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Canada: Environment minister asks provinces to set better emissions targets

Posted on 13 April 2015 by VRS  |  Email |Print

Although Canada missed the March 31 deadline to announce reduction pledges, Stephen Harper says decision will be made soon. Having missed a March 31 deadline to submit greenhouse gas emissions reduction targets to the United Nations, the Harper government is prodding the provinces to come up with better numbers.
In letters sent to her provincial and territorial counterparts on Friday, and released publicly on Sunday, Environment Minister Leona Aglukkaq urged the provinces to send more information to bolster reduction targets that Ottawa has so far only estimated based on 2014 information………………………………………..Full Article: Source

Heurtel discusses ‘historic’ climate summit

Posted on 13 April 2015 by VRS  |  Email |Print

A throng of 25,000 people marched through Quebec City on Saturday to demand premiers take swift action to fight climate change. Provincial and territorial leaders are planning to meet there on Tuesday to discuss environmental issues, including carbon pricing. It would be the first time premiers have met to discuss climate change.
The Montreal Gazette caught up with Quebec Environment Minister David Heurtel at his Montreal office on Thursday to ask him about his expectations for the summit. The Gazette also spoke with Ed Whittingham, co-chairperson of the Canadian Roundtable on the Green Economy and executive director of the Pembina Institute, a clean energy think tank………………………………………..Full Article: Source

Don’t bet the planet on carbon taxes

Posted on 10 April 2015 by VRS  |  Email |Print

Last month, the Obama administration pledged that, by 2025, the U.S. will cut greenhouse gas emissions 26 to 28 percent from 2005 levels — the same commitment it made in its deal with China last fall. The pledge is both heartening because it keeps the international negotiating process moving, and depressing because, even if we achieve it, it is (according to most scientists) far too little to avert climate catastrophe.
So the question remains: is there any imaginable way that U.S. political action could go further? Or are we betting the planet on a potpourri of rules and regulations may not even be fully implemented? Many economists argue that a tax on carbon is the ultimate climate solution. In this view, the failure of markets to charge appropriate prices for carbon causes everyone to burn too much of it. Let government add a tax — ideally a steadily rising one — and the problem is solved………………………………………..Full Article: Source

London Brokers Handle No UN Carbon Offsets for First Time

Posted on 10 April 2015 by VRS  |  Email |Print

Carbon brokers in London handled no United Nations certified emissions offsets in March, the first time volume in the over-the-counter market fell to zero, according to an industry group.
Buying and selling of Certified Emission Reductions spot and futures contracts slid from 415,000 metric tons in February and 18 million tons a year earlier, according to data Thursday from the London Energy Brokers Association, which started reporting monthly volumes in January 2011. The group’s members include ICAP Plc and BGC Partners. Brokers handled 100 million tons of European Union carbon permits in March, LEBA data show………………………………………..Full Article: Source

Kathleen Wynne’s plan is cap-and-tax in Ontario

Posted on 09 April 2015 by VRS  |  Email |Print

If Premier Kathleen Wynne prices industrial carbon dioxide emissions by setting up a cap-and-trade market in Ontario, it will be a disaster for taxpayers. It will be a bigger disaster than the Liberals’ green energy fiasco.
And that’s saying a lot since former auditor general Jim McCarter said in his 2011 annual report that the Liberals had introduced renewable energy so incompetently, that taxpayers and hydro consumers will be paying billions of dollars more for electricity than they otherwise would have, for decades to come. The Liberals will claim cap-and-trade isn’t a carbon tax. Don’t be fooled………………………………………..Full Article: Source

Major carbon polluters ‘up to three times over limit’

Posted on 08 April 2015 by VRS  |  Email |Print

Some of the country’s biggest carbon polluters arestill failing to rein in their greenhouse gas output as Ireland prepares to back plans to hike the cost of excess emissions. Figures released by the European Commission show almost all of the country’s large carbon emitters — companies emitting more than 10,000 tonnes of damaging carbon per year — exceeded their free allocation of carbon units last year.
Most breached their allocation by between 25%-75% but, in some cases, the amount of carbon emitted was double or even treble the allocation which is intended as a guideline for acceptable emission levels………………………………………..Full Article: Source

