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EU Presidency Said to Propose Carbon Supply Controls From 2019

Posted on 06 March 2015 by VRS  |  Email |Print

The European Union presidency proposed advancing the setting-up of a planned carbon market stability reserve to 2018 and starting its operation on Jan. 1, 2019, according to two people with knowledge of the matter.
Latvia, which holds the EU’s rotating presidency, sent its plan to member states today in an attempt to secure a compromise on the measure, which would curb a glut of permits in the bloc’s emissions trading system. Carbon contracts for delivery in December fell the most in a week by the close on ICE Futures Europe in London………………………………………..Full Article: Source

Poland Seeks to Limit EU Carbon Fix’s Impact on Producers

Posted on 06 March 2015 by VRS  |  Email |Print

The European Union draft carbon-market fix should be amended to prevent planned supply controls from curbing the number of free emission permits for power producers, according to the Polish government.
EU policy makers are considering introducing a market stability reserve, or MSR, to alleviate a glut of permits that has pushed emission prices about 75 percent down since 2008 to levels that fail to deter industry from burning coal, the most-polluting fossil fuel………………………………………..Full Article: Source

EU Carbon market reforms likely to be agreed by end-June -official

Posted on 05 March 2015 by VRS  |  Email |Print

Reforms aimed at raising prices on Europe’s carbon market are likely to be agreed by the end of June at the latest, a senior official at the European Commission said on Wednesday. Peter Zapfel, head of unit implementation of the ETS (Emissions Trading System) at the European Commission, said he had every confidence that the Latvian presidency of the EU would be able to broker an agreement before its rotating EU presidency finishes on June 30.
“I am confident we will see an end to this legislative procedure by the end of the Latvian presidency at the latest,” he said at an industry event in Amsterdam………………………………………..Full Article: Source

China’s carbon emissions could save the world—or doom it

Posted on 05 March 2015 by VRS  |  Email |Print

Coal is the most carbon-intensive fossil fuel by far and China is the world’s largest producer and most voracious consumer. According to estimates published in May by the US Energy Information Administration, China was responsible for 46% of global coal production and 49% of global coal consumption in 2012, having already accounted for 69% of the 3.2 billion ton increase in global coal production during the decade prior.
The existing reportage on the consequences of this dependence is legion: Higher heart disease and cancer rates due to polluted air; international airports temporarily shuttered by smog; vast tracts of land gutted, scraped and despoiled; people buried alive by collapsed illegal mines that churn out low-quality rock and depress prices………………………………………..Full Article: Source

ICE to host British carbon permit auctions until end-2017

Posted on 05 March 2015 by VRS  |  Email |Print

ICE Futures Europe will continue to host Britain’s carbon auctions until November 2017, the bourse said on Wednesday. ICE was appointed in 2012 by the British government to carry out its auctions of EU Allowances (EUAs) until the end of 2015 but this contract has now been extended, the exchange said in a press release.
ICE Futures Europe is a part of the Intercontinental Exchange. EUAs are the currency of the EU’s Emissions Trading System, which regulates around half of Europe’s output of heat-trapping gases by forcing over 12,000 power plants, factories and airlines to surrender one allowance for every tonne they emit………………………………………..Full Article: Source

Nineteen EU nations hand out 500 mln free 2015 CO2 permits

Posted on 04 March 2015 by VRS  |  Email |Print

Nineteen countries, including Germany, Britain and France, have so far handed out a total of around 500 million free European Union carbon permits to industry to cover their 2015 emissions, European Commission data showed on Tuesday.
The Commission said on its website it will publish another update on March 17 on the number of permits allocated. The increased supply could hit an already oversupplied carbon market and could exert downward pressure on prices which were trading at around 6.80 euros a tonne on Tuesday……………………………………….Full Article: Source

Study: Increasing EU carbon price would have ‘extremely limited’ impact on business

