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China is committed to cut carbon intensity and curb global warming

Posted on 01 December 2015 by VRS  |  Email |Print

Chinese President ‪Xi Jinping‬ has said that China is committed to cut carbon intensity and curb global warming, during his address at the Paris Climate Summit. More than 150 world leaders attended the opening ceremony of ‪‎COP21‬ on Monday, the largest ever gathering of leaders at a UN event on a single day, lending their public support to the fight against climate change.
Xi began his speech offering condolences to the victims of the recent terrorist attacks in Paris, and emphasized the fact that the leaders of the world had gathered in the French capital showed that terrorism cannot stop the world from fighting global warming………………………………………..Full Article: Source

Global action needed to protect agriculture sector from climate change

Posted on 30 November 2015 by VRS  |  Email |Print

On the final day of the National Consultation on Crop Loss Estimation, Relief and Compensation, NGO Centre for Science and Environment (CSE) called for global action to develop safety nets to shield farmers from the consequences of extreme weather events.
The negotiators at the climate talks, starting shortly in Paris, need to be mindful of the impact of changing climate on agriculture, and the devastating consequences it has on farmers as well as the food security prospects of the world,” said CSE’s Deputy Director General Chandra Bhushan who is leading a delegation of CSE specialists and Indian media to Paris……………………………………….Full Article: Source

The Paris climate summit is a real test of humanity

Posted on 30 November 2015 by VRS  |  Email |Print

The best and worst in our natures are rising to meet a critical point in our history, but there is no cause for despair. This morning I visited the place de la République, in many ways the beating heart of Paris. It’s where people here chose to place their memorial to the victims of the attacks two weeks ago, and there is still a huge crowd, gathered round the central monument in intense, almost ritual silence, taking in the thousands of pictures, candles, flowers and messages left by wellwishers.
Just a few steps away, a different ritual was taking place. Thousands of Parisians, denied by police security concerns the chance to hold what might have been the largest single climate change march in history, are bringing their shoes, one by one, to be lined up symbolically along a march route through République. An eloquent expression of their determination to be heard………………………………………..Full Article: Source

China to launch scheme to curb CO2 emissions in 2017

Posted on 30 November 2015 by VRS  |  Email |Print

China is launching a national cap-and-trade scheme in 2017 to curb emissions. While the details still need to be worked out, observers say it shows China’s commitment to fight climate change. China consumes more than half of the world’s coal and emits twice as much carbon dioxide as the United States. However, in 2017, Beijing aims to launch the world’s largest national cap-and-trade scheme, one that is expected to exceed the European Union’s.
The scheme would limit the amount of pollution that companies can emit and let them pay competitive prices for a share of the quota. Businesses that do not use up their quota can sell the remainder, while those that need more than their quota have to buy additional permits. The aim is to induce companies to find ways to reduce greenhouse gas emissions………………………………………..Full Article: Source

The way forward: Second-best solutions

Posted on 27 November 2015 by VRS  |  Email |Print

If the best method for tackling climate change is not on offer, try something else. Economists like to argue, about climate change as much as anything else. Some of the fiercest rows are over the discount rate—how to weigh the likelihood that future generations will be richer than the current one when deciding how much to spend on averting climate change today—and over how to price catastrophic but unlikely events such as the collapse of the Greenland ice sheet.
But on the biggest issue of all they nod in agreement, whatever their political persuasion. The best way to tackle climate change, they insist, is through a global carbon tax. Politicians tend to assume that subsidising clean energy has the same effect as taxing carbon, says Ottmar Edenhofer, an economist at the Potsdam Institute for Climate Impact Research. It does not………………………………………..Full Article: Source

China’s carbon footprint grows

Posted on 27 November 2015 by VRS  |  Email |Print

China’s ruling Communist Party bases its claim to legitimacy on delivering better lives to the world’s most populous country, and since it embraced the market it has overseen a boom that created a burgeoning middle class, now 300 million strong.
Average incomes remain far below those of the United States, but China — now the world’s second largest economy — is already the biggest international market for both cars and smartphones. It is also the worst polluter on the planet, pouring an estimated nine to 10 billion tons of climate-warming carbon dioxide into the air in 2013………………………………………..Full Article: Source

Experts discuss how to build a carbon-free energy industry

Posted on 26 November 2015 by VRS  |  Email |Print

With the UN Conference on Climate Change (COP) in Paris just days away, a global strategy for reducing carbon emissions is tantalisingly close. Current commitments on greenhouse gas (GHG) emissions are due to run out in 2020 and governments are convening in Paris to agree a roadmap for what happens in the next decade and beyond.
For any such agreement to work, however, it must include a transition from high-carbon, fossil-fuelled energy production, to one where power comes from clean, renewable energy. There are some indications that the energy transition is under way. The International Energy Agency (IEA) recently announced that renewable energy accounted for half of all new power plants in 2014, while large oil companies cancelled 80 drilling projects worldwide in 2015………………………………………..Full Article: Source

Paris climate summit: Do UN climate change treaties ever work?