How provinces can lead the way on global warming: Cohn

Posted on 08 April 2015 by VRS  |  Email |Print

When it comes to global warming, all politics is local — and glacial. Bogged down by voter ambivalence, Canada remains conflicted on climate change. We all profess our love for the environment, yet precious few of us are prepared to sacrifice for a threat that seems a world away.
Little wonder Stephen Harper pays lip service to lower greenhouse gas emissions but still won’t put a price on carbon. Now, after years of prime ministerial paralysis, time’s up. It’s not just the world, but the provinces that are passing the PM by — with Ontario leading from behind………………………………………..Full Article: Source

Cap-and-trade is really a carbon tax

Posted on 07 April 2015 by VRS  |  Email |Print

In her desperate search for up to $2 billion-a-year more of our money to fund her debt-ridden government, Premier Kathleen Wynne is reportedly going to try and convince us that cap-and-trade isn’t a carbon tax. Don’t be fooled. Cap-and-trade is a carbon tax by another name.
In fact, it’s far more prone to political corruption, insider manipulation and fraud than a carbon tax. That’s why the fraudsters at Enron were among its earliest promoters in North America. Cap-and-trade raises the prices of consumer goods and services, as opposed to a carbon tax which is essentially a sales tax or a tax on consumption………………………………………..Full Article: Source

Terence Corcoran: Canada’s carbon taxapalooza!

Posted on 07 April 2015 by VRS  |  Email |Print

“The provinces and Canada’s Ecofiscal Commission are leading a carbon tax attack on consumers” We hereby declare this to be Carbon Taxapalooza Week. The objective is to acknowledge and deplore the great stampede of provincial governments to tax the hell out of fossil fuels.
Some recent examples: Last week a Quebec tax committee called for a phased-in 5-cent-a-litre increase in gasoline taxes. Alberta didn’t wait for a committee report; its new budget added a 4-cent tax on gasoline starting immediately. Ontario is about to announce plans to join California’s cap-and-trade carbon emissions reduction scheme, essentially a carbon tax on industry. ……………………………………….Full Article: Source

EU carbon market emissions fall most in 5 years on mild weather

Posted on 02 April 2015 by VRS  |  Email |Print

Carbon dioxide emissions in the European Union’s cap-and-trade program, the world’s largest, fell by the most in five years as warmer-than-average weather curbed demand for gas and power. Emissions from companies covered by the program dropped 4.9% in 2014 compared with a 5.8% decrease forecast by analysts in a Bloomberg survey.
The preliminary EU data implies pollution in the emissions trading system fell to 1.816 billion metric tons, the lowest since the bloc’s carbon market started in 2005, according to Bloomberg New Energy Finance. Last year was Europe’s warmest on record, according to MDA Information Systems LLC in Gaithersburg, Maryland, whose data goes back to 1981………………………………………..Full Article: Source

U.S. Submits Climate Pledge in Next Step to UN’s Paris Talks

Posted on 02 April 2015 by VRS  |  Email |Print

As promised, the U.S. turned in its emissions goals, but China and other large countries missed the UN’s suggested deadline. Clap your hands if you believe in Intended Nationally Determined Contributions.
After all, it’s faith in those documents, known as INDCs—detailed country-by-country pledges to reduce climate change—that are supposed to keep alive the glimmering hopes of a universal, binding treaty on climate change that the United Nations wants to conclude in Paris at the end of the year………………………………………..Full Article: Source

German CO2 emissions down in 2014

Posted on 01 April 2015 by VRS  |  Email |Print

Germany’s carbon emissions fell last year - due largely to the milder winter. Experts say that unless action is taken to cut the use of highly polluting brown coal, the country will not reach its 2020 climate targets.
The German government released figures Tuesday (31.03.2015) indicating that carbon dioxide emissions fell in 2014 - putting the country back on track after three years of rising emissions. But politicians admitted that warmer weather was a decisive factor. “Much of the reduction was in 2014 due to the mild winter. But we owe part of the decline to real progress on climate protection,” said Environment Minister Barbara Hendricks………………………………………..Full Article: Source

