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EU Lawmaker Proposes Changes to Free Carbon Permits Allocation

Posted on 15 April 2016 by VRS  |  Email |Print

The European Union should change its rules on handing out permits to emit carbon dioxide after 2020 to better protect businesses at risk of relocating to regions without pollution curbs, according to a proposal by European Parliament member Fredrick Federley.
Federley, the lead lawmaker on EU carbon-market reform in the Parliament’s industry committee, seeks to modify a draft law by the European Commission through introducing varying levels of free permit allocation to companies………………………………………..Full Article: Source

EU Market: EUAs dip to take breather after fortnight of stellar gains

Posted on 14 April 2016 by VRS  |  Email |Print

European carbon took a breather on Wednesday following two weeks of gains that saw prices rise by as much as 18% to hit a 10-week high of €5.67 on Tuesday. Front-year EU Allowance futures trading on ICE settled down 5 cents at €5.54 on light volume of 8.7 million units.
The benchmark contract touched its intraday high of €5.63 in the opening minutes, but slid down to the session low of €5.46 just after 0700 GMT. The Dec-16s climbed back to then drift around the €5.50-5.55 level for most of the rest of the day………………………………………..Full Article: Source

Green bandwagon is back on the road

Posted on 14 April 2016 by VRS  |  Email |Print

The ancient Chinese philosopher Laozi once said a journey of a thousand miles begins with a single step. Which is true enough, but it helps if the step is in the right direction. Backers of a renewable energy boom were forced into a U-turn as recently as 2009, when state subsidies were slashed, the credit crisis ended access to easy finance, and cut-throat competition arrived from China.
Energy ventures fell in value by two thirds. Several went bust. Established energy companies reduced their involvement. Europe’s carbon trading market suffered. But a view is rapidly developing that clean energy is set to enjoy a renaissance, with the United Nations providing impetus from an agenda for sustainable development, approved by its general assembly in October, followed by a political deal on action to combat climate change in Paris………………………………………..Full Article: Source

We must close the loopholes in Britain’s carbon budget

Posted on 13 April 2016 by VRS  |  Email |Print

This is our opportunity to fix the accounting rules and keep national emissions within UK carbon budgets. Last month the government made a landmark decision to reduce the UK’s greenhouse gas emissions to zero sometime this century. This makes Britain the first country to commit to one of the key pledges in the Paris climate agreement reached last December.
This decision was prompted by a tireless, non-partisan campaign led by former Labour leader Ed Miliband, the UK’s first ever secretary of state for energy and climate change. Securing this commitment is an important new climate milestone for Miliband, who played a key role in establishing the UK Climate Change Act when he was in government………………………………………..Full Article: Source

EU ETS in need of ‘ambitious’ revamp, MEPs warn

Posted on 12 April 2016 by VRS  |  Email |Print

The European Union (EU) has been urged to revamp its Emission Trading System (ETS) to allow for free allowances to be given to the industries that need them most, even though it was revealed that struggling Tata Steel has received £700m from the ETS since 2008.
The EU’s Assembly of Regional and Local Representatives (CORs), has today (11 April) released a skeleton report outlining the recommended changes that should be made to the ETS in order to create “a more ambitious and forward-looking approach”………………………………………..Full Article: Source

Climate change plan: thinktank suggests policy both sides of politics can embrace

Posted on 12 April 2016 by VRS  |  Email |Print

The Grattan Institute has proposed adapting the Coalition’s Direct Action into a bipartisan policy that effectively cuts emissions. A climate change policy that could be both effective, and potentially supported by both major parties, has been proposed by the Grattan Institute in a new report that tries to find a pragmatic solution to the decade of toxic political debates on the issue.
Media reports have emerged suggesting Labor would adopt a policy of opening an inquiry into Australia’s energy industry, and shutting down the oldest and dirtiest power stations to lower emissions and create more demand for renewable energy………………………………………..Full Article: Source

