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Canada should adopt an emissions tax to fund green energy research

Posted on 20 July 2016 by VRS  |  Email |Print

To avoid wasting clean-technology research and development funding, the Canadian government should adopt a carbon price and encourage other countries to follow suit, a new report from the CD Howe Institute argues.
The report, published Tuesday, notes that Ottawa has earmarked $2 billion for the Low Carbon Economy Trust, the Ontario government has pledged $375 million for clean-tech research and development and the Alberta government plans to use some of the proceeds from its carbon tax to fund technology research to reduce emissions………………………………………..Full Article: Source

Carbon tax study highlights flaws in New Zealand emissions scheme

Posted on 19 July 2016 by VRS  |  Email |Print

A carbon tax targeting emissions-intensive industries and a revamp of New Zealand’s much criticized emissions trading scheme (ETS) could boost economic growth, according to a study out Monday. A signatory to the Kyoto Protocol, New Zealand is committed to cutting greenhouse gas emissions by 5 percent below 1990 levels by 2020, and by half by mid-century, but the country’s emissions were up 21 percent from 1990 levels in 2013.
Currently, the ETS was the main economic tool to lower carbon emissions, with industries buying carbon credits according to their emissions levels, said University of Auckland researcher Sina Mashinchi, who worked on the study with economics researchers from Cambridge University, in the United Kingdom………………………………………..Full Article: Source

Multi-billion EU carbon market fraud operated from Poland

Posted on 19 July 2016 by VRS  |  Email |Print

The founder of Poland’s biggest carbon quota brokerage firm, whose name appeared in connection with the Panama Papers, has been found guilty of VAT fraud and sentenced to jail in France. Warsaw denies wrongdoing, calling the multi-billion fraud an “unfortunate incident”.
A major emitter of carbon dioxide due to its heavy reliance on coal, Poland is a continuous cause of headaches for EU climate policy-makers. Warsaw has demanded significant financial compensation in exchange for supporting an ambitious EU-wide objective to cut CO2 emissions by 40% by 2030………………………………………..Full Article: Source

Carbon tax could lower emissions and GST

Posted on 18 July 2016 by VRS  |  Email |Print

A new, powerful way of modelling the impact of carbon pricing has been developed by University of Auckland doctoral researcher Sina Mashinchi in collaboration with experts at Cambridge University.
It shows how a carbon tax targeting emissions-intensive industries, along with a revamped Emissions Trading Scheme (ETS), could boost economic growth, with the extra tax generated used to cut GST from 15 percent to 12.5 percent. “I wanted to show that we could move closer to our Kyoto emission targets and still have good economic growth,” says Mashinchi………………………………………..Full Article: Source

Here comes carbon pricing

Posted on 18 July 2016 by VRS  |  Email |Print

Climate Change Minister Catherine McKenna said Friday the Trudeau government will present its plan for a uniform, national carbon price this fall, as part of a larger package of climate change initiatives.
“What we want to see is uniformity in terms of a national price,” McKenna said in an interview with Danielle Bochove of Bloomberg TV Canada. “We need a national price on carbon, so that’s what we are going to have … in the fall.” Translation? Hold on to your wallets………………………………………..Full Article: Source

Brexit will force EU countries ‘to make deeper, costlier carbon cuts’

Posted on 15 July 2016 by VRS  |  Email |Print

Bloc will have to draw up new plan with higher cuts for remaining 27 states in order to meet its carbon reduction target, which could cost billions of euros. Brexit will force the European Union’s remaining 27 countries to spend billions of euros on cutting carbon emissions more deeply to compensate for the UK leaving, according to experts.
The UK will be included in a Brussels communique on 20 July, setting out individual targets for EU signatory states to meet a bloc goal of a 40% emissions cut by 2030, as pledged in Paris last year………………………………………..Full Article: Source

The Fiscal Context of Carbon-based Taxation in America

Posted on 15 July 2016 by VRS  |  Email |Print

A recent analysis by the Center for American Progress, a left-leaning public policy research organization, looks at the pricing of carbon and how a carbon tax will impact the U.S. economy and the revenue stream for the federal government.
In general, opponents to the imposition of carbon taxes argue that such taxes will prove to be punitive to companies that are forced to pay for their carbon emissions and that it will ultimately have a devastating impact on the American economy………………………………………..Full Article: Source

