Sun, Mar 29, 2015
A A A
Welcome preal121
RSS

Commodities Briefing - Category | Environmental Trading more

Measuring Carbon Value of Forests Is Tricky Business

Posted on 23 February 2015 by VRS  |  Email |Print

With financial incentives encouraging maintenance of carbon stocks and the increased popularity of carbon trading between countries, a forest has become economically a lot more than a clump of trees that supplements livelihoods. A forest now has an intrinsic value by just existing, a value that can be measured in economic terms.
A study recently published in Forest Ecology and Management examines the carbon stock value of forests in Guyana, finding dramatic differences between different kinds of cover and land-use types. Tropical forests are among the most valuable in terms of carbon stocks. Globally, tropical forests sequester about 2.4 billion metric tons, according to a study published in Proceedings of the National Academy of Sciences in 2011……………………………………….Full Article: Source

Big sustainability could mean big business

Posted on 20 February 2015 by VRS  |  Email |Print

When it comes to stories about the fate of the earth, headlines are usually dominated by tales of gloom and doom. And there’s certainly a great deal to be depressed about: global temperatures hit their highest levels ever last year, oceans are growing so warm and acidic that fisheries could be lost, and food and water systems are in decline.
A big reason for focusing on the negative is that bad news tends to drive action. According to research by my organization, sustainable business nonprofit Future 500, negative messages typically yield two and a half times as much fundraising and five times as much media attention as positive ones. But as effective as the doom-and-gloom storyline is, there’s another important environmental narrative that’s waiting to be told………………………………………..Full Article: Source

BP: Carbon price needed to prevent dangerous climate change

Posted on 19 February 2015 by VRS  |  Email |Print

BP’s chief executive Bob Dudley has joined calls for a global carbon price to counteract spiralling emissions over the next 20 years, as projected by the oil giant’s latest Energy Outlook report. The Outlook Report predicts that emissions will rise by 1% every year from now until 2035 - far above any ’safe’ emissions targets identified by experts. This adds up to a 25% increase, which is “materially higher” than a scenario whereby global temperature rises are limited to 2C, the company says.
Dudley suggested that policymakers should introduce a “meaningful price on carbon” to tackle the issue. “A global carbon price would help to unleash market forces and provide the right incentives for everyone to play their part,” he said. “History has shown the power of market forces in making economies less energy intensive as people have found more efficient ways to use energy.”……………………………………….Full Article: Source

Don’t let UN set our energy policy

Posted on 19 February 2015 by VRS  |  Email |Print

Here’s a question for Canadians to consider leading up to October’s federal election. How much economic damage are NDP Leader Tom Mulcair and Liberal Leader Justin Trudeau prepared to inflict on us in order to get a meaningless pat on the head from the United Nations on climate change?
Because make no mistake, the economic damage will be real if the NDP or Liberals win the next election, or either party forms a minority government, supported by the other. No matter how you do it, “pricing carbon” — meaning pricing industrial carbon dioxide emissions — will be a new financial burden for Canadians. We will pay it either in higher taxes (a carbon tax) or higher prices (cap-and-trade) on a wide range of goods and services………………………………………..Full Article: Source

EU nations still undecided on carbon market reserve start: source

Posted on 18 February 2015 by VRS  |  Email |Print

EU nations are still split into two camps on the start date for the European Commission’s proposed carbon market stability reserve intended to shore up carbon prices, an EU Latvian presidency source said Tuesday. “The range is 2017 to 2021, with one camp favoring the earlier years and the others the later ones,” the source said.
The start date will only be finalized completely once the EU nations, acting in the EU Council, agree a common text on the proposals with the European Parliament and EC. The parliament’s environment committee is due to vote on its negotiating position on February 24, and draft compromise amendments indicate it may back an end-2018 start date………………………………………..Full Article: Source

Carbon trading should be linked globally, MPs say

Posted on 18 February 2015 by VRS  |  Email |Print

A system to allow carbon trade to be linked between countries across the globe is the “most cost effective way possible” to cut CO2 emissions. The Energy and Climate Change Committee believes the emissions trading system (ETS) is becoming “increasingly popular” and could provide a revenue stream for governments, potentially offsetting other taxes and supporting innovation.
The ETS is a policy for controlling greenhouse gas emissions, with a ‘cap and trade’ principle, which works by setting a limit on the amount of emissions that can be released from factories and power plants. The Committee is calling for the climate summit in Paris to ensure it will be possible to link different regional, national and sub-national emissions trading systems around the world in the future………………………………………..Full Article: Source