Posted on 26 November 2015 by VRS  |  Email |Print

The UN says that an agreement at the Paris climate summit will build on the success of the previous treaty, known as the Kyoto Protocol. Others say Kyoto was a failure, and that the same problems will plague any agreement in Paris. Read both sides and make up your own mind.
International efforts to tackle climate change began at the Earth Summit in Rio de Janeiro in 1992, leading to the 1997 Kyoto Protocol. Earlier this year, the branch of the United Nations that oversees climate negotiations, the UNFCCC, declared the protocol had proved that climate agreements work………………………………………..Full Article: Source

Agriculture left out of emissions review

Posted on 25 November 2015 by VRS  |  Email |Print

The Emissions Trading Scheme is up for review, but the government has controversially left agriculture out of the discussion document. Opposition parties argued the sector must be included because it was responsible for about half of New Zealand’s greenhouse gas emissions.
Passed into law by the former Labour-led government, the Emissions Trading Scheme is the government’s primary tool to try to reduce climate-damaging emissions. The original ETS had agriculture entering the scheme in 2013, but when National took power, it pushed that out to 2015, then legislated to keep it out of the scheme indefinitely………………………………………..Full Article: Source

How To Cure Oversupply in Carbon Markets

Posted on 25 November 2015 by VRS  |  Email |Print

Marcus Ferdinand and Emil Dimantchev, senior analysts for the Point Carbon team at Thomson Reuters, discuss the common problem of oversupply in many carbon markets around the world and explore solutions to cure this problem. They highlight the following:
Markets are effective in reducing carbon emissions. However, an initial overestimation of emissions when setting the cap, and the interplay between a rather rigid allowance supply and fluctuating demand have resulted in significant oversupply and low prices in many emission trading schemes………………………………………..Full Article: Source

China Plans To Create A Nationwide Carbon Market By 2017

Posted on 25 November 2015 by VRS  |  Email |Print

During important events in China in recent years — from international summit meetings to sporting events and military parades — the government has resorted to ordering smoggy skies to turn blue. Apparently, the skies dare not disobey.
This involves ordering cars off of the capital’s streets, and shutting down factories across much of north China. But China’s leaders seem to realize that clearing skies by diktat is not a solution. As part of its pledge to cap carbon emissions by the year 2030, China is now building what could become the world’s largest carbon market………………………………………..Full Article: Source

3 Signs We’re Entering a Golden Age for Carbon Markets

Posted on 24 November 2015 by VRS  |  Email |Print

There was a time when market-based approaches seemed to fall off the radar in discussions of climate policy, but carbon markets are back. Well-designed emission trading systems offer the combination of flexibility, incentives and guaranteed results that help polluters meet their targets – while leaving it up to the market to figure out the best way to meet them, driving costs down.
This is why so many companies are staunch supporters of emissions trading, and why national and international efforts are taking off. Here are three indications we may be entering a golden age for carbon markets and what it means for COP21, the international climate talks that begin in Paris later this month………………………………………..Full Article: Source

World trade has an important role in combating climate change

Posted on 24 November 2015 by VRS  |  Email |Print

In a few weeks’ time world leaders will have the opportunity to usher in a new era of multilateral cooperation on climate change. This starts with the UN climate change conference in Paris, but it does not end there. Building momentum to tackle climate change is a common challenge for us all – individually and institutionally.
The broader international community, including the WTO, has to play its part. Like most economic activity, trade is often linked to carbon emissions, but the world cannot stop trading – not least as trade is essential in achieving many other shared goals……………………………………….Full Article: Source