Posted on 04 March 2015 by VRS  |  Email |Print

Despite claims that increasing the price of carbon in the EU could harm businesses, a new study suggests that this is not the case. According to the paper, even a ten-fold increase in the carbon price is likely to have an “extremely limited” impact on exports and imports.
The researchers, from the Grantham Research Institute on Climate Change and the London School of Economics, analysed 62 business and industry sectors in 42 countries over a 15-year period, using data that covers 80% of global merchandise trade……………………………………….Full Article: Source

China’s War on Air Pollution May Cause More Global Warming

Posted on 03 March 2015 by VRS  |  Email |Print

China’s efforts to improve urban air quality are often viewed as a helper for fighting climate change, but a new joint China-U.S. study says otherwise. The study—carried out by researchers at the Massachusetts Institute of Technology and Tsinghua University in Beijing—was released last week.
It shows that China’s strategies for cleaning up air do not necessarily lead to carbon dioxide emissions reductions. Sometimes, according to the study, the efforts could actually increase emissions. The study came as cleaning up air climbed to near the top of China’s policy priorities, especially with record air pollution levels in 2013. The smog triggered unprecedented public outcry that motivated Chinese leaders to declare a “war on pollution.”……………………………………….Full Article: Source

Business and Carbon Pricing

Posted on 03 March 2015 by VRS  |  Email |Print

At the UN Climate Summit last September, the World Bank and others put the carbon pricing – or perhaps more correctly carbon valuation – discussion squarely back on the agenda, first with a Statement on Carbon Pricing signed by over 1000 companies and 70 governments and then with a series of side events and meetings which also carried through to COP20 in Lima. The World Bank is now building on their initiative throughout 2015 as we head towards COP21 in Paris.
One important aspect of the initiative is the role of business and the way in which companies handle the carbon pricing (carbon valuation) agenda internally. This stems from another part of the World Bank initiative which was initially launched by the UN Global Compact, the Business Leadership Criteria on Carbon Pricing………………………………………..Full Article: Source

EU Environment Committee Backs Emissions Trading Reform

Posted on 02 March 2015 by VRS  |  Email |Print

A draft law to reform the European Union’s Emissions Trading System, by cutting the surplus of carbon credits available for trading so as to support the price, has won approval from the European Parliment’s Environment Committee.
Combustion of fossil fuels is the main cause of climate change and air pollution, according to the European Environment Agency. The Emissions Trading System is a cornerstone of EU policy to combat climate change and its key tool for cost-effectively reducing industrial emissions of carbon dioxide, CO2, the most prevalent greenhouse gas………………………………………..Full Article: Source

Malta calls for reforms of emissions trading scheme

Posted on 02 March 2015 by VRS  |  Email |Print

The joint ministerial letter signed by Energy and Climate Change Ministers from the UK, Germany, the Netherlands, Sweden, Denmark, Slovenia, Luxembourg, Malta, and Norway calls for the introduction of a new Market Stability Reserve in 2017.
Malta and eight other EU states, including the UK, Germany and France, have signed a letter calling on the European Union to deliver urgent reforms to the EU emissions trading scheme (ETS), in a bid to bring an end to the long-standing oversupply of emissions allowances in the market………………………………………..Full Article: Source

Poland not keen on quick rescue of emissions trading scheme

Posted on 27 February 2015 by VRS  |  Email |Print

A simmering disagrement between member states about when to start a market stability reserve for the bloc’s struggling emissions trading system has been taken up a political notch by Poland. Polish PM Ewa Kopacz has written to European commission president Jean-Claude Juncker asking that the market intervention mechanism only kick into place in 2021.
The letter, signed Wednesday 25 February, came the day after MEPs in the environment committee agreed the scheme should go into place two years earlier………………………………………..Full Article: Source

EU court rules against Czech tax on carbon permits

Posted on 27 February 2015 by VRS  |  Email |Print

A Czech tax imposed in 2011 and 2012 on carbon emission allowances granted to companies for free breached a European Union directive, the European Union’s Court of Justice ruled on Thursday.
The ruling was made at the request of a Czech court which is considering an appeal of an electricity producer, Sko-Energo, against the tax, but a similar claim to get the gift tax back was made by the country’s biggest energy firm, CEZ. Under the EU’s Emissions Trading Directive, companies were awarded at least 90 percent of each member state’s permits for carbon emissions for free in 2008-2012………………………………………..Full Article: Source

