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Climate Change Is Destroying The Planet, And SAARC Nations Don’t Give A Damn

Posted on 23 March 2016 by VRS  |  Email |Print

South Asian Association for Regional Cooperation (SAARC) nations, Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Sri Lanka, Pakistan, can make a joint effort, plans and strategies to address climate change in South Asia, pre and post Conference of the Parties (COP) under the United Nations Framework Convention on Climate Change (UNFCCC) conference.
In COP 21, India was one of the BASIC (Brazil, South Asia, India, and China) group. Bhutan is an ambitious country in the climate agreement, Maldives and Bangladesh are among voices of climate change, and Nepal’s National Adaptation Plan is recognised and extolled by the international community. With their respective positions and plans, SAARC nations can play a major role in containing climate change. But the SAARC nations are divided on this cause………………………………………..Full Article: Source

BP strikes deal for China’s biggest carbon permit buyback contract

Posted on 22 March 2016 by VRS  |  Email |Print

Energy giant BP has struck a deal with a local power company in China for the largest carbon permit buyback contract in the short history of the country’s nascent carbon market.
Under the contract, worth 100 million yuan (11 million pounds), Shenzhen Energy, must by June repurchase 4 million permits that it sold to the British oil conglomerate on Saturday, according to the China Emission Exchange in Shenzhen, one of the country’s seven pilot carbon bourses………………………………………..Full Article: Source

IHS acquires Markit, carbon registry in $13 billion deal

Posted on 22 March 2016 by VRS  |  Email |Print

UK-based financial information company Markit and its voluntary carbon trading registry have been bought by US-headquartered information and analysis firm IHS in a $13 billion deal. IHS shareholders will own around 57% of the combined company following the close of the all-stock deal, the two firms announced on Monday.
The Markit Environmental Registry manages carbon, water and biodiversity credits from 24 different types of environmental standards and programmes. According to its website, the online marketplace currently lists more than 150 million environmental assets………………………………………..Full Article: Source

France pushes for additional reforms to EU emissions trading system, report says

Posted on 21 March 2016 by VRS  |  Email |Print

Amid renewed concerns of falling carbon prices, a French “non-paper” has reportedly been circulated calling for changes to the “Market Stability Reserve” established under the EU’s Emissions Trading System (ETS). The non-paper, obtained by the Carbon Pulse media outlet, is an informal proposal that is said to be under discussion among other member states and other key players.
The EU ETS allows members of the 28-nation bloc, along with Norway, Iceland, and Liechtenstein, to trade carbon emissions, then auction off extra, unused emissions through an “allowance” system. The scheme has been in place since 2005………………………………………..Full Article: Source

Lessons for Ontario from California’s cap-and-trade experience

Posted on 21 March 2016 by VRS  |  Email |Print

Recently Canada and the United States forged a new agreement on controlling methane, building on existing efforts by the two nations’ states and provinces. Last month, for example, Ontario introduced climate change legislation and draft rules for a cap-and-trade program. These are smart steps that provide the foundation for an effective approach to address climate change and foster continued, clean economic growth throughout the province.
In California, we’ve been effectively operating the world’s most comprehensive cap-and-trade program for a number of years. And despite initial fears from some, the sky has not fallen. Rather, our story has been one of success………………………………………..Full Article: Source

Lord Deben: Brexit poses a ‘huge threat’ to Paris Agreement

Posted on 21 March 2016 by VRS  |  Email |Print

A British decision to leave the European Union represents a major threat to the success of the Paris Agreement in Europe, according to the Chair of the Committee on Climate Change (CCC) Lord Deben. Speaking at an event in London late last week hosted by the think tank IPPR, Lord Deben warned ‘Brexit’ would be a major setback to climate action, hampering both Britain and the European Union’s ability to decarbonise.
“I’m quite clear that if Britain left the European Union it would put this back, as far as us and the rest of the European Union, very, very considerably,” he said of efforts to slash emissions across the bloc. “Brexit is a real threat to Paris, and we have to accept that because we cannot allow ourselves to go backwards in the mechanisms which we have created for working together.”……………………………………….Full Article: Source

