Tag Archives: carbon
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
UK To Vote Against 2030 EU Renewable Target – Davey
Wednesday, 29 May 2013 UK to vote against 2030 EU renewable target – Davey The UK government is likely to oppose an EU renewables target for 2030 which is considered “inflexible and unnecessary”, energy secretary Ed Davey said. He made the comment after the European Parliament on Monday extended a deadline for the submission of amendments to a proposal to intervene in the carbon market. “Whilst we strongly support renewables to 2020 and beyond, the uncertainties at this time are too large to set hard numbers in a binding EU Renewables target, which we do not believe would be cost effective or fit well with our electricity market reforms,” Davey said. Britain would, however, will continue to support a 40% cut in the emissions 2030 target, from 1990 levels, and would even endorse increasing that target to 50% -– if the UN was to adopt an ambitious global reduction in emissions target by 2015. The EU currently has a 2020 target to both cut emissions by 20% and increase renewables by the same amount. The European Parliament on Monday extended a deadline for the submission of amendments to a proposal to intervene in the carbon market by six hours, giving MEPs six hours more time to submit amendments to the proposal on backloading. The proposal, tabled by the European Commission, is intended to provide a short-term boost to carbon prices on the EU ETS by delaying the release of 900m allowances until the end of the decade. The extension of the vote was intended to support efforts of independent observers to broker a potential compromise on the proposal, which the parliament rejected in April. Ultimately, the backloading proposal is set to be voted on in the Parliament’s environment committee on 19 June. Read more: http://gastopowerjou…y#ixzz2Uh9j9k9P Continue reading
Commission Repeats Calls For Carbon Market Reform As Surplus Allowances Double
The number of surplus carbon permits under the European Union’s Emissions Trading System (EU ETS) doubled to two billion last year, the European Commission has announced. 21 May 2013 Topics Climate Action Commissioner Connie Hedegaard said that the figures for 2012 underlined the need for urgent action to address the “supply-demand imbalance” under the struggling scheme. “The good news is that emissions declined again in 2012,” she said. “The bad news is that the supply-demand imbalance has further worsened in large part due to a record use of international credits.” “At the start of phase 3, we see a surplus of almost two billion allowances. These facts underline the need for the European Parliament and Council to act swiftly on back-loading,” she said. The European Parliament rejected a proposal by the European Commission to ‘backload’ a number of allowances under the scheme , as a temporary measure to address falling prices and lack of demand, last month. The proposal will be refined by the Parliament’s Environmental Committee, before returning to Parliament for a new vote next month. The EU ETS was established in 2005 and was the first major emissions trading scheme in the world. Phase 3 began on 1 January 2013, and runs until 2020. Under the scheme there is a cap on greenhouse gas (GHG) emissions from prescribed energy intensive installations. Installations must purchase GHG emissions allowances, called European Union Allowances (EUAs), which represent the right to emit or discharge a specific volume of emissions in line with national allocation plans. Operators of installations must hold EUAs equal to, or more than, total emissions at the end of the EU ETS year and those with excess allowances can ‘bank’ them or trade with those who need to buy more allowances to comply with emissions limits. The European Commission’s proposals would see 900 million allowances that would otherwise have been made available for auction between 2013 and 2015 transferred to later in the third phase of the EU ETS. By doing this, the Commission hopes to address the build-up in allowances caused by reduced industrial activity during the economic downturn. The price of allowances is currently below €4 per tonne according to Thomson Reuters Point Carbon – well below a historical average of €30 per tonne. According to the Commission’s figures, the number of surplus allowances rose from around 950 million at the end of 2011 to almost two billion by the end of 2012. This was due to a “combination” of the use of international credits, auctioned allowances from earlier phases of the scheme and remaining free allowances granted to new entrants to the scheme. Since 2008, the EU ETS has allowed installations to use international emissions reduction credits generated under the Kyoto Protocol to offset part of their emissions. Compliance with the rules of the scheme was “high” in 2012, according to the Commission. Less than 1% of participating installations did not surrender allowances to cover their 2012 emissions by the deadline of 30 April 2013, while aircraft operators responsible for over 98% of 2012’s aviation emissions had also fulfilled their responsibilities under the scheme. This year, aviation emissions fell under the EU ETS for the first time; however aircraft operators were given the option to limit reporting to only those flights within Europe. Environmental law expert Eluned Watson of Pinsent Masons said previously that backloading was merely a “quick fix” for the EU ETS, but that more time would be needed to put together a longer term reform package. ” Urgent action is required, backed by clear legislative support, to structurally reform the EU ETS and to rebalance the supply and demand of allowances in the EU ETS market, ” she said, as prices fell to a record low of €2.81 a tonne at the start of this year. “Although the backloading proposal is very much a ‘quick fix’, reactionary measure, it is clear that longer term structural reform will take time, with changes unlikely to be in place until 2017 at the earliest,” she said. Continue reading