France to impose carbon tax only on coal plants: report

Posted on 14 July 2016 by VRS  |  Email |Print

The core French Cal 17 baseload contract dropped more than Eur2 day on day Monday after a much-awaited report by a French government-commissioned task force pressed for the introduction of a new carbon tax as of January 1, 2017, only for coal-fired power stations, as opposed to both gas and coal units, due to security of supply concerns.
Cal 17 baseload was last seen trading on Monday at Eur31.30/MWh, down Eur2.25 from the previous close on the publication of the carbon price report by former development minister Pascal Canfin, economist Alain Grandjean and Engie CEO Gerard Mestrallet………………………………………..Full Article: Source

Aviation industry preparing for ‘eleventh hour’ deal on emission trading

Posted on 14 July 2016 by VRS  |  Email |Print

An agreement on curbing emissions from international flights will be reached at the ICAO general assembly this autumn, according to industry sources, while biofuels continue to struggle to emerge as a long-term solution for greening the sector.
More fuel efficient planes, with a smaller carbon footprint and less noisy engines, have become the holy grail for the aircraft manufacturers. Building on the COP21 agreement reached in Paris last December and new standards for aircraft, the industry believes it is in a good position to progress on its sustainability goals………………………………………..Full Article: Source

Why are the world’s cap-and-trade markets struggling to keep prices up?

Posted on 13 July 2016 by VRS  |  Email |Print

The cost of sending a ton of greenhouse gas emissions into the air isn’t what it used to be, at least not in the handful of markets that are putting a price on climate change. Similar to California’s weak May auction for carbon credits, the world’s two other greenhouse gas cap-and-trade markets are notching falling prices this year.
One in Europe is still adjusting to a glut of emission allowances it handed out before the recent recession drove down energy use. The other, a collection of nine states in the northeast called the Regional Greenhouse Gas Initiative, is recording low prices while energy producers await a Supreme Court decision that could shape its future………………………………………..Full Article: Source

If carbon pricing is so great, why isn’t it working?

Posted on 13 July 2016 by VRS  |  Email |Print

Earth’s atmosphere has long served as a free dump for carbon dioxide and other greenhouse gases generated by humans. That is changing as policy-makers embrace economists’ advice that the best way to cut greenhouse gas emissions is to charge an atmospheric disposal fee.
As a result, governments are increasingly tacking on a price for carbon when fossil fuels are sold and/or consumed, allowing their economies to internalize some of the social and economic costs associated with burning coal, oil and natural gas………………………………………..Full Article: Source

Low-carbon future offers a golden opportunity for the EU and Beijing to pull together

Posted on 12 July 2016 by VRS  |  Email |Print

Andrew Hammond says the EU and China have much to gain from closer collaboration in tackling climate change – in sharing technology and experience, and in shaping the landscape of the clean energy economy.
Beijing hosts on Tuesday and Wednesday a China-EU summit hosted by Chinese President Xi Jinping, Chinese Premier Li Keqiang, European Council president Donald Tusk and European Commission president Jean-Claude Juncker. The important meeting, held in the framework of the jointly agreed 2020 strategic agenda for cooperation, will focus on bilateral political and economic relations, in addition to global and regional issues, with climate change at the fore of this………………………………………..Full Article: Source

French carbon pricing committee proposes tax on coal-fired power

Posted on 12 July 2016 by VRS  |  Email |Print

A French government advisory committee has recommended that France increase taxation on coal-fired power plants, or set stiffer carbon emissions standards, to encourage a shift to gas-fired plants to reduce carbon emissions.
The proposal was included in a report handed to French Environment Minister Segolene Royal on Monday by the committee, which was appointed in March to review European carbon pricing and make recommendations to the French government………………………………………..Full Article: Source

Carbon market expectations meet reality of low prices, muddled policy

Posted on 11 July 2016 by VRS  |  Email |Print

Carbon markets, the free-enterprise solution to saving the world from global warming, are now in danger themselves. The idea was simple enough: Set a cap on carbon emissions, issue enough permits to allow power plants, refineries and the like to stay within those limits and then shrink the cap over time to achieve reductions. The companies whose emissions fall fastest can sell their permits for a profit to slower responders — call it a reward for good behavior.
The reality, though, is more complex. Undercut by a lack of political will on the size of caps and overtaken by costly new environmental mandates, carbon markets in the United States, Europe and Asia are collapsing, with prices so low they’ve become virtually valueless………………………………………..Full Article: Source

