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Switzerland threatens 40 per cent carbon tax rise if targets not met

Posted on 15 July 2014 by VRS  |  Email |Print

Switzerland threatened on Monday to raise its tax on greenhouse gas emissions from the energy sector by 40 per cent if companies regulated by the country’s emissions trading system do not meet government-imposed targets this year.
The Swiss environment ministry said the tax would jump to 84 francs ($94.25) per tonne of carbon dioxide (CO2) in 2016, from 60 francs currently, if power-related emissions are reduced by less than 22 per cent below 1990 levels by the end of this year……………………………………….Full Article: Source

Tony Abbott finally cuts deal to axe carbon tax

Posted on 14 July 2014 by VRS  |  Email |Print

The federal government has cut a deal with Clive Palmer which it believes removes any more excuses to block the repeal of the carbon tax, the Coalition’s No. 1 election promise. On the weekend, Mr Palmer and the government agreed to changes to his key demands for stiff penalties and price disclosure provisions to ensure they would apply only to energy sup­pliers, not all businesses.
The government was prepared on Thursday to vote for Mr Palmer’s original demands in return for his support to repeal the carbon tax. But concern from industry and other senators about a red tape nightmare for business prompted the negotiations to remove any ambiguity………………………………………..Full Article: Source

Greg Hunt ‘very hopeful’ as carbon tax repeal bills return to parliament

Posted on 14 July 2014 by VRS  |  Email |Print

A newspoll showing a majority of voters want Clive Palmer and his senators to immediately support the removal of the carbon tax reflects a “very strong and categorical vote” for the government’s agenda, Environment Minister Greg Hunt says.
The Newspoll, conducted exclusively for The Australian after last Thursday’s chaos in the Senate saw the repeal bills rejected, reveals 53 per cent want the controversial tax abolished. Only 35 per cent want the Palmer United Party to continue to block the removal of the tax, while 12 per cent are uncommitted………………………………………..Full Article: Source

Beyond carbon chaos, does compromise loom on Direct Action?

Posted on 11 July 2014 by VRS  |  Email |Print

It seems to be a fitting finale for the Carbon Price Mechanism, with chaos yesterday as the Palmer United Party backed out of its agreement to support the government’s carbon tax repeal bills, seeking a last minute amendment to include penalties for companies that fail to pass on the full savings from the carbon tax repeal.
The government will introduce a set of amended bills to repeal the carbon tax to the House of Representatives on Monday. The bills are then expected to go to the Senate, where debate is likely to be guillotined to force a vote prior to the end of the week………………………………………..Full Article: Source

China’s Tianjin extends carbon deadline again

Posted on 11 July 2014 by VRS  |  Email |Print

China’s Tianjin has extended the deadline for its biggest carbon producers to comply with the city’s emissions trading scheme a second time, giving companies two more weeks to hand over permits to the government.
The delay is the latest in a string of hiccups as governments and company officials in seven regions running emissions schemes gather experience in carbon trading, Beijing’s favoured approach for reducing greenhouse gases………………………………………..Full Article: Source

Finnish firm granted trading licences for Chinese emissions schemes

Posted on 10 July 2014 by VRS  |  Email |Print

Finnish carbon trading firm Greenstream has been granted licences to operate in three of the mainland’s pilot emissions schemes, making it the second foreign company to gain entry to what might become the world’s largest carbon market.
The mainland, the world’s biggest emitter of climate-changing greenhouse gases, has launched seven pilot carbon markets to help slow down the rapid growth in its emissions. Its carbon market is widely expected to be the biggest in the world when a mainland-wide trading scheme is launched sometime before 2020. Banks and trading houses that have invested billions of dollars in the European market are now looking to be early participants in the mainland’s efforts………………………………………..Full Article: Source

EU Parliament to Start on Carbon Fix in Fall, La Via Says

Posted on 10 July 2014 by VRS  |  Email |Print

The European Parliament will start discussions “in the autumn” on a proposal to help boost carbon prices by introducing automatic supply controls, said the chair of the assembly’s environment committee Giovanni La Via.
The panel, which leads parliamentary work on emissions-trading laws, will scrutinize the draft “carefully and comprehensively” before a vote, La Via said by e-mail. The fix for the European Union emissions-trading system was put forward by the European Commission in January and aims to alleviate a record glut of pollution permits by introducing a reserve to which excess allowances would be transferred………………………………………..Full Article: Source