Here’s a way to make carbon markets work better

Posted on 11 April 2016 by VRS  |  Email |Print

Carbon markets could play a crucial role in delivering promises made at the Paris climate conference. The idea behind carbon markets is simple. A government issues a limited number of permits, which companies can then trade in return for the right to emit a certain amount of the pollutant.
As companies scramble to obtain these permits in the carbon market, the price adjusts. High demand for permits will drive up price, and vice versa. Carbon is measured by the tonne emitted and, crucially, all companies within a particular country face the same price………………………………………..Full Article: Source

Israel to cut carbon emissions

Posted on 11 April 2016 by VRS  |  Email |Print

Israel’s cabinet has unanimously approved a plan for reducing greenhouse gases and increasing energy efficiency to benefit the economy. Government officials expect the cumulative benefit to Israel’s economy would reach more than 30 billion shekels ($A10.5 billion), the finance, energy, environment and economy ministries said in a statement.
“We intend to continue to invest in resources as needed to further reduce air pollution and greenhouse gas emissions,” Finance Minister Moshe Kahlon said………………………………………..Full Article: Source

European diplomats criticise UN plan to curb airline emissions

Posted on 08 April 2016 by VRS  |  Email |Print

ICAO blueprint criticised for having too many exemptions to be credible, too little detail to be trustworthy and for contradicting Paris climate deal. A draft UN plan to offset the air industry’s surging growth in emissions contains too many exemptions to be credible and too little detail to be trustworthy, European diplomats say.
Aviation is one of only two sectors not covered by the Paris climate agreement and many diplomats are optimistic that the UN International Civil Aviation Organisation (ICAO) blueprint can be whittled into shape before a Montreal conference this September………………………………………..Full Article: Source

EU referendum: UK risks losing energy and climate policy influence

Posted on 08 April 2016 by VRS  |  Email |Print

As controversial government leaflet warns Brexit could undermine UK efforts to tackle climate change, leading think tanks highlight damage a vote to leave may do to green businesses. As the row over the potential implications of for both the environment and the economy continues to rumble on, the government and two leading think tanks have this week warned Brexit could undermine UK energy and climate policy, hampering investment and green business prospects in the process.
The government today sparked the latest angry exchanges with the Leave campaign with the news it is to spend £9m sending a leaflet to all 27 million households in the UK setting out the case for remaining in the EU………………………………………..Full Article: Source

Carbon Recovers as Germany Open to Talks on Stronger EU Market

Posted on 07 April 2016 by VRS  |  Email |Print

European Union carbon-dioxide prices rebounded as the German environment ministry said it is willing to consider measures that would strengthen the European Union’s emissions trading system.
Prices in the world’s biggest cap-and-trade carbon program rose as much as 2.1 percent to 5.35 euros a metric ton, the highest level in six weeks. They are still 34 percent down this year amid a persistent oversupply of permits to pollute. The market failed to draw support from the global climate deal reached in Paris and and EU agreement to introduce in 2019 the Market Stability Reserve, a tool which will help limit the glut of allowances………………………………………..Full Article: Source

Carbon Market Signals Utilities Slower to Lock Down Profit

Posted on 07 April 2016 by VRS  |  Email |Print

For the latest sign of how solar and wind is crowding out fossil-fuel generation at Europe’s utilities, take a look at the region’s carbon market. Aggregate open interest, a measure of open trading positions, dropped a record 36 percent as of March 31 from when the annual benchmark contract expired on Dec. 14, according to data from the ICE Futures Europe exchange.
Since utilities typically sell power in advance and buy carbon allowances at the same time, the decline may indicate slowing sales as renewable electricity typically has priority access to grids………………………………………..Full Article: Source

Thailand aiming to lead the region in reduction of greenhouse gases

Posted on 06 April 2016 by VRS  |  Email |Print

Thai officials have hailed the World Bank for a US$3-million (Bt105-million) grant to help the country join the bank’s Partnership for Market Readiness (PMR), and said Thailand wants to lead the region in reducing greenhouse gases.
Prasertsuk Chamornman, executive director of the Thailand Greenhouse Gas Management Organisation (TGO), said yesterday that it took years to complete the proposals with input from all stakeholders. “Thailand’s proposals are among the best from developing countries. By value, the grant is nothing. But it confirms international recognition that we can take a leading role in the region in several aspects to reduce greenhouse gases and combat climate change,” she said………………………………………..Full Article: Source

