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EU industry panel to decide on carbon fix adoption track

Posted on 28 January 2014 by VRS  |  Email |Print

The European Parliament’s industry committee is yet to decide whether to block a faster start of a carbon-market fix should its objection to the measure be denied by the environment panel, according to a Parliament official.
The environment committee is scheduled to vote on the industry panel’s recommendation to reject the emissions-market rescue plan on Jan. 30. If the recommendation is overturned the industry panel’s chair will need to consult coordinators from political groups on whether to object to plans by Matthias Groote, the head of the environment committee, to shorten the scrutiny period of the market fix, said the official, who declined to be identified, citing policy………………………………………..Full Article: Source

Fitch: EU emission cost focus positive; won’t lift utility risks

Posted on 28 January 2014 by VRS  |  Email |Print

The European Commission’s focus on minimising the cost of reform in its latest climate and energy goals is positive for utilities, as rising consumer bills are creating significant political risk for the sector, Fitch Ratings says.
But this cost focus, indicated by a report on costs alongside new 2030 emission targets, does not alter our negative outlook for the sector, especially as the new targets will continue to drive down traditional electricity generation………………………………………..Full Article: Source

China’s Guangdong to cut oil, coal use, slow carbon emissions growth

Posted on 28 January 2014 by VRS  |  Email |Print

China’s southern Guangdong province plans large investments in natural gas and clean energy to cut coal and oil use in a bid to slow rampant growth in greenhouse gas emissions, according to a provincial climate change plan released Monday.
Guangdong, whose GDP is estimated to have surpassed $1 trillion in 2013, plans to cut coal’s and oil’s share of its energy mix to 60.6 percent in 2015, from 73 percent in 2010, according to the plan posted on a government website……………………………………….Full Article: Source

Major trading powers pledge to free up trade in green products

Posted on 27 January 2014 by VRS  |  Email |Print

The world’s biggest trading powers committed on Friday to achieving global free trade in environmental goods, though they gave no timeline for a deal they said would boost the fight against climate change.
A joint statement by the United States, the European Union, China, Japan and several other developed economies said the agreement would take effect once a critical mass of members of the World Trade Organisation participate………………………………………..Full Article: Source

The zero-emissions imperative

Posted on 27 January 2014 by VRS  |  Email |Print

Our planet is warming dangerously. And, as the 2013 report by the Intergovernmental Panel on Climate Change makes clear, our carbon-dioxide emissions over the past half-century are extremely likely to be to blame. A more robust approach to global warming is needed if we are to avoid catastrophe. Unlike the recent financial crisis, there is no bailout option for the earth’s climate.
Three years ago, at the United Nations COP 16 climate-change meeting in Cancún, countries agreed to reduce their emissions by 2020 to a point that would prevent the average global temperature from rising more than 2°C above pre-industrial levels. However, UN estimates show that current trends would bring the world only 25 to 50 per cent of the way to this target………………………………………..Full Article: Source

China’s carbon market may remain a solo one as companies get rights to offset pollution with non-CO2 credits

Posted on 24 January 2014 by VRS  |  Email |Print

China will allow big emitters to use offset credits from nitrous dioxide (N2O) destruction to meet domestic climate targets, giving its nod to a type of project that has been banned in other carbon markets.
The National Development and Reform Commission (NDRC) published on Wednesday a list of more than 120 new types of projects eligible to earn carbon credits that can be sold to power generators and manufacturers facing emission caps under China’s fledgling carbon markets………………………………………..Full Article: Source

China approves controversial nitrous dioxide carbon offsets

Posted on 24 January 2014 by VRS  |  Email |Print

China will allow big emitters to use offset credits from nitrous dioxide (N2O) destruction to meet domestic climate targets, giving its nod to a type of project that has been banned in other carbon markets.
The National Development and Reform Commission (NDRC) published on Wednesday a list of more than 120 new types of projects eligible to earn carbon credits that can be sold to power generators and manufacturers facing emission caps under China’s fledgling carbon markets………………………………………..Full Article: Source

