Tag Archives: carbon-markets
Carbon Market North America August 2
02 Aug 2013 21:33 New EPA chief takes on critics of U.S. agency’s policies; Calif. offset bill to hit finance, boost CO2 prices: analysts; California and RGGI market comment; California, Australia to share CO2 market experiences; BC carbon tax effective in reducing GHGs: study; Coal state lawmakers seek regulatory relief from EPA; Recent global carbon market news Carbon Market North America August 2 Continue reading
UN To Open Carbon Market Offices In Bogota And Manila
Last updated on 29 July 2013, 4:04 pm New offices are a “leap of faith” says CDM chair Stiansen, as UN takes steps to revive interest in flagship scheme Bogota (pictured) and Manila have been identified as the new regional bases for the UN’s carbon market (Pic: David Berkowitz/Flickr) The UN plans to open two new offices aimed at boosting the world’s flagging carbon markets by promoting trading in Latin America and South East Asia. The move is part of a new strategy targeted at stimulating interest in the UN-run Clean Development Mechanism (CDM) in developing countries. The CDM allows developed nations to offset their emissions by investing in low-carbon projects in poorer parts of the world. Prices of CDM certified emission reductions (CERs) collapsed by 80% in 2013 to around 55 Euro cents due to an over-supply of credits, weak economic growth and unambitious climate policies. “The choice was to drop anchor or stay the course. We ultimately decided to take this time to maintain and improve the CDM and seek opportunities where they might be found,” said Executive Board Chair Peer Stiansen. “This meant engaging with stakeholders through partnerships in key locations, especially in underserved areas showing interest and potential.” According to UN documents , the new offices are set to be based in Bogota and Manila, and will complement similar regional centres operational in Africa and the Carribbean. “Setting up the centres required a leap of faith. We have a responsibility to implement the mechanism and feel strongly about its value, so we made that leap,” said Stiansen. “We’re in a constrained market, and will of course be keeping a close eye on progress, but the early results from the centres are encouraging, for the CDM and Africa.” The CDM board has also revised the application process for new projects, which it says will promote transparency and reduce costs. The CDM currently operates in 88 countries, and has spurred more than USD 215 billion of low-carbon investment in developing countries, issued credits equal to 1.3 billion tonnes of CO2, and added more than 110,000 Mega Watts of renewable energy to global electricity grids. Earlier this month it passed the 7000 project mark after certifying a biogas capture plant in a Philippine chicken farm, which will reduce emissions by 48,000 tonnes, equivalent to 10,000 cars. – See more at: http://www.rtcc.org/…h.mXnqXtay.dpuf Continue reading
California And Australia Bolster Carbon Trading Ties
Memorandum of understanding comes weeks after Australian Prime Minister Kevin Rudd pledged to accelerate introduction of emissions trading scheme By Jessica Shankleman 31 Jul 2013 California and Australia have agreed to step up efforts to work together to link their respective carbon markets, just weeks after Australia’s prime minister announced he would accelerate plans to replace the country’s carbon tax with an emissions trading scheme. California’s Air Resources Board and Australia’s Clean Energy Regulator yesterday signed a memorandum of understanding that aims to establish a working relationship for the two organisations to co-operate on efforts to curb greenhouse gas emissions . The agreement builds on existing work over the last year, which has seen the two organisations share some of the practical experiences gained introducing a new carbon market. The new framework focuses on measures to increase investment in clean energy generation and improve market integrity, as well deepening collaboration between the two agencies. For example, it will allow the organisations to share information on designing and running carbon pricing programmes and discuss how they could link their markets in future . Mary Nichols, chairwoman of CARB, said the agreement would continue California and Australia’s “productive relationship” as both jurisdictions seek to expand their carbon markets. “It is another step forward in California’s efforts to establish relationships with other programs to continue sharing information and best practices to fight the global danger of climate change,” she said. The agreement comes just weeks after Prime Minister Kevin Rudd said Australia would replace its carbon tax with an emissions trading scheme (ETS) a year earlier than planned if his Labor party were to win this year’s election. Rudd wants the fixed price on carbon to end on 30 June 2014, rather than 2015, with a floating market linked to the European Union’s ETS opening the following day. Continue reading