Al Gore urges world leaders to sign Paris climate deal

Posted on 18 March 2016 by VRS  |  Email |Print

‘While the deal is not enough by itself, it is a major step forward,’ says former US vice president and climate campaigner during visit to Philippines. World leaders must show their commitment to tackling global warming by signing the Paris climate agreement at a ceremony in April at the United Nations, climate change activist and former US vice president Al Gore said.
Gore said there was a “tremendous push” for heads of government to formally ink the accord, to keep up momentum for the deal struck by nearly 200 countries in December and to avert the worst impacts of climate change on vulnerable nations………………………………………..Full Article: Source

Emissions trading: Seeing through the smoke

Posted on 18 March 2016 by VRS  |  Email |Print

Climate Change Minister Paula Bennett announced yesterday that the palm-greasing two-for-one deal would finally be excised from the ETS. Under the provision, ostensibly drafted in to cosset industry from the shock of having to pay for its climate pollution, domestic emitters only had to surrender carbon units for every second tonne of emissions they produced.
The two-for-one was one of those instruments only a National government could dream up. Not only did it release business from half of its liability, it passed the rest of that liability to the public to pay - another example of a business subsidy by stealth. Worse, it effectively halved the price of carbon, undermining the entire object of the scheme………………………………………..Full Article: Source

Budget 2016: Green Announcements At-a-glance

Posted on 17 March 2016 by VRS  |  Email |Print

Although one would be hard pushed to describe today’s budget as a ‘green’ one, Chancellor George Osborne made plenty of announcements that will affect - directly and indirectly - the fortunes of the UK’s green businesses.
Key announcements include the scrapping of the Carbon Reduction Commitment (CRC) and a corresponding rise in the Climate Change Levy (CCL), new tax breaks for oil and gas industries, more money for flood defences and more support for energy storage research………………………………………..Full Article: Source

Cheap emissions deal to be scrapped

Posted on 16 March 2016 by VRS  |  Email |Print

Greenhouse gas emitters are about to lose a 50 percent subsidy. A special 50 percent reduction on climate change obligations for New Zealand citizens and companies will be scrapped.
This has been hinted at for some time but Climate Change Minster Paula Bennett confirmed it in an address to the energy sector in Wellington this morning. The so-called one-for-two scheme was introduced in the depth of the Global Financial Crisis to minimise the economic impact of fighting climate change………………………………………..Full Article: Source

Matter of “when not if” carbon subsidies were dumped

Posted on 16 March 2016 by VRS  |  Email |Print

Big buisnesses emitting carbon will lose their right under the emissions trading scheme to offset only half of their emissions, Climate Change Minister Paula Bennett says. It was a matter of “when not if” the so-called ‘two-for-one” concession is removed, she says, leaving open the impression that the $25 a tonne upper limit “cap” on carbon prices may also be removed or placed at a higher level.
“It was always a temporary measure,” Ms Bennett says of the two-for-one measure. “It is abundantly clear that if the ETS is going to work, carbon must cost more than it does right now.”……………………………………….Full Article: Source

EU Industry Got $27 Billion Cap-and-Trade Windfall, Study Says

Posted on 15 March 2016 by VRS  |  Email |Print

European Union industry landed a 24-billion-euro ($26.7 billion) windfall from an emissions cap-and-trade program that was intended to moderate emissions by putting a price on pollution, according to an environmental consultancy.
Companies in the cement, petrochemical and steel industries gained most from the emissions trading system, or ETS, from 2008 to 2014, according to a study by CE Delft which was commissioned by Carbon Market Watch, an environmental lobby. European industry received too many tradeable allowances from EU governments for free, according to the Delft, Netherlands-based consultancy………………………………………..Full Article: Source

EU Market: Carbon eases despite lower supply on horizon

Posted on 15 March 2016 by VRS  |  Email |Print

European carbon prices drifted lower on Monday despite the market entering a period of lower auction volumes, as EUAs continued to seek direction from factors beyond crude oil prices. The front-year futures on ICE settled down 12 cents at €4.88 on light volume of 7.8 million units, finishing at their lowest level since Feb. 24.
The Dec-16 price has been locked in a relatively narrow trading range of €4.77-5.23 since the end of February, after crashing by 40% in the first two months of the year. “There is only so long the market will trade sideways. Eventually it will break one way or the other,” said Redshaw Advisors in a weekly note………………………………………..Full Article: Source

Will climate sceptics’ dreams come true post-Brexit?