Carbon emissions to be disclosed in balance sheet from 2015

Posted on 09 July 2014 by VRS  |  Email |Print

South Korean companies will be required to disclose carbon emissions in their balance sheet to inform investors and stakeholders when the cap-and-trade system takes effect next year, the Korea Accounting Standards Board (KASB) said Tuesday.
The accounting standard agency has recently drawn up a draft that requires companies to include activities related to greenhouse gas emissions in financial statements sent to the Korea Exchange, the nation’s main bourse. The exchange is preparing to open the carbon exchange market at the start of 2015……………………………………Full Article: Source

$10 Trillion Annual Carbon Debt

Posted on 09 July 2014 by VRS  |  Email |Print

In the face of resolute climate change inaction by their elders, it is now up to young people to take action to stop climate crime and save the world. Humanity and the Biosphere are increasingly threatened by man-made global warming but climate change inaction means that it may soon be too late to act to prevent catastrophic global warming.
This climate change inaction is associated with a $10 trillion annual increase in the circa $200 trillion Carbon Debt for young people and future generations. Young people must now realize the truth in the 1960s slogan “Don’t trust anyone over 30” and that the answer of their elders to the question “What did you do in the War on Terra?” …………………………………..Full Article: Source

EU Carbon Market Needs Deep Changes, Industry Panel’s Buzek Says

Posted on 09 July 2014 by VRS  |  Email |Print

The European Union should overhaul its emissions program to ensure it encourages investment in clean energy without recurrent market intervention, according to the chair of the industry committee in the EU Parliament.
Jerzy Buzek, who was elected yesterday to head the panel for 2 1/2 years, said the EU emissions-trading system has failed to stimulate a switch to low-emission technologies because of a combination of a flawed design and an economic crisis. The proposal by the European Commission to start automatic supply controls to lift the price of emission permits after a 78 percent decline over the past six years will not solve the problem, he said……………………………………Full Article: Source

Carbon emissions and the Polish Puzzle

Posted on 08 July 2014 by VRS  |  Email |Print

While Brussels winds down for the summer and preoccupies itself with finding new commissioners, there will be some very busy people left working on a climate policy conundrum that needs to be solved by autumn. We’ll be hearing quite a bit about it, so here at the Brussels Blog we’ve decided to give it a name: The Polish Puzzle.
By October, the EU needs to agree a target for reducing greenhouse gases by 2030. This is one of the most critical numbers for the determining the course of European industry over the next 15 years, so it is not a decision to be taken lightly. The commission has proposed a cut of 40 per cent from 1990 levels……………………………………..Full Article: Source

Abbott Government on the cusp of axeing the carbon tax

Posted on 08 July 2014 by VRS  |  Email |Print

The Abbott Government is on the cusp of fulfilling its election promise to axe the carbon tax. In another sign of just how capricious the new Senate could be, the Palmer United Party had a change of heart last night and voted with the Government to bring forward debate on the repeal bills.
The tax looks set to be gone within days and Government Ministers claim the uncertain nature of negotiations in the new Upper House shows its budget measures shouldn’t be written off……………………………………..Full Article: Source

Don’t axe the tax: Emissions trading supporters make last-ditch plea

Posted on 07 July 2014 by VRS  |  Email |Print

Repeal could cost $20bn over next four years and 59 economists insist a carbon price is the best way to reduce emissions. Supporters of emissions trading are making a last-ditch plea to the Senate not to repeal Australia’s laws – citing new analysis that shows “axing the tax” will cost the budget almost $20bn over the next four years and a letter from 59 leading economists insisting a carbon price is the best way to reduce emissions.
But the government is determined the carbon price repeal should be the first decision of the new Senate and, with the support of the Palmer United party (PUP), appears set to bring on the debate and finally achieve the tax’s repeal this week………………………………………..Full Article: Source

International carbon permits the cheapest option, says CCA

Posted on 07 July 2014 by VRS  |  Email |Print

Australia could dramatically exceed its current emissions reduction target for just a fraction of the $2.55 billion the Coalition plans to spend on “direct action” by buying international abatement permits. The Climate Change Authority argues the nation’s emissions reduction target could be increased from 5 per cent to 19 per cent at a cost of just $500 million by buying international carbon abatement units.
The authority, in a report to be released today, finds that international CERs could be bought for just $1.15 a tonne up to 2020. This was significantly cheaper than trying to achieve emissions abatement entirely at home………………………………………..Full Article: Source