Lead EU carbon policymaker calls for end to UK price floor to help steel

Posted on 06 April 2016 by VRS  |  Email |Print

Britain should abolish its carbon floor price to help the hard-hit steel industry, the lawmaker shepherding a reform of the EU Emissions Trading System (ETS) through parliament said on Tuesday.
With the British government looking for ways to save jobs threatened by the sale of Indian firm Tata Steel’s British plants, Scottish Conservative Ian Duncan said repealing the carbon floor was one of the few tools available to it. “The carbon floor price must go,” Duncan said, adding he would write to British Business Secretary Sajid Javid calling for an end to the policy in place since 2013………………………………………..Full Article: Source

What you don’t know about carbon pricing

Posted on 05 April 2016 by VRS  |  Email |Print

We’ve been looking through the Ontario government’s promotion of its looming cap-and-trade carbon pricing scheme starting next year and here are some of the things Premier Kathleen Wynne’s Liberals aren’t telling you.
While the government says it will reward innovative companies that reduce greenhouse gas emissions linked to climate change, what it doesn’t say is that it will do so with your money, due to higher prices for virtually all goods and services, plus the rewarding of free money to industry in the form of free carbon credits………………………………………..Full Article: Source

China’s Plan to Launch Greenhouse Gas Cap and Trade System in 2017 Can Open Up Billion Dollar Market for Cemtrex (CETX)

Posted on 05 April 2016 by VRS  |  Email |Print

Cemtrex Inc., a world leading industrial and manufacturing solutions company, announced today that it sees the Chinese government’s recent efforts to implement a cap and trade program to reduce greenhouse gases as having the potential to open a huge new market based on the Company’s existing VAMOX methane reduction technology. China’s plan is to launch a national emission trading system in 2017, covering key industries including power generation, iron and steel, chemicals, building materials, paper-making, and nonferrous metals.
Recently, China made commitments to fund over $3 billion for climate change initiatives which is an important departure from their previous “unproductive” position where they demanded that funds should flow from developed to developing nations for world climate control. This move has implications for U.S. domestic climate legislation as Beijing’s cap and trade announcement directly undermines U.S. policymakers who have historically argued that China’s participation in climate mitigation policy is a prerequisite for U.S. action in this arena. (Press Release)

Carbon stamp is not the only answer

Posted on 04 April 2016 by VRS  |  Email |Print

Over the last 10 years, “climate change” has become almost synonymous with “carbon emissions”. The reduction of greenhouse gases in the atmosphere, measured in tonnes of “carbon equivalents” (CO2e) has emerged as the paramount objective in the quest to preserve the planet. But such a simplistic approach cannot possibly resolve the highly complex and interconnected ecological crises that we currently face.
Global environmental policy’s single-minded focus on “carbon metrics” reflects a broader obsession with measurement and accounting. The world runs on abstractions — calories, miles, pounds, and now tonnes of CO2e — that are seemingly objective and reliable, especially when embedded in “expert” (often economic) language……………………………………….Full Article: Source

CO2 Emission Growth slowed in recent years

Posted on 04 April 2016 by VRS  |  Email |Print

The growth of global CO2 Emission has been slowed in recent years of rising rapidly, a new study points out just days before Paris climate summits. After a decade of rapid growth in global CO2 emissions, which increased at an average annual rate of 4 percent, much smaller increases were registered in 2012 (0.8 percent), 2013 (1.5 percent) and 2014 (0.5 percent).
In 2014, when the emissions growth was almost at a standstill, the world’s economy continued to grow by 3 percent. The trend over the last three years thus sends an encouraging signal on the decoupling of CO2 emissions from global economic growth………………………………………..Full Article: Source

