued by the National Development and Reform Commission (NDRC) on Wednesday, will enable the China to create a statistical system for greenhouse gas emissions and support the establishment of a national carbon trading scheme.
China has pledged to bring its CO2 emissions to a peak by around 2030, although it has not set a cap. It aims to cut its carbon intensity, or carbon emission for generating each unit of economic output, by 60-65 percent by 2030 from the 2005 level………………………………………..Full Article: Source

Beijing brings 600 new companies into ETS

Posted on 28 December 2015 by VRS  |  Email |Print

Beijing will more than double the participants in its emissions trading scheme by bringing in public transportation and halving the scheme’s threshold to companies that emit 5,000 tonnes of CO2 per year, the municipal government announced Friday.
The market expansion, which will likely cover 2015 emissions, means that around 600 new companies in the capital now face CO2 emission caps, in addition to the around 520 firms already covered by the municipal emissions market, sources said………………………………………..Full Article: Source

Brian Fallow: Making a market in carbon

Posted on 21 December 2015 by VRS  |  Email |Print

The Paris Agreement on climate change ticked one essential box from a narrow national point of view: it countenances the use of international trading in carbon credits to meet countries’ emissions targets. Without that, New Zealand’s pledge would not have been worth the paper it was written on.
That is because it is conditional on New Zealand having “unrestricted access to global carbon markets” — which at this stage don’t exist. New Zealand’s commitment is for emissions in 2030 to be 11 per cent below 1990 levels. They are already more than 20 per cent above 1990 and climbing — unrestrained by any effective policy to restrain them — at a rate the Government estimates will have them about 30 per cent above 1990 by 2030………………………………………..Full Article: Source

No more buying way out of emissions obligations

Posted on 21 December 2015 by VRS  |  Email |Print

New Zealand’s greenhouse gas obligations will be much tougher than they are now under new rules agreed at the Paris climate change talks, according to carbon traders. Their comments follow analysis of the fine print of the agreement which was reached by 195 nations earlier this month.
They suggested that economics had been more important than chemistry in the greenhouse gas business until now, since companies could pay money for polluting instead of reducing carbon dioxide, methane, and nitrous oxide emissions. Under that principle, New Zealand’s total emissions could grow, and the country could still come out smiling………………………………………..Full Article: Source

Carbon trading finds its feet again

Posted on 18 December 2015 by VRS  |  Email |Print

The winners of 2015’s carbon-related Market Rankings say it’s been a good year for trading systems worldwide, with more regulatory certainty and overall activity than last year in many markets. The carbon markets have kept up last year’s optimism, with 2015’s Market Rankings suggesting most participants are bullish – particularly about the North American and European regimes.
Ruby Canyon Engineering, Element Markets and Redshaw Advisors have all hired new staff this year, or are planning to expand in 2016 on the back of expected growth in business. Evolution Markets hopes to triple the size of its London team, although this is across its entire commodities platform, not just carbon………………………………………..Full Article: Source

Carbon markets in the Paris Agreement - an early holiday gift

Posted on 18 December 2015 by VRS  |  Email |Print

Last Saturday, UN climate negotiators from 195 countries agreed on a historic climate change accord in Paris after two weeks of intense negotiations. While many of us were hoping for a hook that would support the use of markets, we were happily surprised to see the extent and detail on carbon markets that was ultimately included in the Paris Agreement.
The agreement acknowledges that markets are needed to get countries on a low emissions development pathway and enhance ambition to keep warming to well below 2 degrees. It paves the way for a renewed international carbon market that will look and be different. Carbon Markets 2.0, if you will………………………………………..Full Article: Source

Korea, Beijing carbon exchanges to cooperate, study ETS links

Posted on 18 December 2015 by VRS  |  Email |Print

Carbon exchanges in South Korea and Beijing on Thursday signed an MOU to cooperate in developing their markets, boosting speculation that China and Korea at some stage might link their emissions trading schemes.
The deal was signed after senior officials from the Korea Exchange (KRX) visited the China Beijing Environment Exchange (CBEEX), the latter announced Thursday. The Korea Exchange hosts trading under the South Korean ETS, while CBEEX is the platform for the Beijing pilot carbon market and is vying to handle trade under the national ETS that will begin in 2017………………………………………..Full Article: Source