Europe forges ahead with climate plan

Posted on 24 January 2014 by VRS  |  Email |Print

The European Union executive stuck to its guns Wednesday in proposing far-reaching targets to combat climate change, defying expectations that it would ease off in the face of intense lobbying from heavy industry and even some member states.
The European Commission said the 28-member bloc should cut carbon emissions by 40% by 2030, compared with 1990 levels. Heavy industry and utilities as well as some governments had sought a target of 35%………………………………………..Full Article: Source

EU ban on UN carbon may flag end of offset market, Nomisma says

Posted on 23 January 2014 by VRS  |  Email |Print

A proposed European Union ban on the use of United Nations carbon credits in its emissions market may signal the end of the international offset market, according to energy consultant Nomisma Energia srl.
The European Commission today set out emissions targets for 2030 that only allow the import of carbon credits if an ambitious global climate deal is agreed in Paris next year, the EU’s executive arm said on its website. The commission wants to cut emissions 40 percent from 1990 levels by 2030………………………………………..Full Article: Source

EC allocates carbon credits for Czech Republic

Posted on 23 January 2014 by VRS  |  Email |Print

The Czech Environment Ministry is going to allot about 172 million carbon credit to industrial companies for the period 2013–20, and their amount will gradually decrease by each year, ministry spokesman Matyáš Vitík told ČTK.
The European Commission (EC) decided on the allocation of free-of-charge carbon credits for Czech industrial enterprises that are included in the Emissions Trading System (ETS) last week. The CzechRepublic thus became another EU member state that managed to obtain a positive decision by the EC regarding the proposal for carbon credit distribution………………………………………..Full Article: Source

Commission plans structural reform of ETS

Posted on 23 January 2014 by VRS  |  Email |Print

EU to set up ‘stability reserve’ that will automatically withhold or add allowances at set price levels. The European Commission today put forward a legislative proposal to change the design of the EU’s Emissions Trading Scheme (ETS) after 2020, in hopes of creating a long-term fix to the problem of a chronically low price of carbon.
The reform would establish an automated ‘stability reserve’ which would withhold carbon credits from the market when needed. This would be triggered when the total number of allowances in circulation in a given year is below 400 million. In that instance 100 million allowances would be automatically released from the reserve………………………………………..Full Article: Source

Europe opts for ‘auto-backload’ of carbon markets

Posted on 22 January 2014 by VRS  |  Email |Print

Europe’s depressed carbon markets are to be given an automatic ‘market reserve’ facility allowing at least 100 million carbon allowances – or 12% of the market – to be withheld or released to buoy prices, according to a document set for release on 22 January.
The plan is set out in a one page legal amendment to the Emissions Trading System (ETS) directive that EurActiv has seen. This would allow an ‘auto-backload’ of carbon allowances to be triggered “if the total number of allowances in circulation is lower than 400 million,” the paper says……………………………..Full Article: Source

The carbon credit market may have crashed, but a revival may not be far off

Posted on 22 January 2014 by VRS  |  Email |Print

Thanks to the Clean Development Mechanism (CDM), green technology and its industrial use became everyone’s pet project over the past decade. “CER (certified emission reduction, an emission unit or carbon credit issued by the CDM) trade was seen as a brilliant idea in its inception phase, as it introduced financial incentives for non-polluters, in a bid to achieve a kind of economic equilibrium between participating nations and states,” says Namita Vikas, senior president and country head, Responsible Banking, Yes Bank.
However, with the international price of a carbon credit falling over the past two years —from €24 to a meagre 84 cents now — business interest in clean technology is waning. “Without credits, it is no longer attractive for businessmen to adopt clean technology,” says Assaad W. Razzouk, group CEO and co-founder, Sindicatum Sustainable Resources, a consultancy for clean energy solutions…………………………….Full Article: Source

Main elements of EU 2030 energy and environment policy

Posted on 21 January 2014 by VRS  |  Email |Print

The European Union will publish new long-term goals on Wednesday for curbing climate change, marking the start of a long process to fix them in EU law.
Apart from providing guidance for EU member states and their industries, the targets are significant in the context of global climate change talks, which Europe has sought to lead………………………………………..Full Article: Source