Posted on 14 March 2016 by VRS  |  Email |Print

If there are any undecided environmentalists out there, the referendum debate is badly letting them down. What will happen to the green economy in the event of a vote for Brexit? That is the €671bn question. The only honest answer is ‘we don’t know’. And, yes, yes, I appreciate we don’t know what will happen in the event of the UK voting to remain in Europe either.
But anyone suggesting the continuation of the imperfect status quo is as laden down with uncertainty as the alternative leap into an ill-defined future as a sort of wind-swept, North Atlantic Singapore is not someone you want on your team in a game of Risk………………………………………..Full Article: Source

Global warming coming faster, hotter

Posted on 14 March 2016 by VRS  |  Email |Print

Dangerous runaway warming could be much closer than we think. According to new research, the world’s carbon budget is smaller and global emissions will rise more steeply than previously believed.
In order to avoid dangerous climate “trigger points” such as the melting of the Arctic permafrost, the world needs to limit warming to 2 degrees Celsius. At the UN climate summit in Paris in December, a new, supposedly “groundbreaking” agreement was made that aims to achieve this………………………………………..Full Article: Source

Obama and Trudeau Should Establish a U.S.–Canada Carbon Market

Posted on 11 March 2016 by VRS  |  Email |Print

To meet the climate change challenge, our two countries have to work together. As Prime Minister Justin Trudeau visits Washington D.C. to discuss a North American climate strategy with President Barack Obama, I urge both leaders to think big on how to leverage our close relationship and propel us forward in the race against climate change.
For more than two centuries, the United States and Canada have worked together to manage natural resources and protect the environment. From the Boundary Waters Treaty in 1909, to the 1991 Air Quality Agreement to fight acid rain, to the 2015 Iqaluit Declaration combating Arctic climate change and supporting indigenous communities, our countries have risen time and again to address environmental challenges together………………………………………..Full Article: Source

France to Weigh EU Carbon Price Corridor in Global Pricing Push

Posted on 11 March 2016 by VRS  |  Email |Print

France seeks to stimulate a push for global carbon pricing and may weigh a price corridor to strengthen the European Union’s emissions trading system should countries worldwide agree to act, according to a person with knowledge of the matter.
In the first step, France wants to stimulate a global discussion about putting a price on pollution, said the person, who asked not to be identified. France, which holds the presidency over United Nations climate talks until November, then wants the EU to consider all available tools to promote emissions pricing abroad and strengthen it in Europe………………………………………..Full Article: Source

Clash between countries stymies aviation emissions talks

Posted on 10 March 2016 by VRS  |  Email |Print

International aviation talks have hit a roadblock over a plan to limit carbon emissions for aircraft in a clash between developed and developing countries on how they view their responsibilities, two sources familiar with the matter said.
High-level officials from the European Union, the United States, China, and others are scrambling to devise the plan before a meeting of the United Nations aviation agency’s governing council in May………………………………………..Full Article: Source

E.ON hedging rates steady, CO2 dives 25% in 2015

Posted on 10 March 2016 by VRS  |  Email |Print

Utility E.ON, Europe’s third biggest emitter, reported a steady rate of power generation and forward hedging rates in 2015 as the company’s ETS-regulated CO2 output plunged 25%. For its expected outright central European generation, E.ON said it had hedged 100% of its Y+1 and Y+2 output and 40% of its Y+3.
This matches the level of a year earlier and represents no advance on Y+1 and Y+2 hedging rates as of the end of Q3-2015. The figures showed E.ON had slowed its hedging rates over the second half of 2015, after advancing slightly on its historical levels over the first half………………………………………..Full Article: Source