The Paris agreement on climate change: Green light

Posted on 17 December 2015 by VRS  |  Email |Print

“We’ve shown what’s possible when the world stands as one,” declared Barack Obama after UN climate talks in Paris ended with an agreement on December 12th. “Our collective effort is worth more than the sum of our individual effort,” said Laurent Fabius, France’s foreign minister, who oversaw the talks.
“I can go back home to my people and say we now have a pathway to survival,” said Tony de Brum, the Marshall Islands’ foreign minister, voicing an opinion shared in other low-lying spots where people are terrified of rising sea levels. The deal inspiring these eulogies was indeed stronger than had been expected………………………………………..Full Article: Source

The Carbon Markets Financial Game

Posted on 17 December 2015 by VRS  |  Email |Print

The Paris Agreement has mostly been greeted with enthusiasm, though it contains at least one obvious flaw. Few seem to have noticed that the main tool mooted for keeping us within the 2 degrees C global warming target is a massive expansion of carbon trading, including offsetting, which allows the market exchange of credits between companies and nations to achieve an overall emissions reduction.
That’s despite plenty of evidence that markets haven’t worked well enough, or quickly enough, to actually keep the planet safe. The debate over whether to include carbon markets in the final agreement came right to the wire. Some left-leaning Latin American countries such as Venezuela and Bolivia vehemently opposed any mention, while the EU, Brazil, and New Zealand, among other countries, pushed hard for their inclusion – with support from the World Bank, the IMF and many business groups………………………………………..Full Article: Source

Trading Carbon: How Paris Set Us Up for Failure

Posted on 17 December 2015 by VRS  |  Email |Print

The Paris Agreement has mostly been greeted with enthusiasm, though it contains at least one obvious flaw. Few seem to have noticed that the main tool mooted for keeping us within the 2C global warming target is a massive expansion of carbon trading, including offsetting, which allows the market exchange of credits between companies and nations to achieve an overall emissions reduction.
That’s despite plenty of evidence that markets haven’t worked well enough, or quickly enough, to actually keep the planet safe………………………………………..Full Article: Source

Climate change deal: five reasons to be glad, five to be gloomy

Posted on 16 December 2015 by VRS  |  Email |Print

1 If temperatures can be held to a rise of 1.5C, catastrophe may be averted: There is now a glimmer of hope for developing countries that climate change will be addressed and that a fossil-free world is achievable. Short- and long-term targets to decarbonise are now enshrined in law, countries have made individual commitments, there is more awareness of the problem, and governments have all agreed to act.
Over time, countries have agreed to “peak” their emissions in return for better access to technology. Low-lying islands, delta regions and coastal cities remain highly vulnerable to sea level rises and surges, but if temperatures can be held to a rise of 1.5C, mass migration and catastrophe may be averted for hundreds of millions of people………………………………………..Full Article: Source

Carbon trading and offsetting can only cause more delays

Posted on 16 December 2015 by VRS  |  Email |Print

The Paris Agreement has mostly been greeted with enthusiasm, though it contains at least one obvious flaw. Few seem to have noticed that the main tool mooted for keeping us within the 2 deg C global warming target is a massive expansion of carbon trading, including offsetting, which allows the market exchange of credits between companies and nations to achieve an overall emission reduction.
That’s despite plenty of evidence that markets haven’t worked well enough, or quickly enough, to actually keep the planet safe. The debate over whether to include carbon markets in the final agreement came right to the wire………………………………………..Full Article: Source

NZ leads declaration on carbon markets at Paris conference

Posted on 16 December 2015 by VRS  |  Email |Print

New Zealand, one of the five or six countries that have so far said it will rely on access to worldwide carbon units to meet its 2030 climate pledge, worked on the sidelines of the Paris talks to drum up support for its declaration. Already 18 countries have aligned with the declaration. “The declaration signals the importance of markets in implementing the new agreement”.
The nations will develop standards and guidelines to ensure trading of carbon credits has environmental integrity, according to a statement sent by Jonathan Franklin, spokesman for Tim Groser, New Zealand’s climate and trade minister………………………………………..Full Article: Source

3 signs carbon trading markets are about to hit their stride

Posted on 15 December 2015 by VRS  |  Email |Print

There was a time when market-based approaches seemed to fall off the radar in discussions of climate policy, but carbon markets are back. Well-designed emission trading systems offer the combination of flexibility, incentives and guaranteed results that help polluters meet their targets — while leaving it up to the market to figure out the best way to meet them, driving costs down.
This is why so many companies are staunch supporters of emissions trading, and why national and international efforts are taking off………………………………………..Full Article: Source