Australia to claim success on climate target, with help of accounting rules

Posted on 23 November 2015 by VRS  |  Email |Print

Analysis indicates Australia’s ability to show it has met the requirements for its 2020 emissions target will make the challenges more difficult in the years ahead. Australia will use “accounting rules” to tell the Paris climate summit it has met its greenhouse gas reduction targets even though its carbon pollution is increasing, an analysis has confirmed.
The environment minister, Greg Hunt, announced via the Australian newspaper last week that Australia would reveal at the UN meeting in Paris that it had already met its target to reduce emissions by 5% by 2020, compared with 2000 levels. “The huge expectation is that it will be below zero. We’ll be able to say that we’ve already met our target,” Hunt said………………………………………..Full Article: Source

Alberta introduces economy-wide carbon tax

Posted on 23 November 2015 by VRS  |  Email |Print

Alberta’s NDP government is imposing new curbs on emissions from the oil sands and establishing an economy-wide carbon tax in a sweeping new plan aimed at showing it is serious about fighting climate change. The long-awaited strategy, which comes days before world leaders meet in Paris for a major climate summit, also includes a phaseout of coal-fired power generation in the next 15 years, a 10-year plan to nearly halve methane emissions, as well as incentives for renewable energy.
There are no hard carbon targets, but under the plan, Alberta’s carbon emissions will begin to fall under today’s levels by 2030. The government promised the moves would be revenue-neutral, and all money would be reinvested in the province on such things as new technology to fight pollution and into a new “adjustment fund” to help affected families and businesses deal with the changes………………………………………..Full Article: Source

NZ: Low-carbon precincts named a top priority for climate action

Posted on 19 November 2015 by VRS  |  Email |Print

Major companies representing 36 per cent of New Zealand’s private sector GDP will prioritise the development of low carbon precincts and increasing energy efficiency as part of post-Paris actions to reduce emissions and mitigate climate change. They have also called on the central government to ensure cross-party support for a business-led transition to a low carbon-economy.
BusinessNZ’s Major Companies Group and Sustainable Business Council issued the call as part of a Business Brief on Climate Change released this week. The brief sets out the groups’ agenda for leading the transition to a low-carbon economy and maps out priority areas for increasing resilience and mitigating climate change impacts………………………………………Full Article: Source

Future looking bright for Indigenous carbon farming project after successful bid in carbon auction

Posted on 18 November 2015 by VRS  |  Email |Print

The future for one of the Northern Territory’s longest running carbon farming projects is looking bright, after it secured funding for the next five years through the Federal Government’s Emissions Reduction Fund.
Since 2011, the Indigenous Land Corporation (ILC) has generated carbon credits from its Fish River Station through a savanna burning project, which reduces the frequency of late season wildfires. ILC’s manager of environment, carbon and heritage, Emma Pethybridge, said the Fish River project was successful in the Government’s latest Emissions Reduction Fund auction………………………………………..Full Article: Source

A COP21 disturbance in the force

Posted on 18 November 2015 by VRS  |  Email |Print

In two weeks time, 195 delegations at COP21 will gather in Paris in an attempt to tackle climate change. The goal of the 2015 UN climate change talks? A deal to keep global warming below 2 degrees Celsius. But it’s unclear exactly what will come out of Paris.
Beyond any overarching agreement or policy, attendees would do well to remember the actual people who would be working in the changing energy landscape. With the difficulties of transitioning from a high carbon to low carbon environment, plus the potential disruption of automation and robots, going green is filled with many potential landmines for the workforce………………………………………..Full Article: Source

How Popular Perceptions of Climate Change Have Changed Since the Copenhagen Talks

Posted on 17 November 2015 by VRS  |  Email |Print

The Paris talks beginning November 30 will mark the most important negotiations on climate change since the 15th gathering of the Conference of the Parties to the United Nations Framework Convention on Climate Change in Copenhagen in 2009 (COP 15). The world has changed markedly since then.
Part one of this post examined key developments in science and emission trends. Part two below takes a look at how politics and attitudes have shifted in the last six years. Parts one and two were written by Fiona Harvey and originally published on Ensia.com, a magazine that highlights international environmental solutions in action. The world has moved on politically since the Copenhagen talks………………………………………..Full Article: Source