German plan for extra carbon credits against EU law -court adviser

Posted on 09 March 2016 by VRS  |  Email |Print

A German proposal to get extra free carbon permits to help four energy-intensive industries ran counter to European Union law, an adviser to the bloc’s highest court said on Tuesday.
In a case that tested the bounds of Brussels’ authority to impose environmental regulation, the European Commission had refused to grant the German factories the free credits to pollute under a domestic “hardship clause”………………………………………..Full Article: Source

Kiwi expertise leading the world on emissions trading

Posted on 09 March 2016 by VRS  |  Email |Print

A New Zealand economist has just helped launch a report that will help any country in the world set up an emissions trading system. “Many countries have indicated that they intend to use emissions trading systems as part of their effort to meet their commitments under the Paris Agreement,” said Suzi Kerr, Senior Fellow at Motu Economic and Public Policy Research.
As of 2016, emissions trading systems were operating in 35 countries, 12 states or provinces, and seven cities, covering 40% of global GDP. Additional systems are under development in a wide range of locations. This is the first ever handbook designed to help any country in the world design a system to suit their locally specific needs………………………………………..Full Article: Source

Shanghai CO2 price finds fresh depths as China’s pilot markets face difficult year

Posted on 08 March 2016 by VRS  |  Email |Print

Shanghai’s CO2 allowance price fell to a record low 8.50 yuan ($1.30) on Monday, with other Chinese carbon prices remaining depressed across the board amid uncertainty surrounding how the pilot schemes will cope with falling emissions and the looming transition to a national ETS.
The Shanghai spot contract fell 5.6% from 9 yuan to close at the lowest price ever seen in any of the Chinese pilots, although it was on light volume of 5,901 allowances changing hands. “I think it is a mix of thin demand, no support due to there being no auctions, and a lot of allowances borrowed by institutional investors,” one observer told Carbon Pulse………………………………………..Full Article: Source

China aims to boost renewable energy with ‘green certificates’

Posted on 04 March 2016 by VRS  |  Email |Print

China plans to set up a market for renewable energy certificates to try to increase the use of cleaner energy as the world’s largest greenhouse gas producer tries to reduce its reliance on coal.
Power suppliers will be able to trade “green certificates” that represent the proportion of non-hydro renewable energy that they generate, the country’s National Energy Administration said on Thursday in a statement on its website………………………………………..Full Article: Source

Ontario’s cap-and-trade regime off to a shaky start

Posted on 04 March 2016 by VRS  |  Email |Print

The Ontario government has unveiled its long-awaited cap-and-trade regime. Meanwhile, the federal government is in the early days of establishing its pan-Canadian climate strategy featuring a minimum national carbon price of $15 per tonne.
Will these policies help Canada meet its commitments under the Paris climate change agreement to reduce greenhouse gas (GHG) emissions and limit global warming to 1.5 degrees Celsius above pre-industrial levels? It depends. Ontario joins Quebec and California in the Western Climate Initiative (WCI), a carbon market for tradable emission allowances………………………………………..Full Article: Source

EU nations hand out 535 million free carbon permits for 2016

Posted on 04 March 2016 by VRS  |  Email |Print

European nations have handed out a combined 535 million free European Union carbon permits to industry to cover 2016 emissions, the European Commission said on Thursday. The allocation of EU Allowances (EUAs) will add supply to a market already awash with permits and could put more pressure on carbon prices, which are now below 5 euros a ton.
Germany and France handed out the most permits, at 129.6 million and 73.2 million respectively, while five countries including Spain and Italy have yet to distribute any of the free permits, an update on the Commission’s website showed………………………………………..Full Article: Source