Climate Deal Is Signal to Industry: The Era of Carbon Reduction Is Here

Posted on 15 December 2015 by VRS  |  Email |Print

With the ink barely dry on a landmark climate accord, nations now face an even more daunting challenge: how to get their industries to go along. If nothing else, analysts and experts say, the accord is a signal to businesses and investors that the era of carbon reduction has arrived.
It will spur banks and investment funds to shift their loan and stock portfolios from coal and oil to the growing industries of renewable energy like wind and solar. Utilities themselves will have to reduce their reliance on coal and more aggressively adopt renewable sources of energy………………………………………..Full Article: Source

How emissions trading at Paris climate talks has set us up for failure

Posted on 15 December 2015 by VRS  |  Email |Print

The Paris Agreement has mostly been greeted with enthusiasm, though it contains at least one obvious flaw. Few seem to have noticed that the main tool mooted for keeping us within the 2℃ global warming target is a massive expansion of carbon trading, including offsetting, which allows the market exchange of credits between companies and nations to achieve an overall emissions reduction.
That’s despite plenty of evidence that markets haven’t worked well enough, or quickly enough, to actually keep the planet safe. The debate over whether to include carbon markets in the final agreement came right to the wire………………………………………..Full Article: Source

Paris Agreement rings in new era of international carbon trading

Posted on 14 December 2015 by VRS  |  Email |Print

Provisions supporting international carbon trading were agreed by countries under a new Paris Agreement on Saturday, which also established a new market-based mechanism that is expected to move beyond traditional offsetting while building on the lessons of the Kyoto Protocol’s schemes.
The mechanism’s rules now need to be drawn up, in a process that could take several years, and while few countries are expected to use the mechanism initially when it’s launched after 2020, parties including the EU and Brazil pushed hard at the COP-21 summit for certain items to be included in the text………………………………………..Full Article: Source

Europe’s carbon-trading system is better than thought, and could be better still

Posted on 14 December 2015 by VRS  |  Email |Print

The EU emissions trading scheme, which celebrated its 10th anniversary this year, is Europe’s flagship climate policy. It is often accused of two mutually exclusive sins and not always by different people. Some complain that it is ineffective because carbon prices have been much lower than expected.
There is also concern that the ETS threatens competitiveness, which can only be the case if prices are too high. So is the ETS both dead and (too) alive at the same time? Prices have been low indeed: the EU’s own impact assessment assumes a price of €30. Prices were around that level for only brief periods in 2005, 2006 and 2008. Despite the low prices, the ETS has triggered emission reductions of more than 10% in some participating firms. At the same time, there is little evidence that the ETS has reduced competitiveness………………………………………..Full Article: Source

International carbon credits needed for post 2020 climate targets: Hunt

Posted on 14 December 2015 by VRS  |  Email |Print

Environment Minister Greg Hunt says he will likely allow local firms to buy international carbon credits to meet post 2020 climate targets, amid backbench anger over the weekend’s Paris climate agreement.
Liberal MP Craig Kelly has dismissed the agreement as a “farce” while West Australian MP Dennis Jensen, instrumental in the February attempt at a leadership spill, said any change to more ambitious climate policy would break a promise. Meanwhile, Foreign Minister Julie Bishop said the agreement was a sign that more Australian jobs would open up in clean energy and renewables………………………………………..Full Article: Source

For big business seeking CO2 emissions price, a ray of hope from Paris

Posted on 14 December 2015 by VRS  |  Email |Print

For the most part, big business wanted one thing from the climate accord in Paris on Saturday: a price on carbon dioxide (CO2) emissions. While on the surface their hopes were dashed, looking deeper may give them cause for hope.
Multinational companies from oil giant BP to consumer products maker Unilever have called for a globally agreed way of pricing emissions of CO2 - the gas most widely blamed for global warming - to create an incentive for power plants and factories to shift to cleaner forms of energy. That is opposed by big oil exporting countries such as Saudi Arabia as well as others, such as Bolivia, reluctant to embrace any market-based solutions………………………………………..Full Article: Source