Obama’s Clean Power Plan is a bad deal for America

Posted on 17 November 2015 by VRS  |  Email |Print

In 2009, President Obama turned his attention from his campaign victory to a carefully crafted legislative wish list, handed to him by liberal lobbyists and the radical base of the Democratic Party. Among their top priorities were extreme carbon-trading schemes and a war on fossil fuel. Despite the president’s personal popularity, his policy initiatives were met with strong opposition, forcing him to enlist the help of then Senate Majority Leader Harry Reid (D-Nev.) and then Speaker of the House Nancy Pelosi (D-Calif.).
Democrats enjoyed sizeable majorities in the House and Senate, and the president was certain he could impose European-style cap-and-tax in America. The American Clean Energy and Security Act, also known as the Waxman-Markey Bill, was the cap-and-tax legislation Obama believed would secure him international accolades and a lasting legacy………………………………………..Full Article: Source

Corporate Managers Back Carbon-Pricing Mechanisms, Survey Says

Posted on 16 November 2015 by VRS  |  Email |Print

Putting a price on carbon emissions is the fastest way to push companies to become more environmentally friendly, corporate executives say. More than eight in ten chief executives want international leaders to provide a clear roadmap and timeline on future carbon pricing mechanisms at United Nations climate negotiations in Paris next month, according to a NRG Energy Inc., and toolmaker Stanley Black & Decker, already use internal carbon pricing, an estimate of what their carbon emissions cost, to help make operating decisions, according to the Carbon Disclosure Project.
But ahead of the negotiations in Paris next month, business leaders, activists, and governments around the world are pressing international leaders to take another look at systems that put a market price on carbon emissions. Carbon pricing or market systems, they say, would give companies a financial incentive to reduce emissions………………………………………..Full Article: Source

Cap-and-trade cash grab

Posted on 16 November 2015 by VRS  |  Email |Print

Ontario’s carbon pricing scheme will deliver profits to polluters and the government, higher prices for consumers and insignificant environmental benefits. The outline released by Ontario’s Liberal government Friday of how it plans to introduce cap-and-trade carbon pricing to Ontario starting Jan. 1, 2017, is the most financially irresponsible document I have ever read in nine years of reporting on climate change and carbon pricing.
It will deliver undeserved, windfall profits to some of the province’s biggest industrial polluters and billions of dollars to government coffers, paid for by consumers through higher prices on most goods and services………………………………………..Full Article: Source

Can ‘Carbon Funds’ Help Fashion Brands Tackle Their Environmental Impact?

Posted on 12 November 2015 by VRS  |  Email |Print

Later this month, around 100 world leaders and 40,000 delegates will gather in Paris for COP21, the UN’s climate summit, with the stated aim to reach a global, binding agreement on how the 195 countries represented will tackle climate change.
Fashion remains one of the most polluting industries in the world. According to the Danish Fashion Institute, fashion is the world’s second most polluting industry, exceeded only by oil. Some companies have launched initiatives to reduce their environmental impact: Stella McCartney operates an animal product-free supply chain; Inditex has pledged to eliminate toxic chemicals from its supply chain by 2020; and H&M has launched a global clothing recycling programme………………………………………..Full Article: Source

Egypt weighs national ETS, eyes regional carbon market

Posted on 12 November 2015 by VRS  |  Email |Print

Egypt might launch a domestic emissions trading scheme that could develop into a regional carbon market, it said in its INDC submitted to the UN on Wednesday. The Arab nation did not set a specific target for future emission reductions, but floated the possibility of creating a domestic emissions market to help drive greenhouse gas cuts.
“A national market for carbon trading may be established. This national market may further be developed into a regional market, which can attracting foreign direct investment in national carbon credit transactions, especially in the Arab and African region,” the Egyptian INDC said, without specifying a potential timetable. The move is the latest sign of increased interest in carbon markets in the north African region ……………………………………….Full Article: Source

EU missed its chance on climate finance

Posted on 11 November 2015 by VRS  |  Email |Print

Finance ministers from the EU countries have adopted a position on climate finance. This is a key element in the EU strategy toward the forthcoming climate summit in Paris COP21. EU positions, or council conclusions as they formally are called, are official. It is therefore not only a mandate for negotiations, but also a message to other parties. And the message from EU is targeted poor and vulnerable countries: “We want to cooperate, you should look at us as a potential partner and ally!”
The council conclusions adopted by the finance ministers includes a range of good points and references. They stress the need for scaled up climate finance, the need for special attention and support to poor and vulnerable countries, and there is a willingness to support implementation of national climate plans in developing countries. These are important matters, answering directly to concerns raised by developing countries in the UN climate talks………………………………………..Full Article: Source