Cap-And-Trade Costs California Businesses $1 billion

Posted on 27 February 2015 by VRS  |  Email |Print

California businesses paid a whopping $1 billion this year buying permits to comply with the state’s cap-and-trade law — the largest sale recorded since the state began regulating carbon dioxide in 2012.
Even with record permit sales, the $1 billion raised was well below market expectations. But environmentalists sold the auction as a huge success, because now oil and gas companies have to buy permits………………………………………..Full Article: Source

Bitcoin revolution could be the next internet, says Bank of England

Posted on 26 February 2015 by VRS  |  Email |Print

The Bank of England has unveiled analysis of cryptocurrencies like Bitcoin that suggests electronic money could cause a tectonic shift in the payments industry. The arrival of electronic currencies could revolutionise the way Britons pay for goods and services, in much the same way as the internet shook up how we access information, the Bank of England has said.
Cashless forms of payment like the cryptocurrency Bitcoin “potentially combined with mobile technology, may reshape the mechanisms for making secure payments”, the central bank said. While traditional currencies, including the pound, are backed by central banks, new alternatives have allowed individuals to exchange directly without any such third party………………………………………..Full Article: Source

California carbon permits fetch $12.21 a tonne at auction

Posted on 26 February 2015 by VRS  |  Email |Print

California said on Wednesday that carbon allowances fetched $12.21 a tonne at the cap-and-trade program’s first auction of the year, a rate below market expectations even though all of the permits offered were sold.
The auction was the first since the two-year-old cap-and-trade program expanded to cover distributors of transportation and home heating fuels on Jan. 1, roughly doubling the market’s size. The state sold all 73.6 million permits offered to cover 2015 emissions and 10.4 million allowances offered to cover emissions in 2018………………………………………..Full Article: Source

MEPs call for emissions trading reform to start in 2019

Posted on 26 February 2015 by VRS  |  Email |Print

The environment committee of the European Parliament on Tuesday (24 February) voted to introduce a market mechanism for the EU’s struggling emissions trading system at the end of 2018. The date was the subject of much wrangling among MEPs and national governments with European Commission having originally proposed 2021.
A majority voted to adopt a deal that was struck by the two largest political groups saying that “market stability reserve is established in 2018 and shall operate by 31 December 2018”. The Green group, which wanted an earlier year, criticised the deal saying MEPs had caved into pressure from energy intensive companies………………………………………..Full Article: Source

ETS ‘back on track’ thanks to market stability reserve

Posted on 26 February 2015 by VRS  |  Email |Print

Parliament has requested that the measure be implemented by December 2018 at the latest. The emissions trading system (ETS) allows businesses to purchase CO2 emission allowances. Unfortunately, too many allowances have been made available on the market. As a result, their price has dropped dramatically in recent years. They currently cost €7 to €8 per tonne, whereas it was originally hoped they could be sold for €30 per tonne.
A market stability reserve (MSR) would reduce the number of allowances on the market if there are too many, and introduce new ones onto the market in case of a shortage………………………………………..Full Article: Source

European carbon market reform set for 2019

Posted on 25 February 2015 by VRS  |  Email |Print

MEPs vote to strengthen emissions trading scheme by taking 1.6bn surplus credits off the market to boost carbon prices, but critics call for steps to be taken earlier. Reforms to strengthen the EU’s flagship policy for cutting carbon, the emissions trading scheme (ETS), will start at the end of 2018 following a vote by MEPs on Tuesday.
The carbon market is supposed to drive Europe’s transition to cleaner sources of energy, but a cocktail of recession, free allocations to polluters and over-achievement on green energy targets have created a flood of 2bn allowances. That has led to a carbon price of around €7 (£5) per tonne, too low to encourage power companies to switch from polluting fuels such as as coal………………………………………..Full Article: Source

