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China And EU Launches Carbon-Emissions Trading Scheme

Posted on 27 May 2014 by VRS  |  Email |Print

China and the EU launched a three-year cooperation on a carbon emissions trading scheme during the China-EU bilateral dialogue on climate change held on May 20. The EU will contribute 5 million euros to the project.
Carbon emissions trading schemes are a new way for the world to reduce greenhouse gases. They treat greenhouse gas emissions allowances as commodities and allow high-emissions companies to buy emissions allowances from companies with low emissions………………………………………..Full Article: Source

Could Australia really dismantle its carbon price?

Posted on 27 May 2014 by VRS  |  Email |Print

The conservative government in Australia proposes to be the first country in the world to abolish a legislated price on carbon emissions. Could Australia really go down this path? The new conservative government in Australia proposes to be the first country in the world to abolish a legislated price on carbon emissions.
Could Australia really go down this path? First, a bit of background. The former Labor government was elected in 2007 in a historic landslide. The defeated prime minister had refused to ratify the Kyoto Protocol for over a decade, and the new Rudd government made a symbolic gesture with its first official act to ratify the protocol………………………………………..Full Article: Source

EPA Set to Unveil Climate Proposal

Posted on 27 May 2014 by VRS  |  Email |Print

The Obama administration will next week unveil a cornerstone of its climate-change initiative with a proposed rule aimed at allowing states to use cap-and-trade systems, renewable energy and other measures to meet aggressive goals for reducing carbon emissions by existing power plants.
Energy companies and others affected by the proposal will be watching for key details, including the percentage by which companies and states must reduce carbon emissions, which is expected to be proposed in a range instead of a single number. The baseline year against which those reductions are calculated will also be closely monitored………………………………………..Full Article: Source

The role of forests in cutting carbon

Posted on 26 May 2014 by VRS  |  Email |Print

Last September the world’s climate change experts presented the latest scientific evidence of the extent of global warming. They were unequivocal in their judgment: the world has been heating up at a remarkable rate since the 1950s and this has largely been the result of greenhouse gas emissions by industrialised nations.
A substantial amount of harmful emissions, however, result not from industrial activity but the destruction of forests, mainly in the developing world. The burning of trees for fuel directly emits carbon. But more importantly, the destruction of forests removes a vital part of the world’s natural carbon cycle, releasing the carbon stored in their soil. An area the size of Greece is estimated by the UN to be lost each year………………………………………..Full Article: Source

China Finds It’s Hard to Trade Global Warming Pollution

Posted on 26 May 2014 by VRS  |  Email |Print

China has made progress in its carbon trading pilot programs but still has a long way to go, government officials and industry players believe. China, the world’s biggest emitter of greenhouse gases, is betting on carbon trading as a key measure to cut its emissions for each unit of economic output 40 to 45 percent below 2005 levels by 2020.
Already, five regional carbon markets have been up and running in the Guangdong province and cities of Shenzhen, Beijing, Shanghai and Tianjin since 2013. Central China’s Hubei province last month also kicked in its cap-and-trade system………………………………………..Full Article: Source

UBS slashes EU carbon price forecast

Posted on 23 May 2014 by VRS  |  Email |Print

Swiss investment bank UBS slashed its year-end EU carbon price forecast by 23 per cent due to the weaker-than-expected market impact of the bloc’s plan to cut the supply of carbon permits. Analysts at the bank now predict front-year EU Allowance (EUA) prices will end the year at around 10 euros per tonne, down from a previous forecast of 13 euros.
With prices at around 4.70 euros on Tuesday, the updated view still represents a more-than 100 per cent premium on current levels. The bank said in a report published on Monday that it expected prices to average 7 euros this year before rising to 13 euros by the end of 2015, below its former estimate of 15 euros……………………………………..Full Article: Source

Carbon market continues faltering march into the mainstream

Posted on 23 May 2014 by VRS  |  Email |Print

Confidence in the EU emissions trading scheme (ETS) appears to be gradually returning, with investors heartened by the recent steps taken by Brussels to bolster the market’s previously rock bottom carbon price, a new survey has found.
A tonne of carbon currently costs around €5 in the EU system, which sets carbon limits for 12,000 power plants and factories requiring them to purchase allowances (EUAs) should they breach their cap. The price represents a drastic reduction on the €22/t peak achieved in the second half of 2008, but it also marks a significant improvement on the record low prices recorded last year……………………………………..Full Article: Source