EU, Korea launch emissions trading scheme

Posted on 11 July 2016 by VRS  |  Email |Print

The European Union delegation to Korea and Korea’s Ministry of Strategy and Finance launched a project last week to tackle greenhouse gas emissions as part of bilateral cooperation to curb climate change.
The emissions trading scheme cooperation project — worth over 3.5 million euros ($3.87 million) — will run until January 2019. The EU will offer technical assistance and expertise to Korea through consultations, workshops and study visits to the EU. Through the three-year initiative, both sides will strive to reduce greenhouse gas discharge by roughly 40 percent of the 1990s level until 2030………………………………………..Full Article: Source

Economy Needs to be Integrated into Environment, Not Other Way Around

Posted on 08 July 2016 by VRS  |  Email |Print

BP’s Statistical Review of World Energy is a standard industry reference document. It’s a useful indicator of trends, if occasionally the victim of politics. But the newest edition brings welcome news that the growth of global carbon emissions paused in 2015, partly to do with a shift to renewables, and partly the result of passing economic conditions, both notable in China.
But BP, the company that once promised to go “beyond petroleum”, is sticking firmly with oil and gas. Its get-out strategy from appearing over-fossilized in attitude, is to call for a “meaningful carbon price,” advocated by its chief economist, Spencer Dale………………………………………..Full Article: Source

Investor Commitment is Needed to Sustain Sustainability

Posted on 08 July 2016 by VRS  |  Email |Print

Progress has been made in integrating ESG (environmental, social, and governance) factors by institutional investors, it must continue. Institutional investors now face some challenges about their commitment to ESG. Many realize that these issues including climate change, workplace diversity, and long-standing corporate concerns such as executive compensation can drive risks and returns.
Many large institutional investors have publicly committed themselves to integrate ESG factors into their investments in sustainability. The Principles for Responsible Investment (PRI) have been signed by more than 1,500 investors and managers, representing nearly $60-T in assets under management………………………………………..Full Article: Source

What Australia’s election uncertainty means for climate policy

Posted on 07 July 2016 by VRS  |  Email |Print

As the CEO of Australia’s leading industry association for companies operating in the low carbon economy, I have been fielding a wide range of questions from members, media, other industry bodies and interested international observers on what the uncertain election results means for national climate policy.
As the votes are still being counted, and we wait for a definitive result, I have taken the opportunity to provide some personal observations on the most frequently asked questions that have come across my desk in the last few days………………………………………..Full Article: Source

U.S. oil companies should join Exxon Mobil in push for carbon tax

Posted on 07 July 2016 by VRS  |  Email |Print

Exxon Mobil Corp. is stepping up efforts to promote a tax on carbon to address man-made climate change, which is both a welcome move and a politically astute one. The world’s largest oil company wants a simple tax charged on extracted carbon, such as oil and gas, in lieu of complicated regulations or trading schemes that too often create unintended consequences.
Exxon Mobil CEO Rex Tillerson also wants the money returned to the public to offset the cost to consumers. While Exxon Mobil first advocated for a revenue-neutral carbon tax in 2009, the company has recently stepped up lobbying in Washington and around the world………………………………………..Full Article: Source

What now for South Korea’s emissions trading scheme?

Posted on 06 July 2016 by VRS  |  Email |Print

Carbon Pulse Dialogues are discussions about carbon markets and climate policy by a selection of leading experts. More than 500 of South Korea’s biggest emitters met their 2015 compliance obligations under the scheme by the June 30 deadline.
But getting there wasn’t an easy ride. More than 40 lawsuits have been launched against the government on allocation issues. Prices at one stage rose to nearly $18/tonne to make Korea’s carbon price one of the world’s highest, while the market has struggled with liquidity and only some controversial government interventions in May and June unlocked supply………………………………………..Full Article: Source

Carbon prices are way down, thanks to the Supreme Court’s hold on Clean Power Plan

Posted on 06 July 2016 by VRS  |  Email |Print

A temporary halt to the federal government’s plan to cut electric power plant emissions has caused carbon prices in the Northeast’s only cap-and-trade program to plummet, according to the U.S. Department of Energy.
Carbon prices in the Regional Greenhouse Gas Initiative, or RGGI, have fallen 40 percent since the Supreme Court’s decision in February to stay the Clean Power Plan — from their peak at $7.50 per metric ton of carbon dioxide in December to $4.53 per ton in June………………………………………..Full Article: Source