New Zealand carbon market hotting up

Posted on 03 March 2016 by VRS  |  Email |Print

New Zealand’s carbon market is on the move, breaking the $10 barrier today, says Carbon News, the country’s specialist daily carbon market publication. “Today’s sale of 15,000 spot NZUs (the domestic carbon unit) at $10 is a milestone,” said Carbon News publisher Adelia Hallett.
“It’s the highest they’ve been since the massive price collapse of 2011.” The break-through sale, on the CommTrade platform, comes on the heels of the historic Paris Agreement on climate change in December, in which global leaders pledged to keep global warming well below 2 degrees………………………………………..Full Article: Source

China Urged to Avoid Excess Carbon Quotas in National Trading

Posted on 03 March 2016 by VRS  |  Email |Print

Operators of two local pilot carbon-trading programs in China are urging designers of a national trading scheme to avoid allocating more emissions quotas than the market needs in order to avoid some of the supply imbalances the European Union has experienced with its own program.
China should “make it possible to take back carbon quotas in an economic downturn” to learn lessons from the European Union, said Zhou Cheng, vice president at the China Beijing Environment Exchange. A glut of carbon allowances could result as the economy slows because allocations are based on historical emissions, Zhou said………………………………………..Full Article: Source

Al Gore’s green investment firm announces carbon pricing research push

Posted on 02 March 2016 by VRS  |  Email |Print

Partnership between Generation Investment Management and Ecofys aims to explore how carbon pricing can facilitate sustainable global economic growth. Environmental consultancy Ecofys is to pair up with the advocacy branch of Al Gore’s sustainable investment firm Generation Investment Management to investigate how carbon pricing can facilitate sustainable global economic growth, the two companies announced.
The three-year project plans to explore how carbon pricing could be better integrated into economic policy and deployed along businesses’ value chains in an attempt to boost the effectiveness emission reduction efforts………………………………………..Full Article: Source

The Carbon Market and Global Climate Issues

Posted on 02 March 2016 by VRS  |  Email |Print

Kyle Meng tends to think big — as in globally. Currently teaching UCSB courses on economics and the environment as well as climate change policy, he sees a future where climate change is battled with market-based solutions though he is concerned altered weather patterns could destabilize societies and markets around the world.
One problem with carbon emissions is that simple activities, like turning on the air conditioning, can lead to impacts distant in time or location. Because this consequence is experienced by someone else — the environment, humans on other continents, or animals — there is little obvious incentive for many of us to reduce carbon emissions………………………………………..Full Article: Source

EU set to emit 2bn tonnes more CO2 than Paris climate pledge

Posted on 01 March 2016 by VRS  |  Email |Print

The EU is set to emit 2bn tonnes more CO2 than it promised at the Paris climate talks, threatening an agreement to cap global warming at 2C, a note from the European commission has revealed.
Carbon prices will rise too slowly to cut industrial emissions as much as needed, says a confidential note prepared for MEPs on the environment committee, which the Guardian has seen. Lawmakers say that the shortfall could spur criticism from other countries that signed up to the Paris agreement, which aims for net zero emissions later this century………………………………………..Full Article: Source

World Bank to hold $20 million carbon credit auction

Posted on 01 March 2016 by VRS  |  Email |Print

The World Bank will hold a $20 million auction for carbon credits from projects designed to cut methane emissions, offering up to 10 times the current market value, the bank said on Monday. The auction, to be held on May 12, comes at a time when investment in carbon-cutting projects under U.N. programmes has slowed as countries debate the design of a new global climate pact to come into force in 2020.
Methane is regarded as a highly potent greenhouse gas with a global warming potential 25 times that of carbon dioxide. The so-called Pilot Auction Facility will offer tradable price guarantees, or a strike price, of $3.50 per ton for carbon dioxide emission reductions, compared with current traded prices around 0.35 euros ($0.38)………………………………………..Full Article: Source

Green Business 2022: The new Silk Road

Posted on 29 February 2016 by VRS  |  Email |Print

In the latest in our Green Business 2022 series, ECIU’s Richard Black envisages a world where clean tech has come to dominate, and Europe has been comprehensively outmaneuvered by a resurgent China.
It’s now just seven years since Nobel Peace Prize-winner Laurent Fabius brought down the gavel on the seminal 2015 United Nations climate summit in Paris; and it’s astonishing, looking back, to see just how much that event re-shaped the world for green business………………………………………..Full Article: Source