EU Carbon Plan Emissions Fall as Mild Winter Cuts Power Use

Posted on 04 April 2016 by VRS  |  Email |Print

Pollution by companies in the European Union’s emissions cap-and-trade program, the world’s largest, fell by 0.8 percent last year as warmer-than-average weather reduced demand for electricity.
Preliminary EU data implies pollution in the bloc’s emissions trading system fell to 1.796 billion metric tons, the lowest since the market started in 2005, according to Bloomberg New Energy Finance. The estimate excludes airlines, which together with more than 11,000 installations owned by utilities and manufacturers are also a part of the EU ETS, Europe’s flagship policy tool to reduce greenhouse gases blamed for climate change………………………………………..Full Article: Source

The Brave New World of Carbon Pricing

Posted on 01 April 2016 by VRS  |  Email |Print

Worldwide, carbon pricing has become a cornerstone policy tool for tackling climate change. Regions pricing carbon have grown exponentially since 2009—with the majority of this “bottom-up” growth taking the form of greenhouse gas cap-and-trade programs.
According to the International Carbon Action Partnership’s Status Report 2016, 40 percent of global GDP is covered by an emissions trading system (ETS)—a figure projected to increase to 49 percent in 2017. By this time next year, some 16 percent of global emissions will be covered by ETS, up from only 4 percent in 2004………………………………………..Full Article: Source

EU-regulated 2015 CO2 emissions expected to show little change on year Apr 1

Posted on 01 April 2016 by VRS  |  Email |Print

Analysts’ forecasts for regulated carbon dioxide emissions under the EU Emissions Trading System in 2015 show a mixed picture ahead of data due for release Friday, with a rough consensus pointing to a modest increase or decrease from 2014 levels.
That compares with a significant 4.6% drop in regulated CO2 emissions in 2014 from the previous year. The EC’s annual data due Friday represent the most authoritative figures showing CO2 emissions across the 31-nation system, revealing underlying demand for carbon allowances from more than 11,000 installations across Europe………………………………………..Full Article: Source

New climate campaign moves full steam ahead

Posted on 31 March 2016 by VRS  |  Email |Print

Home to the second largest coal facility in the country, Montana makes for an interesting case study in dealing with Obama’s climate rules. It’s one of 27 states challenging the Clean Power Plan and one of 20 that has halted compliance work following the Supreme Court’s stay of the rule.
Today we’ll hear what’s next for the state and its coal industry, as Attorney General Tim Fox, Cloud Peak CEO Colin Marshall, and Montana Public Service Commission Vice Chairman Travis Kavulla gather in Billings for an energy conference hosted by Senate coal champion Steve Daines………………………………………..Full Article: Source

Beyond Carbon Metrics

Posted on 30 March 2016 by VRS  |  Email |Print

Over the last ten years, “climate change” has become almost synonymous with “carbon emissions.” The reduction of greenhouse gases in the atmosphere, measured in tons of “carbon equivalents” (CO2e) has emerged as the paramount objective in the quest to preserve the planet.
But such a simplistic approach cannot possibly resolve the highly complex and interconnected ecological crises that we currently face. Global environmental policy’s single-minded focus on “carbon metrics” reflects a broader obsession with measurement and accounting………………………………………..Full Article: Source

Is a global aviation emissions deal quietly being prepped for takeoff?

Posted on 30 March 2016 by VRS  |  Email |Print

Could September see the delivery of the second historic international climate change deal in less than 12 months? That is the hope shared by a growing band of businesses and NGOs who are increasingly optimistic the Paris Agreement could be followed later this year by a long-awaited deal to tackle aviation emissions.
The U.N.-backed International Civil Aviation Organization (ICAO) is to meet in September to discuss a series of proposals for tackling emissions from the global industry, including a recently published Draft Resolution for a Market-Based Measure which could usher in a global carbon market for aviation………………………………………..Full Article: Source

China takes up challenge to improve environment

Posted on 29 March 2016 by VRS  |  Email |Print

Recently, as a friend and I were discussing our passion for travelling, I invited her to visit me in Shanghai. To my surprise, her answer wasn’t an immediate yes, but a hesitant nod accompanied by questions: Isn’t air pollution really severe there, though? Do I have to wear a face mask every day?
While there seems to be a general consensus about the environmental crisis in China, highlighted by media attention on periodic “airpocalypses” in Beijing, little is known about the efforts that China has put into saving its environment from rampant degradation. When government policies and private sector efforts add up, the result is an amazing combination of economic growth, better environment and improved standards of living………………………………………..Full Article: Source

