Climate Change canada
Date: 2021-09-08
The sitting Liberal Government of Prime Minister Justin Trudeau, if returned to office, will keep the existing carbon tax in place for provinces without a plan of their own and allow it to continue to rise to $170 per tonne by 2030. It would also provide grants of up to $5,000 for home energy efficiency retrofits and interest-free loans of up to $40,000 for deep retrofits. The Liberals would also spend $700 million to add 50,000 new electric vehicle chargers and hydrogen stations. -- Liberal Party of Canada, www.liberal.ca

The Conservatives, led by Erin O'Toole are pledging to scrap the existing carbon tax and replace it with mandatory personal carbon savings accounts that Canadians pay into for their carbon use and then use those funds for environmentally friendly purchases. The charge for those personal carbon savings accounts would begin at $20 per tonne and rise to no higher than $50 per tonne. The Conservatives, if elected, would also require 30 pct of light-duty vehicles to be zero emission by 2030. -- Conservative Party of Canada, www.conservative.ca

NDP candidate Jagmeet Singh will, if elected, set a target of reducing Canada's emissions by at least 50 pct from 2005 levels by 2030 and kill any and all fossil fuel subsidies, including federal support for pipelines. -- NDP, www.ndp.ca

The federal election is on 20 September, 2021.

More Low-Carbon Energy News Climate Change,  Carbon Emissions,  Carbon Tax,  

Portland Oregon
Date: 2021-08-23
In Oregon, the Portland Bureau of Planning and Sustainability (BPS) reports Portland city officials are attempting to resurrect the 2018 Portland Clean Energy Fund -- a tax on emissions from industrial industries to raise about $8 to $11 million a year. The tax proceeds would be used to help meet the city's goal of slashing its carbon emissions in half by 2030 and reducing emissions to zero by 2050.

The Portland Clean Energy Fund has generated $109 million to date with another $52 million expected before the year end. The fund issues cash grants to nonprofits that will generate green energy projects and jobs for communities of color. (Source: Portland Bureau of Planning and Sustainability, Willamette Week, Aug., 2021) Contact: Portland Bureau of Planning and Sustainability, 503-623-7700, www.portlandoregon.gov/bps

More Low-Carbon Energy News Carbon Tax,  

Green Hydrogen, Carbon Tax
Date: 2021-08-09
"Even if European carbon prices (tax) more than tripled to €200 ($236), hydrogen from renewable energy would still struggle to compete with fossil fuels without further government support.

"To make the average renewable hydrogen project competitive with a fossil alternative will require annual subsidies of as much as €24 billion this decade."

Guidehouse www.guidehouse.com; Agora Energiewende, www.agora-energiewende.de/en, July, 2021

More Low-Carbon Energy News Green Hydrogen,  Carbon Tax,  Carbon Price,  

Exxon,Climate Leadership Council
Date: 2021-08-09
Houston-headquartered oil giant Exxon Mobil is reported to have been suspended from the pro-carbon tax Climate Leadership Council (CLC) and the CLC's advocacy arm Americans for Carbon Dividends, after an Exxon lobbyist was secretly recorded by Greenpeace saying "the oil giant only voiced support for a carbon tax because it knew such a policy would be almost impossible to implement."

Exxon CEO Darren Woods responded that "the lobbyist's comments in no way represent the company's position" and that the "CLC's decision is disappointing and counterproductive" and that Exxon will "mull more aggressive objectives" on emissions.

Exxon was a CLC founding member in 2017. Participating members include BP Plc, Goldman Sachs Group Inc., World Resources Institute, Microsoft Corp. and others. The CLC advocates that any carbon tax proceeds should be directly returned to taxpayers through "carbon dividends" and wants simpler carbon regulations and similar fees charged on foreign imports to create a level playing field. (Source: Climate Leadership Council, World Oil, 8 Aug., 2021) Contact: Climate Leadership Council, Greg Bertelsen, CEO, www.clcouncil.org

More Low-Carbon Energy News Climate Leadership Council,  Exxon,  Carbon Tax,  

Carbon Tax
Date: 2021-07-30
"I think it's (carbon tax) not a bad thing. We know that there is a huge economic cost to greenhouse gas emissions, which comes home at some point in time, not immediately; but it could come later, a year later, a decade later, but these are the externalities. So I think we need to recognize that climate change is a result of unmanaged externalities."

"Carbon markets and carbon taxes are two sides of the same coin in the sense that these are alternative ways of ensuring that polluters pay and carbon is a form of pollution." -- Pavan Sukhdev , WWF International, Pres.; Deutsche Bank, Former Managing Director

More Low-Carbon Energy News Carbon Tax,  

Carbon Tax
Date: 2021-07-07
"Even if European carbon prices more than tripled to €200 ($236), hydrogen from renewable energy would still struggle to compete with fossil fuels without further government support.