Five things to know about carbon pricing

Posted on 29 February 2016 by VRS  |  Email |Print

Prime Minister Justin Trudeau meets with the premiers in Vancouver this week to discuss climate policy. The Liberal environmental platform states: “We will ensure that the provinces and territories have adequate tools to design their own policies to meet these commitments, including their own carbon pricing policies.”
Here are five things to know about putting a price on carbon: 1. The point of carbon pricing is to charge producers and consumers for the cost of the carbon pollution they are discharging into the atmosphere, to discourage polluting behaviour, reward innovation in energy efficiency and, depending on how the system is designed, potentially to produce revenues for addressing environmental impacts………………………………………..Full Article: Source

NZ ministers dismissed carbon price floor -Treasury

Posted on 29 February 2016 by VRS  |  Email |Print

New Zealand Cabinet ministers have already considered and dismissed putting a floor price on carbon permits in the emissions trading scheme, even though the issue is part of the ongoing ETS review, a confidential Treasury document has showed.
The confidential Treasury briefing on the discussion paper accompanying the ETS review was written on Nov. 6 last year, less than three weeks before the government launched its ETS review, but was released last week under the Official Information Act, NZ-based Carbon News reported………………………………………..Full Article: Source

EU Eyes Interlinked Carbon Markets From California to China

Posted on 26 February 2016 by VRS  |  Email |Print

The European Union wants to work on a plan to introduce a global system of carbon markets to help reduce heat-trapping gases and encourage investment in clean technologies, according to EU energy union chief Maros Sefcovic.
“We’re ready to explore with our international partners like China, Quebec, Ontario, Manitoba, California and South Korea the possibilities of a global system of linked markets,” Sefcovic, who is European Commission Vice President for Energy Union, said in an interview on Thursday in Brussels………………………………………..Full Article: Source

Paris Agreement sends ‘positive signal’ for carbon markets

Posted on 26 February 2016 by VRS  |  Email |Print

Nearly half of the Paris signatories are considering using carbon markets to achieve climate goals, says International Carbon Action Partnership. The Paris Agreement “provides a new impetus for a dynamic global carbon market”, according to a new study released yesterday by the International Carbon Action Partnership (ICAP) that predicts the next few years will bring a proliferation of new policies that seek to put a price on carbon emissions.
The campaign group’s latest annual report predicts that thanks to the Paris Agreement and its specific commitment to support expanding carbon markets enthusiasm for market-based mechanisms for tackling emissions is rising around the world, with a number of countries trialling new pricing systems………………………………………..Full Article: Source

Emissions Trading Scheme: What you need to know

Posted on 25 February 2016 by VRS  |  Email |Print

The Emissions Trading Scheme (ETS) is New Zealand’s main tool to help the country reduce greenhouse gas emissions and move to a low-carbon economy, and it is up for review. But it is a complex beast, and the way it is currently set out will have little impact on reducing emissions according to the government, which is why it needs to change.
What exactly is the ETS? The ETS limits greenhouse gas emissions, by requiring that tonnes of carbon emitted by certain sectors of the economy such as industry, electricity and transport are matched by New Zealand Units (NZUs). These are a form of currency and the government can limit the number available………………………………………..Full Article: Source

How China Can Shape the Future of Carbon Markets

Posted on 25 February 2016 by VRS  |  Email |Print

In the lead-up to the 2015 Paris climate change conference, policymakers stressed the need for creation of integrated carbon markets and called for linking new climate financing mechanisms with the United Nations-organized Green Climate Fund (GCF) based in South Korea. Both the U.S. and China have committed to accelerating the transition to low-carbon development internationally.
Through a $3 billion per year pledge to GCF by the U.S. and a new $3.1 billion climate finance guarantee by China to support other developing countries to combat climate change, the two countries have committed to enhance multilateral climate cooperation………………………………………..Full Article: Source