The Strange Case of Australia’s Flip-Flopping on Climate Change

Posted on 24 March 2016 by VRS  |  Email |Print

In another zig-zag on Australia’s climate and energy policy, Australian Prime Minister Malcolm Turnbull said he will establish a $760 million clean-energy innovation fund to invest in emerging technologies. Known as the Clean Energy Innovation Fund, the new program is a 180-degree pivot from the policies of Turnbull’s predecessor, Tony Abbott, who strongly supported Australia’s coal industry and derided efforts to set up a carbon-trading system.
Among developed economies, Australia is one of the most vulnerable to climate change, with the Great Barrier Reef suffering serious degradation, and wildfires that decimate the countryside………………………………………..Full Article: Source

China likely to allow banking of pilot CO2 permits, reduce free allocation

Posted on 24 March 2016 by VRS  |  Email |Print

China is likely to let allowances from the pilot carbon markets be banked to the national emissions trading system, but at the expense of reduced allocation levels, the market’s lead architect said Wednesday.
Chinese carbon traders are awaiting clarity on the fate of millions of surplus allowances from the seven regional pilots when the national ETS launches next year. Ruling the units ineligible would likely see pilot prices drop to near zero for the next 15 months………………………………………..Full Article: Source

How close are we to a global market for aircraft emissions?

Posted on 23 March 2016 by VRS  |  Email |Print

More than 50,000 new large aircraft are expected to take to the skies by 2040 as demand for international aviation skyrockets in emerging markets and beyond. As a result, emissions from the industry are forecasted to triple or quadruple over the next couple of decades – and none of this pollution is covered by the Paris climate agreement.
While important efforts are underway to boost the efficiency of airplanes and to find more environmentally friendly fuels, they won’t be nearly enough to meet our climate goals. We need a policy proven to drive down emissions: A cap on total emissions from aviation, coupled with a market-based trading system that offers airlines incentives for flying cleaner………………………………………..Full Article: Source

Climate Change Is Destroying The Planet, And SAARC Nations Don’t Give A Damn

Posted on 23 March 2016 by VRS  |  Email |Print

South Asian Association for Regional Cooperation (SAARC) nations, Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Sri Lanka, Pakistan, can make a joint effort, plans and strategies to address climate change in South Asia, pre and post Conference of the Parties (COP) under the United Nations Framework Convention on Climate Change (UNFCCC) conference.
In COP 21, India was one of the BASIC (Brazil, South Asia, India, and China) group. Bhutan is an ambitious country in the climate agreement, Maldives and Bangladesh are among voices of climate change, and Nepal’s National Adaptation Plan is recognised and extolled by the international community. With their respective positions and plans, SAARC nations can play a major role in containing climate change. But the SAARC nations are divided on this cause………………………………………..Full Article: Source

BP strikes deal for China’s biggest carbon permit buyback contract

Posted on 22 March 2016 by VRS  |  Email |Print

Energy giant BP has struck a deal with a local power company in China for the largest carbon permit buyback contract in the short history of the country’s nascent carbon market.
Under the contract, worth 100 million yuan (11 million pounds), Shenzhen Energy, must by June repurchase 4 million permits that it sold to the British oil conglomerate on Saturday, according to the China Emission Exchange in Shenzhen, one of the country’s seven pilot carbon bourses………………………………………..Full Article: Source

IHS acquires Markit, carbon registry in $13 billion deal

Posted on 22 March 2016 by VRS  |  Email |Print

UK-based financial information company Markit and its voluntary carbon trading registry have been bought by US-headquartered information and analysis firm IHS in a $13 billion deal. IHS shareholders will own around 57% of the combined company following the close of the all-stock deal, the two firms announced on Monday.
The Markit Environmental Registry manages carbon, water and biodiversity credits from 24 different types of environmental standards and programmes. According to its website, the online marketplace currently lists more than 150 million environmental assets………………………………………..Full Article: Source