EU reforms boost European carbon market

Posted on 25 February 2015 by VRS  |  Email |Print

European parliamentarians made a significant step towards repairing the EU’s ailing carbon market on Tuesday, setting a 2018 start date for a key reform that should help the price of allowances recover from rock-bottom levels.
Traders had been expecting the move over the past weeks and carbon prices closed at a two-year high of €7.80 per tonne on MMonday, up from less than €7 at the end of January. On Tuesday, prices rose further to €7.86, before slipping back to €7.60………………………………………..Full Article: Source

EU ministers set out case for early emissions trading scheme reform

Posted on 24 February 2015 by VRS  |  Email |Print

The UK and eight other member states yesterday reiterated their call for the European Union to deliver urgent reforms to the EU emissions trading scheme (ETS), in a bid to bring an end to the long-standing oversupply of emissions allowances in the market. The joint ministerial statement was signed by Energy and Climate Change Ministers from the UK, Germany, the Netherlands, Sweden, Denmark, Slovenia, Luxembourg, Malta, and Norway.
It welcomes the European Commission’s recent proposals to introduce a new Market Stability Reserve (MSR) that would control the number of allowances in the market, but argues that the bloc cannot wait to launch the new mechanism until 2021, as currently proposed………………………………………..Full Article: Source

China Outlines Plans For Its Carbon Trading Markets

Posted on 24 February 2015 by VRS  |  Email |Print

The Climate Department of China’s National Development and Reform Commission (NDRC) recently published an article entitled “Regarding the Fundamental Conditions and Operational Thinking Behind the Promotion and Establishment of the National Carbon Emissions Rights Trading Market” (National Market Plan).
This is significant as it addresses some basic questions that many observers have been asking about China’s anticipated national carbon trading market, and lays out a roadmap of how China plans to develop this market over the coming years. At this moment, much remains to be done in terms of liquidity and efficiency for this market to achieve its real potential………………………………………..Full Article: Source

Carbon Pricing Pays the Way for Cleaner Energy

Posted on 23 February 2015 by VRS  |  Email |Print

Following more than two centuries of fossil-fueled industrialization, during which the atmosphere has been used as a free dump for climate-changing pollution, an incipient era of carbon-pollution pricing is paying dividends to the climate.
More than 80 percent of the $4.8 billion raised by the European Union’s emissions trading system (ETS) in 2013 was spent supporting growth of clean energy and other climate-friendly initiatives. The leading cap-and-trade programs in the U.S. are spending similar proportions of their revenues on climate-friendly programs………………………………………..Full Article: Source

Measuring Carbon Value of Forests Is Tricky Business

Posted on 23 February 2015 by VRS  |  Email |Print

With financial incentives encouraging maintenance of carbon stocks and the increased popularity of carbon trading between countries, a forest has become economically a lot more than a clump of trees that supplements livelihoods. A forest now has an intrinsic value by just existing, a value that can be measured in economic terms.
A study recently published in Forest Ecology and Management examines the carbon stock value of forests in Guyana, finding dramatic differences between different kinds of cover and land-use types. Tropical forests are among the most valuable in terms of carbon stocks. Globally, tropical forests sequester about 2.4 billion metric tons, according to a study published in Proceedings of the National Academy of Sciences in 2011……………………………………….Full Article: Source

Big sustainability could mean big business

Posted on 20 February 2015 by VRS  |  Email |Print

When it comes to stories about the fate of the earth, headlines are usually dominated by tales of gloom and doom. And there’s certainly a great deal to be depressed about: global temperatures hit their highest levels ever last year, oceans are growing so warm and acidic that fisheries could be lost, and food and water systems are in decline.
A big reason for focusing on the negative is that bad news tends to drive action. According to research by my organization, sustainable business nonprofit Future 500, negative messages typically yield two and a half times as much fundraising and five times as much media attention as positive ones. But as effective as the doom-and-gloom storyline is, there’s another important environmental narrative that’s waiting to be told………………………………………..Full Article: Source