"To make the average renewable hydrogen project competitive with a fossil alternative will require annual subsidies of as much as €24 billion this decade." -- Guidehouse www.guidehouse.com; Agora Energiewende www.agora-energiewende.de/en -- Bloomberg, July, 2021

More Low-Carbon Energy News Green Hydrogen,  Carbon Emissions,  Carbon Price,  Carbon Tax,  

International Monetary Fund
Date: 2021-06-28
According to the Washington, DC-based International Monetary Fund (IMF), CO2 and other greenhouse gases must fall by a minimum 25 - 50 pct over the next decade to achieve the goal of restricting global warming to below 2 degree C. The fastest and most practical way to achieve this is by creating an international carbon price -- carbon tax -- floor arrangement, the IMF adds.

The IMF notes carbon pricing has a wide environmental and social aim of encouraging producers and companies to reduce their carbon footprint in a bid to combat climate change, which is linked to greenhouse gas emissions.

According to IMF, 80 pct of global emissions are currently un-priced and the average price for global emissions is only $3 a tonne. "As a knock-on effect, some countries and regions with high or rising carbon prices are considering placing charges on the carbon content of imports from places without similar schemes," the IMF said. But the IMF notes that the "charges on carbon content are insufficient instruments (to fight climate change) as carbon embodied in trade flows is typically less than 10 pct of a countries' total emissions."

According to the IMF, a minimum carbon price "is an efficient, concrete, and easily understood policy instrument. Simultaneous action among large emitters to scale up carbon pricing would deliver collective action against climate change while decisively addressing competitiveness concerns. The focus on a minimum carbon price parallels the current discussion on a minimum for the tax rate in international corporate taxation." (Source: IMF, Daily Maverick 168, 24 June, 2021) Contact: IMF, Kristalina Georgieva, Dir., www.imf.org

More Low-Carbon Energy News International Monetary Fund,  Climate Change Carbon Tax,  

Elon Musk
Date: 2021-04-30
"I talked to the Biden administration, and they were like 'Well, this seems too politically difficult' and I was like, 'Well, this is obviously a thing that should happen', and by the way, SpaceX would be paying a carbon tax too. So I'm like, you know, I'm like, I think we should pay it too. It's not like we shouldn't have carbon generating things. It's just that there's got to be a price on this stuff.

"If we just put a price on carbon emissions, the market will react in a sensible way. But because we don]t have a price on it, it is behaving badly. It's either we have sustainable energy or civilization collapses. And so if civilization doesn't collapse we will have sustainable energy, it's just a question of how soon does that happen. Sooner is better." -- Elon Musk, Feb., 2021)

More Low-Carbon Energy News Elon Musk,  Carbon Tax,  

Canada Carbon Tax
Date: 2021-03-26
Following up on our 22nd March coverage, the Supreme Court of Canada on Thursday ruled the Liberal government of Prime Minster Justin Trudeau's controversial and contested Greenhouse Gas Pollution Pricing Act -- Carbon Tax -- to be within the federal government's power to impose, constitutional and enforceable.

In 2019 the Trudeau government imposed a $30 per ton tax on greenhouse gases from various sources. The provinces of Saskatchewan, Ontario and Alberta took exception to the tax and argued the Act was unconstitutional because Ottawa was stepping into provincial jurisdiction. All other provinces have a carbon-pricing system Ottawa deems to be the equivalent or better of the federal version and are thus exempted from the federal tax. (Source: Various Media, 25 Mar., 2021)

More Low-Carbon Energy News Canada Carbon Tax,  Carbon Tax,  

Ontario Carbon Tax
Date: 2021-03-12
In Ottawa, the Canadian federal government reports it will spend more than $40 million of federal carbon tax revenue to help 172 schools in Ontario improve energy efficiency, cut energy consumption and costs, reduce emissions, make learning environments cleaner and healthier and improve air quality -- a hot-button issue during the COVID-19 pandemic.

Ontario, which initially opposed the federal carbon tax, does not impose a carbon levy on fuel purchases. (Source: Various Media, Canadian Press, 10 Mar., 2021)

More Low-Carbon Energy News Carbon Tax,  Ontario Carbon Tax,  Energy Efficiency,  

European Parliament
Date: 2021-03-12
The 27-member European Union Parliament (EP) reports it has approved a proposal Carbon Border Adjustment Mechanism -- a tax om imports from countries that do not impose a national carbon price. The tax is slated to come into force in 2023, with the precise details expected be announced in June, this year.