France pushes for additional reforms to EU emissions trading system, report says

Posted on 21 March 2016 by VRS  |  Email |Print

Amid renewed concerns of falling carbon prices, a French “non-paper” has reportedly been circulated calling for changes to the “Market Stability Reserve” established under the EU’s Emissions Trading System (ETS). The non-paper, obtained by the Carbon Pulse media outlet, is an informal proposal that is said to be under discussion among other member states and other key players.
The EU ETS allows members of the 28-nation bloc, along with Norway, Iceland, and Liechtenstein, to trade carbon emissions, then auction off extra, unused emissions through an “allowance” system. The scheme has been in place since 2005………………………………………..Full Article: Source

Lessons for Ontario from California’s cap-and-trade experience

Posted on 21 March 2016 by VRS  |  Email |Print

Recently Canada and the United States forged a new agreement on controlling methane, building on existing efforts by the two nations’ states and provinces. Last month, for example, Ontario introduced climate change legislation and draft rules for a cap-and-trade program. These are smart steps that provide the foundation for an effective approach to address climate change and foster continued, clean economic growth throughout the province.
In California, we’ve been effectively operating the world’s most comprehensive cap-and-trade program for a number of years. And despite initial fears from some, the sky has not fallen. Rather, our story has been one of success………………………………………..Full Article: Source

Lord Deben: Brexit poses a ‘huge threat’ to Paris Agreement

Posted on 21 March 2016 by VRS  |  Email |Print

A British decision to leave the European Union represents a major threat to the success of the Paris Agreement in Europe, according to the Chair of the Committee on Climate Change (CCC) Lord Deben. Speaking at an event in London late last week hosted by the think tank IPPR, Lord Deben warned ‘Brexit’ would be a major setback to climate action, hampering both Britain and the European Union’s ability to decarbonise.
“I’m quite clear that if Britain left the European Union it would put this back, as far as us and the rest of the European Union, very, very considerably,” he said of efforts to slash emissions across the bloc. “Brexit is a real threat to Paris, and we have to accept that because we cannot allow ourselves to go backwards in the mechanisms which we have created for working together.”……………………………………….Full Article: Source

Al Gore urges world leaders to sign Paris climate deal

Posted on 18 March 2016 by VRS  |  Email |Print

‘While the deal is not enough by itself, it is a major step forward,’ says former US vice president and climate campaigner during visit to Philippines. World leaders must show their commitment to tackling global warming by signing the Paris climate agreement at a ceremony in April at the United Nations, climate change activist and former US vice president Al Gore said.
Gore said there was a “tremendous push” for heads of government to formally ink the accord, to keep up momentum for the deal struck by nearly 200 countries in December and to avert the worst impacts of climate change on vulnerable nations………………………………………..Full Article: Source

Emissions trading: Seeing through the smoke

Posted on 18 March 2016 by VRS  |  Email |Print

Climate Change Minister Paula Bennett announced yesterday that the palm-greasing two-for-one deal would finally be excised from the ETS. Under the provision, ostensibly drafted in to cosset industry from the shock of having to pay for its climate pollution, domestic emitters only had to surrender carbon units for every second tonne of emissions they produced.
The two-for-one was one of those instruments only a National government could dream up. Not only did it release business from half of its liability, it passed the rest of that liability to the public to pay - another example of a business subsidy by stealth. Worse, it effectively halved the price of carbon, undermining the entire object of the scheme………………………………………..Full Article: Source

Budget 2016: Green Announcements At-a-glance

Posted on 17 March 2016 by VRS  |  Email |Print

Although one would be hard pushed to describe today’s budget as a ‘green’ one, Chancellor George Osborne made plenty of announcements that will affect - directly and indirectly - the fortunes of the UK’s green businesses.
Key announcements include the scrapping of the Carbon Reduction Commitment (CRC) and a corresponding rise in the Climate Change Levy (CCL), new tax breaks for oil and gas industries, more money for flood defences and more support for energy storage research………………………………………..Full Article: Source