UK carbon compensation plan in line with EU rules

Posted on 22 May 2014 by VRS  |  Email |Print

A British plan to compensate certain energy-intensive industries for higher energy costs resulting from its carbon price floor is in line with EU state aid rules, the European Commission said on Wednesday.
Britain’s carbon price floor, which was raised in April to 9.55 pounds ($16.09) per tonne of carbon dioxide, is effectively a tax on companies’ consumption of power produced from fossil fuels and is aimed at reducing greenhouse gas emissions………………………………………Full Article: Source

Carbon debt launch signals progress of China carbon derivatives

Posted on 21 May 2014 by VRS  |  Email |Print

MTNs issued by China General Nuclear Power Group are a first step for China’s carbon trading market but significant structural barriers remain in place. The launch of a carbon-linked financial product by China General Nuclear Power Group (CGN) marks the first attempt by Chinese enterprises to exploring issuing carbon derivatives, however the advent of a robust carbon derivatives market remains a long way off, according to market experts.
CGN Wind Energy, a subsidiary of China’s central government-controlled nuclear power group CGN, launched a batch of medium-term debt notes with a total value of 1 billion yuan ($160 million) two weeks ago. The notes will be issued on the interbank bond market with a tenor of five years…………………………………..Full Article: Source

Keeping carbon tax could avert controversial budget cuts: Garnaut

Posted on 21 May 2014 by VRS  |  Email |Print

The federal government could achieve the same improvement in the country’s bottom line by keeping the carbon tax and ditching its Direct Action policy as it would through implementing the most controversial budget savings measures, says leading economist Ross Garnaut.
The rapid repeal of the carbon tax after the arrival of the new Senate on July 1 has been complicated by an ­outcry about the budget. And Clive Palmer said that his party’s voting position was up for review…………………………………..Full Article: Source

EU figures show carbon credit glut persists, but offset data withheld

Posted on 20 May 2014 by VRS  |  Email |Print

Environmentalists reacted with dismay after new EU figures for 2013 showed that the flagship Emissions Trading System (ETS) was still over-supplied by 2.1 billion carbon allowances and data on carbon offsetting was partially withheld.
The ETS is supposed to drive carbon dioxide emissions reductions in Europe and help EU states meet the bloc’s climate targets. But at €5 per tonne of CO2, carbon allowances provide industry with little incentive to switch from cheap coal to more expensive alternatives, such as renewable energy, or gas…………………………………….Full Article: Source

Steel firms top carbon permit surplus list for 2013

Posted on 20 May 2014 by VRS  |  Email |Print

Three steelmakers had the biggest surplus of free carbon credits in the EU carbon market last year, an analyst report said on Monday, potentially netting the firms tens of millions of euros.
ArcelorMittal chalked up a surplus of 10 million EU Allowances (EUAs) in 2013 while Riva Group, which owns Italy ILVA, had a surplus of 8 million and Tata Steel a surplus of 4.7 million EUAs, said the report by France-based analysts at Carbon Market Data…………………………………….Full Article: Source

Why is the West betting against climate change?

Posted on 20 May 2014 by VRS  |  Email |Print

With wildfires ravaging San Diego County, this year’s fire season is getting off to an early - and destructive - start. A hotter and drier Southwest may result in the loss of the lion’s share of its forests to fire before this century is done, if extraordinary measures to protect them aren’t soon undertaken. Instead of extraordinary measures, however, Washington has made only token efforts to address this looming crisis.
That danger is already here for much of the West. Drought in Southern California and Texas, and near-drought elsewhere, means that forests are tinder-dry and expected to get even drier during summer. Which is scary - considering so many Americans now live or spend their summers in the “wildland urban interface,” the wooded areas in the West where fire danger is the greatest…………………………………….Full Article: Source