EU policy mash dents carbon markets before Paris climate deal

Posted on 17 February 2015 by VRS  |  Email |Print

The European Union’s carbon market, designed to save the environment, is being undercut by a patchwork of national subsidies for renewables and misaligned energy policies that have helped cut in half the volume of power being traded.
The bloc wasted a quarter of the $US550 billion ($707 billion) spent on renewable energy, according to analysis by consulting firm Bain & Co. presented last month at the World Economic Forum in Davos, Switzerland. Some energy-saving policies cost more than 18 times the price of the region’s carbon allowances, Bain said. Power- trading volume in 2014 was 46 per cent that of three years previously, broker data show………………………………………..Full Article: Source

UK carbon market plan would boost emissions price, report says

Posted on 17 February 2015 by VRS  |  Email |Print

The European Union could have a higher, more robust and credible carbon price, if countries agree to adopt a fix to the scheme from 2017, rather than 2021, new analysis shows today. EU Member States and the European Parliament are currently debating how to implement a major overhaul of the EU’s emissions trading scheme (ETS), which would see hundreds of millions of allowances taken off the market and put into a market stability reserve (MSR) in a bid to push up the price to levels that can drive greater investment in greener technologies.
The European Commission has proposed the MSR should begin in 2021, but Germany and the UK have called for it to start four years earlier in 2017. They have also said the 900 million allowances that were temporarily taken out of the market last year should be placed into the reserve rather than let back into the market………………………………………..Full Article: Source

Breaking Europe’s climate-change stalemate

Posted on 17 February 2015 by VRS  |  Email |Print

Europe has a strong tradition as a leader in the fight against climate change. Lately, however, the continent has reached an ideological impasse over how to address the problem, with environmental sustainability and growth often portrayed as being mutually exclusive.
If Europe is to remain an environmental leader, as well as a center of innovation and competitiveness, it will have to abandon its ideological rigidness and embrace realistic, pragmatic solutions that can deliver environmental benefits without sacrificing economic development………………………………………..Full Article: Source

Paris climate deal must lay ground for global carbon trading, MPs say

Posted on 17 February 2015 by VRS  |  Email |Print

A global climate deal must allow countries to meet their emission reduction commitments by funding green programmes in other nations, MPs will say today. A global carbon market of linked emissions trading scheme’s is “the most cost-effective way possible” to cut CO2 levels, the Energy and Climate Change Committee (ECCC) writes in a new report.
Almost 200 countries are due to agree to cut CO2 emissions at a UN conference in Paris at the end of the year, with the overall aim of keeping global average temperature rise below 2C. By April nations must submit Intended Nationally Determined Contributions (INDCs) based on their domestic plans to curb emissions, marking a shift from the 1997 Kyoto Protocol that attempted to put a global carbon market in place to help countries meet the goal of reducing emissions by five per cent between 2008 and 2012………………………………………..Full Article: Source

EU politicians edge towards 2018 start date for carbon reform

Posted on 16 February 2015 by VRS  |  Email |Print

EU politicians are expected to agree on a compromise 2018 start date for reforms to the Emissions Trading System (ETS) to try to bridge divisions over efforts to prop up the world’s biggest carbon market, sources said on Friday (13 February).
In an attempt to boost carbon prices and spur industry to switch to greener energy, the European Commission has proposed a plan to remove hundreds of millions of surplus carbon allowances (EUAs) from the trading system from 2021………………………………………..Full Article: Source

Chemical firms mulling lawsuit to nullify carbon emission quotas

Posted on 16 February 2015 by VRS  |  Email |Print

LG Chem, SK Global Chemical and other chemical companies are considering filing a collective lawsuit against the government to nullify their respective annual carbon emission quotas, sources said Thursday.
They have engaged in negotiations with the ministry to increase their quotas. However, if the talks end fruitlessly, the companies will take legal action, they said. “It’s very difficult to reduce carbon emissions to a level that meets the state quota,” said a chemical industry insider. “Under the quotas, each company will have to spend a lot of money to buy emission rights. And this will end up denting the competitiveness (of chemical companies).”……………………………………….Full Article: Source