God save the planet: UK renewables rise to 20%, emissions fall 8% in year

Posted on 01 April 2015 by VRS  |  Email |Print

The past week has been bright for the UK’s renewable energy sector. The UK Department for Energy and Climate Change released energy trends data for 2014, showing that renewables supplied a record 19.2% of all generated electricity, up from 14.9% in 2013. A Bloomberg New Energy Finance Analyst Reaction details how the outcome of the upcoming general election could influence these figures for the future.
Drax Group’s conversion of a second coal power plant to burn wood, has reduced the utility’s exposure to the price of carbon emission permits and boosted the UK’s biomass power generation. Total UK greenhouse gas emissions are estimated to have fallen 8.4% in 2014. This and a surprisingly sharp drop in the country’s electricity consumption in 2014 are examined in a separate note from Bloomberg New Energy Finance………………………………………..Full Article: Source

South Korea’s green initiative meets resistance

Posted on 31 March 2015 by VRS  |  Email |Print

South Korea launched Asia’s first nationwide carbon emissions trading scheme in January. It is part of the government’s efforts to reduce greenhouse gas emissions 30 per cent by 2020.
The creation of the world’s second-largest cap-and-trade system, after the European Union Emissions Trading Scheme, created a lot of excitement around the world. Locally, concerns about the lack of trading and the government’s top-down approach are mounting. Critics question whether the country can possibly meet its ambitious emissions reduction target………………………………………..Full Article: Source

The Carbon Brief Interview: Tim Yeo

Posted on 31 March 2015 by VRS  |  Email |Print

Tim Yeo has been the Conservative MP for South Suffolk since 1983 and is the current chair of the Commons’ Energy and Climate Change (ECC) committee. Yeo served as the minister for environment and countryside from 1992-3. Yeo is standing down as an MP at the general election in May after being deselected by his local party members in 2013.
In his final in-depth interview before stepping down as the chair of the ECC select committee, Yeo discusses… Fracking: “By the late 2030s we won’t need to be fracking in this country, but for the time being, I think it’s better than not doing so.”……………………………………….Full Article: Source

How will energy trading respond to climate change targets?

Posted on 30 March 2015 by VRS  |  Email |Print

As other countries follow Switzerland’s lead in setting targets for greenhouse gas cuts, questions arise as to how industry will respond. swissinfo.ch looks at what these moves globally may mean for the energy trading sector.
Switzerland became the first country last month to announce how it would contribute to a global climate treaty that the United Nations hopes to clinch next December in Paris. It set targets of 50% reductions in carbon dioxide and other warming gases from 1990 levels by 2030, with 30% coming from within the country and 20% achieved by market trading or offsets………………………………………..Full Article: Source

The World Bank’s Carbon Fund: Undermining indigenous rights or saving the planet?

Posted on 30 March 2015 by VRS  |  Email |Print

The World Bank’s emerging Carbon Fund, which provides payments to participating countries that are taking measures to reduce deforestation and carbon emissions, is under scrutiny from civil society leaders and indigenous rights groups, citing its insufficient safeguards to uphold land rights of local and indigenous peoples.
But as industry insiders told Devex, in order to develop a market for carbon that incentivizes the maintenance of forests and achieves results in the face of looming climate change, the World Bank and Carbon Fund donors may need to look beyond a cookie-cutter approach to land rights and remain open to to the political contexts and policies of participating Carbon Fund countries………………………………………..Full Article: Source

Detailed case study on China’s national carbon market: IETA

Posted on 27 March 2015 by VRS  |  Email |Print

A new report released by IETA and CDC Climat Research today finds that China has made significant advances on establishing a national emissions trading system, expected to start next year. The case study – prepared by IETA and CDC Climat Research and released at Carbon Forum Asia in Macao – finds that China has been taking great strides as it prepares to move from its seven pilot emissions trading programmes to a national carbon market from next year.
Drawing upon all recent government decisions as well as official statements, it is the most thorough and authoritative analysis of the Chinese carbon market to date. The case study takes a close look at the seven pilot programmes and how these are feeding in to the design of the national system, noting that no other country has built an ETS from the bottom-up………………………………………..Full Article: Source