NZ carbon leaps on unexpected rule change

Posted on 19 May 2014 by VRS  |  Email |Print

Carbon permits in New Zealand’s emissions trading scheme jumped 25 percent to close at a five-month high of $NZ3.90 ($A3.60) on Friday, as traders reacted to an overnight rule change that is likely to tighten supply.
Spot New Zealand Units (NZUs) opened at $NZ3.10 but were bought up as news spread that the government had banned post-1989 foresters from using U.N.-issued offsets for compliance with immediate effect, forcing them to use NZUs instead…………………………………….Full Article: Source

Campaigners say shortcomings in EU carbon permit data harmful

Posted on 19 May 2014 by VRS  |  Email |Print

Investors and environmental campaigners have criticised the European Union for no longer revealing the types of foreign carbon credits each company is using to help meet emission regulations.
The lobbyists say the lack of access could discourage future investment in carbon-cutting projects and make it more difficult for companies to select schemes they judge to be more environmentally robust or that have additional benefits such as alleviating poverty…………………………………….Full Article: Source

Carbon Seen by Hendricks Set to Recover Once EU Agrees on Reform

Posted on 16 May 2014 by VRS  |  Email |Print

Carbon-permit prices in the European Union’s emissions trading system will rebound once policy makers agree on a “sustainable” overhaul of the market, according to German Environment Minister Barbara Hendricks.
She commented by e-mail on the EU proposal to introduce a carbon-market stability reserve, talks on 2030 climate and energy policies, and the effect of the crisis in Ukraine………………………………………..Full Article: Source

EU Carbon Permits Fall Most in Three Weeks on Expanded Surplus

Posted on 16 May 2014 by VRS  |  Email |Print

European Union carbon permits fell the most in almost three weeks in London after the market regulator said a surplus of the emission allowances expanded last year.
Permits for December dropped 6.8 percent, the most since April 25, to 4.81 euros ($6.60) a metric ton at 4:40 p.m. in London on the ICE Futures Europe exchange. The contract slid as much as 8.5 percent earlier today. The allowances dropped for a third consecutive year in 2013………………………………………..Full Article: Source

California carbon slips to $11.73 as traders eye auction

Posted on 16 May 2014 by VRS  |  Email |Print

California’s benchmark carbon contract slipped 8 cents from its close one day earlier to settle at $11.73 a tonne on Thursday as traders positioned themselves ahead of Friday’s state-run allowance auction, where permits are expected to clear near the floor price.
The state will offer about 17 million allowances covering emissions this year and 9.2 million allowances covering emissions in 2017 at the auction, the cap-and-trade program’s seventh overall………………………………………..Full Article: Source

Carbon Volatility Jump Hastens Trading Retreat

Posted on 15 May 2014 by VRS  |  Email |Print

Prices for European Union pollution rights are the most volatile among major commodities from oil and gold to wheat, contributing to a trading exodus from the world’s biggest carbon market.
The CHART OF THE DAY shows price swings surged to the highest in nine months on April 2, with prices falling more than 10 percent four times this year. Carbon trading on the ICE Futures Europe exchange in London plunged 37 percent last month in the biggest decline since 2011………………………………………..Full Article: Source

Emissions trading: 2013 data show lower emissions but surplus of allowances persists

Posted on 15 May 2014 by VRS  |  Email |Print

Emissions of greenhouse gases from installations participating in the EU Emissions Trading System (EU ETS) are estimated to have decreased at least by 3% last year, according to the information recorded in the Union Registry.
Climate Action Commissioner Connie Hedegaard said: “The good news is that emissions declined faster than in previous years even as Europe’s economies started to recover from the recession. However, there is still a growing surplus of emission allowances that risks undermining the orderly functioning of the carbon market………………………………………..Full Article: Source

The ‘black hole’ of Chinese carbon trading

Posted on 14 May 2014 by VRS  |  Email |Print

With more schemes on the way, experts say China will soon be regulating about 1 gigatonne of carbon dioxide, or nearly 10 per cent of the annual emissions that make it the world’s biggest carbon polluter.
As prices languish in the largest carbon market in the EU and Australia ditches plans for a carbon tax, environmental activists have seized on China’s efforts as proof that action to tackle climate change is far from dead………………………………………..Full Article: Source