EU carbon prices to more than double by end-2015: Analysts

Posted on 21 January 2014 by VRS  |  Email |Print

European Union carbon prices are likely to more than double in value to reach 12-13 euros per tonne by the end of 2015, analysts at London-based consultancy Energy Aspects said in a research note on Monday.
The analysts see a gradual increase in prices this year from current levels of around 5.20 euros ($7.05) to between 8.5 and 10 euros as a European Commission plan looks to ease oversupply of carbon permits on the EU’s Emissions Trading Scheme (EU ETS)………………………………………..Full Article: Source

EU carbon surplus mostly already in utility hands, Nomisma says

Posted on 21 January 2014 by VRS  |  Email |Print

Most of the surplus of European Union emissions permits built up since 2009 may already be held by the bloc’s electricity industry, cutting demand from power plants in carbon auctions, according to Nomisma Energia srl.
Industrial companies may have sold as many as 1.6 billion surplus EU permits out of the estimated 2 billion-metric-ton excess they accumulated by the end of 2012, according to Matteo Mazzoni, an analyst at Nomisma in Bologna, Italy. The consultant advises energy companies, governments and banks………………………………………..Full Article: Source

China’s carbon markets ‘to face surplus’

Posted on 21 January 2014 by VRS  |  Email |Print

China’s new carbon markets are likely to be overallocated due to their heavy reliance on companies’ own emissions data, making the permits inefficient as drivers of investment in cleaner technologies, a Beijing-based green group said.
The world’s biggest emitter of planet-warming greenhouse gases has in recent months become the second biggest market after the European Union for trading of emission permits………………………………………..Full Article: Source

European Commission resists calls for carbon ‘central bank’

Posted on 20 January 2014 by VRS  |  Email |Print

The European Commission has resisted calls for a carbon “central bank” to revive Europe’s moribund emissions trading system but is poised to unveil a less ambitious plan to fix flaws in a market that has foundered since the global financial crisis slashed prices.
Europe’s cap-and-trade system is the world’s largest – covering more than 11,000 power stations and factories, which have to buy extra allowances if they want to increase carbon output above their limits………………………………………..Full Article: Source

US carbon market rises on cap

Posted on 20 January 2014 by VRS  |  Email |Print

Carbon permits in the US northeast’s Regional Greenhouse Gas Initiative (RGGI) pushed higher this week, closing 3 per cent above their settlement price a week ago at $US3.60 a tonne on Thursday due to a tightening of the program’s emissions cap.
The nine states that make up the power-sector cap-and-trade program made good on their pledge to reduce the program’s cap by 45 per cent to 91 million tons this year, a move announced last year that was designed to revive the languishing market………………………………………..Full Article: Source

Japanese firms can earn carbon credits under Palau deal

Posted on 17 January 2014 by VRS  |  Email |Print

Japan has signed a carbon offset deal with Palau to allow Japanese companies to earn carbon credits by helping the small Pacific island nation cut its greenhouse gas emissions, Reuters reports.
Per the agreement, both nations will select representatives to operate the so-called Joint Crediting Mechanism. Japan already has nine such bilateral offset agreements — with Mongolia, Bangladesh, Ethiopia, Indonesia, Kenya, the Maldives, Vietnam, Laos and Costa Rica — and wants the UN to count credits earned under these agreements towards its emissions reduction goals………………………………………..Full Article: Source

EU parliament committee surveys members on carbon-fix scrutiny

Posted on 17 January 2014 by VRS  |  Email |Print

The European Parliament’s environment panel gave its members until Jan. 24 to signal opposition to a measure that would alleviate oversupply of carbon permits, said two people with knowledge of the matter.
The procedure may speed up the scrutiny that the emergency carbon-fix regulation must undergo in the Parliament before it’s implemented, according to the people, who asked not to be identified, citing policy. Members of the panel can raise an objection to the measure, already approved by representatives of national governments, by noon next Friday………………………………………..Full Article: Source

EU to ditch transport emissions goals beyond 2020

Posted on 17 January 2014 by VRS  |  Email |Print

The European Union’s climate and energy strategy for 2030 will not include a specific target on curbing emissions from transport, the fastest growing source of greenhouse gases in the bloc and the most expensive to cut.
Many in industry and some member states have pushed hard for a simplified EU climate framework after 2020, when current policies expire, that ditches existing sub-targets for sectors such as transport and energy………………………………………..Full Article: Source