Massive $13.5trn spent on low-carbon tech would fulfil COP21 pledges

Posted on 11 November 2015 by VRS  |  Email |Print

Though a record 130 GW of new renewable capacity was installed in 2014, all eyes stay on carbon cuts in the power sector.
The US Clean Power Plan and China’s 2017 launch of carbon trading will help, however, investment of $13.5 trillion in low-carbon technologies would be needed until 2030 to put a lid on emissions growth rate at around 5% per year, the International Energy Agency’s (IEA) said when assessing policy pledges in the run-up to COP21………………………………………..Full Article: Source

China adds 9.4 million new supply of carbon credits

Posted on 10 November 2015 by VRS  |  Email |Print

China’s carbon trading regulator will supply an additional 9.4 million offset credits to its seven regional emissions markets as it tries to give industrial emitters an incentive to meet mitigation targets using credits generated by clean projects. The tradable carbon credits are issued by the National Development and Reform Commission (NDRC), China’s top regulator, to help finance clean projects like wind power plants.
Firms can buy the credits to meet 5-10 percent of their carbon mitigation obligations on any of the seven pilot exchanges, though the eligibility criteria vary, with local regulators still wary about potential oversupply. According to the NDRC’s official database, it has already issued 33 million credits, but less than 9 percent of the total was used for compliance purposes by July this year. Because the pilot exchanges had imposed restrictions on some types of credit, the majority were not eligible for trade……………………………………….Full Article: Source

COP21 Climate change Paris Conference 2015: The likely scenario

Posted on 10 November 2015 by VRS  |  Email |Print

All nations are geared for the United Nations COP21 Climate change Summit, to be held in Paris at the end of this month. If the enthusiasm and expectations characterising the feverish preparations are anything to go by, then we expect something positive to come out of the much hyped international gathering. Of course, these are only wishes and if they could add up, then, as beggars, we have no choice but to ride. This summit will lead to the invasion of skies, triggering clouds of carbon emissions, as the experts from all corners of the globe head to Paris.
As we speak, every participating nation is under some kind of tension and anxiety, especially the host nation, that has already fired its long time weatherman, Philippe Verdier, for publishing a book, accusing top climate experts of misleading the world on global warming. Whether the publication of this book was timely and meant to spoil the French climate cuisine or coincidental is immaterial. In the United States, research has it that, the American public are not worried about global warming……………………………………….Full Article: Source

China’s underestimated carbon emissions: What does it mean for climate action?

Posted on 09 November 2015 by VRS  |  Email |Print

The New York Times revealed in a Nov. 4 article that China has been burning as much as 17 percent more coal annually than previously thought, citing new Chinese government data. It was sobering news to all of us who are working to reduce China’s dependency on fossil fuels, but not necessarily a verdict on the country’s – or the world’s – prospects going forward.
It’s important to note, first of all, that China’s revised coal consumption numbers have not changed scientists’ estimates of global carbon dioxide levels in the air. Unlike national emissions data, which is based on fuel consumption statistics, global levels are measured directly. So what do we make of the news that China, the world’s largest greenhouse gas emitter, has been underestimating coal use since 2000?……………………………………….Full Article: Source

China’s underestimated carbon emissions: What does it mean for climate action?

Posted on 06 November 2015 by VRS  |  Email |Print

The New York Times revealed in a Nov. 4 article that China has been burning as much as 17 percent more coal annually than previously thought, citing new Chinese government data. It was sobering news to all of us who are working to reduce China’s dependency on fossil fuels, but not necessarily a verdict on the country’s – or the world’s – prospects going forward.
It’s important to note, first of all, that China’s revised coal consumption numbers have not changed scientists’ estimates of global carbon dioxide levels in the air. Unlike national emissions data, which is based on fuel consumption statistics, global levels are measured directly………………………………………..Full Article: Source

Fuel on the fire

Posted on 06 November 2015 by VRS  |  Email |Print

Volkswagens can be fitted with nifty kit that takes control of a car’s brakes after a smash to slow it down and help avoid subsequent collisions. If only the carmaker itself were equipped with a similar device. In September the firm admitted rigging 11m diesel vehicles worldwide to cheat tests for emissions of nitrogen oxides (NOx). American regulators now say that more vehicles are fitted with test-tricking software and, on November 3rd, VW confessed that it overstated claims about the carbon-dioxide (CO2) emissions and, thus, fuel efficiency of 800,000 cars, including, it seems, some with petrol engines.
VW is vague about its latest misdeeds, referring to “irregularities” in CO2 levels during testing. But that suggests that the cars’ software suppressed emissions in tests before reverting to a more polluting mode in normal driving conditions. Nor does VW reveal how many of the cars with CO2 problems are among the 11m that cheated the NOx tests………………………………………..Full Article: Source