NASA Successfully Launches CO2 Monitoring Satellite

Posted on 04 July 2014 by VRS  |  Email |Print

Atmospheric carbon dioxide has now reached its highest level in the past 800,000 yrs. US space agency NASA launched Orbiting Carbon Observatory-2 (OCO-2) spacecraft Wednesday from California into the night skies to study global warming, NASA TV showed.
The United Launch Alliance Delta 2 rocket carrying the OCO-2 spacecraft, the first dedicated NASA mission to monitor atmospheric carbon dioxide (CO2) on global scales, blast off at 2:56 a PDT (0956 GMT) Wednesday from Space Launch Complex 2 at Vandenberg Air Force Base in California. Engineers successfully established communication with the Orbiting Carbon Observatory-2, NASA said in a statement………………………………………..Full Article: Source

Australia sees limited G20 appetite on new climate change steps

Posted on 03 July 2014 by VRS  |  Email |Print

Australia, this year’s G20 chair, sees little consensus among the Group of 20 leading economies to take major new steps on climate change, senior official Heather Scott said on Wednesday.
Scott, the personal representative or G20 sherpa of Australian Prime Minister Tony Abbott, is helping shape the agenda for November’s G20 summit in Brisbane, and spoke of the importance of finding agreement across the group………………………………………..Full Article: Source

We’d be crazy to enter into an ETS

Posted on 03 July 2014 by VRS  |  Email |Print

If the Abbott government is successful in reducing Australia’s greenhouse gas emissions by 5 per cent based on 2000 levels then Australia will have done more to reduce greenhouse gas emissions than almost any other advanced nation.
You will never hear this in the Australian debate because there are so many institutional vested interests in favour of a carbon tax or an emissions trading scheme and most of the media are sympa­thetic to them………………………………………..Full Article: Source

Labor error costly to carbon trade consensus, says Shorten

Posted on 02 July 2014 by VRS  |  Email |Print

Opposition Leader Bill Shorten says Labor played politics too aggressively against Malcolm Turnbull as opposition leader, helping to destroy his leadership in 2009 and ruin a carbon trading consensus.
The admission, which amounts to a direct criticism of former prime minister Kevin Rudd, came as Mr Shorten reasserted Labor’s belief in serious climate policy, recommitted the party to an emissions trading scheme going into the 2016 election, and reminded Clive Palmer that an ETS had already been legislated………………………………………..Full Article: Source

Former head of Barclays carbon trading launches advisory firm

Posted on 01 July 2014 by VRS  |  Email |Print

Louis Redshaw, the former head of carbon, coal and iron ore trading at Barclays investment bank, has launched a London-based advisory firm to help companies manage their risks stemming from carbon trading.
Redshaw Advisors, which will also provide carbon finance for client firms, is banking on a return to growth for the world’s emissions trading markets, many of which have been hit by low prices and falling demand in the wake of the global economic crisis………………………………………..Full Article: Source

Carbon abatement needs a bipartisan policy approach

Posted on 01 July 2014 by VRS  |  Email |Print

Clive Palmer’s extravagant, duplicitous foray into the carbon tax debate highlights the gullibility, naivety and inflexibility of the Greens and their dogmatic fellow travellers on the issue of what to do about climate change. In this case, the well-understood principle of “overshoot and collapse” refers not to former US vice-president Al Gore’s much-hyped environmental tipping points, but to the political overreach of the global-warming true believers.
The Greens, who refused to sign up to Labor’s emissions trading scheme, and Labor, which imposed the world’s most expensive carbon price on the nation, have only themselves to blame if, as seems likely, Australia is left without a meaningful carbon abatement policy………………………………………..Full Article: Source

Carbon price debate set to continue

Posted on 27 June 2014 by VRS  |  Email |Print

The carbon tax has a ticket to the scrap heap, but debate will continue about a future pricing mechanism and when it should come into force. The tax’s repeal legislation passed the lower house on Thursday and, with a helping hand from Palmer United Party senators, is set to pass the upper house in July.
But Prime Minister Tony Abbott will need to juggle the policy victory with Clive Palmer’s plan for an emissions trading scheme drafted with a zero-dollar starting price, to be activated when Australia’s trading partners set a price. ……………………………………….Full Article: Source