KRX to launch carbon trading market in 2015

Posted on 16 January 2014 by VRS  |  Email |Print

The Korea Exchange (KRX), the country’s stock market operator, said Wednesday that it aims to run the country’s first carbon trading market starting in 2015 with some 500 firms expected to join.
The KRX, designated as the sole operator of the carbon trading market, will adopt systems for emissions trading that are similar to the current stock market trading schemes. The regular trading hours will run from 10 a.m. to 12 p.m., the bourse operator said. The country has been joining efforts to reduce greenhouse gases largely responsible for global warming………………………………………..Full Article: Source

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Carbon Markets value to rise again in 2014

Posted on 16 January 2014 by VRS  |  Email |Print

The value of the global carbon market will reach EUR 46bn in 2014, according to Bloomberg New Energy Finance forecasts. This will be up 15% from last year but leave it well below the historical high of EUR 98bn in 2011.
The primary driver of this year’s increase will be the plan to postpone, or ‘backload’, auctions of European Union carbon allowances that would otherwise have taken place in 2014-16, into the later years of the decade. Backloading was approved by the European Parliament and Council late last year………………………………………..Full Article: Source

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EU carbon dips after hitting two-week high

Posted on 16 January 2014 by VRS  |  Email |Print

European carbon prices were on course to end a three-day bull-run on Wednesday as traders sold permits shortly after prices broke above 5 euros for only the second time this year.
By 1605 GMT, the December 2014 EU Allowance was down 6 cents at 4.85 euros ($6.64). The benchmark carbon contract fell back from a morning peak of 5.04 euros, its highest since Dec. 30, which marked an 11-per cent gain from peak-to-trough since Friday………………………………………..Full Article: Source

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Korea Exchange wins bid to host nation’s carbon trading

Posted on 15 January 2014 by VRS  |  Email |Print

The Korea Exchange (KRX) will host trading under South Korea’s emissions trading scheme, set to become the world’s second biggest when it launches on Jan. 1, 2015, the Ministry of Environment said Monday.
KRX, the nation’s only securities exchange, won the bid to service the nation’s carbon market ahead of the Korea Power Exchange, a senior government official told Reuters. The scheme will cap greenhouse gas emissions from over 400 of South Korea’s biggest polluters, mainly power generators and manufacturers………………………………………..Full Article: Source

ADB: Set aside rows to beat pollution

Posted on 15 January 2014 by VRS  |  Email |Print

China and Japan should put aside their diplomatic differences and find common ground in protecting the environment, the Asian Development Bank said Monday.
Takehiko Nakao, the ADB’s president, said China could learn from Japan’s historical record in cleaning up its once heavily polluted environment. “The area of environment is a good area of cooperation between these two countries,” he said in Hong Kong, where he was visiting for the Asian Financial Forum………………………………………..Full Article: Source

EU carbon climbs most in four weeks as bloc nears fix for glut

Posted on 15 January 2014 by VRS  |  Email |Print

European Union carbon permits rose the most in four weeks as policy makers in the bloc seek to finalize details of a plan to temporarily withhold supply in the world’s biggest greenhouse-gas market.
The December contract added 4.5 percent, the most since Dec. 17, to 4.91 euros ($6.72) a metric ton by the close on ICE Futures Europe in London after touching 4.97 euros. Trading volume jumped 60 percent from yesterday to 27.5 million tons, the most for a front-year contract since Dec. 10 and almost triple the three-month daily average………………………………………..Full Article: Source

Asia-Pacific leading the world on carbon emissions trading

Posted on 14 January 2014 by VRS  |  Email |Print

It is not well know that Kazakhstan — a nation whose landmass exceeds that of Western Europe and which boasts the largest economy in Central Asia — introduced a carbon trading scheme last year. It is the first Asian nation to take on an economy-wide cap and the trading system has been designed to help it achieve its goal of reducing greenhouse gas emissions to 7 percent below 1990 levels by 2020.
Indonesia is also considering carbon trading and, in 2014, Thailand will introduce a voluntary emissions trading system, likely to be a precursor to a mandatory scheme. These developments follow hot on the heels of the landmark passage, in May 2012, of a South Korean law that introduces a carbon trading scheme in 2015………………………………………..Full Article: Source