Cheap emissions deal to be scrapped

Posted on 16 March 2016 by VRS  |  Email |Print

Greenhouse gas emitters are about to lose a 50 percent subsidy. A special 50 percent reduction on climate change obligations for New Zealand citizens and companies will be scrapped.
This has been hinted at for some time but Climate Change Minster Paula Bennett confirmed it in an address to the energy sector in Wellington this morning. The so-called one-for-two scheme was introduced in the depth of the Global Financial Crisis to minimise the economic impact of fighting climate change………………………………………..Full Article: Source

Matter of “when not if” carbon subsidies were dumped

Posted on 16 March 2016 by VRS  |  Email |Print

Big buisnesses emitting carbon will lose their right under the emissions trading scheme to offset only half of their emissions, Climate Change Minister Paula Bennett says. It was a matter of “when not if” the so-called ‘two-for-one” concession is removed, she says, leaving open the impression that the $25 a tonne upper limit “cap” on carbon prices may also be removed or placed at a higher level.
“It was always a temporary measure,” Ms Bennett says of the two-for-one measure. “It is abundantly clear that if the ETS is going to work, carbon must cost more than it does right now.”……………………………………….Full Article: Source

EU Industry Got $27 Billion Cap-and-Trade Windfall, Study Says

Posted on 15 March 2016 by VRS  |  Email |Print

European Union industry landed a 24-billion-euro ($26.7 billion) windfall from an emissions cap-and-trade program that was intended to moderate emissions by putting a price on pollution, according to an environmental consultancy.
Companies in the cement, petrochemical and steel industries gained most from the emissions trading system, or ETS, from 2008 to 2014, according to a study by CE Delft which was commissioned by Carbon Market Watch, an environmental lobby. European industry received too many tradeable allowances from EU governments for free, according to the Delft, Netherlands-based consultancy………………………………………..Full Article: Source

EU Market: Carbon eases despite lower supply on horizon

Posted on 15 March 2016 by VRS  |  Email |Print

European carbon prices drifted lower on Monday despite the market entering a period of lower auction volumes, as EUAs continued to seek direction from factors beyond crude oil prices. The front-year futures on ICE settled down 12 cents at €4.88 on light volume of 7.8 million units, finishing at their lowest level since Feb. 24.
The Dec-16 price has been locked in a relatively narrow trading range of €4.77-5.23 since the end of February, after crashing by 40% in the first two months of the year. “There is only so long the market will trade sideways. Eventually it will break one way or the other,” said Redshaw Advisors in a weekly note………………………………………..Full Article: Source

Will climate sceptics’ dreams come true post-Brexit?

Posted on 14 March 2016 by VRS  |  Email |Print

If there are any undecided environmentalists out there, the referendum debate is badly letting them down. What will happen to the green economy in the event of a vote for Brexit? That is the €671bn question. The only honest answer is ‘we don’t know’. And, yes, yes, I appreciate we don’t know what will happen in the event of the UK voting to remain in Europe either.
But anyone suggesting the continuation of the imperfect status quo is as laden down with uncertainty as the alternative leap into an ill-defined future as a sort of wind-swept, North Atlantic Singapore is not someone you want on your team in a game of Risk………………………………………..Full Article: Source

Global warming coming faster, hotter

Posted on 14 March 2016 by VRS  |  Email |Print

Dangerous runaway warming could be much closer than we think. According to new research, the world’s carbon budget is smaller and global emissions will rise more steeply than previously believed.
In order to avoid dangerous climate “trigger points” such as the melting of the Arctic permafrost, the world needs to limit warming to 2 degrees Celsius. At the UN climate summit in Paris in December, a new, supposedly “groundbreaking” agreement was made that aims to achieve this………………………………………..Full Article: Source