Korean firms should stop complaining about carbon-trading scheme

Posted on 27 June 2014 by VRS  |  Email |Print

The new director general of the Global Green Growth Institute (GGGI) urged the automobile and energy industries Tuesday to stop complaining about the carbon-trading scheme and imposing heavy taxes on polluting cars.
The two measures are expected to be implemented in January 2015. Firms that generate massive amounts of greenhouse gases, in particular, have strongly opposed the measures, saying they will reduce their competitiveness………………………………………..Full Article: Source

Al Gore joins Clive Palmer to back emissions trading scheme for Australia

Posted on 26 June 2014 by VRS  |  Email |Print

Clive Palmer has said his party will support the abolition of the carbon tax but not that of the renewable energy target and the Clean Energy Finance Corporation, and he wants an emissions trading scheme, which he announced with former US Vice President Al Gore by his side.
Australian politics has witnessed many strange events, but fewer as gob-smacking as the alliance revealed late this afternoon between maverick politician Clive Palmer and former United States Vice President Al Gore. The billionaire MP and the world’s most famous campaigner against global warming have joined forces to turn Tony Abbott’s climate policy upside down. ……………………………………….Full Article: Source

Carbon tax versus emissions trading scheme: What’s the difference?

Posted on 26 June 2014 by VRS  |  Email |Print

The federal government has plans to abolish the carbon tax from July first onward and replace it with an emissions trading scheme (ETS). Both programs are aimed at tackling pollution by putting the onus on companies that produce carbon dioxide, but they go about it in very different ways. So what’s the difference between the carbon tax and ETS?
The carbon tax was launched on July 1, 2012 by the Labor government to tackle the problem of pollution. Companies in Australia that emit over 25,000 tonnes of carbon dioxide are currently charged $25.40 per tonne emitted, payable to the Australian government………………………………………..Full Article: Source

Korean firms should stop complaining about carbon-trading scheme

Posted on 25 June 2014 by VRS  |  Email |Print

The new director general of the Global Green Growth Institute (GGGI) urged the automobile and energy industries Tuesday to stop complaining about the carbon-trading scheme and imposing heavy taxes on polluting cars.
The two measures are expected to be implemented in January 2015. Firms that generate massive amounts of greenhouse gases, in particular, have strongly opposed the measures, saying they will reduce their competitiveness………………………………………..Full Article: Source

Sandor remains optimistic about carbon, despite EU ETS

Posted on 25 June 2014 by VRS  |  Email |Print

Despite turmoil in the EU ETS, the notion of emissions trading is continuing to gain ground, Richard Sandor, the chairman of Environmental Financial Products, said. Fixing the European Union Emissions Trading System (ETS) has been a long, hard slog. Following its launch in 2005, strong prices for EU Allowances (EUAs) boosted the scheme’s ability to secure reductions in harmful greenhouse gas emissions.
But after the financial crisis, Europe’s economic woes sent prices for EUAs spiralling downwards. Having traded at as much as €30 ($41) per tonne during 2006, the price of EUAs sank to under €3/tonne during 2013 – far lower than the level analysts say is needed to fuel investment in cleaner energy………………………………………..Full Article: Source

Climate Change Policy: The European Trading Scheme (ETS)

Posted on 25 June 2014 by VRS  |  Email |Print

A plenary session at the 37th IAEE International Conference in New York – titled “Climate Change & Carbon Policies – International Lessons and Perspectives,” continued to draw huge crowds as experts on climate change and carbon policies highlighted different approaches to those issues in the US, China and Europe. As expected, the audience was able to walk away with some very interesting insights and further food for thought.
In particular, Professor Denny Ellerman of the European University Institute provided fascinating insight into the European ETS scheme. Emissions of power and large industrial plants are subject to a cap by way of the so-called European Trading Scheme (ETS)………………………………………..Full Article: Source

Why a Carbon Tax Is Better Than Obama’s Cap and Trade

Posted on 24 June 2014 by VRS  |  Email |Print

This weekend, former Treasury secretary Hank Paulson weighed in at the New York Times abouyt the need for more urgent action on the climate front, and described how various indicators of how quickly climate change is taking place, such as the speed of Arctic and Antarctic ice melt, are moving much faster than models had predicted.
Paulson, who has long been an ardent conservationist (and in contrast to his alpha Wall Street male standing, lives modestly), made a forceful pitch for carbon taxes. The irony of this proposal is that we have a Republican showing what a right-winger Obama really is. Without mentioning the recent Administration carbon scheme directly, Paulson’s article make the case for more forceful and effective intervention than cap and trade, a central part of the Administration’s proposed “pay to pollute” program………………………………………..Full Article: Source