How Carbon Markets Will Act As Climate Cops

Posted on 11 December 2015 by VRS  |  Email |Print

Carbon markets likely to emerge in the wake of a Paris accord will bring muscle to the enforcement of emissions limits, according to economists and advocates at the UN Climate Conference here. They may even be able to subdue polluters who are not party to the agreement.
Some carbon markets are likely to emerge out of climate clubs, a popular term at this summit for groups of countries or companies or other entities that unite their efforts to limit emissions. A developing country may join a club to sell carbon credits, raising money to protect forests or provide its people with renewable energy………………………………………..Full Article: Source

New Zealand attempts to rally support for carbon markets at Paris talks

Posted on 11 December 2015 by VRS  |  Email |Print

New Zealand is drumming up support for a declaration on international carbon trading at the Paris climate talks, a move it hopes will bolster certainty that emissions markets have a future regardless of the outcome in the French capital.
New Zealand is the only developed country that has made its INDC emissions target entirely conditional on access to the international carbon market and accounting rules. In Paris, it has approached most of the nearly 100 countries that have made mentions of markets in their post-2020 plans, developed and developing nations alike, hoping to win support for its plan………………………………………..Full Article: Source

Single Market Global Carbon Pricing

Posted on 11 December 2015 by VRS  |  Email |Print

If you ask a carbon trader when there will be a single, efficient, international price on carbon dioxide emissions, s/he may reply, “How patient are you?” Over 40 carbon trading markets exist worldwide (commonly referenced in the US as “cap and trade”), but they are separate, fragmented, and collectively inefficient, and a singular international market, as exists at least de facto for a range of other commodities, may be decades away.
However, the Paris agreement expected next week may get us one baby step closer. “Having Paris allow for cooperative approaches and these internationally transferred mitigation outcomes (ITMOS) is an important first step,” said Katie Sullivan, North America director for the carbon market trade association, the International Emissions Trading Association (IETA)………………………………………..Full Article: Source

Australia signs up for clear carbon trading rules, hinting at policy change

Posted on 10 December 2015 by VRS  |  Email |Print

Australia has signed a Paris declaration calling for new clear rules for international carbon trading in a signal the Coalition’s six-year carbon pricing policy veto could be softening as it prepares to review its climate policy in 2017.
Foreign minister Julie Bishop, who signed the declaration in Paris, said it was in Australia’s interests to recognise the role an international carbon market might play in reducing emissions after 2020. “It’s just a declaration, it’s not legally binding,” she said after a speech to an event organised by Australia’s Carbon Market Institute………………………………………..Full Article: Source

COP21: Hopes build for carbon market agreement

Posted on 10 December 2015 by VRS  |  Email |Print

Hopes are mounting that a new Paris Agreement could provide a boost to global carbon markets, after it emerged support was growing among negotiators for the inclusion of proposals that would help support the expansion of so-called “market-based mechanisms”. The EU and Brazil yesterday put forward a proposal about the role of “co-operative approaches” – or markets – in the negotiating text.
It called for the creation of a “mechanism to contribute to the mitigation of greenhouse gas emissions and to support sustainable development [in developing countries]“, adding that such a mechanism would be introduced on a voluntary basis in different countries and would see promised emission reductions “certified by operational entities to be designated by the supervisory body”………………………………………..Full Article: Source

Chasing a Climate Deal in Paris

Posted on 10 December 2015 by VRS  |  Email |Print

The climate talks in Le Bourget, outside Paris, are scheduled to run through Friday, the deadline set by the anxious French hosts for a final deal on curbing emissions that warm the planet. Could that deadline be pushed should negotiators fail to reach a consensus on outstanding questions?
A near-final draft of the accord was released Wednesday, exposing persistent rifts between industrialized countries and developing nations. The draft calls for cuts in carbon emissions from 186 countries, but fails to say how those commitments will be monitored and verified………………………………………..Full Article: Source

China CO2 market to cover half of total emissions by 2017 launch

Posted on 09 December 2015 by VRS  |  Email |Print

China’s long-awaited nationwide carbon market will cover as many as 10,000 firms and regulate nearly half of the country’s total emissions once launched in 2017, a senior official said on the sidelines of the Paris climate talks on Tuesday.
Jiang Zhaoli, vice-head of the climate office of the state planning agency, the National Development and Reform Commission (NDRC), said China’s carbon market would become the world’s biggest, and its targets would be higher than those set by the state “in order to guarantee it had sufficient effect”………………………………………..Full Article: Source

World Leaders in Paris at COP21 Embrace Carbon Pricing To Hasten a Low-Carbon Future