EU Carbon Market Hit by Brexit, But Reform Carries On

Posted on 05 July 2016 by VRS  |  Email |Print

Will the reform of the failing EU Emissions Trading System (ETS) be a casualty of Brexit, now that its British rapporteur will be replaced, possibly by a Polish colleague? As the EUEnergy App shows, greenhouse gas emissions in Europe have gone down drastically since 1990. But not thanks to the EU ETS.
What is more, in the coming years much greater emissions cuts are needed, and the carbon market is expected to deliver these, with or without the UK. Sonja van Renssen reports on how policymakers in Brussels are trying to reconnect the ETS to what is going on in the real world………………………………………..Full Article: Source

The potential impact of Brexit on the EU ETS and future UK climate policy

Posted on 05 July 2016 by VRS  |  Email |Print

The outcome of the Brexit referendum will have no immediate impact on UK compliance entities or non-compliance entities that are active in the EU ETS. Even once the notice to withdraw from the EU is delivered by the UK to the EU, a negotiation process will follow, dealing with the terms of the UK’s exit along with negotiations for the future of the UK’s relationship with the EU.
Although there is a timeframe under Article 50 of The Treaty on European Union limiting the window for negotiations to two years, this window can be extended with the agreement of the EU Council of Ministers………………………………………..Full Article: Source

Norway bids to capture business by capturing carbon

Posted on 04 July 2016 by VRS  |  Email |Print

A Norwegian prime minister once compared the difficulty of capturing carbon and storing it underground to a “moon landing.” But just as the lunar program transformed the U.S. economy, this technology could do the same for Norway.
Carbon capture and storage projects face long odds, struggling to show the technology can both work and be affordable. But the potential benefits of success could be huge, allowing the world to burn oil, coal and gas without unleashing runaway climate change. Greenhouse gases emitted by burning fossil fuels would then be pumped back underground, preventing them from warming the planet………………………………………..Full Article: Source

Greens have best carbon-pricing plan

Posted on 04 July 2016 by VRS  |  Email |Print

Ontario Green Party Leader Mike Schreiner doesn’t have a seat in the legislature, which is unfortunate because he understands the flaws in Premier Kathleen Wynne’s carbon pricing plan better than most politicians.
And he’s the only party leader with a plan actually designed to lower industrial greenhouse gas emissions linked to climate change. This as opposed to Wynne’s cap-and-trade scheme, which is primarily a cash grab………………………………………..Full Article: Source

Brexit: 94 Unanswered Questions on Climate and Energy Policy

Posted on 01 July 2016 by VRS  |  Email |Print

What does the UK’s shock vote to leave the European Union mean for energy and climate change? Speaking simultaneously on Wednesday morning at separate events in London, Amber Rudd, secretary of state for energy and climate change and Andrea Leadsom, energy minister, both sought to offer reassurances that UK energy and climate commitments would continue.
Rudd said, in unscripted comments added to her planned speech: “We made a clear commitment to acting on climate change in our manifesto last year. That will continue.”……………………………………….Full Article: Source

Warning sounds on global warming

Posted on 01 July 2016 by VRS  |  Email |Print

The record warm start to the year will be the new normal within the next few generations, scientists say. The first six months of 2016 have been the warmest since records began, but these temperatures may soon seem on the cold side, climate scientist James Renwick says.
“We’re going to see more and more of these record warm months and years and in 50 years’ time this year’s record warm might be normal or even cool. What we think of as warm now is going to be average in a generation or so.”……………………………………….Full Article: Source

Brexit: 94 unanswered questions for climate and energy policy

Posted on 30 June 2016 by VRS  |  Email |Print

What does the UK’s shock vote to leave the European Union mean for energy and climate change? Amber Rudd, secretary of state for energy and climate change, and Andrea Leadsom, energy minister, both sought to offer reassurances that UK energy and climate commitments would continue.
Rudd said, in unscripted comments added to her planned speech: “We made a clear commitment to acting on climate change in our manifesto last year. That will continue.”……………………………………….Full Article: Source

Green lining? Five ways Brexit could be good for the environment

Posted on 30 June 2016 by VRS  |  Email |Print

Brexit may be bad in many ways, but here’s a very faint glimmer of a silver lining. If the UK leaves the European Union, it might not necessarily be a disaster for the environment.
Anyone in the country who feels strongly about air pollution or carbon emissions is likely to have voted to remain in the EU. The general consensus before the vote was that if the UK left, it would be bad news for the environment. And so it could be. But don’t despair just yet — there are five ways it might actually benefit the environment……………………………………….Full Article: Source