Obama’s Carbon Order Increases Nuclear Energy’s Odds

Posted on 24 June 2014 by VRS  |  Email |Print

Mandating the reduction of carbon emissions could result in the increasing use of nuclear energy. Is that good? If the nation’s current and former leaders of the Environmental Protection Agency are asked, the answer is an unmistakable ‘yes.” In fact, once nuclear plants become operational, they are able to generate electricity efficiently, safely and cheaply.
Now that the White House is making it more costly for utilities to emit carbon dioxide, nuclear energy could become an attractive option………………………………………..Full Article: Source

Is carbon policy too tangled to unweave to satisfaction of all?

Posted on 23 June 2014 by VRS  |  Email |Print

The tortuous debate over climate change policy has uncanny echoes of the debate over a universal healthcare system in Australia. With tremendous popularity at the time, the government of the day overcame the entrenched opposition of medical lobby groups to introduce Medibank in the second half of the 1970s, only to have the next federal government do what it could to reverse key elements of it.
It was not until after the next change of government in Canberra that a renamed Medicare universal healthcare policy was put back in place, again with some changes to the original plan. Despite tinkering by successive governments since, it has remained broadly intact………………………………………..Full Article: Source

The UK, Europe, and an energy efficiency revolution

Posted on 20 June 2014 by VRS  |  Email |Print

Uncertainty over the European Commission’s preferences for a 2030 energy efficiency target continue. A leaked impact assessment suggests it favours a binding EU-level reduction of at least 30 per cent with no national targets. But commission President Jose Manuel Barroso and energy commissioner Günther Oettinger are said to favour a non-binding 27 per cent goal. See paragraph five onwards for updates.
Does Vladimir Putin secretly want you to get your walls insulated? He certainly seems to be doing his best to encourage strong EU energy efficiency legislation. But if the EU does raise its ambition on energy efficiency as part of its 2030 climate and energy package, UK energy saving policies would also have to become much more ambitious. How big a task would it be to meet an EU energy saving goal, and how would the UK go about it?……………………………………….Full Article: Source

China Focus: China launches all pilot carbon trading schemes

Posted on 20 June 2014 by VRS  |  Email |Print

Southwest China’s Chongqing launched its carbon trading market on Thursday, marking the operation of all seven approved pilot schemes in the country. Sixteen transactions worth more than 4.45 million yuan (723,577 U.S. dollars) and involving gas emission quotas of 145,000 tonnes were reached within half an hour after trading started at 9:30 a.m.
A total of 254 companies with carbon dioxide emissions exceeding 20,000 tonnes each year were selected for the trading market. The government will impose emission quotas for them annually………………………………………..Full Article: Source

China to launch final CO2 exchange, national scheme uncertain

Posted on 19 June 2014 by VRS  |  Email |Print

China launches its seventh and final pilot carbon market in the sprawling city of Chongqing on Thursday, but plans to set up a national trading scheme within three years remain shrouded in uncertainty in the world’s top emitter of greenhouse gases.
China has pledged that by 2020 it will reduce its carbon intensity - the amount of CO2 produced per unit of economic growth - by 40-45 percent from 2005 levels. It has also promised to set up market mechanisms to help meet its targets…………………………………..Full Article: Source

EU Needs Low-Carbon Energy Union, Ministers’ Advisory Panel Says

Posted on 19 June 2014 by VRS  |  Email |Print

The European Union needs an ambitious emissions-reduction goal, targets for energy-efficiency and renewables as well as tools to foster investment under its planned 2030 policies, an advisory panel to 14 ministers said.
EU leaders need to agree on the framework for the next decade by October, sticking to the deadline agreed earlier this year, the panel said in a report obtained by Bloomberg News. The panel includes experts from the International Energy Agency, the European Investment Bank, the European Bank for Reconstruction and Development and the Organization for Economic Cooperation and Development…………………………………..Full Article: Source

Beijing emitters ‘ignoring carbon scheme’

Posted on 18 June 2014 by VRS  |  Email |Print

More than a quarter of all companies covered by Beijing’s municipal carbon laws ignored a key reporting deadline, local media reported Friday, with some powerful companies questioning the local government trading body’s authority to regulate them.
Beijing’s carbon trading market, one of six set up in China to rein in rapidly growing greenhouse gas emissions, caps carbon dioxide from nearly 500 local enterprises. Most of them must hand over permits to the government to cover for their emissions, while some must only report their CO2 levels………………………………………..Full Article: Source