Nepal prepares for UN forest carbon trading

Posted on 13 February 2015 by VRS  |  Email |Print

Nepal has calculated the amount of carbon stored in its forests for the first in the hope the country can benefit from future UN carbon trading schemes, reports Ramesh Bhushal. Nepal’s forests store more than 500 million tonnes of carbon, new government research has revealed. This is equivalent to about two thirds of India’s total emissions in 2011.
Officials say this is the first nationwide survey of its kind and an important step towards preparing the country for trading carbon stored in forests, a mechanism for which is under discussion by the United Nations Framework Convention on Climate Change………………………………………..Full Article: Source

As China prepares a national launch of its carbon trading program, questions proliferate

Posted on 13 February 2015 by VRS  |  Email |Print

China plans to kick off a national carbon market next year, but because many challenges remain unsolved in its regional carbon trading pilots, the move has met with a mix of praise and caution. Last week, Reuters quoted Jiang Zhaoli, a senior official with China’s National Development and Reform Commission, as saying China will cap carbon dioxide emissions from six major polluting sectors in a national carbon market likely to be launched by the summer of 2016.
Jiang said companies in power generation, metallurgy, nonferrous metal, building materials, chemicals and aviation will be targeted first under the national system. He also said the system will start with a three-year trading phase before becoming fully functional in 2019………………………………………..Full Article: Source

European Environmental Markets looks to shake up EU carbon trade

Posted on 12 February 2015 by VRS  |  Email |Print

The carbon market has a new exchange, after European Environmental Markets plc (EEM) yesterday announced the official launch of its new platform. The company, which also announced it has appointed Adrian Rimmer as its new chief executive, said it would “provide businesses and financial institutions with efficient, credible trading platforms and risk management tools for environmental commodities”.
EEM revealed it has completed a two year consultation and development period that has resulted in the launch of a new transactional exchange that will offer a fully regulated, automated spot trading platform for environmental commodities such as emissions permits………………………………………..Full Article: Source

No need for early reform of EU carbon market - Dow Chemical

Posted on 12 February 2015 by VRS  |  Email |Print

One goal for U.N. climate talks is to stop industry fleeing Europe to escape regulatory costs, a Dow Chemical director said on Wednesday, adding there was no need to intervene in the EU carbon market to drive up prices. The European Union has sought to lead efforts to curb greenhouse gas emissions with its Emissions Trading System (ETS), the world’s biggest carbon market.
But it is currently negotiating reforms, with some countries saying emissions permits are too cheap to spur a shift to a low-carbon economy. EU nations are also preparing to submit national emissions cuts ahead of a U.N. conference in Paris at the end of the year to seek a global climate change deal. Preparatory talks take place in Geneva this week………………………………………..Full Article: Source

S. Korean carbon market numb in first month

Posted on 12 February 2015 by VRS  |  Email |Print

As widely expected, South Korea’s carbon market had thin trading in the first month of opening due in large part to a lack of confidence and the reluctance of affected companies to actively join the new trading scheme, data showed on Wednesday.
The Korea Exchange (KRX), the country’s bourse operator, opened the cap-and-trading system on Jan. 12 after the government offered an emission quota of 15.98 billion Korean Allowance Units (KAUs) to 525 companies to curb emissions to 30 percent below business-as-usual (BAU) levels over the next five years. One KAU is equivalent to a ton of carbon dioxide gas………………………………………..Full Article: Source

Save the trees: New campaign against deforestation launched

Posted on 11 February 2015 by VRS  |  Email |Print

Since the money raised by governments and corporations hasn’t managed to halt the destruction of the world’s rainforests — an area the size of Alabama or Greece is lost every year — a new U.S. campaign is now inviting individuals to chip in.
The U.S. Agency for International Development and Code REDD, a California-based advocacy group, on Tuesday announced the launch of an online store for carbon offsets, certificates that will fund forest conservation projects in tropical countries………………………………………..Full Article: Source