EU nations back 2021 start date for carbon market reform

Posted on 27 March 2015 by VRS  |  Email |Print

Member states agreed a reform to remove a glut of permits from Europe’s carbon market that should take effect in 2021, EU diplomats said following a closed-door meeting on Wednesday (25 March).
The compromise deal is a negotiating stance that member states will take into talks with representatives of the European Parliament and the European Commission, in order to thrash out a legal text that would later be signed into EU law………………………………………..Full Article: Source

EU struggles to agree on date for carbon market reform

Posted on 26 March 2015 by VRS  |  Email |Print

EU nations will hold more talks late on Wednesday to debate reforms to Europe’s carbon market after more than two hours of debate failed to bridge a gap between those seeking early action and those wanting a delay, diplomats said.
Allowances on the EU Emissions Trading System (ETS) fell around 3 percent after diplomats said a morning session of closed-door debate had failed to reach a deal. A proposal to set up a Market Stability Reserve to hold some of the surplus allowances that have depressed carbon prices, had been the first item on the agenda of a closed-door meeting, the diplomats, speaking on condition of anonymity, said………………………………………..Full Article: Source

EU member states agree 2021 carbon market reform date-sources

Posted on 26 March 2015 by VRS  |  Email |Print

EU nations agreed a reform to remove a glut of permits from Europe’s carbon market should take effect from the start of 2021, EU diplomats said following a closed-door meeting on Wednesday. The compromise deal is a negotiating stance that member states will take into talks with representatives of the European Parliament and the European Commission to thrash out a legal text that would later be signed into EU law.
Set up a decade ago, the Emissions Trading System (ETS), the world’s biggest carbon market, is meant to be the European Union’s main tool for tackling climate change because it forces polluters to pay for their emissions………………………………………..Full Article: Source

China should link southern carbon markets ahead of nationwide scheme -study

Posted on 25 March 2015 by VRS  |  Email |Print

Academics that advise the government on carbon trading in China have proposed linking two emissions exchanges in the southern province of Guangdong as a first step towards integrating all seven of the country’s pilot markets.
China aims to launch the first phase of a nationwide carbon trading scheme as early as next year, creating the world’s largest emissions trading scheme. But integrating the seven pilot schemes already in operation will be challenging, with each operating under different trading rules, eligibility criteria and prices………………………………………..Full Article: Source

Impact of China’s Carbon Policies on Buisness

Posted on 25 March 2015 by VRS  |  Email |Print

Seismic policy shifts are underway in China as it transitions toward a lower-carbon, more resource efficient economy, according to a series of new reports by the International Institute for Sustainable Development (IISD).
IISD examined over 100 low-carbon policies to assess their impact on China’s 1,600 industrial development zones. The research also contains a first-of-its kind survey of businesses operating in the zones and a review of the first compliance year of the Beijing emission trading pilot, providing a snapshot of how companies are responding to policies designed to reduce green-house gas emissions………………………………………..Full Article: Source

Climate change: Coalition accused of politicising greenhouse gas target

Posted on 24 March 2015 by VRS  |  Email |Print

Greg Hunt says figures exaggerated under Labor but former Liberal leader John Hewson says both parties use same projections and that such interference is ‘damaging to the national interest’.
The Abbott government has been accused of politicising the release of official greenhouse gas projections that confirm Australia’s international climate change pledge for 2020 is becoming easier to reach, but which will also increase pressure for Australia to adopt a more ambitious post-2020 target………………………………………..Full Article: Source

Is Fossil Fuel Divestment A Bad Idea?