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We can turn the tide of climate change by working with China

Posted on 18 June 2014 by VRS  |  Email |Print

A joint statement brings together the UK’s broad science base and experience with China’s scale and ability to innovate. Much has been written about the nuclear agreements signed at the UK-China summit. Given the boost to low-carbon electricity, to energy security and to jobs, the Chinese interest in taking forward investment at Hinkley Point C, the UK’s first nuclear station in a generation – is hugely welcome.
But equally important is that both China and the UK recognise that climate change is one of the greatest global challenges we face. For the first time ever, the UK and China have released a joint statement, committing our governments to work even more closely together on a response to climate change………………………………………..Full Article: Source

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U.N. climate talks fracture over future of carbon markets

Posted on 17 June 2014 by VRS  |  Email |Print

The use of carbon markets to curb rising greenhouse gas emissions was dealt a blow on Sunday after two weeks of United Nations talks on designing and reforming the mechanisms ended in deadlock.
The negotiations, held as part of U.N. climate negotiations in Bonn, Germany, made scant progress as envoys representing almost 200 nations tied reforms to progress under the wider discussions and remained entrenched in diverse positions………………………………………..Full Article: Source

EU Energy, Carbon Plan Set for Talks With Leaders’ Envoys

Posted on 17 June 2014 by VRS  |  Email |Print

European Union negotiations this week on planned energy and climate policies will focus on ways to share the burden of carbon reductions after 2020, according to an EU document prepared for the talks.
In the series of bilateral discussions, the bloc’s senior officials and representatives of EU heads of state and government will also discuss ways to boost the share of renewable energy and the need for an energy-efficiency target, according to the document, which was obtained by Bloomberg News………………………………………..Full Article: Source

U.N. climate talks fracture over future of carbon markets

Posted on 16 June 2014 by VRS  |  Email |Print

The use of carbon markets to curb rising greenhouse gas emissions was dealt a blow on Sunday after two weeks of United Nations talks on designing and reforming the mechanisms ended in deadlock.
The negotiations, held as part of U.N. climate negotiations in Bonn, Germany, made scant progress as envoys representing almost 200 nations tied reforms to progress under the wider discussions and remained entrenched in diverse positions………………………………………..Full Article: Source

U.S. EPA chief: Carbon rules to lower consumer bills

Posted on 13 June 2014 by VRS  |  Email |Print

Environmental Protection Agency chief Gina McCarthy said on Thursday that newly proposed rules to slash carbon emissions from U.S. power plants will cut electricity bills after 2030 by forcing power plants to become more efficient.
Speaking at a forum on energy efficiency in Washington, which she likened to “preaching to the choir,” McCarthy took issue with critics’ claims that the EPA’s clean power plan will cause consumer electricity prices to skyrocket, in part by forcing older coal-fired plants to close………………………………………..Full Article: Source

ABN Amro Becomes Latest Bank to Withdraw From Carbon Trading

Posted on 13 June 2014 by VRS  |  Email |Print

ABN Amro Bank NV, the Dutch state-owned lender, withdrew from carbon trading, becoming the latest bank to exit the market after prices slumped.
ABN Amro closed its carbon desk after reviewing market activities and is working with clients to dispose of its portfolio of business, spokesman Arien Bikker said by phone today. The bank will continue to offer clearing services for carbon permits and offsets, he said. It has been active in the European Union emissions market since at least 2005………………………………………..Full Article: Source

Germany backs EU carbon market reform by 2017

Posted on 13 June 2014 by VRS  |  Email |Print

The German government wants the EU’s carbon market reform plan to be implemented by 2017, four years earlier than the European Commission has proposed, Germany’s Environment Minister Barbara Hendricks said on Thursday.
The European Commission, the EU executive, has proposed setting up a so-called market stability reserve from 2021 to hold and release permits to balance supply in the bloc’s Emissions Trading System (ETS) and better respond to economic changes………………………………………..Full Article: Source

EU May Decide on Carbon Reform by Mid-2015, Delbeke Says

Posted on 13 June 2014 by VRS  |  Email |Print

European Union policy makers may reach a decision in the first half of next year on a proposal to strenthen the world’s biggest emissions market by curbing oversupply, according to a senior EU official.
EU governments and the European Parliament are unlikely to finish work on the reform proposed by the European Commission before the end of this year, said Jos Delbeke, director general for climate at the EU’s regulatory arm………………………………………..Full Article: Source