Carbon trade criticised for inefficiency

Posted on 14 May 2014 by VRS  |  Email |Print

Thanks to the purchase of millions of emissions reduction certificates in foreign countries, Switzerland has managed to meet its goals under the Kyoto protocol. But do projects in developing countries really benefit the climate?
Ji’an, a city in the province of Jiangxi in southern China. Tons of rice grain husks are being burned in ovens. The electricity and heat created in the plant are distributed among the area’s residents, reducing their coal use. The project’s promoters call it a model for the entire country………………………………………..Full Article: Source

Australia: Cabinet had carbon tax doubts

Posted on 13 May 2014 by VRS  |  Email |Print

Julia Gillard’s decision to label her climate-change policy as a “carbon tax”, knowing it would be characterised as a broken promise, was endorsed by cabinet despite opposition from climate change minister Greg Combet and parliamentary secretary for climate change Mark Dreyfus.
“It was Julia’s decision,” Mr Combet told Philip Chubb for his book Power Failure, published by Black Inc. “I supported her as my leader, but I always referred to it as an emissions trading scheme that starts with a three-year fixed-price period.” During the 2010 election campaign, Ms Gillard pledged: “There will be no carbon tax under the government I lead.”……………………………………….Full Article: Source

IEA: Coal use is spiking climate mitigation costs

Posted on 13 May 2014 by VRS  |  Email |Print

The global cost of pegging global warming to 2 degrees Celsius has risen by $8 trillion in the last two years, due to soaring coal use which has eclipsed the roll-out of renewable energies, according to a new International Energy Agency (IEA) report released on 12 May.
A top IEA official told EurActiv that there should be a halt to the commissioning of sub-critical coal plants with no potential for retroactive fitting of carbon, capture and storage technology (CCS) that may one day pipe CO2 emissions for storage in geological formations………………………………………..Full Article: Source

A Warning For Oil Investors: Is Carbon Riskier Than You Think?

Posted on 09 May 2014 by VRS  |  Email |Print

For oil executives there are few things more exciting than expensive, large-scale projects aimed at pumping more of the black gold. That doesn’t mean investors in oil majors should approve.
Large oil companies are betting up to $1.1 trillion on “high-risk” oil projects over the next decade, according to London-based think tank The Carbon Tracker Initiative. Investors, it says, should question the assumptions underpinning that spending………………………………………..Full Article: Source

China looks to expand emissions trading

Posted on 09 May 2014 by VRS  |  Email |Print

As part of the Enerdata China energy report we focus on the carbon trading pilot schemes currently implemented in China. Just under a year since China’s first emissions trading scheme launched in Shenzhen, Beijing is now looking to expand these schemes into more of the country’s key industrial regions, according to Su Wei, a senior climate official at the National Development and Reform Commission.
Among the plans being considered is the possible linkage of the Beijing and Tianjin markets that was launched in November 2013, linking the manufacturing hubs of Jiangsu and Zhejiang to the Shanghai market and linking the Guangxi and Hainan regions to the Guangdong market in the south………………………………………..Full Article: Source

New EU emissions targets put wind up green sector

Posted on 09 May 2014 by VRS  |  Email |Print

Roof insulation may not be deadly, but it is Europe’s unused secret weapon against Russia. An experiment with two identical houses in Hungary laid bare the threat to Gazprom, which supplies 30 per cent of Europe’s gas.
One house was left uninsulated and consumed 1,848 cubic metres of gas from September to February. The German company Knauf Insulation fitted the other with its highest grade materials and almost halved consumption to 982 cu m………………………………………..Full Article: Source

Climate rules could put $1.1 trl in oil investment at risk

Posted on 08 May 2014 by VRS  |  Email |Print

Investors could spend up to $1.1 trillion over the next decade on oil projects and assets that never reach production if governments enforce measures to curb climate change, a report by Carbon Tracker Initiative said.
The Carbon Tracker report, released on Thursday, could help funds and other investors avoid putting their money in oil assets that remain buried forever. The $1.1 trillion, around 15 percent of the decade’s total global oil and gas spending at current rates, is earmarked for projects to 2025 that require a market price of at least $95 a barrel to break even………………………………………..Full Article: Source