Carbon price increases fail to lift German far curve

Posted on 05 November 2015 by VRS  |  Email |Print

Future carbon price increases are not factored in the German far curve as it is unclear how much carbon prices would go up while only their substantial increase could offset the bearish factors that the German market is facing, said traders and analysts.
German far curve prices have broken several lows recently, following coal market bearishness. Even contracts far out the curve have reached very low levels, with last Cal’ 2020 Baseload trades made just at €30.05-30.15/MWh, below where the Cal ’16 Baseload was trading as recently as in September………………………………………..Full Article: Source

Sustainability: Australia at the crossroads

Posted on 05 November 2015 by VRS  |  Email |Print

A modelling study argues that comprehensive policy change could limit Australia’s environmental pollution while maintaining a materials-intensive path to economic growth. But other paths are worth considering. Despite Australia’s vastness and its swathes of untouched nature, its per-capita environmental footprint is one of the biggest worldwide.
Because it is a major exporter of agricultural products, coal and other emissions-intensive commodities, there is great concern that binding climate agreements could harm the country’s economy. In 2014, under then prime minister Tony Abbott, the current conservative government replaced a carbon-tax policy with inefficient mitigation subsidies……………………………………….Full Article: Source

So your company supports carbon pricing. Now what?

Posted on 04 November 2015 by VRS  |  Email |Print

As countries prepare to meet in Paris on a global climate agreement increasing numbers of businesses and governments are calling for a price on carbon. Why are we seeing this growing support? And what can business do to move from simple calls for carbon pricing to helping put in place effective carbon pricing policies that transition economies toward environmentally and economically sustainable growth?
Carbon pricing: From improbable to inevitable: Dial back the climate policy clock 18 months to April 2014, five months before U.N. Secretary-General Ban Ki-Moon invited businesses, non-profit organizations, cities and many others outside of the climate change negotiations to catalyze action by coming to a Climate Summit in New York………………………………………..Full Article: Source

Climate change: Robust EU engagement at Paris crucial

Posted on 04 November 2015 by VRS  |  Email |Print

India recently announced plans to combat climate change, while the US and China also stepped up co-operation. Where does this leave the EU, long-standing champion of climate action? The EU’s reputation has taken a battering. From the euro zone crisis to the halting response to the inflow of refugees, the EU’s claim to be a beacon for the rest of the world rings hollow.
Next month’s UN climate change summit in Paris offers an opportunity to reaffirm its international standing. At the last climate summit – Copenhagen in 2009 – European leaders were marginalised while the US, China, India, and others carved out a minimalist deal. This time the EU’s preparations have been more robust, and it has the potential to play a much more significant role……………………………………….Full Article: Source

Calls have been made for Europe’s Emissions Trading System (ETS) to be scrapped

Posted on 03 November 2015 by VRS  |  Email |Print

Calls have been made for Europe’s Emissions Trading System (ETS), which is meant to be central to EU efforts to cut carbon emissions, to be scrapped. The ETS is the world’s largest emissions trading scheme, covering factories and power plants across the EU who have to buy permits in order to pollute.
But it has been marred by a series of scandals about fraudulent use of carbon credits. Prosecutors in Italy have also said that terrorist organisations could be making money from the much-criticised scheme………………………………………..Full Article: Source

China Backs Climate Review Every Five Years for UN Paris Talks

Posted on 03 November 2015 by VRS  |  Email |Print

France and China said they’re working toward a deal on global warming that would involve all nations revising their targets for slashing pollution every five years, part of an effort to reach an ambitious climate accord in Paris next month.
French President Francois Hollande, who is hosting the next United Nations round of climate talks in December, signed an agreement with his counterpart Xi Jinping of China after a meeting in Beijing on Monday. Hollande said the 21-point deal “lays the conditions for a success” in Paris………………………………………..Full Article: Source