Posted on 24 March 2015 by VRS  |  Email |Print

The fossil fuel divestment movement has exploded in popularity over the last several years, thanks in parts to the massive efforts of groups like 350.org, the group behind Fossil Free, the organizers of Global Divestment Day. In addition, the sweeping divestment movement is particularly attractive to tertiary education institutions around the world, and each month closes with more universities and colleges around the world announcing their divestment from fossil fuel investments.
Beyond the education world, a number of cities are making independent announcements of their own intention to divest from fossil fuels — the most recent being the city of Oslo, capital of Norway, which announced at the beginning of March that it would divest $7 million worth of coal investments from its pension fund………………………………………..Full Article: Source

RGGI Auction Extends US Carbon Market Winning Streak

Posted on 23 March 2015 by VRS  |  Email |Print

North America’s longest-running carbon market just set a new mark for carbon pricing across the Northeast US, passing a significant revenue milestone years ahead of schedule, and continuing an impressive winning streak for American and Canadian carbon auctions.
The Regional Greenhouse Gas Initiative (RGGI) recently held its first 2015 quarterly carbon auction, selling out of all 15.2 million available carbon dioxide allowances at a clearing price of $5.41 per ton of CO2 emitted and generating over $82 million for clean energy and consumer benefits………………………………………..Full Article: Source

5 Ways to Reduce the Drivers of Climate Change

Posted on 23 March 2015 by VRS  |  Email |Print

Climate change is fundamentally a development issue. It threatens to exacerbate poverty and hurt economic growth. At the same time, how countries grow and the investments they make to meet the energy, food and water needs of an expanding population can fuel climate change, raising risks worldwide, or contribute to solutions.
In a lecture to students at Georgetown University in Washington, D.C., on March 18, World Bank Group President Jim Yong Kim laid out five key areas where policies and growth choices can help reduce the drivers of climate change. “We have to keep the economy growing – there is no turning back on growth,” President Kim told the student audience. “What we have to do is decouple growth from carbon emissions.”……………………………………….Full Article: Source

Latest carbon credit scam shut down - but will it make a difference?

Posted on 20 March 2015 by VRS  |  Email |Print

Eco Business Management, a firm Money Observer has previously warned against doing business with, has been ordered to close by the High Court. The firm was ordered into liquidation after an investigation found it mis-sold wildly overpriced carbon credits to investors, using high-pressure sales tactics and misleading statements.
Although investors were falsely told they could receive returns of up to 82 per cent within six months to two years, in some cases their carbon credits were actually being retired (cancelled) without their knowledge. Investors pursuing the firm for news about their investments - including several people who spoke to Money Observer - were falsely told the firm had entered liquidation………………………………………..Full Article: Source

Corporate carbon offset buyers dispel greenwashing myths

Posted on 20 March 2015 by VRS  |  Email |Print

A new report dispels the myth that companies purchase carbon offsets to “buy their way out” of taking responsibility for their contributions to climate change. Rather, companies that include offset purchases as part of their carbon management strategies are more environmentally proactive than their non-offsetting counterparts, the report found.
Companies ranging from General Motors to Barclays to Brazil-based Natura Cosméticos – and at least 260 other household names – are expanding their environmental protection efforts by investing in projects that reduce emissions outside of their immediate operations, according to The Bottom Line: Taking Stock of the Role of Offsets in Corporate Carbon Strategies. This new report from Forest Trends’ Ecosystem Marketplace analyses this subset of companies alongside a total of 1,882 corporate climate performance disclosures collected by CDP in 2013 and 2014………………………………………..Full Article: Source

EU carbon market emissions fell 3.7 percent in 2014: analysts

Posted on 19 March 2015 by VRS  |  Email |Print

Emissions capped by Europe’s carbon market fell 3.7 percent in 2014, driven by higher output from renewable power producers and lower electricity consumption, analysts at Thomson Reuters Point Carbon said on Wednesday.
Firms covered by Europe’s Emissions Trading System (ETS) emitted 1.838 billion tonnes of carbon dioxide equivalent (CO2e) in 2014 compared with 1.907 billion tonnes a year earlier, the analysts estimated in a research note. Official data on last year’s emissions will be released by the European Commission on April 1. Participants in Europe’s carbon market will be eyeing the numbers, which give an indication of demand for carbon permits………………………………………..Full Article: Source