China sets CO2 reporting standards ahead of national market launch

Posted on 10 February 2015 by VRS  |  Email |Print

China issued new guidelines on Monday to help standardise the way big industrial firms measure and report their greenhouse gas emissions, in a step towards the launch of a national carbon market scheduled for the middle of next year.
China has pledged to bring its CO2 emissions to a peak by around 2030, and firms could be obliged to participate in a nationwide carbon trading scheme by as early as 2016. The National Development and Reform Commission (NDRC) on Monday released new technical guidelines detailing how oil and coal producers should measure and report their emissions………………………………………..Full Article: Source

Global accord on climate won’t be enough

Posted on 10 February 2015 by VRS  |  Email |Print

A great deal hinges on a worldwide agreement to reduce carbon emissions at a summit in Paris this year. Some momentum is finally building for securing unified commitments from nearly 200 countries. But to avert a climate catastrophe in time, far more will be needed from countries, beyond what a multilateral agreement alone can bring.
This is because an agreement in Paris won’t come into effect until 2020, and a multilateral deal is unlikely, on its own, to be enough. So a global stand must be bolstered by country initiatives, including greater energy efficiency and a switch to low carbon-energy use, to help address the socioeconomic effects of climate change that are already being felt………………………………………..Full Article: Source

What role for carbon markets in the 2015 climate agreement?

Posted on 09 February 2015 by VRS  |  Email |Print

Will the current UN climate talks do enough to create common standards for international emissions trading in the future or should interested parties look outside the multilateral process? Around the world, governments are increasingly pursuing market-based approaches to reduce their greenhouse gas (GHG) emissions.
South Korea’s emissions trading scheme entered force at the start of this year and is currently the world’s second largest carbon market. Many other carbon pricing policies are either in force or in the planning stages, including in emerging markets such as Brazil, China, and Mexico……………………………………….Full Article: Source

Australia’s political leadership battle may revive carbon debate

Posted on 09 February 2015 by VRS  |  Email |Print

Australian Prime Minister Tony Abbott’s tenuous grip on power has again put climate-change policy at the centre of the nation’s political leadership struggle, raising concerns among miners and hopes for renewable energy advocates.
Abbott, a climate-change sceptic, faces a vote on his leadership of the conservative Liberal Party on Monday, which could invite a challenge from former environment minister Malcolm Turnbull, the man he ousted as party leader in 2009………………………………………..Full Article: Source

Trading dries up in South Korea’s new carbon market

Posted on 06 February 2015 by VRS  |  Email |Print

Trading in South Korea’s carbon market, touted as the world’s second-biggest, has got off to a slow start, with volumes drying up soon after its launch in mid-January. The market is a key component in the South Korean government’s plan to meet a target of limiting climate-changing greenhouse gas emissions in 2020 to 30 percent below current levels.
But officials said trade was likely to gradually pick up as participants got used to the market, with analysts previously saying that volume would be modest for at least the first six months of operations………………………………………..Full Article: Source

National carbon market on the horizon for China

Posted on 06 February 2015 by VRS  |  Email |Print

China has been experimenting with provincial carbon-market schemes over the past four years. Government officials are now suitably convinced that a national market could begin in mid-2016, Reuters reports.
But progress will likely be slow as China seeks to avoid the problems currently hobbling the EU’s scheme. Carbon Brief looks at how China’s pilot schemes are progressing, and what the next steps are to creating the world’s largest carbon market………………………………………..Full Article: Source

China to launch carbon market middle of 2016

Posted on 05 February 2015 by VRS  |  Email |Print

China plans to initially cap emissions from six industrial sectors, such as power generators and chemical plants, in a national carbon market likely to be launched by the middle of next year, a government official said on Wednesday.
The national carbon market in the world’s top emitter of greenhouse gases is likely to regulate 3-4 billion tonnes of carbon dioxide a year by 2020 and be worth up to 400 billion yuan (US$65 billion), which would make it twice as large as the EU market, currently the world’s biggest………………………………………..Full Article: Source

EU close to agreement on carbon market reform: EU energy chief

Posted on 05 February 2015 by VRS  |  Email |Print

The European Union is nearing an agreement on a plan to revamp its ailing carbon market, the EU’s energy chief Maros Sefcovic said on Wednesday. “We are very close to agreement between the European Council and European Parliament on carbon market reform,” Sefcovic, a vice-president in the European Commission, told a news conference in Brussels.
In an effort to bolster carbon prices and spur industry to switch to greener energy, the EU’s executive European Commission has proposed a plan to remove hundreds of millions of surplus carbon permits from the EU Emissions Trading System from 2021………………………………………..Full Article: Source