N. Korea pushes clean energy development to earn currency

Posted on 29 June 2016 by VRS  |  Email |Print

North Korea is pushing to embrace renewable energy such as solar and wind to address the country’s power shortage issues and make profit by selling tradable carbon emissions credits, according to a think tank’s report published on June 28.
The country seeks to develop green energy and reduce greenhouse gases by ratifying laws related to environment protection and waste management, the study conducted by Hyundai Research Institute said………………………………………..Full Article: Source

Federal carbon tax a cash grab that could damage the economy

Posted on 29 June 2016 by VRS  |  Email |Print

Carbon taxes largely function as energy taxes to generate a new source of revenues for cash-hungry governments. According to a report in the Globe and Mail, Finance Canada is quietly promoting the idea of a federal carbon tax, or at least, a minimum carbon price, in order to reduce greenhouse gas emissions as Canada has pledged to do in last December’s Paris Agreement.
The problem is, Canada’s track record at implanting economically benign carbon pricing is not very good: three of the four Canadian Jurisdictions with carbon taxes or pricing are in complete violation of economic theory about benign carbon pricing………………………………………..Full Article: Source

With Britain Gone, Europe Unclear How to Meet Climate Goals

Posted on 28 June 2016 by VRS  |  Email |Print

As the dust settles on Britain’s unexpected decision to depart the European Union, there are more questions than answers about what the pullout means for everything from trade to energy policy. Bewildered European policy analysts—many of whom assumed the “Brexit” referendum would deliver a narrow victory for the “remain” camp—are still grappling with Thursday’s result.
What will the split between Britain and the other 27 nations of the European Union mean for British expats? Do a tumbling pound sterling and nervous markets presage a long post-split recession? And what does Brexit mean for Britain’s access to the single market and for its climate policy, which is now a mixture of domestic law and international engagement that is likely to take years to untangle as Britain departs?……………………………………….Full Article: Source

Tackling carbon emissions in China

Posted on 28 June 2016 by VRS  |  Email |Print

Beijing symposium explores imposing usage tax to augment planned emissions-trading system. With China working to enact an emissions trading system next year to cut carbon dioxide emissions from its heavy industries, climate experts from Harvard and that country gathered in Beijing last month to talk about how to regulate emissions from the rest of its massive economy and discuss whether a carbon tax might fit the bill.
While carbon emissions trading and a carbon tax both seek to reduce greenhouse gas emissions by putting a price on them, they work differently………………………………………..Full Article: Source

Brexit: Paris climate agreement will have to be rewritten

Posted on 27 June 2016 by VRS  |  Email |Print

Australia remains “rock-solid” in its commitment to ratify the Paris climate change agreement this year as the EU has been left scrambling to recalibrate its participation in the historic deal in the face of the Brexit.
Top UN climate change official Christiana Figueres said Britain’s decision to leave the EU meant the Paris agreement would need to be redrawn. This could delay EU ratifi­cation of the deal, which is already under pressure because India and Russia have said they were ­unlikely to sign this year………………………………………..Full Article: Source

China decarbonizes for greener growth

Posted on 27 June 2016 by VRS  |  Email |Print

The Chinese economy is decarbonizing fast as it has made building a clean, low carbon energy system a priority for the upcoming five years. “This indicates China’s strong determination to transform its energy system into a low carbon one, with an aim to fulfill its international responsibility,” said Li Zheng, head of the Department of Thermal Engineering under Tsinghua University.
China aims for an 18 percent cut in carbon intensity in five years from 2015 levels. According to Li, energy production and use account for two thirds of the world’s greenhouse gas emissions and he believed that a low-carbon energy system is key to tackling climate change………………………………………..Full Article: Source

Time to Link Northeast Asia’s Carbon Markets

Posted on 24 June 2016 by VRS  |  Email |Print

The time is now for carbon market cooperation among China, Japan, and South Korea. The major economies of Northeast Asia are developing carbon markets to help meet their climate change commitments. They would benefit from doing so in concert.
Like much in the current climate change arena, market activities beneath the global scale are booming. Carbon markets have almost doubled since 2012, with 40 states and 23 cities, regions, and provinces pricing emissions worth some $50 billion. Amid vocal calls from the business community for greater continuity in carbon pricing policies, market linkages among national and subnational systems are gaining traction………………………………………..Full Article: Source

When will the European Union ratify the Paris Agreement?