U.S. carbon-dioxide emissions rising

Posted on 14 January 2014 by VRS  |  Email |Print

The United States has been one of the few bright spots for climate-change policy in recent years. Thanks to the recession, improved efficiency measures and the shale-gas boom, the nation’s carbon-dioxide emissions from energy fell 12 percent between 2005 and 2012.
But the party’s officially ending, at least for those worried about global warming. In an early estimate, the U.S. Energy Information Administration said U.S. carbon-dioxide emissions from energy sources increased 2 percent in 2013:……………………………………….Full Article: Source

Value of carbon markets forecast to rise in 2014

Posted on 13 January 2014 by VRS  |  Email |Print

Analysts predict the value of trades in the carbon markets will rise for the first time since 2011. The value of the global carbon market is forecasted to rise to €46bn in 2014. While a rise of 15% from last year, this is well below €98bn high it hit in 2011.
Bloomberg New Energy Finance analysts predict carbon prices will rise more than 50% to an average €7.5 per tonne from just shy of €5 now, all down to the EU’s delay of carbon allowances under the EU Emissions Trading System………………………………….Full Article: Source

Carbon markets show glimmers of recovery in 2014

Posted on 10 January 2014 by VRS  |  Email |Print

A year after the launch of its cap-and-trade program, California formally linked its emissions trading scheme with Quebec’s—enabling carbon allowances and offset credits to be exchanged between participants in the two jurisdictions. The linkage, which marks the first agreement in North America that allows for the trading of greenhouse gas emissions across borders, is designed to escalate the price on the amount of carbon businesses can emit.
There is a “potential for this market to serve as an example for other North American subnational jurisdictions to follow if it can prove to be successful,” said Robin Fraser, a Toronto-based analyst with the International Emissions Trading Association……………………………..Full Article: Source

EU toughens carbon trading system

Posted on 09 January 2014 by VRS  |  Email |Print

It will become more expensive for businesses in the European Union to burn fossil fuels this year after the 28-country bloc decided Wednesday to beef up its carbon trading system. The agreement ended a year of bickering over how to amend what is Europe’s prime tool in the fight against climate change and the world’s biggest emission trading system.
Under the cap-and-trade scheme, companies pay per ton of carbon dioxide they release into the atmosphere, with the pollution certificates traded on the market. The EU now decided to postpone the sale of 900 million additional carbon allowances — a move that will tighten supply and likely drive up prices of carbon allowances by 10 to 15 per cent, according to analysts………………………………………..Full Article: Source

China’s state utilities move on preferential rules in carbon offset market

Posted on 09 January 2014 by VRS  |  Email |Print

China’s large state-owned power firms have taken the lead in the country’s nascent carbon offset market, leveraging preferential procedures to cut the cost of complying with new rules capping greenhouse gas emissions.
The central government will issue offsets, known as Chinese Certified Emissions Reductions (CCERs), under a new programme to reward projects that can prove they cut carbon emissions………………………………………..Full Article: Source

Crunch time for California’s pioneering carbon market?

Posted on 08 January 2014 by VRS  |  Email |Print

As the clock winds down on the first year of California’s carbon trading market for reducing greenhouse gas emissions, state officials say they have a lot to celebrate. The state’s cap-and-trade program, which could become a model for other US states, sets a limit on the amount of heat-trapping gases businesses can emit and allows them to trade excess permits.
Regulators this year held a series of permit auctions, with strong demand from buyers. The program poured $US533 million into state coffers and is expected to raise $US1.5 billion next year………………………………………..Full Article: Source

Pollution seen costlier after EU intervention: Carbon & climate

Posted on 08 January 2014 by VRS  |  Email |Print

Carbon prices are poised to rebound from a three-year slump as European Union member states vote today on a plan to reduce a record glut of pollution permits. The cost of emitting carbon dioxide will jump to 7.75 euros ($10.55) a metric ton by the end of the year, from 4.76 euros yesterday, according to the median of nine analyst and trader estimates compiled by Bloomberg News.
Representatives of the EU’s 28 member states will cast their final vote after 2.30 p.m. in Brussels on the plan that would temporarily cut the number of permits by half of the annual supply for the 12,000 power plants and factories in the trading system………………………………………..Full Article: Source