BP: Carbon price needed to prevent dangerous climate change

Posted on 19 February 2015 by VRS  |  Email |Print

BP’s chief executive Bob Dudley has joined calls for a global carbon price to counteract spiralling emissions over the next 20 years, as projected by the oil giant’s latest Energy Outlook report. The Outlook Report predicts that emissions will rise by 1% every year from now until 2035 - far above any ’safe’ emissions targets identified by experts. This adds up to a 25% increase, which is “materially higher” than a scenario whereby global temperature rises are limited to 2C, the company says.
Dudley suggested that policymakers should introduce a “meaningful price on carbon” to tackle the issue. “A global carbon price would help to unleash market forces and provide the right incentives for everyone to play their part,” he said. “History has shown the power of market forces in making economies less energy intensive as people have found more efficient ways to use energy.”……………………………………….Full Article: Source

Don’t let UN set our energy policy

Posted on 19 February 2015 by VRS  |  Email |Print

Here’s a question for Canadians to consider leading up to October’s federal election. How much economic damage are NDP Leader Tom Mulcair and Liberal Leader Justin Trudeau prepared to inflict on us in order to get a meaningless pat on the head from the United Nations on climate change?
Because make no mistake, the economic damage will be real if the NDP or Liberals win the next election, or either party forms a minority government, supported by the other. No matter how you do it, “pricing carbon” — meaning pricing industrial carbon dioxide emissions — will be a new financial burden for Canadians. We will pay it either in higher taxes (a carbon tax) or higher prices (cap-and-trade) on a wide range of goods and services………………………………………..Full Article: Source

EU nations still undecided on carbon market reserve start: source

Posted on 18 February 2015 by VRS  |  Email |Print

EU nations are still split into two camps on the start date for the European Commission’s proposed carbon market stability reserve intended to shore up carbon prices, an EU Latvian presidency source said Tuesday. “The range is 2017 to 2021, with one camp favoring the earlier years and the others the later ones,” the source said.
The start date will only be finalized completely once the EU nations, acting in the EU Council, agree a common text on the proposals with the European Parliament and EC. The parliament’s environment committee is due to vote on its negotiating position on February 24, and draft compromise amendments indicate it may back an end-2018 start date………………………………………..Full Article: Source

Carbon trading should be linked globally, MPs say

Posted on 18 February 2015 by VRS  |  Email |Print

A system to allow carbon trade to be linked between countries across the globe is the “most cost effective way possible” to cut CO2 emissions. The Energy and Climate Change Committee believes the emissions trading system (ETS) is becoming “increasingly popular” and could provide a revenue stream for governments, potentially offsetting other taxes and supporting innovation.
The ETS is a policy for controlling greenhouse gas emissions, with a ‘cap and trade’ principle, which works by setting a limit on the amount of emissions that can be released from factories and power plants. The Committee is calling for the climate summit in Paris to ensure it will be possible to link different regional, national and sub-national emissions trading systems around the world in the future………………………………………..Full Article: Source

EU policy mash dents carbon markets before Paris climate deal

Posted on 17 February 2015 by VRS  |  Email |Print

The European Union’s carbon market, designed to save the environment, is being undercut by a patchwork of national subsidies for renewables and misaligned energy policies that have helped cut in half the volume of power being traded.
The bloc wasted a quarter of the $US550 billion ($707 billion) spent on renewable energy, according to analysis by consulting firm Bain & Co. presented last month at the World Economic Forum in Davos, Switzerland. Some energy-saving policies cost more than 18 times the price of the region’s carbon allowances, Bain said. Power- trading volume in 2014 was 46 per cent that of three years previously, broker data show………………………………………..Full Article: Source

UK carbon market plan would boost emissions price, report says

Posted on 17 February 2015 by VRS  |  Email |Print

The European Union could have a higher, more robust and credible carbon price, if countries agree to adopt a fix to the scheme from 2017, rather than 2021, new analysis shows today. EU Member States and the European Parliament are currently debating how to implement a major overhaul of the EU’s emissions trading scheme (ETS), which would see hundreds of millions of allowances taken off the market and put into a market stability reserve (MSR) in a bid to push up the price to levels that can drive greater investment in greener technologies.
The European Commission has proposed the MSR should begin in 2021, but Germany and the UK have called for it to start four years earlier in 2017. They have also said the 900 million allowances that were temporarily taken out of the market last year should be placed into the reserve rather than let back into the market………………………………………..Full Article: Source