U.S. Lags in Carbon Tax to Fight Climate Change

Posted on 08 May 2014 by VRS  |  Email |Print

As Congress continues to drag its feet over curbing carbon emissions, the rest of the world isn’t waiting to come up with solutions to tackle climate change.
The latest call for action on climate change came Tuesday in a comprehensive White House report on the dire consequences of inaction. Citing the diverse economic impact of climate change — from oyster growers in Washington state to maple syrup producers in Vermont — the National Climate Assessment warned that the bill for decades of unchecked carbon emissions is already coming due………………………………………..Full Article: Source

China to launch first carbon-linked financial product on Thursday

Posted on 07 May 2014 by VRS  |  Email |Print

China will launch its first carbon-linked financial product on Thursday, a debt note linked to the performance of carbon offsets on the Shenzhen Emissions Exchange, issued by a unit of China General Nuclear Power Group (CGN).
The launch will be a first test of financial market confidence in China’s emerging emissions markets, as trading houses generally consider outright trade in carbon permits unattractive, since it is limited to spot deals………………………………………..Full Article: Source

EU tables free carbon permit proposal for heavy industries

Posted on 07 May 2014 by VRS  |  Email |Print

Most of Europe’s heavy industries should keep receiving free carbon permits to help them compete in global markets, the European Commission said in new proposals tabled on Monday (5 May).
The Commission, the EU’s executive, proposed that 175 industry sectors out of the 245 in total that it assessed should be entitled to get most of their allowances for free over 2015-2019 to help meet obligations under the EU’s Emissions Trading System (ETS)………………………………………..Full Article: Source

New U.S. Report Says Climate Change Already Having Impact

Posted on 07 May 2014 by VRS  |  Email |Print

The U.S. Global Change Research Program released a landmark report on climate change on May 6, put together by over 300 experts across multiple government agencies. The National Climate Assessment (NCA) finds that climate change is already affecting the U.S. – from changing weather patterns to increased floods, wildfires, droughts, pest outbreaks and more.
“Climate change, once considered an issue for a distant future, has moved firmly into the present,” the report concludes. The NCA draws a direct link between the burning of fossil fuels and the effects of climate change………………………………………..Full Article: Source

A Call for Countries & Companies to Support a Price on Carbon

Posted on 06 May 2014 by VRS  |  Email |Print

Through a statement of support to be launched at the UN Climate Summit, countries and companies could work to strengthen carbon pricing policies and implementation to better manage investment risks and opportunities and also share their expertise. The proposed statement reflects a sense of urgency and inevitably for carbon pricing.
Growing momentum by countries and businesses in support of carbon pricing was evident at a global meeting of government officials, corporate leaders and investors ahead of the Summit………………………………………..Full Article: Source

China says could add big-polluting regions to carbon market

Posted on 02 May 2014 by VRS  |  Email |Print

China is developing plans to expand its pilot carbon trading schemes into more of its key industrial regions, a top climate official said, as the country continues its drive to curb emissions.
China, the world’s biggest emitter of climate-changing gases, has over the past 10 months launched pilot carbon markets in six cities and provinces with a view to rolling out a national market later in the decade………………………………………..Full Article: Source

Fossil fuel subsidies preventing transition to low-carbon economy

Posted on 02 May 2014 by VRS  |  Email |Print

The massive subsidies given to the production and consumption of fossil fuels must be curbed if the world is to complete a transition to a low-carbon economy, UN experts have warned. The experts claimed that the support given to oil, gas and coal was contributing to fiscal instability and undermining efforts to prevent climate change.
The subsidies given to renewable energy have proved controversial in recent months, when so-called “green levies” were blamed for rising winter energy bills in the UK and subsequently cut by the government………………………………………..Full Article: Source

Carbon emissions trading spreads across the globe

Posted on 30 April 2014 by VRS  |  Email |Print

Traders’ enthusiasm for the European Union Emissions Trading System has slumped during recent years. But at the same time, there have been a variety of significant developments in carbon markets elsewhere around the globe.
The 1997 Kyoto Protocol cemented the status of cap-and-trade schemes as an internationally agreed method of cutting emissions of carbon dioxide (CO2) and other greenhouse gases. Since then, the European Union Emissions Trading System (EU ETS) – the world’s biggest carbon market by far, which was set up in 2005 – has undergone a rollercoaster ride………………………………………..Full Article: Source