Finland Cool on Early Start of European Carbon Market Reserve

Posted on 19 March 2015 by VRS  |  Email |Print

Finland has reservations over plans to advance the start of a draft European Union carbon-market fix by four years from 2021 as it seeks to avoid raising costs for industrial companies.
The administration of Prime Minister Alexander Stubb endorsed the proposal by the European Commission to create a stability reserve to alleviate a glut of emission permits, according to an e-mailed statement. It also agreed that carbon permits delayed at auctions in 2014-16 should “in principle” be auctioned rather than put into the reserve………………………………………..Full Article: Source

EU Sets Pace With Ambitious Emissions, Clean Energy Targets

Posted on 18 March 2015 by VRS  |  Email |Print

With the next stage of the United Nations Framework Convention on Climate Change (UNFCCC) process set for November and December of this year in Paris, there has been a recent flurry of political and diplomatic activity from the European Union and its 28 member-states regarding their plans for reducing greenhouse gas emissions.
Their pledges have come alongside ambitious designs for future joint electricity generation continent-wide, given geopolitical tensions with Russia, which remains “Europe’s largest single foreign supplier of not only gas, but also oil, coal and nuclear fuel.” While there are still critical challenges to realizing the milestones set down so far, much progress has already been made, and the EU’s aspirations, writ large, put it in pole position for greener energy among the international community………………………………………..Full Article: Source

Think tanks suggest less formal multi-state carbon-trading to meet EPA goals

Posted on 18 March 2015 by VRS  |  Email |Print

Visceral politics and administrative hurdles could keep many states from using regional cap-and-trade programs to cut carbon emissions under U.S. EPA’s Clean Power Plan, but there might be a less controversial alternative.
A policy brief released today by Duke University’s Nicholas Institute for Environmental Policy Solutions suggests that states adopt “common elements” that would allow them to participate in cross-state carbon trading systems to reduce power-sector emissions of the planet-warming gas………………………………………..Full Article: Source

Europe Carbon Trade Would Gain Extra $1.1 Billion From Biomass

Posted on 17 March 2015 by VRS  |  Email |Print

European carbon trading will probably bring in as much as an extra 1 billion euros ($1.1 billion) a year to combat climate change if wood-burning power stations are included in the system for limiting greenhouse-gas emissions.
The assumption that burning wood doesn’t mean more carbon because greenhouse gases are sucked up by growing trees ignores the effect of changes in land use, emissions from transporting the so-called biomass and unsustainable operations, said a report from the Transport & Environment campaign group, BirdLife Europe and the European Environmental Bureau………………………………………..Full Article: Source

China scales up pilot carbon trading markets

Posted on 17 March 2015 by VRS  |  Email |Print

The Chinese provinces of Gansu and Anhui are among several regions now working to set up carbon exchanges, but it remains unclear how the new CO2 trading platforms will be integrated into a nationwide scheme set to start next year.
China’s seven existing pilot carbon schemes force around 2,000 firms to buy permits to cover their emissions. Premier Li Keqiang vowed last week to “expand the trials for trading carbon emissions rights” to combat climate change………………………………………..Full Article: Source

World cannot prosper without cutting carbon emissions, says Climate Group

Posted on 17 March 2015 by VRS  |  Email |Print

Countries should consider their climate change pledges to the UN as investment prospectuses to attract low carbon businesses, argues non-profit organisation. The world cannot prosper without cutting emissions, an economic expert has warned as he urged countries to use plans for tackling climate change to attract investment.
Over the next few months countries are submitting their “intended nationally determined contributions” (INDC) outlining action they plan to take on climate change, ahead of UN talks in Paris at the end of the year to secure a new global deal on the issue………………………………………..Full Article: Source

Global emissions trading scheme ’should be based on UN carbon budget’

Posted on 13 March 2015 by VRS  |  Email |Print

The Intergovernmental Panel on Climate Change’s (IPCC) carbon budget could provide the scientific basis for a global cap on emissions, suggested Tim Yeo, the outgoing chair of the UK’s energy and climate change committee. In its most recent report, the UN-backed panel of climate scientists calculated that total carbon dioxide emissions must be limited to 3,670 gigatonnes in order to prevent warming of more than two degrees Celsius.
Around 1,890 gigatonnes of this “budget” had already been emitted by 2011. Yeo told a conference in London today that the remaining gigatonnes could guide governments in capping carbon globally through an emissions trading scheme………………………………………..Full Article: Source