Guangdong Plans to Include New Industries in Carbon Exchange

Posted on 25 February 2016 by VRS  |  Email |Print

China’s southern province of Guangdong is planning to expand the number of industries to be included in its carbon-trading exchange amid steps to integrate the regional trading program into planned national emissions exchange.
China Emissions Exchange, which overseas carbon trading in every part of the province except the city of Shenzhen, has finished looking at the greenhouse gas emissions of six industries including ceramics, civil aviation and papermaking ahead of possibly including the industries in the program, President Ye Jun said………………………………………..Full Article: Source

Paris Pact Promotes But Complicates Carbon Trading

Posted on 24 February 2016 by VRS  |  Email |Print

One out of every six molecules of climate pollution released to the atmosphere next year will be regulated under a cap-and-trade system, according a new global estimate that highlights the remarkable ongoing growth in carbon markets around the world.
Under cap-and-trade systems — pioneered in recent years in Europe and some U.S. states and spreading through Asia and Canada — governments trying to slow global warming impose industry- or economy-wide caps on climate pollution. Companies then buy and trade allowances needed to release pollution every year………………………………………..Full Article: Source

These Seven Firms Bear $3 Billion Brunt of California Cap-and-Trade

Posted on 24 February 2016 by VRS  |  Email |Print

The bill from battling climate change is just about due in California, and for some oil companies that do business in the state, it’s in the nine figures. The Golden State’s biggest fuel suppliers, led by Tesoro Corp. and Chevron Corp., face the biggest costs under California’s carbon cap-and-trade system, among expenses that may top $3 billion a year for the whole industry, according to a Bloomberg Intelligence report released Tuesday.
The emissions-trading program, the most extensive of its kind in the U.S., requires refiners, power plants and other polluters to pay for each ton of climate-changing carbon dioxide they release by buying “allowances” from the state………………………………………..Full Article: Source

Meaningful carbon price is vital to future of forestry

Posted on 23 February 2016 by VRS  |  Email |Print

New Zealand’s third largest export industry, forestry, is steadily shrinking. Ministry for Primary Industries figures reveal that only 3000 hectares of new forest were planted in 2015 and that the total area of planted forest fell by 16,000 ha.
Forest Owners Association technical manager Glen Mackie describes the figures as predictable and says the area of forest is likely to continue to fall, until the cost of land can be justified by the income it generates………………………………………..Full Article: Source

What’s ahead for carbon markets after COP21?

Posted on 22 February 2016 by VRS  |  Email |Print

At a UN conference in Paris, France in December countries agreed to a new framework for international cooperation on climate change. The “Paris Agreement” ties together nationally determined contributions (NDCs) with international rules and procedures to ensure transparency and promote rising ambition. Paris also provided a future for international market mechanisms as a tool for countries to fulfil their NDCs.
Many NDCs submitted as part of the Paris process demonstrate an enthusiasm for market approaches. Sixty-five governments say they will use international markets and another 24 will consider using them in the future………………………………………..Full Article: Source

European Blue Chips warn emissions trading reforms are not in line with Paris climate goals

Posted on 22 February 2016 by VRS  |  Email |Print

A group containing some of Europe’s most high profile multinationals has this week called on the European Union to strengthen plans to reform the bloc’s emissions trading scheme (ETS), arguing the Paris Agreement necessitates a rethink on how to make the world’s largest carbon market more effective.
Policymakers in Brussels are currently considering a wide-ranging package of reforms that would see the next phase of the ETS from 2021 to 2030 impose a tighter emissions cap, provide more tailored support for carbon intensive industries at risk of ‘carbon leakage’, and introduce a Market Stability Reserve (MSR) to manage the oversupply of carbon allowances………………………………………..Full Article: Source