Breaking Europe’s climate-change stalemate

Posted on 17 February 2015 by VRS  |  Email |Print

Europe has a strong tradition as a leader in the fight against climate change. Lately, however, the continent has reached an ideological impasse over how to address the problem, with environmental sustainability and growth often portrayed as being mutually exclusive.
If Europe is to remain an environmental leader, as well as a center of innovation and competitiveness, it will have to abandon its ideological rigidness and embrace realistic, pragmatic solutions that can deliver environmental benefits without sacrificing economic development………………………………………..Full Article: Source

Paris climate deal must lay ground for global carbon trading, MPs say

Posted on 17 February 2015 by VRS  |  Email |Print

A global climate deal must allow countries to meet their emission reduction commitments by funding green programmes in other nations, MPs will say today. A global carbon market of linked emissions trading scheme’s is “the most cost-effective way possible” to cut CO2 levels, the Energy and Climate Change Committee (ECCC) writes in a new report.
Almost 200 countries are due to agree to cut CO2 emissions at a UN conference in Paris at the end of the year, with the overall aim of keeping global average temperature rise below 2C. By April nations must submit Intended Nationally Determined Contributions (INDCs) based on their domestic plans to curb emissions, marking a shift from the 1997 Kyoto Protocol that attempted to put a global carbon market in place to help countries meet the goal of reducing emissions by five per cent between 2008 and 2012………………………………………..Full Article: Source

EU politicians edge towards 2018 start date for carbon reform

Posted on 16 February 2015 by VRS  |  Email |Print

EU politicians are expected to agree on a compromise 2018 start date for reforms to the Emissions Trading System (ETS) to try to bridge divisions over efforts to prop up the world’s biggest carbon market, sources said on Friday (13 February).
In an attempt to boost carbon prices and spur industry to switch to greener energy, the European Commission has proposed a plan to remove hundreds of millions of surplus carbon allowances (EUAs) from the trading system from 2021………………………………………..Full Article: Source

Chemical firms mulling lawsuit to nullify carbon emission quotas

Posted on 16 February 2015 by VRS  |  Email |Print

LG Chem, SK Global Chemical and other chemical companies are considering filing a collective lawsuit against the government to nullify their respective annual carbon emission quotas, sources said Thursday.
They have engaged in negotiations with the ministry to increase their quotas. However, if the talks end fruitlessly, the companies will take legal action, they said. “It’s very difficult to reduce carbon emissions to a level that meets the state quota,” said a chemical industry insider. “Under the quotas, each company will have to spend a lot of money to buy emission rights. And this will end up denting the competitiveness (of chemical companies).”……………………………………….Full Article: Source

Nepal prepares for UN forest carbon trading

Posted on 13 February 2015 by VRS  |  Email |Print

Nepal has calculated the amount of carbon stored in its forests for the first in the hope the country can benefit from future UN carbon trading schemes, reports Ramesh Bhushal. Nepal’s forests store more than 500 million tonnes of carbon, new government research has revealed. This is equivalent to about two thirds of India’s total emissions in 2011.
Officials say this is the first nationwide survey of its kind and an important step towards preparing the country for trading carbon stored in forests, a mechanism for which is under discussion by the United Nations Framework Convention on Climate Change………………………………………..Full Article: Source

As China prepares a national launch of its carbon trading program, questions proliferate

Posted on 13 February 2015 by VRS  |  Email |Print

China plans to kick off a national carbon market next year, but because many challenges remain unsolved in its regional carbon trading pilots, the move has met with a mix of praise and caution. Last week, Reuters quoted Jiang Zhaoli, a senior official with China’s National Development and Reform Commission, as saying China will cap carbon dioxide emissions from six major polluting sectors in a national carbon market likely to be launched by the summer of 2016.
Jiang said companies in power generation, metallurgy, nonferrous metal, building materials, chemicals and aviation will be targeted first under the national system. He also said the system will start with a three-year trading phase before becoming fully functional in 2019………………………………………..Full Article: Source