Poland says EU 2030 carbon goal compromise viable in October

Posted on 30 April 2014 by VRS  |  Email |Print

The European Union can set its 2030 carbon goals as soon as October if the region’s governments agree to ease the cost for poorer countries to implement the policies, according to Poland’s climate negotiator.
The 28-nation bloc needs a “coherent” environment strategy for the next decade while ensuring its industry stays competitive worldwide, Marcin Korolec said in an interview. Poland in the past three years has twice vetoed EU ministerial statements on emissions goals that could lead to tighter greenhouse-gas reduction policies. A climate target decision by EU leaders requires unanimity………………………………………..Full Article: Source

A carbon commodity

Posted on 29 April 2014 by VRS  |  Email |Print

At first glance, using a greenhouse gas to produce more fossil fuel appears to offer a futile and counterproductive solution to today’s climate-change crisis. But that is exactly what the Department of Energy, the oil industry, and some environmental groups are advocating.
They are touting enhanced oil recovery (EOR) as a pathway to reduce atmospheric CO2 emissions. EOR is a method used by the oil industry to produce more oil by injecting highly pressurized supercritical CO2 into partially depleted oil fields to recover oil left behind from previous drilling operations………………………………………..Full Article: Source

EU ETS decision leaves airlines playing cameo role

Posted on 29 April 2014 by VRS  |  Email |Print

Airlines set to remain on the fringes of the EU ETS until at least 2016, disappointing environmentalists and market observers hoping for better liquidity A decision to exempt most of the global airline industry from the European Union Emissions Trading System (EU ETS) means that aviation is unlikely to play a role in boosting the fortunes of the flagging scheme in the near future, say market participants.
Since the EU ETS was launched in 2005, the continent’s economic malaise has created an oversupply of European Union Allowances (EUAs), leading to rock-bottom prices………………………………………..Full Article: Source

Nuclear industry gains carbon-focused allies in push to save reactors

Posted on 28 April 2014 by VRS  |  Email |Print

Environmentalists and the nuclear industry are beginning a push to preserve old nuclear reactors whose economic viability is threatened by cheap natural gas and rising production of wind energy. They argue that while natural gas and wind are helpful as sources of electricity with little or no production of greenhouse gases, national climate goals will be unreachable if zero-carbon nuclear reactors are phased out.
The Center for Climate and Energy Solutions, an independent nonprofit group based in Washington that was formerly known as the Pew Center on Global Climate Change, plans to release on Monday a research paper that charts the decline of the industry………………………………………..Full Article: Source

Global deal has to be legally binding for all countries: EU climate chief

Posted on 28 April 2014 by VRS  |  Email |Print

During a visit to China to see firsthand how the world’s largest emitter of greenhouse gases plans to reduce emissions, European Union Commissioner for Climate Action Connie Hedegaard said all countries must do their part to fight climate change and that whatever commitments they make should be “legally binding.”
Hedegaard spoke during a news conference in Beijing, responding to a proposal in a recent United Nations report that would make emission-reduction commitments binding for developed nations but voluntary for developing ones………………………………………..Full Article: Source

Direct action: Coalition will provide an extra $1bln to emissions reduction fund

Posted on 25 April 2014 by VRS  |  Email |Print

Only 130 Australian companies will have any limits set on their greenhouse pollution. The Coalition has confirmed it will provide an additional $1bn to its emissions reduction fund but has also revealed that only 130 Australian companies will have any limitations on their greenhouse pollution after the carbon tax is repealed.
The government will start auctions under its “direct action” climate policy later this year, paying companies or organisations that volunteer to reduce emissions until Australia reaches its emissions reduction target of 5% by 2020………………………………………..Full Article: Source