Inside the uphill battle against carbon trading

Posted on 19 February 2016 by VRS  |  Email |Print

Organizations united under the Climate Justice Alliance say carbon markets will keep coal plants online in poor communities and near people of color, allowing the facilities to churn out plant-warming emissions and co-pollutants blamed for health problems including asthma and heart attacks.
Last month, the alliance staged quiet demonstrations at regional EPA offices around the country to warn staffers who will review state carbon plans of trading’s risks to certain populations. But big national environmental groups, like the Natural Resources Defense Council and Sierra Club, are working on the other side, pushing market-based state plans as the cheapest, most effective way to cut carbon emissions from power plants………………………………………..Full Article: Source

SK Market: Korean offsets hit record high for second consecutive day

Posted on 19 February 2016 by VRS  |  Email |Print

Korean Carbon Units (KCUs) gained 10% in Thursday’s trade, trading up to 16,500 won ($13.41) to hit a record high for the second day in a row as supply remains severely restricted. The offsets jumped 9.6% on Wednesday in the first recorded trade since Dec. 29, hitting the previous all-time high of 15,000 won.
A small clip of 3,000 KCUs traded on the Korea Exchange at 16,000 won on Thursday, before 230,000 offsets traded OTC at 16,500 won, a trade that was later cleared on the exchange. “This shows a lack of supply. Prices have now nearly doubled from the start [of the ETS],” one market participant told Carbon Pulse………………………………………..Full Article: Source

Time to comply with emissions-trading systems

Posted on 18 February 2016 by VRS  |  Email |Print

One of the clearest signals to emerge from the Paris climate summit in December was international support for carbon markets as a key weapon in the fight against climate change. But instead of a single, global market, industries like the energy sector face a growing number of national and regional systems.
In agreeing a global target of net carbon neutrality in the second half of the century, the countries that agreed the deal explicitly signalled that large-scale burning of liquid and solid fuels will have to end. But rather than regulate the fossil-fuel business out of existence, these countries seem willing to provide it with a path towards net-zero carbon through the use of emissions-trading systems………………………………………..Full Article: Source

Firms selling worthless carbon credits shut down for “one giant scam”

Posted on 18 February 2016 by VRS  |  Email |Print

One of the joys of this job is seeing lawyers come over all pompous and outraged when someone dares suggest their bent client is running a rip-off. Take a sham called CNI (UK) Limited, one of 19 companies just put into compulsory liquidation by the High Court for what the Insolvency Service called “one giant scam”.
Victims were fleeced by cold callers on commission, otherwise known as boiler rooms, who sold carbon credits as investments. These can be bought by companies which want to improve their green credentials by going carbon-neutral………………………………………..Full Article: Source

To Comply or Not? Obama’s Climate Plan in Limbo at State Level

Posted on 17 February 2016 by VRS  |  Email |Print

The death of Supreme Court Justice Antonin Scalia has jolted state leaders mulling the future of U.S. EPA’s Clean Power Plan. Already knocked off balance by last week’s surprise Supreme Court decision to freeze the federal climate change regulations, officials yesterday said Scalia’s death—and the questions his absence from the bench raises for the regulation—has left them reeling and uncertain about the plan’s future.
“I think it’s taken everybody by surprise,” said Washington Utilities and Transportation Commissioner Phil Jones. “It’s like a one-two punch to the gut.” The Obama administration’s crackdown on power-sector carbon emissions was already a political minefield for states, most of which were nonetheless strategizing ways to comply with the regulation………………………………………..Full Article: Source

EU carbon price rout “overdone”, but buy with caution -SocGen

Posted on 17 February 2016 by VRS  |  Email |Print

Analysts at French investment bank Societe General on Tuesday slashed their EU Allowance price estimates by 24% across the board but said the recent price rout has been overdone, recommending that its clients buy with caution.
The analysts predict that front-year EUA prices will end 2016 at €6.80, they wrote in an emailed report, down from their previous view of €9.00 published last September but 45% above current levels near €4.70. Prices are then seen creeping up to €7 by the end of 2017, SocGen said, adding that EUAs should continue to increase steadily to €7.80 by the end of 2020………………………………………..Full Article: Source

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