China needs CO2 cap to meet climate pledges: legislator

Posted on 13 March 2015 by VRS  |  Email |Print

China needs to impose a nationwide carbon cap if it is to fulfill a pledge made last year to bring emissions to a peak by around 2030, a legislator said in a proposal submitted to parliament this week.
Wang Yi, a member of the China Academy of Sciences and adviser to China’s climate negotiation team, said the country should include an absolute CO2 cap of around 10 billion tonnes for 2020 in its five-year plan covering the 2016-2020 period. China has not published official carbon emissions data but researchers at Tsinghua University estimated the total reached 7.25 billion tonnes in 2010………………………………………..Full Article: Source

California and Quebec’s combined carbon market tilts positively

Posted on 12 March 2015 by VRS  |  Email |Print

California and Quebec have announced the completion of their second joint carbon dioxide allowance auction through a cap-and-trade system. Despite geographical distance and economic differences, California and Quebec have worked to align their CO2 emissions markets and policies.
Previous auctions sold emissions allowances for electric generators and large industrial sources. The most recent auction, held in February 2015, also included allowances for the transportation sector, covering wholesale gasoline suppliers………………………………………..Full Article: Source

China’s Chongqing cuts carbon permit supply

Posted on 11 March 2015 by VRS  |  Email |Print

Companies obliged to reduce their carbon emissions in China’s pilot carbon exchange in Chongqing will be allocated a smaller number of permits for 2014, with the government tightening its grip on the market to tackle climate change.
Market regulators in the southwestern city of Chongqing handed out 116 million 2014 permits early this month, a decline of 7.2 percent compared with the amount issued for 2013, according to an announcement posted on the website of the local municipal development and reform commission………………………………………..Full Article: Source

New carbon accounting method proposed

Posted on 11 March 2015 by VRS  |  Email |Print

Established ways of measuring carbon emissions can sometimes give misleading feedback on how national policies affect global emissions. In some cases, countries are even rewarded for policies that increase global emissions, and punished for policies that contribute to reducing them.
“We have developed a new method that provides policy makers with more useful information, in order to set national targets and evaluate their climate policies”, says Astrid Kander, Professor in Economic History at Lund University, and lead author of the study, published in the latest issue of Nature Climate Change………………………………………..Full Article: Source

EU Nations to Discuss Carbon Market Reserve Proposal

Posted on 10 March 2015 by VRS  |  Email |Print

European Union member states meet Tuesday to hold their first talks on a compromise proposal for carbon-market reform. Representatives of the EU’s 28 nations gather at 10 a.m. in Brussels to discuss the presidency’s plan to begin operating in 2019 a reserve to curb a surplus of emission rights, according to the Council of the EU meeting agenda. The U.K. and Germany want a 2017 start while an alliance headed by Poland is pushing for 2021, as first proposed by the European Commission.
The planned reserve would ease a glut of permits that has pushed emission prices down about 75 percent since 2008 to levels that fail to deter industry from burning coal, the most-polluting fossil fuel………………………………………..Full Article: Source

Europe’s evolving climate position

Posted on 09 March 2015 by VRS  |  Email |Print

The European Union had a busy February with respect to climate policy and diplomacy, with a host of substantial developments on mitigation pledges, further retreat from support for biofuels, and root-and-branch reform of its faltering emissions trading scheme.
Commentators were worried that with the appointment of former oil-industry investor Miguel Arias Cañete as climate chief in the new European Commission, the EU was signaling a pull-back from its climate change ambition over the last decade, and indeed developments were a mixed bag………………………………………..Full Article: Source