EU’s rescue plan for carbon market likely to start by April

Posted on 08 January 2014 by VRS  |  Email |Print

The European Union’s emergency plan to help boost carbon prices may get all necessary regulatory approvals as soon as next month and start around April, according to two people with knowledge of the matter.
The European Commission, the bloc’s regulatory arm, has signaled it may seek a shorter obligatory scrutiny period of the proposal to temporarily cut oversupply in the EU emissions- trading system after a vote by member states tomorrow………………………………………..Full Article: Source

Carbon trading market gets maturer in China

Posted on 07 January 2014 by VRS  |  Email |Print

China has so far launched a total of five pilot carbon emission trading markets in major Chinese cities as part of an intensifying effort to rein in the impact of its fast economic growth on the environment.
The latest, or the fifth emissions trading market was established in the northern Chinese city of Tianjin on Dec. 26. Five trade deals for a total of 45,000 tons of carbon emissions worth 1.25 million yuan were announced at the market’s launch ceremony………………………………………..Full Article: Source

Energy utilities call for more flexible ETS

Posted on 07 January 2014 by VRS  |  Email |Print

As the European Commission is working to revive the EU’s ailing Emissions Trading System (ETS), big energy companies say that making the system more flexible should be the first priority. EurActiv Czech Republic reports.
An initiative of twelve European utility companies calls for a resuscitation of the emission trading system. The EU ETS does deliver on its goal to reduce CO2 emissions. However, reductions are mainly due to the economic crisis and not because of a structural shift towards low carbon technologies, the companies say………………………………………..Full Article: Source

How a green tariff could save the carbon price

Posted on 07 January 2014 by VRS  |  Email |Print

Worried the carbon price is hurting industry and costing jobs? There’s a neat solution no one’s talking about – and it doesn’t involve axing the tax. Australia could levy a carbon tariff so domestic goods don’t suffer for being produced under a carbon price. The tariff could be levied on imports at the border, or rebated on exported goods.
That would mean if you paid for the pollution generated by a tonne of Australian steel, the same tax would be levied on a tonne of Chinese steel as it entered the country. It’s a level playing field and an incentive to others to price pollution………………………………………..Full Article: Source

Global carbon markets’ value dropped 38pct in 2013

Posted on 06 January 2014 by VRS  |  Email |Print

Low carbon targets set by governments blamed by analysts for falling carbon price in EU and UN schemes. The value of global carbon markets dropped 38% to 38.4 billion euros ($52.9 billion) in 2013, as prices slid in the main EU and UN schemes and trade limited in new programmes, analysts at Thomson Reuters Point Carbon said this week.
The value of carbon permits and credits traded was down from 62 billion euros in 2012 and 96 billion euros in 2011, a two-year period in which benchmark EU carbon permit prices fell to 5 euros per tonne from 18 euros, the analysts said in a a report………………………………………..Full Article: Source

Carbon trading is booming in North America, no thanks to U.S. or Canadian governments

Posted on 06 January 2014 by VRS  |  Email |Print

In most of the carbon-trading world, it has been getting cheaper in recent years to buy the rights to pollute the atmosphere with climate-changing carbon dioxide.
That’s largely because recession-afflicted Europe is awash with too many carbon allowances for its trading scheme to have any real bite, and because demand for U.N.-issued allowances has crashed along with hopes of a meaningful international climate agreement to replace the Kyoto Protocol.But in a bleak year for carbon markets, North America was a rising star………………………………………..Full Article: Source

China to launch environmental credit rating system

Posted on 06 January 2014 by VRS  |  Email |Print

Heavy polluting Chinese companies could struggle to secure new loans and subsidies from the government, under new plans designed to help tackle the country’s ongoing smog crisis. According to Bloomberg reports, China’s Ministry for Environmental Protection last week issued a statement confirming that a new environmental credit rating system will come into effect on 1 March.
Under the new initiative, companies will be given a colour-coded score on a spectrum from red to green, based on how much air pollution they emit and the steps they are taking to enhance environmental protection………………………………………..Full Article: Source