Lobbying surprisingly strong on ‘pipe dream’ carbon tax bill

Posted on 25 April 2014 by VRS  |  Email |Print

Pronounced dead-on-arrival upon its introduction in 2013, the carbon tax bill authored by Sens. Barbara Boxer (D-Calif.) and Bernie Sanders (I-Vt.) is attracting a healthy bit of lobbying, suggesting both industry and environmental groups are looking down the road to a resurrection of legislation that failed in the Senate in 2010.
A total of 36 companies and organizations reported lobbying Congress in the first quarter of 2014 (Jan. 1 through March 31) on the Boxer-Sanders bill, and 10 lobbied on a yet-to-be introduced climate bill being readied by Rep. Henry Waxman (D-Calif.) and other House and Senate Democrats. Some of those groups lobbied on both bills………………………………………..Full Article: Source

China carbon cash party over as U.N. credit stream dries up

Posted on 24 April 2014 by VRS  |  Email |Print

Revenues for China’s biggest sellers of U.N.-issued carbon credits shrunk last year to a tenth of 2012 values, choking off billions of dollars flowing to clean energy projects in the world’s top carbon-emitter.
China will now have less money to put into a stepped-up campaign to cut greenhouse gas emissions, clean its air and raise the share of fossil-free energy in its total mix to 15 percent by the end of the decade, from a current 8 percent………………………………………..Full Article: Source

Add polymer to carbon market, urges EU

Posted on 24 April 2014 by VRS  |  Email |Print

The European Commission urged Germany to take urgent steps to regulate polymer producers under the bloc’s Emissions Trading System (ETS) or face being sued over the breach of EU law.
The EU executive sent Germany a formal request to comply after Berlin failed to give a satisfactory response to an initial plea to include the sector in the ETS, which regulates around half of Europe’s greenhouse gas output………………………………………..Full Article: Source

IFC, Shenzhen partner to develop carbon trading in China

Posted on 23 April 2014 by VRS  |  Email |Print

IFC, a member of the World Bank Group, has signed a memorandum of understanding with the Shenzhen Emissions Trading Exchange to develop products that will help increase the volume of trades, create more business opportunities, and contribute to mitigating climate change.
China, the world’s biggest emitter of greenhouse-gas emissions, is working to cut its carbon emissions by implementing emissions trading schemes. Last year, the country initiated seven emission trading pilots at provincial and municipal levels, and Shenzhen was the first city to begin an emissions trading scheme………………………………………..Full Article: Source

China carbon cash party over as U.N. credit stream dries up

Posted on 23 April 2014 by VRS  |  Email |Print

Revenues for China’s biggest sellers of U.N.-issued carbon credits shrunk last year to a tenth of 2012 values, choking off billions of dollars flowing to clean energy projects in the world’s top carbon-emitter.
China will now have less money to put into a stepped-up campaign to cut greenhouse gas emissions, clean its air and raise the share of fossil-free energy in its total mix to 15 percent by the end of the decade, from a current 8 percent………………………………………..Full Article: Source

China’s carbon traders flock to Hubei in search for profits

Posted on 22 April 2014 by VRS  |  Email |Print

Expectations for a surge in carbon permit prices in China’s newest emissions market of Hubei have sent speculative traders scrambling to make a profit, driving up trading volumes far in excess of the country’s other markets.
Just two weeks after its launch, the emissions market in the central province of Hubei has attracted far more investors than any of its rival emissions schemes………………………………………..Full Article: Source

UK carbon capture scheme wins GBP300mln from EU

Posted on 17 April 2014 by VRS  |  Email |Print

Brussels is to grant €300m to a pioneering carbon capture and storage project in the UK. The move comes as the EU seeks to regain its lead in a technology seen as crucial in the fight against climate change.
Officials said the White Rose CCS development in North Yorkshire had qualified for a grant under a scheme run by the European Commission to support renewable energy, grid integration and CCS projects………………………………………..Full Article: Source

EU to host industry talks ahead of setting 2030 climate goals

Posted on 17 April 2014 by VRS  |  Email |Print

The European Commission will hold three meetings this summer on how to ensure the bloc’s industries can compete in global markets while meeting goals to cut greenhouse gas emissions, it said on Wednesday. The meetings aim to gather views on rules determining if companies can continue to receive free carbon permits under the EU Emissions Trading System (ETS) beyond 2020, when current measures expire.
They will also include how EU governments can fund the development of new technologies to help drive deep cuts in the heat-trapping emissions blamed for warming the planet………………………………………..Full Article: Source

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