Latvia proposes compromise 2019 start to EU carbon reforms

Posted on 09 March 2015 by VRS  |  Email |Print

Latvia, current holder of the EU presidency, has proposed a compromise start date of 2019 for a reserve to store millions of permits from the EU Emissions Trading System (ETS) in a bid to bolster carbon prices, according to a document seen by Reuters.
Circulated among diplomats by the Latvian presidency, the document says the Market Stability Reserve (MSR) should be “operational in 2019″. More than 12,000 companies are part of the Emissions Trading System (ETS) where they pay for permits for each tonne of carbon they emit………………………………………..Full Article: Source

EU Presidency Said to Propose Carbon Supply Controls From 2019

Posted on 06 March 2015 by VRS  |  Email |Print

The European Union presidency proposed advancing the setting-up of a planned carbon market stability reserve to 2018 and starting its operation on Jan. 1, 2019, according to two people with knowledge of the matter.
Latvia, which holds the EU’s rotating presidency, sent its plan to member states today in an attempt to secure a compromise on the measure, which would curb a glut of permits in the bloc’s emissions trading system. Carbon contracts for delivery in December fell the most in a week by the close on ICE Futures Europe in London………………………………………..Full Article: Source

Poland Seeks to Limit EU Carbon Fix’s Impact on Producers

Posted on 06 March 2015 by VRS  |  Email |Print

The European Union draft carbon-market fix should be amended to prevent planned supply controls from curbing the number of free emission permits for power producers, according to the Polish government.
EU policy makers are considering introducing a market stability reserve, or MSR, to alleviate a glut of permits that has pushed emission prices about 75 percent down since 2008 to levels that fail to deter industry from burning coal, the most-polluting fossil fuel………………………………………..Full Article: Source

EU Carbon market reforms likely to be agreed by end-June -official

Posted on 05 March 2015 by VRS  |  Email |Print

Reforms aimed at raising prices on Europe’s carbon market are likely to be agreed by the end of June at the latest, a senior official at the European Commission said on Wednesday. Peter Zapfel, head of unit implementation of the ETS (Emissions Trading System) at the European Commission, said he had every confidence that the Latvian presidency of the EU would be able to broker an agreement before its rotating EU presidency finishes on June 30.
“I am confident we will see an end to this legislative procedure by the end of the Latvian presidency at the latest,” he said at an industry event in Amsterdam………………………………………..Full Article: Source

China’s carbon emissions could save the world—or doom it

Posted on 05 March 2015 by VRS  |  Email |Print

Coal is the most carbon-intensive fossil fuel by far and China is the world’s largest producer and most voracious consumer. According to estimates published in May by the US Energy Information Administration, China was responsible for 46% of global coal production and 49% of global coal consumption in 2012, having already accounted for 69% of the 3.2 billion ton increase in global coal production during the decade prior.
The existing reportage on the consequences of this dependence is legion: Higher heart disease and cancer rates due to polluted air; international airports temporarily shuttered by smog; vast tracts of land gutted, scraped and despoiled; people buried alive by collapsed illegal mines that churn out low-quality rock and depress prices………………………………………..Full Article: Source

ICE to host British carbon permit auctions until end-2017

Posted on 05 March 2015 by VRS  |  Email |Print

ICE Futures Europe will continue to host Britain’s carbon auctions until November 2017, the bourse said on Wednesday. ICE was appointed in 2012 by the British government to carry out its auctions of EU Allowances (EUAs) until the end of 2015 but this contract has now been extended, the exchange said in a press release.
ICE Futures Europe is a part of the Intercontinental Exchange. EUAs are the currency of the EU’s Emissions Trading System, which regulates around half of Europe’s output of heat-trapping gases by forcing over 12,000 power plants, factories and airlines to surrender one allowance for every tonne they emit………………………………………..Full Article: Source

Nineteen EU nations hand out 500 mln free 2015 CO2 permits

Posted on 04 March 2015 by VRS  |  Email |Print

Nineteen countries, including Germany, Britain and France, have so far handed out a total of around 500 million free European Union carbon permits to industry to cover their 2015 emissions, European Commission data showed on Tuesday.
The Commission said on its website it will publish another update on March 17 on the number of permits allocated. The increased supply could hit an already oversupplied carbon market and could exert downward pressure on prices which were trading at around 6.80 euros a tonne on Tuesday……………………………………….Full Article: Source

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