Oil’s price plunge could raise Keystone carbon footprint -EPA

Posted on 04 February 2015 by VRS  |  Email |Print

Oil prices have dropped so low that the Keystone XL pipeline could play a bigger role in the development of Canada’s oil sands and raise greenhouse gas emissions, Obama administration environmental regulators said.
The U.S. Environmental Protection Agency’s comments in a letter to the State Department give weight to President Barack Obama’s view that the controversial pipeline should not be approved if it significantly increases carbon pollution. The letter, sent on Monday, was released on Tuesday………………………………………..Full Article: Source

China carbon offset prices diverge greatly in regional markets, causing uncertainty

Posted on 04 February 2015 by VRS  |  Email |Print

The lack of a unified regulatory system for China’s fledgling carbon offset market has led to wild variations in prices in different regions, causing uncertainty among both buyers and project developers, traders said Tuesday. China’s national carbon offset registry was launched earlier last month, allowing offsets - known as Chinese Certified Emissions Reductions (CCERs) - to be transferred between buyers and sellers on the country’s seven pilot emissions trading schemes.
The move was considered an important first step in China’s plans to create a unified national carbon scheme from 2016, but price discrepancies between the pilot platforms could make it harder to harmonize the markets. China aims to use carbon markets as a key tool to halt the growth of its emissions by the end of next decade………………………………………..Full Article: Source

‘South Africa’s financial infrastructure ready for carbon trading’, says study

Posted on 04 February 2015 by VRS  |  Email |Print

Prometheum Carbon said the completed demonstration programme is the culmination of a three-year research project conducted in “close cooperation” with the Johannesburg Stock Exchange (JSE), the JSE’s commodities registry Silocerts and the registry’s technology provider Done Technologies.
The objective of the programme, which was funded by the British High Commission in Pretoria through the UK’s ‘Prosperity Fund’, was to investigate the applicability of existing South African commercial and financial infrastructure for use as a carbon trading platform………………………………………..Full Article: Source

Seven guidelines to achieve an effective carbon-pricing scheme

Posted on 03 February 2015 by VRS  |  Email |Print

While it seems like everybody is talking about carbon pricing these days, few have tackled the issue from the perspective of finance ministers. Last week on the sidelines of the World Economic Forum in Davos, former U.S. Treasury secretary Larry Summers and a group of financial mandarins came up with a carbon-pricing cheat sheet for finance ministers at a dinner discussion hosted by Corporate Knights.
The dinner generated seven propositions. First, there cannot be any question that it is an imprudent risk to put business-as-usual levels of carbon into the air. One can debate just what the risk is or just what the minimum levels are. But no sentient person can fail to appreciate that the current trajectory is enormously dangerous. The scientific arguments on this are reminiscent of the smoking debate. No sensible person is in any doubt that there needs to be a large-scale adjustment………………………………………..Full Article: Source

Large emissions offset swap likely for compliance year 2014 but quota set to remain

Posted on 03 February 2015 by VRS  |  Email |Print

A significant number of international emissions offsets could be swapped for standard European carbon permits for compliance year 2014, but some of the quota is likely to remain for use in coming years, according to analysts.
Compliance players in the EU emissions trading system (ETS) are able to use offsets such as certified emission reductions (CERs) and emission reduction units (ERUs). However, there is a maximum cap on offset use and they need to be swapped for standard EU emission allowances (EUAs) for compliance use………………………………………..Full Article: Source

European Carbon Trading: A Playground for International Crime Syndicates

Posted on 02 February 2015 by VRS  |  Email |Print

When the traditional American mafia was at its apex, they would ‘launder’ their money through legitimate businesses. If a mafia drug lord wanted to have anything approaching a worthwhile life, cars and rings and goomahs, but did not want to go the route of Al Capone and be busted for tax evasion, he had to find a way to make enough money appear to be legitimate that the illegal money can be used.
So they would invest in businesses that provided them with income that could be taxed and explain their lifestyles, allowing them to use the much greater illegal money. That is tedious and time-consuming and so it became more common to use financial institutions like banks and shell companies. In the 21st century there is a new method; going green. Environmental groups are not going to ask a lot of questions if you want to create a company and then just sell your carbon credits………………………………………..Full Article: Source