Posted on 24 June 2016 by VRS  |  Email |Print

The UN secured a new climate change agreement in Paris at the end of last year, with the consensus of all its 196 parties. Since then, 177 parties have signed the deal. The next job is to get all 197 (Palestine has since joined) to ratify it. This means that each country has to go through its domestic procedure to formally approve the agreement, then drop off its paperwork into a UN depository.
Carbon Brief has already explained the broad process of ratification. Essentially, the hard-won deal cannot come into force until at least 55 countries, representing 55% of the world’s emissions, have take the necessary steps at home to formally accept it………………………………………..Full Article: Source

A carbon price set to carbon damage

Posted on 23 June 2016 by VRS  |  Email |Print

What damage are we causing with each new emission of carbon pollution? Economists regularly assess the economic impact of each marginal greenhouse gas emission, which is labeled the “social cost of carbon.” No surprise, this is hard to measure.
We still have an imprecise understanding of the specific regional damage greenhouse gas emissions will cause, in particular due to the uncertainty of how certain feedbacks in the climate system will accelerate or decelerate how the climate responds to emissions………………………………………..Full Article: Source

Brexit Vote Threatens Europe’s Carbon Market With Worsening Glut

Posted on 23 June 2016 by VRS  |  Email |Print

European Union pollution permit prices are poised to plunge should voters in the U.K., the carbon market’s second-biggest emitter, opt to leave the European Union.
A Brexit where Britain quits the world’s largest greenhouse-gas market, a worst-case scenario, could push prices down as much as 50 percent as factories dump the permits they hold, according to Louis Redshaw, founder of London-based Redshaw Advisors, which trades carbon on behalf of companies. How Europe would adjust its cap-and-trade system is unclear, making it difficult to predict prices for the rest of Europe, he said………………………………………..Full Article: Source

EU environment ministers urge Paris ratification and carbon trading reform

Posted on 22 June 2016 by VRS  |  Email |Print

Environment council adopts statement in support of Paris Agreement and debates reform of the EU emissions trading scheme. Governments across Europe may be distracted by the threat of Brexit, but despite the potential fallout from Thursday’s vote the EU’s day-to-day work is continuing.
Yesterday, EU environment ministers gathered in Luxembourg at the latest European environment council meeting to call on all member states to finalise their ratification of the Paris Agreement “as soon as possible” and underline their support for wider reform of the bloc’s emissions trading scheme (ETS)………………………………………..Full Article: Source

EU ETS funding modalities crucial to CCS deployment

Posted on 22 June 2016 by VRS  |  Email |Print

The Environment Council recently debated the reform of the EU Emissions Trading System (EU ETS) Directive. The EU ETS is a major tool for achieving the EU’s decarbonisation targets and for enabling the block’s contribution to pursuing a 1.5°C limit endorsed in the Paris Agreement.
The system would have been a key long-term driver for critical low-carbon technologies such as Carbon Capture and Storage (CCS). However, due to the currently low carbon price, additional funding support measures for CCS are vital to spur the deployment of CCS in power and industrial sectors………………………………………..Full Article: Source

New climate group advises raising cost of carbon credits

Posted on 21 June 2016 by VRS  |  Email |Print

The expert group which advises the Government on climate change has come out in favour of a minimum price for carbon under the EU Emissions Trading Scheme. In the first advice to Government since it was established in January, the Climate Change Advisory Council has said the current price for carbon is too low.
The EU Emissions Trading Scheme provides a market where a price is put on greenhouse emissions. It relates to fossil-fuel burning energy companies and to heavy industry………………………………………..Full Article: Source

Brexit: Why a vote to leave the EU is bad news for the climate

Posted on 21 June 2016 by VRS  |  Email |Print

A British vote to leave the EU offers potentially good news in the fight against climate change: the resulting economic slump could lead to a fall in greenhouse gas emissions.
A legion of top economists predict a UK recession in the event of a leave vote, with the Treasury warning of four quarters of negative growth from June 2016. “If you were forecasting emissions post-Brexit you’d see them quite a bit lower simply taking an average from the economic forecasts from the IMF, OECD and Treasury,” says Chris Huhne, UK energy and climate chief from 2010-2012………………………………………..Full Article: Source

