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Jirau : The World’s Largest Renewable CDM Project Obtains Registration At The United Nations
WEBWIRE – Monday, May 27, 2013 The United Nations Framework Convention on Climate Change (UNFCCC) registered the Jirau Hydropower Plant on May 17, 2013 under the Clean Development Mechanism (CDM). The renewable energy produced by Jirau will allow a reduction of up to six million tons of CO2 emissions annually as it will reduce the need to dispatch (or build new) fossil fueled power plants. The Jirau hydropower plant is the largest renewable energy plant ever registered and it demonstrates that the Clean Development Mechanism, when applied in tandem with national greenhouse gas (GHG) mitigation and enabling policies, is capable of promoting major infrastructure projects. Gérard Mestrallet, Chairman and Chief Executive Officer of GDF SUEZ declared: “The Jirau CDM project stands as a key element in Brazil’s efforts to promote sustainable economic growth based on renewable power. This recognition by the United Nations illustrates the strong commitment of GDF SUEZ to develop renewable energy around the world and in Brazil.” The Jirau project is a key element in Brazil’s National Policy on Climate Change, which promotes expansion based on hydroelectricity and other renewable technologies, such as wind and biomass. This policy encourages a balance between low GHG emissions, energy security, environmental protection and social development. GDF SUEZ has been a pioneer of CDM since its participation as a founding member of the Prototype Carbon Fund in 2001 and is actively using the program to promote clean energy investments. To date, the Group has registered a portfolio of 15 CDM projects in Asia, Africa and Latin America, using wind, water, geothermal and biomass as sustainable sources of renewable energy. The CDM registration is effective as of December 26, 2012, which enables the project to sell its credits to the European emission trading scheme (EU ETS). About the Jirau Project The Jirau project, which is under construction on the Madeira River in the state of Rondônia in Brazil, is currently jointly owned by GDF SUEZ (60%)(1), Eletrosul (20%) and Chesf (20%). Designed as a run-of-the-river facility with a small reservoir, the plant will have an installed capacity of 3,750 MW and potential to meet the electricity demand of 10 million Brazilian households. The commissioning of the project is expected to start in mid 2013. About CDM The CDM was set up by the Kyoto Protocol as one of the flexibility mechanisms to complement emissions trading between developed countries that accepted targets as listed under Annex 1 of the Protocol(2). Carbon credits from CDM are granted when companies from such developed Annex 1 countries undertake investments enabling the reduction of CO2 emissions in developing countries to support their clean and sustainable development. As the emission reductions obtained can be used to meet part of the obligations, the CDM is a first step towards a global carbon market. About GDF SUEZ in Latin America GDF SUEZ Energy Latin America provides innovative energy and gas solutions in Argentina, Brazil, Chile, Costa Rica, Panama and Peru, supporting this emerging continent in its economic growth, respecting the environment and providing essential services to its people. It has 3,300 employees in the region and 12.2 GW capacity in operation and an additional 4.7 GW under construction. Two thirds of the electricity it generates is renewable. It also transports, distributes and sells gas in addition to regasifying LNG and has a share in more than 45 Mm3 per day in natural gas operations through generation companies, marketing and infrastructure operators. For more information, please visit www.gdfsuezla.com —- (1) On May 13, GDF SUEZ and Mitsui announced a partnership where Mitsui will take a 20% equity interest in the project, expanding the long-term partnership between the two Groups. The closing of the transaction is expected to occur during the second half of 2013, upon satisfaction of certain conditions, including obtaining approvals from Brazilian authorities (ANEEL – Electricity Energy Regulatory Agency and CADE – Brazilian anti-trust entity) and lenders (BNDES and local commercial banks). (1) As defined by UNFCC About GDF SUEZ GDF SUEZ develops its businesses (electricity, natural gas, services) around a model based on responsible growth to take up today’s major energy and environmental challenges: meeting energy needs, ensuring the security of supply, fighting against climate change and maximizing the use of resources. The Group provides highly efficient and innovative solutions to individuals, cities and businesses by relying on diversified gas-supply sources, flexible and low-emission power generation as well as unique expertise in four key sectors: liquefied natural gas, energy efficiency services, independent power production and environmental services. GDF SUEZ employs 219,300 people worldwide and achieved revenues of €97 billion in 2012. The Group is listed on the Paris, Brussels and Luxembourg stock exchanges and is represented in the main international indices: CAC 40, BEL 20, DJ Euro Stoxx 50, Euronext 100, FTSE Eurotop 100, MSCI Europe, ASPI Eurozone, Vigeo World 120, Vigeo Europe 120 and Vigeo France 20. Continue reading
Carbon Market Challenges & Opportunities