Labor Party has put carbon tax back on the agenda

Posted on 30 January 2015 by VRS  |  Email |Print

Here’s a simple question for Andrew Leigh, Bill Shorten and the ALP: How much will electricity prices rise under your proposed carbon tax? On this page this week, Leigh advocated returning to a carbon tax. Of course it travels under the pseudonym of an emissions trading scheme or a carbon price, but whatever you call it, its purpose is to raise electricity, gas and refrigerant prices, among others.
Call it what you will, Bill, but at its core it’s an electricity tax that hurts business and families. Curiously, neither Bill nor Andrew will tell Australians how much they intend to increase electricity and gas prices, dodging the most important issue for 2015………………………………………..Full Article: Source

Who will clean up global commerce?

Posted on 30 January 2015 by VRS  |  Email |Print

Few play the system better than big business. Whether it’s getting the lowest prices from suppliers, convincing us to buy their stuff or keeping the taxman at bay, corporations reign supreme. But what happens when the system starts playing them? Corporate capitalism is getting closer and closer to finding out.
By putting profits first and the planet second (at best), businesses are helping accelerate many of the most concerning “megatrends” of our age. Corporations might not be overly concerned about climate change, resource scarcity, food insecurity and so on today, but you can bet they will be tomorrow when these planetary problems set their profits plummeting………………………………………..Full Article: Source

Climate change: MEPs discuss roadmap to Paris conference

Posted on 29 January 2015 by VRS  |  Email |Print

The roadmap to the 21st UN climate conference, in Paris (France) in December, was debated by MEPs, the Latvian Presidency and Commissioner Arias Cañete on Wednesday. The conference of parties (COP21) to the UN Convention on Climate Change aims to deliver a worldwide climate agreement to replace the Kyoto Protocol.
During the debate, MEPs emphasized the need to step up financing for climate mitigation and adaptation, and also EU diplomatic efforts to persuade the EU’s partners to commit themselves to ambitious climate mitigation efforts………………………………………..Full Article: Source

Carbon pricing: a challenge for the future

Posted on 28 January 2015 by VRS  |  Email |Print

The concept of carbon pricing as a tool to combat climate change is broadly accepted by the international community. But at what price, and under what conditions? As the world looks for ways to cut CO2 emissions, many questions remain unanswered.
At the World Economic Forum in Davos last week, François Hollande, Ban Ki-moon and Jim Yong Kim, the president of the World Bank, all stressed the importance of placing a price on carbon………………………………………..Full Article: Source

EU paper calls for binding CCS targets by 2030

Posted on 28 January 2015 by VRS  |  Email |Print

European countries should be given binding targets for installing technology to capture and store carbon emissions, according to a new report for the European Commission. The UN’s climate science panel says such technology could have to account for over a fifth of the world’s carbon cuts by 2050 and the new paper, produced by consultants for the EC, says there is a “genuine and urgent” need for it in Europe.
Carbon capture and storage (CCS) is an experimental technology that traps emissions produced at power plants to reduce their contribution to climate change………………………………………..Full Article: Source

EU paper calls for binding CCS targets by 2030

Posted on 27 January 2015 by VRS  |  Email |Print

European countries should be given binding targets for installing technology to capture and store carbon emissions, according to a new report for the European commission. The UN’s climate science panel says such technology could have to account for over a fifth of the world’s carbon cuts by 2050 and the new paper, produced by consultants for the EC, says there is a “genuine and urgent” need for it in Europe.
Carbon capture and storage (CCS) is an experimental technology that traps emissions produced at power plants to reduce their contribution to climate change. “An EU roadmap for CCS with binding targets for 2030 sends a clear signal of intent to members of the UNFCCC process that the EU’s CO2 ambitions will be realised, thus maintaining a leading position for the EU in the climate debate,” says the EU guideline report, seen by the Guardian………………………………………..Full Article: Source

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

banner
banner
March 2015
S M T W T F S
« Feb    
1234567
891011121314
15161718192021
22232425262728
293031