Governments to Raise $22 Billion From Carbon Pricing

Posted on 02 November 2015 by VRS  |  Email |Print

Governments around the world will this year raise around $22 billion from schemes putting a price on carbon dioxide (CO2) emissions such as taxes or emissions trading systems, a report on Wednesday showed. The role of carbon pricing, in efforts to curb rising emissions blamed for global warming, has gained prominence this year after several multinational companies including oil majors said such a price is needed to spur investment in low-carbon energy.
The figure is up 46 percent from an estimated $15 billion raised in 2014, the report by industry group the Climate Markets and Investment Association (CMIA) showed. “Revenues from carbon pricing appear likely to continue to increase around the world, and continuing debate will be needed about how these funds should best be used in future,” it said………………………………………..Full Article: Source

Carbon pricing is an opportunity, but revenue has to return to the provinces

Posted on 02 November 2015 by VRS  |  Email |Print

Prime-minister-designate Justin Trudeau and his team could be forgiven for wanting a break after the long federal election campaign, but that is a luxury they will not have. Within 40 days, the new prime minister and the premiers will face the challenge of presenting Canada’s action plan on climate change at the COP 21 United Nations conference on climate change in Paris.
Furthermore, the Liberal platform calls for a federal-provincial meeting within 90 days to develop a new climate framework and emissions targets – an ambitious agenda, to say the least. Under the outgoing Conservative government, Canada was on track to miss its Copenhagen climate targets of 17-per-cent reduction below 2005 levels by 2020, just as the previous Liberal governments failed to meet our Kyoto targets………………………………………..Full Article: Source

China’s yuan joining IMF currency basket likely to increase nation’s economic impact in Asia

Posted on 30 October 2015 by VRS  |  Email |Print

If China’s yuan joins the International Monetary Fund’s benchmark currency basket, changes in its economy will probably be felt more deeply in Asian financial markets, a senior IMF official said. Changyong Rhee, director of the IMF’s Asia and Pacific Department, said estimated spillovers from China to other regional economies were already larger than expected and this could be exacerbated if the yuan, also known as the renminbi, joins the Special Drawing Rights basket.
The IMF’s executive board is due to decide in November on Beijing’s bid for the yuan to have equal billing with the dollar, euro, yen and pound sterling, and Rhee stressed he did not want to pre-judge that decision………………………………………..Full Article: Source

China to raise penalties in new carbon market rules

Posted on 30 October 2015 by VRS  |  Email |Print

China, the world’s biggest source of heat-trapping greenhouse gases, will impose tougher penalties on firms that fail to comply with emission targets, according to draft market regulations seen by Reuters on Thursday.
The draft rules, which have been circulated among market players, will be submitted to lawmakers next year for final approval. If passed, they will raise the cost of noncompliance and give emitters bigger incentives to cut their emissions and improve their reporting standards………………………………………..Full Article: Source

Prince Charles pushes for a carbon price before his visit to Australia

Posted on 30 October 2015 by VRS  |  Email |Print

Prince Charles has said putting a price on carbon is a vital part of addressing climate change, setting him on a potential collision course with his hosts during his November visit to Australia. Last year Australia became the first developed nation to repeal a carbon price scheme.
The Prince of Wales, for decades a campaigner for conservation and ecological causes, has emerged as a keen mediator on climate change in the lead-up to December’s COP21 in Paris – the United Nations summit intended to draw up a new global climate change action plan. On Thursday in London he convened a high-level meeting on deforestation and climate change at Lancaster House, next door to the prince’s home and office, Clarence House………………………………………..Full Article: Source

Governments to raise $22 billion from carbon pricing in 2015: report

Posted on 29 October 2015 by VRS  |  Email |Print

Governments around the world will this year raise around $22 billion from schemes putting a price on carbon dioxide (CO2) emissions such as taxes or emissions trading systems, a report on Wednesday showed. The role of carbon pricing, in efforts to curb rising emissions blamed for global warming, has gained prominence this year after several multinational companies including oil majors said such a price is needed to spur investment in low-carbon energy.
The figure is up 46 percent from an estimated $15 billion raised in 2014, the report by industry group the Climate Markets and Investment Association (CMIA) showed. “Revenues from carbon pricing appear likely to continue to increase around the world, and continuing debate will be needed about how these funds should best be used in future,” it said………………………………………..Full Article: Source