Obama and Trudeau Should Establish a U.S.–Canada Carbon Market

Posted on 11 March 2016 by VRS  |  Email |Print

To meet the climate change challenge, our two countries have to work together. As Prime Minister Justin Trudeau visits Washington D.C. to discuss a North American climate strategy with President Barack Obama, I urge both leaders to think big on how to leverage our close relationship and propel us forward in the race against climate change.
For more than two centuries, the United States and Canada have worked together to manage natural resources and protect the environment. From the Boundary Waters Treaty in 1909, to the 1991 Air Quality Agreement to fight acid rain, to the 2015 Iqaluit Declaration combating Arctic climate change and supporting indigenous communities, our countries have risen time and again to address environmental challenges together………………………………………..Full Article: Source

France to Weigh EU Carbon Price Corridor in Global Pricing Push

Posted on 11 March 2016 by VRS  |  Email |Print

France seeks to stimulate a push for global carbon pricing and may weigh a price corridor to strengthen the European Union’s emissions trading system should countries worldwide agree to act, according to a person with knowledge of the matter.
In the first step, France wants to stimulate a global discussion about putting a price on pollution, said the person, who asked not to be identified. France, which holds the presidency over United Nations climate talks until November, then wants the EU to consider all available tools to promote emissions pricing abroad and strengthen it in Europe………………………………………..Full Article: Source

Clash between countries stymies aviation emissions talks

Posted on 10 March 2016 by VRS  |  Email |Print

International aviation talks have hit a roadblock over a plan to limit carbon emissions for aircraft in a clash between developed and developing countries on how they view their responsibilities, two sources familiar with the matter said.
High-level officials from the European Union, the United States, China, and others are scrambling to devise the plan before a meeting of the United Nations aviation agency’s governing council in May………………………………………..Full Article: Source

E.ON hedging rates steady, CO2 dives 25% in 2015

Posted on 10 March 2016 by VRS  |  Email |Print

Utility E.ON, Europe’s third biggest emitter, reported a steady rate of power generation and forward hedging rates in 2015 as the company’s ETS-regulated CO2 output plunged 25%. For its expected outright central European generation, E.ON said it had hedged 100% of its Y+1 and Y+2 output and 40% of its Y+3.
This matches the level of a year earlier and represents no advance on Y+1 and Y+2 hedging rates as of the end of Q3-2015. The figures showed E.ON had slowed its hedging rates over the second half of 2015, after advancing slightly on its historical levels over the first half………………………………………..Full Article: Source

German plan for extra carbon credits against EU law -court adviser

Posted on 09 March 2016 by VRS  |  Email |Print

A German proposal to get extra free carbon permits to help four energy-intensive industries ran counter to European Union law, an adviser to the bloc’s highest court said on Tuesday.
In a case that tested the bounds of Brussels’ authority to impose environmental regulation, the European Commission had refused to grant the German factories the free credits to pollute under a domestic “hardship clause”………………………………………..Full Article: Source

Kiwi expertise leading the world on emissions trading

Posted on 09 March 2016 by VRS  |  Email |Print

A New Zealand economist has just helped launch a report that will help any country in the world set up an emissions trading system. “Many countries have indicated that they intend to use emissions trading systems as part of their effort to meet their commitments under the Paris Agreement,” said Suzi Kerr, Senior Fellow at Motu Economic and Public Policy Research.
As of 2016, emissions trading systems were operating in 35 countries, 12 states or provinces, and seven cities, covering 40% of global GDP. Additional systems are under development in a wide range of locations. This is the first ever handbook designed to help any country in the world design a system to suit their locally specific needs………………………………………..Full Article: Source

Shanghai CO2 price finds fresh depths as China’s pilot markets face difficult year

Posted on 08 March 2016 by VRS  |  Email |Print

Shanghai’s CO2 allowance price fell to a record low 8.50 yuan ($1.30) on Monday, with other Chinese carbon prices remaining depressed across the board amid uncertainty surrounding how the pilot schemes will cope with falling emissions and the looming transition to a national ETS.
The Shanghai spot contract fell 5.6% from 9 yuan to close at the lowest price ever seen in any of the Chinese pilots, although it was on light volume of 5,901 allowances changing hands. “I think it is a mix of thin demand, no support due to there being no auctions, and a lot of allowances borrowed by institutional investors,” one observer told Carbon Pulse………………………………………..Full Article: Source

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