London, 29 May 2013 Short-term intervention in the EU IETA members would overwhelmingly support intervention by the European Commission in the EU Emissions Trading System (ETS) within 12 months to improve the functioning of the market from its current record lows. Almost all (96%) respondents back structural reform of the EU ETS, with almost half (45%) thinking an ambitious emissions target and cap would be the most effective option. The outlook for price recovery remains weak according to members with low carbon prices expected up to 2020. EUAs are currently trading at around €3.50, only 7% of the value needed globally to shift economies onto a low carbon pathway (€47). 56% of respondents expect EUAs to trade at €5-10 between now and 2020, a 47% fall from last year’s expectations for the same time period, and a 68% fall from those in 2011. • Expectations that EUAs will trade below €10 and CERs below €5 to 2020 • Domestic or regional policies will be more important that international negotiations over the next few years Dirk Forrister, President and CEO, IETA said: “The agreement in Doha to extend the cap and trade schemes will emerge elsewhere before 2020 in Brazil (37%), Japan (36%), and Mexico (36%). Four out of five now feel that domestic or regional policy initiatives are likely to be more important than international negotiations over the next five years. Respondents particularly highlighted that linking domestic or regional carbon markets will help stimulate the growth in a global market. 94% expect that the EU and Australian carbon markets will be linked before 2020, as well as 35% for New Zealand and around a25% believe that both California and South Korea will eventually link with the EU. Dirk Forrister, President and CEO, IETA said: “Carbon Markets are the preferred policy tool for addressing greenhouse gas emissions around the world. As new systems emerge, market actors and policymakers need to work together to design these systems in a harmonized way – and to make them “linking-ready.” That way, it will be easier to create a more globally connected system and a commonly traded carbon commodity, which will allow nations to meet emissions targets and preserve economic growth.” Amongst other key findings: The new Californian carbon market, launched at the start of the year, is expected to increase its share of the global market in terms of value, with California Carbon Allowances expected to continue trading at US$10-20 over the first three years of the programme. Only 62% believe that ICAO will propose an approach to global aviation emissions regulation before 2018, and more than one respondent in ten believes that they never will. Only 1% of respondents expect the outcome of COP21 in 2015 to result in legally binding targets for all major economies that are aligned with limiting climate change to 2 degrees above pre-industrial levels. Despite the collapse of carbon prices, all regulated entities surveyed said that the carbon price is still relevant to their capital investment decisions, with four out of five saying it is an important factor. Jonathan Grant, Director, PwC , who performed analysis on the survey said: “The outlook for a global deal is for a mix of binding targets and voluntary pledges; IETA members expect that the global deal in 2015 will look more like Cancun than Kyoto, but at least it won’t be Copenhagen.” “With a sustained period of low prices expected for EU carbon permits, business looks set to face a patchwork of climate regulation over the coming years which may raise concerns about competitiveness and high administrative costs.” Ends — Continue reading
Dubai gears up for Fina World Junior Swimming Championships
The countdown is on to the Fina World Junior Swimming Championships, which will take place in Dubai between August 26th and 31st 2013.Speaking to the Khaleej Times, president of the UAE Swimming Association and head of the organising committee Ahmed Al Falasi suggested this year's event will be bigger and better than ever.”Now, we will set a new record. In the last edition, Fina had only 58 countries and 528 swimmers. We've reached 85, with 432 male and 365 female swimmers, along with 236 officials. We still expect five or six other countries to join the tournament too,” he was quoted as saying.This will be the fourth time the competition has been held, with previous versions being staged in Brazil, Mexico and Peru.The fact that such a prestigious event is taking place in the UAE is once again testament to the nation's growing status as a global sporting hub.Some of the most talented up-and-coming swimmers will compete at the Hamdan Bin Mohammed Bin Rashid Sports Complex – a state-of-the-art venue that cost a staggering AED 1.1 billion (£199.5 million).It is certainly one of the finest sporting arenas in the Middle East and can accommodate 15,000 spectators.The Olympic-standard venue has already staged a number of high-profile events, including the Tenth Fina World Swimming Championships 2012 and Fina/Midea Diving World Series since 2012. It has also held the Fina/Arena Swimming World Cup Legs since 2011.Understandably, the Dubai Sports Council (DSC) is very proud of the facility and its ultra-modern architecture means the building fits in seamlessly with the other magnificent structures dotted across the city.DSC secretary general Dr Ahmed Al Sharif told the news provider the competition will add extra value to the events that have previously taken place in the emirate.He added that there has been a “huge development” in swimming in the UAE since 2011 and the people of Dubai now have greater awareness about such tournaments. Continue reading