European Environmental Markets looks to shake up EU carbon trade

Posted on 12 February 2015 by VRS  |  Email |Print

The carbon market has a new exchange, after European Environmental Markets plc (EEM) yesterday announced the official launch of its new platform. The company, which also announced it has appointed Adrian Rimmer as its new chief executive, said it would “provide businesses and financial institutions with efficient, credible trading platforms and risk management tools for environmental commodities”.
EEM revealed it has completed a two year consultation and development period that has resulted in the launch of a new transactional exchange that will offer a fully regulated, automated spot trading platform for environmental commodities such as emissions permits………………………………………..Full Article: Source

No need for early reform of EU carbon market - Dow Chemical

Posted on 12 February 2015 by VRS  |  Email |Print

One goal for U.N. climate talks is to stop industry fleeing Europe to escape regulatory costs, a Dow Chemical director said on Wednesday, adding there was no need to intervene in the EU carbon market to drive up prices. The European Union has sought to lead efforts to curb greenhouse gas emissions with its Emissions Trading System (ETS), the world’s biggest carbon market.
But it is currently negotiating reforms, with some countries saying emissions permits are too cheap to spur a shift to a low-carbon economy. EU nations are also preparing to submit national emissions cuts ahead of a U.N. conference in Paris at the end of the year to seek a global climate change deal. Preparatory talks take place in Geneva this week………………………………………..Full Article: Source

S. Korean carbon market numb in first month

Posted on 12 February 2015 by VRS  |  Email |Print

As widely expected, South Korea’s carbon market had thin trading in the first month of opening due in large part to a lack of confidence and the reluctance of affected companies to actively join the new trading scheme, data showed on Wednesday.
The Korea Exchange (KRX), the country’s bourse operator, opened the cap-and-trading system on Jan. 12 after the government offered an emission quota of 15.98 billion Korean Allowance Units (KAUs) to 525 companies to curb emissions to 30 percent below business-as-usual (BAU) levels over the next five years. One KAU is equivalent to a ton of carbon dioxide gas………………………………………..Full Article: Source

Save the trees: New campaign against deforestation launched

Posted on 11 February 2015 by VRS  |  Email |Print

Since the money raised by governments and corporations hasn’t managed to halt the destruction of the world’s rainforests — an area the size of Alabama or Greece is lost every year — a new U.S. campaign is now inviting individuals to chip in.
The U.S. Agency for International Development and Code REDD, a California-based advocacy group, on Tuesday announced the launch of an online store for carbon offsets, certificates that will fund forest conservation projects in tropical countries………………………………………..Full Article: Source

China sets CO2 reporting standards ahead of national market launch

Posted on 10 February 2015 by VRS  |  Email |Print

China issued new guidelines on Monday to help standardise the way big industrial firms measure and report their greenhouse gas emissions, in a step towards the launch of a national carbon market scheduled for the middle of next year.
China has pledged to bring its CO2 emissions to a peak by around 2030, and firms could be obliged to participate in a nationwide carbon trading scheme by as early as 2016. The National Development and Reform Commission (NDRC) on Monday released new technical guidelines detailing how oil and coal producers should measure and report their emissions………………………………………..Full Article: Source

Global accord on climate won’t be enough

Posted on 10 February 2015 by VRS  |  Email |Print

A great deal hinges on a worldwide agreement to reduce carbon emissions at a summit in Paris this year. Some momentum is finally building for securing unified commitments from nearly 200 countries. But to avert a climate catastrophe in time, far more will be needed from countries, beyond what a multilateral agreement alone can bring.
This is because an agreement in Paris won’t come into effect until 2020, and a multilateral deal is unlikely, on its own, to be enough. So a global stand must be bolstered by country initiatives, including greater energy efficiency and a switch to low carbon-energy use, to help address the socioeconomic effects of climate change that are already being felt………………………………………..Full Article: Source

What role for carbon markets in the 2015 climate agreement?