Global carbon market contracts 38pct as prices and volumes drop

Posted on 03 January 2014 by VRS  |  Email |Print

Global carbon markets traded a total €38.4 billion worth of allowances and credits during 2013, a 38% decrease from the €62bn the previous year, in a continuation of the decline that started after the market peaked at €96bn in 2011. Since then, the key European reference price of emissions has fallen from €18 to €5 per tonne of carbon dioxide.
Last year also saw a decrease in terms of volumes – from 10.7 billion to 9.2 billion emission units – the first drop in traded volumes since 2010, according to analysis published today by Thomson Reuters Point Carbon, the leading provider of market intelligence, news, analysis and forecasting for the energy and environmental markets………………………………………..Full Article: Source

Carbon trading runs out of gas

Posted on 03 January 2014 by VRS  |  Email |Print

The volume of carbon trading has fallen heavily since the 2009 Copenhagen agreement, and market participants are advocating radical steps to revive the market. Carbon trading may yet have its day, but dawn seems a long way off. The market has had a truly dismal year and, as permit prices languish and carbon offset projects dry up, many banks are reducing or eliminating their commitment to it.
The global carbon market was worth $142bn in 2010, as reported by the World Bank. The following year it was down to $95bn, according to Bloomberg New Energy Finance (BNEF), and in 2012 it slumped to $61bn……………………………………….Full Article: Source

China’s Hubei plans world’s third-biggest emissions market

Posted on 03 January 2014 by VRS  |  Email |Print

China’s Hubei province will issue 300 million carbon permits a year under its emissions trading scheme, local media reported on Thursday, meaning the fast-growing economic hub will host the world’s third-biggest CO2 market when it launches this year.
The province, home to 57 million people, will be the sixth Chinese region to launch a carbon market as Beijing attempts to slow its rapidly growing greenhouse gas emissions, blamed by scientists for causing climate change………………………………………..Full Article: Source

2014 is the year for a strong, unified business voice on climate policy

Posted on 02 January 2014 by VRS  |  Email |Print

Increased acceptance of the carbon bubble was an exciting development of 2013. Action on carbon prices and fuel efficiency standards are key for 2014. The increasing acceptance of the carbon bubble and stranded assets thesis is the most exciting climate change development of the last year. Although the Carbon Tracker Initiative (CTI) has been propagating the concept for years, the rapid mainstreaming of the idea makes it transformative.
For the first time the Intergovernmental Panel on Climate Change (IPCC) was clear that we have only 15 to 25 years before we bust the 1tn tonne carbon budget. CTI’s carbon bubble research goes further and shows that two thirds of fossil fuel reserves will have to remain in the ground………………………………………..Full Article: Source

What climate action can we expect in 2014?

Posted on 02 January 2014 by VRS  |  Email |Print

The year just passed may be remembered as a watershed year in climate policy. While climate impacts seem to be occurring more quickly than scientists have ever predicted, we may have witnessed in 2013 the permanent failure of 22 years of United Nations-led climate talks and the “top down” solutions these championed.
Emerging instead, with strong momentum, are “bottom up” approaches anchored around citizens, consumer movements, the private sector, countries and local governments………………………………………..Full Article: Source

Businesses urge Kazakhstan to halt Asia’s first carbon trading scheme

Posted on 02 January 2014 by VRS  |  Email |Print

While Kazakhstan’s environment minister, Nurlan Kapparov, was promoting his country’s efforts to halt global warming at November’s U.N. climate talks in Warsaw, back home big business was piling pressure on the government to put a key green initiative on hold.
On Nov. 20, the Kazakh national business chamber called on the government to suspend its emissions trading system (ETS) - the first in Asia – for the duration of the country’s industrial development programme, which runs through 2014………………………………………..Full Article: Source

China’s Tianjin starts carbon trading at half Guangdong’s price

Posted on 30 December 2013 by VRS  |  Email |Print

China’s northern municipality of Tianjin started carbon trading at prices less than half of what companies in the southern province of Guangdong are paying.
Five trades for 45,000 metric tons of carbon were done for as much as 28 yuan ($4.61) a ton on the Tianjin Climate Exchange, according to a statement on its website today. Permits on the China Emissions Exchange in Guangdong, the world’s largest after the European Union, sold last week for as much as 61 yuan, the highest in the nation………………………………………..Full Article: Source

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