Posted on 09 December 2015 by VRS  |  Email |Print

Major world leaders today launched an unprecedented global carbon pricing initiative, calling for nations of the world to put a price on carbon pollution to protect the climate and accelerate a transition to ä clean, sustainable energy future. The initiative is sponsored by the World Bank and the International Monetary Fund.
Heads of state, including French President François Hollande, German Chancellor Angela Merkel, Mexican President Enrique Peña Nieto, and Prime Minister Justin Trudeau of Canada, joined World Bank President Jim Yong Kim in Paris at the UN’s COP21 global climate change conference to announce the new global carbon pricing initiative………………………………………..Full Article: Source

Brazil and EU propose new carbon market text for Paris deal

Posted on 09 December 2015 by VRS  |  Email |Print

Brazil and the EU have jointly proposed new text on international carbon trade in a move observers and negotiators say drastically improves the chances of market provisions being retained in the final UN climate pact. The proposal may diminish fears that provisions for international carbon trade risk being squeezed out of the UN climate pact altogether because major economies were giving it a low priority.
It sets out in more detail than the latest UN proposal ways in which willing nations can use “cooperative approaches” to cut emissions using “internationally transferred mitigation outcomes”, according to the text that was circulated among negotiators and seen by Carbon Pulse, before it was published on the European Commission website………………………………………..Full Article: Source

Can carbon markets save the planet?

Posted on 09 December 2015 by VRS  |  Email |Print

Almost nothing has more power to create prosperity, overturn governments, damage the planet, or change lives than markets. So as negotiators work towards a climate agreement in Paris, it’s worth remembering that it was a market failure that caused our climate pollution problem and, just maybe, it is smart market-based policies that can save us.
The evidence for this proposition is strong. Already, carbon markets - systems that limit overall pollution but allow trading within those limits to spur efficiency - are reducing climate pollution in more than fifty states, provinces, countries, and regions, from California to South Korea to Europe, that are home to almost a billion people………………………………………..Full Article: Source

Green ETFs Struggle, Thanks to Fall in Oil

Posted on 08 December 2015 by VRS  |  Email |Print

The environment is in the spotlight, with the Paris climate talks in full swing. But investors in “green” exchange-traded funds have learned from experience that these funds have yet to establish a long-term footing.
There are all sorts of ETFs in this sector. Some focus on individual green technologies or market segments, while others take a broader view. As a group, however, they have mainly had a tough year. So far in 2015, through Nov. 30, some in the group were trading 15% to 22% lower………………………………………..Full Article: Source

Cold weather and carbon auction cut needed to test 2015 EUA high

Posted on 08 December 2015 by VRS  |  Email |Print

European carbon prices are unlikely to breach the 2015 high by the end of the year without significant aid from colder weather and auction supply cuts, according to market participants. The December ’15 EU emissions allowance (EUA) contract hit a three-year high of €8.71/tCO2e on 29 October, according to platform ICE Futures Europe.
But prices have been stuck in a narrow range since mid-November and have consistently closed a few cents short of the peak. A supportive factor for prices going forward could be the three-week halt to EUA auction supply starting on 18 December. The pause is to account for lower demand during the festive winter period………………………………………..Full Article: Source

Oligarch calls for worldwide carbon tax ‘or die’

Posted on 08 December 2015 by VRS  |  Email |Print

Commitments to reduce greenhouse gas emissions made ahead of the Paris climate conference by more than 180 countries are “balderdash” that will have little environmental impact, according to one of Russia’s most prominent businessmen.
Oleg Deripaska, the Russian oligarch and president of Rusal, the world’s largest aluminium producer, told the Financial Times that the only meaningful way to cut emissions was to instigate a global carbon tax, starting at about $15 a tonne………………………………………..Full Article: Source

EU Market: Carbon slides on heavy volume as traders foresee choppy waters ahead

Posted on 08 December 2015 by VRS  |  Email |Print

European carbon prices dropped in busy trade on Monday, as traders predicted more volatility in the days to come. The front-year EUA futures trading on ICE settled at €8.41, an 11-cent fall from Friday and near the bottom of the day’s €8.40-8.53 range.
Volume was heavy with 28.9 million units changing hands on the benchmark contract, plus an additional 28 million transacted along the rest of the curve – much of which was linked to position rolling. “The weak auction and lower power prices pushed carbon back below the 50-day moving average (€8.44),” one trader said, adding that the lacklustre auction result also played a role………………………………………..Full Article: Source

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