Posted on 09 February 2015 by VRS  |  Email |Print

Will the current UN climate talks do enough to create common standards for international emissions trading in the future or should interested parties look outside the multilateral process? Around the world, governments are increasingly pursuing market-based approaches to reduce their greenhouse gas (GHG) emissions.
South Korea’s emissions trading scheme entered force at the start of this year and is currently the world’s second largest carbon market. Many other carbon pricing policies are either in force or in the planning stages, including in emerging markets such as Brazil, China, and Mexico……………………………………….Full Article: Source

Australia’s political leadership battle may revive carbon debate

Posted on 09 February 2015 by VRS  |  Email |Print

Australian Prime Minister Tony Abbott’s tenuous grip on power has again put climate-change policy at the centre of the nation’s political leadership struggle, raising concerns among miners and hopes for renewable energy advocates.
Abbott, a climate-change sceptic, faces a vote on his leadership of the conservative Liberal Party on Monday, which could invite a challenge from former environment minister Malcolm Turnbull, the man he ousted as party leader in 2009………………………………………..Full Article: Source

Trading dries up in South Korea’s new carbon market

Posted on 06 February 2015 by VRS  |  Email |Print

Trading in South Korea’s carbon market, touted as the world’s second-biggest, has got off to a slow start, with volumes drying up soon after its launch in mid-January. The market is a key component in the South Korean government’s plan to meet a target of limiting climate-changing greenhouse gas emissions in 2020 to 30 percent below current levels.
But officials said trade was likely to gradually pick up as participants got used to the market, with analysts previously saying that volume would be modest for at least the first six months of operations………………………………………..Full Article: Source

National carbon market on the horizon for China

Posted on 06 February 2015 by VRS  |  Email |Print

China has been experimenting with provincial carbon-market schemes over the past four years. Government officials are now suitably convinced that a national market could begin in mid-2016, Reuters reports.
But progress will likely be slow as China seeks to avoid the problems currently hobbling the EU’s scheme. Carbon Brief looks at how China’s pilot schemes are progressing, and what the next steps are to creating the world’s largest carbon market………………………………………..Full Article: Source

China to launch carbon market middle of 2016

Posted on 05 February 2015 by VRS  |  Email |Print

China plans to initially cap emissions from six industrial sectors, such as power generators and chemical plants, in a national carbon market likely to be launched by the middle of next year, a government official said on Wednesday.
The national carbon market in the world’s top emitter of greenhouse gases is likely to regulate 3-4 billion tonnes of carbon dioxide a year by 2020 and be worth up to 400 billion yuan (US$65 billion), which would make it twice as large as the EU market, currently the world’s biggest………………………………………..Full Article: Source

EU close to agreement on carbon market reform: EU energy chief

Posted on 05 February 2015 by VRS  |  Email |Print

The European Union is nearing an agreement on a plan to revamp its ailing carbon market, the EU’s energy chief Maros Sefcovic said on Wednesday. “We are very close to agreement between the European Council and European Parliament on carbon market reform,” Sefcovic, a vice-president in the European Commission, told a news conference in Brussels.
In an effort to bolster carbon prices and spur industry to switch to greener energy, the EU’s executive European Commission has proposed a plan to remove hundreds of millions of surplus carbon permits from the EU Emissions Trading System from 2021………………………………………..Full Article: Source

Oil’s price plunge could raise Keystone carbon footprint -EPA

Posted on 04 February 2015 by VRS  |  Email |Print

Oil prices have dropped so low that the Keystone XL pipeline could play a bigger role in the development of Canada’s oil sands and raise greenhouse gas emissions, Obama administration environmental regulators said.
The U.S. Environmental Protection Agency’s comments in a letter to the State Department give weight to President Barack Obama’s view that the controversial pipeline should not be approved if it significantly increases carbon pollution. The letter, sent on Monday, was released on Tuesday………………………………………..Full Article: Source

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