Brazil Deals Blow to Schwarzenegger-Championed Carbon Trade

Posted on 29 October 2015 by VRS  |  Email |Print

Brazil damped hopes that an international carbon trade supported by Arnold Schwarzenegger five years ago will go ahead as South America’s biggest economy has no intention of exporting credits.
Securities generated by protecting the Amazon rain forest will be needed by Brazil to meet its own emission-reduction targets and won’t be sold to another country or state, Carlos Klink, secretary of the climate change unit at the nation’s environment ministry, said Wednesday in an interview in London. California is considering importing credits from Brazil’s Acre state to comply with environmental rules at home, its Air Resources Board said Oct. 19 in a document………………………………………..Full Article: Source

Climate change deal will not include global carbon price: UN climate chief

Posted on 29 October 2015 by VRS  |  Email |Print

A climate change deal to be agreed in Paris in December will not be able to come up with a global carbon price, the United Nations’ climate chief, Christiana Figueres, said on Tuesday. Big multinational companies and investors, and most recently oil majors, have called for a global carbon price to help spur investments in low-carbon energy.
A global carbon price would help to create an incentive for operators of power plants and factories to switch to cleaner fuels such as gas or to buy more energy-efficient equipment………………………………………..Full Article: Source

El Nino unlikely to have significant impact on commodity markets

Posted on 28 October 2015 by VRS  |  Email |Print

The current El Nino weather event is unlikely to cause spikes in grain prices, the World Bank has claimed. El Nino, a phase of warm weather which can occur in parts of the Southern Hemisphere, has the potential to disrupt agricultural production and affect global supplies.
But despite claims the current El Nino episode could be one of the strongest on record, a World Bank report published in recent days has stated this is unlikely to cause gains in global arable prices. The report stated: “The current El Niño episode is unlikely to cause a spike in global agricultural prices given ample supply of major agricultural commodities, weak links between global and domestic prices, and limited impact of past episodes………………………………………..Full Article: Source

Battle lines forming as EU holds first debate on ETS reform

Posted on 28 October 2015 by VRS  |  Email |Print

France, the UK, the Czech Republic and Slovakia are backing a more targeted approach for heavy industries, at risk of closing down or relocating abroad, due to increased pressure to reduce global warming emissions.
EU Environment Ministers are met in Luxembourg on Monday to hold their first policy debate on the review of the EU emissions trading system (EU ETS) since the European Commission tabled its proposal on 15 July. The ETS is the world’s biggest scheme for trading emissions allowances. It puts a price on CO2 emissions in an effort to guide investments into low-carbon technologies………………………………………..Full Article: Source

Paris climate deal will not include global carbon price, says UN climate chief

Posted on 28 October 2015 by VRS  |  Email |Print

A climate change deal to be agreed in Paris in December will not be able to come up with a global carbon price, the United Nations’ climate chief, Christiana Figueres, said on Tuesday. Big multinational companies and investors, and most recently oil majors, have called for a global carbon price to help spur investments in low-carbon energy.
A global carbon price would help to create an incentive for operators of power plants and factories to switch to cleaner fuels such as gas or to buy more energy-efficient equipment………………………………………..Full Article: Source

Big firms say EU carbon reforms do not go far enough

Posted on 27 October 2015 by VRS  |  Email |Print

Proposed reforms to the EU carbon market do not go far enough and need to be supplemented by a phase-out of fossil fuel subsidies, a group of major companies said in an open letter to European Union environment ministers meeting on Monday.
The European Commission in July outlined its plans to bolster the Emissions Trading System (ETS), on which permits to pollute trade at around 8.5 euros per ton, seen as too little to drive a shift to lower carbon energy. Environment ministers of the 28 EU states debated the proposals on Monday in Luxembourg, in one of the early steps towards turning the plans into law……………………………………….Full Article: Source

World Bank-IMF Pushes “Carbon Pricing” Global Tax-&-Spend Scheme

Posted on 27 October 2015 by VRS  |  Email |Print

Carbon budget. Carbon regime. Carbon pricing. Carbon trading. These are code words for the colossal UN grab for money and power at the upcoming global Climate Summit in December in Paris. With the United Nations’ world summit on global warming now only weeks away, the propaganda war is ratcheting up — at a furious pace.
One of the latest salvos aimed at convincing the peoples and national governments of the world to empower the UN with vast new tax and regulatory powers is an op-ed co-authored by World Bank President Jim Yong Kim and International Monetary Fund Managing Director Christine Lagarde for Project Syndicate (founded and funded by George Soros)………………………………………..Full Article: Source

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