Netherlands Eyes Firmer Carbon Market in Call Welcomed by Canete

Posted on 21 June 2016 by VRS  |  Email |Print

The Dutch presidency of the European Union is seeking political support from member states to enshrine in a carbon market reform a flexibility provision that would enable strengthening the world’s biggest cap-and-trade program.
The plan would pave the way for tightening emission-permit supply and would enable a faster shift to clean technologies, according to Dutch Environment Minister Sharon Dijksma. Prices in the EU Emissions Trading System, where 2013-2020 pollution caps on companies were set before the global financial crisis, fell almost 80 percent in the past eight years as industrial output shrank, aggravating a glut of allowances………………………………………..Full Article: Source

China climate goals trigger launch of new derivatives

Posted on 20 June 2016 by VRS  |  Email |Print

China’s clean energy pledges are prompting a supply of new financing tools to fund the estimated 43 trillion yuan ($6.53 trillion) needed to switch from heavy, polluting industries to clean projects. The Beijing Environment Exchange endorsed a call option backed by 20,000 local carbon permits on Thursday, the first of its kind in China, which was bought by trading firm CMB Sinolink.
Rival bourse, the Shanghai Environment and Energy Exchange, also plans to launch four forward contracts to trade over the counter (OTC), backed by Shanghai permits which expire in each quarter of 2017, according to the Shanghai Clearing House………………………………………..Full Article: Source

Crib notes: A Brexit from EU climate plans?

Posted on 20 June 2016 by VRS  |  Email |Print

As EU environment ministers meet to discuss essential climate plans, the UK heads for a referendum to decide its membership of the bloc once and for all. Britain decides on Thursday whether to leave the European Union or stay in.
The polls are close, the debate emotionally charged after the brutal murder of MP Jo Cox, who defended Syrian refugees and campaigned for Remain. It is a momentous decision for the UK, with repercussions for the whole 28-state bloc. Ed King will have the lowdown on what Brexit means for climate diplomacy and policy on Monday morning………………………………………..Full Article: Source

Climate and energy group calls for EU emissions trading reform to match historic Paris climate deal

Posted on 17 June 2016 by VRS  |  Email |Print

At their meeting next week (21 June) the European Parliament’s environment, public health and food safety committee will discuss reform of the emissions trading scheme. The most troubling aspect of the current ETS debate is that MEPs have been silent on the most important part of the reform to bring the ETS in line with the COP 21 Paris agreement and to turn it into a functioning climate policy.
The Paris agreement was a milestone. All countries agreed that we need to take steps to limit temperature rise to 1.5°C. They furthermore recognised that their current climate commitments are inconsistent with this goal and therefore must be revised and improved………………………………………..Full Article: Source

ICIS Launches China Carbon Price Assessment

Posted on 17 June 2016 by VRS  |  Email |Print

ICIS has launched a price assessment for the national emissions trading scheme in China. On a weekly basis, the company is assessing how Chinese and international companies value Chinese Certified Emission Reductions (CCERs), a unit that can be used to comply with the Chinese national emissions trading scheme that is poised to launch next year.
In its first assessment on 16th June, the bid/offer spread for a CCER delivered in March 2018 that is eligible for compliance at time of delivery was assessed at 8-12CNY/t. The weekly assessment is offered free of charge for ICIS China carbon market clients, and can be received by non-clients with a one week delay ……………………………………….Full Article: Source

Norway pledges to become climate neutral by 2030

Posted on 16 June 2016 by VRS  |  Email |Print

Parliament approves radical proposal of accelerated emissions cuts and carbon offsetting to achieve climate goal 20 years earlier than planned. Norway’s parliament has approved a radical goal of achieving climate neutrality by 2030, two decades earlier than planned.
On Tuesday night MPs voted for an accelerated programme of CO2 cuts and carbon trading to offset emissions from sectors such as Norway’s oil and gas industries, which are unlikely to be phased out in the near future………………………………………..Full Article: Source

It’s the economy that needs to be integrated into the environment - not the other way around

Posted on 15 June 2016 by VRS  |  Email |Print

BP’s Statistical Review of World Energy is a standard industry reference document. It’s a useful indicator of trends, if occasionally the victim of politics. But the newest edition brings welcome news that the growth of global carbon emissions paused in 2015, partly to do with a shift to renewables, and partly the result of passing economic conditions, both notable in China.
But BP, the company that once promised to go “beyond petroleum”, is sticking firmly with oil and gas. Its get-out strategy from appearing over-fossilised in attitude, is to call for a “meaningful carbon price,” advocated by its chief economist, Spencer Dale………………………………………..Full Article: Source

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