Climate change: An offer they can’t refuse

Posted on 12 June 2014 by VRS  |  Email |Print

On June 2nd, Barack Obama announced that he wanted total emissions from American power stations to fall by 30% from 2005 levels in the next 15 years. This has (correctly) been interpreted as a potshot at the coal industry. States will have to come up with plans to meet specific emission-reduction targets; scrapping coal plants (and replacing them with gas-fired ones, say) is an obvious avenue to get there.
The goal is laudable, but even if the act makes it through inevitable legal challenges its global impact may be limited. Part of the trouble is that scrapping an American coal plant serves little purpose if the black stuff is then put on a ship to China and burned there instead………………………………………..Full Article: Source

China’s Shenzhen to punish firms if carbon targets not met

Posted on 12 June 2014 by VRS  |  Email |Print

China’s Shenzhen will impose sanctions on companies that fail to comply with targets under the city’s carbon trading scheme, an official said according to a local media outlet, despite criticism about the rules.
The Shenzhen government, hosting the oldest of China’s six pilot carbon trading markets, last week arranged a special CO2 permit auction to help local emitters meet their targets for 2013 by the June 30 deadline………………………………………..Full Article: Source

China becomes world No. 2 carbon trader

Posted on 11 June 2014 by VRS  |  Email |Print

China is the world’s second largest carbon trading market following the European Union (EU), according to data released on Tuesday. Xie Zhenhua, deputy head of the National Development and Reform Commission, said Chinese enterprises traded over 3.85 million tonnes of carbon emission quotas as of May 23.
These quotas were sold for 125 million yuan (20.2 million U.S. dollars), making China a major carbon trader only second to the EU. China began pilot carbon trading in 2011 and has approved seven trading schemes in Beijing, Tianjin, Shanghai, Chongqing, Shenzhen, Guangdong and Hubei………………………………………..Full Article: Source

Tony Abbott missing signs of world’s switch to carbon trading, experts say

Posted on 11 June 2014 by VRS  |  Email |Print

The world’s two largest economies - China and the US - are increasingly adopting carbon trading to cut greenhouse gas emissions, contrary to suggestions by Prime Minister Tony Abbott that other countries are not introducing schemes. Speaking in Canada, Mr Abbott said carbon taxes and emissions trading were the wrong way to address climate change.
He said the debate was not about the existence of climate change, but the best approach to respond to it and he backed ”direct action measures” such as improving energy efficiency and planting more trees………………………………………..Full Article: Source

US states consider carbon trading schemes

Posted on 10 June 2014 by VRS  |  Email |Print

A number of US states are starting to consider carbon trading schemes to meet limits on greenhouse gas emissions put forward in President Barack Obama’s latest climate change initiative.
The signs of interest show that although Mr Obama’s proposals for more sweeping cuts in power plant carbon emissions have been criticised in parts of the US, particularly coal-producing regions, there are others that accept his strategy………………………………………..Full Article: Source

Tony Abbott missing signs of world’s switch to carbon trading, experts say

Posted on 10 June 2014 by VRS  |  Email |Print

Tony Abbott has praised Canada’s approach to climate change, and emphasised the close ties shared between the two countries. The world’s two largest economies - China and the US - are increasingly adopting carbon trading to cut greenhouse gas emissions, contrary to suggestions by Prime Minister Tony Abbott that other countries are not introducing schemes.
Speaking in Canada, Mr Abbott said carbon taxes and emissions trading were the wrong way to address climate change. He said the debate was not about the existence of climate change, but the best approach to respond to it and he backed ”direct action measures” such as improving energy efficiency and planting more trees………………………………………..Full Article: Source

Korea: Businesses object to carbon trading introduction

Posted on 10 June 2014 by VRS  |  Email |Print

Companies are strongly protesting the government’s plan to introduce a greenhouse gas emissions trading system. Analysts say the government should take into account diverse factors instead of just pushing the plan forward.
The Ministry of Environment announced Wednesday that the country will start the emissions rights trading on the Korea Exchange from next year. The ministry will set quotas for energy-intensive businesses, and those successfully cutting emissions can sell the remaining rights to those failing to meet their obligations………………………………………..Full Article: Source

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