The EU's tax is intended to prevent "carbon leakage" -- carbon emissions that go offshore in response to carbon pricing -- rather than actually being cut. The EU tax will be imposed on carbon intensive imports and will be equivalent to what EU-based industry must pay under the European Union Emissions Trading Scheme (EU ETS).(Source: EU, European Parliment, Mar. 2020) Contact: EU, www.europa.eu

More Low-Carbon Energy News European Parliament,  Border Carbon Tax,  EU ETS,  

Environment and Climate Change Canada
Date: 2021-03-10
Reporting from Ottawa, Environment and Climate Change Canada has announced draft regulations to establish the market-based Federal Greenhouse Gas Offset System to reduce carbon emissions, spur innovation and private-sector investment in economic activities that lead to further emissions reductions and create jobs.

The offset rules will be part of the 2018 Greenhouse Gas Pollution Pricing Act, which enabled a sweeping tax on emissions on everything from industrial pollution to home-heating fuel, and will support a domestic carbon trading market under Canada's carbon price for industry -- the Output-Based Pricing System (OBPS) -- under which regulated facilities that exceed their emission limits can provide compensation by purchasing federal offset credits -- an additional lower-cost option -- generated from activities not already incentivized by carbon pollution pricing.

Once established, the Federal Greenhouse Gas Offset System will stimulate demand for projects across Canada that reduce greenhouse gases and generate federal offset credits. The ability to generate and sell federal offset credits creates opportunities for farmers, foresters, Indigenous communities, municipalities, and other project developers to earn revenues from greenhouse-gas reductions and removals.

Protocols for high priority project types are currently under development in parallel to the regulation to give industries additional lower-cost compliance options. For example, under the Landfill Methane Management Protocol, which is currently under development, a municipality could install technology to collect methane that would otherwise be emitted into the atmosphere. The municipality could earn federal offset credits, which it could sell to industrial facilities regulated under the Output-Based Pricing System. Canada is aiming for net-zero emissions by 2050. (Source: Environment and Climate Change Canada, Website PR, Mar., 2021) Contact: Environment and Climate Change Canada, www.canada.ca/en/environment-climate-change.html

More Low-Carbon Energy News Environment and Climate Change Canada ,  Carbon Credit,  Carbon Tax,  GHG,  Carbon Offset,  

EU
Date: 2021-03-10
Yesterday in Brussels, the European Parliament (EP) rejected proposals to phase out free CO2 pollution credits for industries covered by the EU's Emissions Trading System (EU ETS), even as the bloc plans to gradually replace the scheme with a border carbon tax to shield EU industries from "environmental dumping."

The European Commission (EC) is expected to unveil its proposal for a carbon border tax in June as part of a package of climate laws aimed at cutting the EU's CO2 emissions by 55 pct by 2030. (Source: European Commissions, euractive, 10 Mar., 2021)

More Low-Carbon Energy News EU Carbon Tax,  Border Carbon Tax,  EUETS,  Carbon Credits,  

RGGI,Independent Regulatory Review Commission
Date: 2021-02-17
Following up on our July 10, 2020 coverage -- PA RGGI Membership, Carbon Tax Stymied -- the Pennsylvania Independent Regulatory Review Commission (IRRC) has asked the state's Environmental Quality Board to delay the state's entry into the Northeast Regional Greenhouse Gas Initiative (RGGI) for one year from Jan. 1, 2022, until Jan. 1, 2023.

"This additional time would allow the regulated community an opportunity to clarify related issues including implementation procedures as well as adjust their business plans to account for the potential increased costs associated with Pennsylvania joining RGGI," according to the IRRC website release.

RGGI is a collaboration of states that began with Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New York, Rhode Island and Vermont, and more recently added New Jersey and Virginia. (Source: Pennsylvania Independent Regulatory Review Commission, PR, Indiana Gazette, 19 Feb., 2021) Contact: RGGI, www.rggi.org; Pennsylvania Independent Regulatory Review Commission, (717) 783-5417, www.irrc.state.pa.us

More Low-Carbon Energy News RGGI,  

European Commission
Date: 2021-02-17
In Brussels, the European Commission (EC) will reportedly propose a highly targeted carbon border adjustment mechanism (CBAM) this year that will focus on imports from countries that are not acting to reach climate neutrality by mid-century, according to green deal chief Frans Timmermans.

As previously reported, Russian Security Council Deputy Chairman Dmitry Medvedev has called for a EU carbon border tax to comply with international agreements on climate. "If the tax is imposed, there should definitely be an effort to keep it in compliance with the EU framework convention on climate and Paris Climate Agreement. We have to hold bilateral talks on this with the EU and via dedicated international platforms, such as the WTO, the agencies that deal with climate change and relevant conventions," Medvedev noted while speaking at a meeting on the potential impact of the tax on Russia.

The EC proposed climate legislation requiring the EU to become climate-neutral by 2050 as part of the European Green Deal. This follows the December 2019 EC decision to endorse the 2050 climate-neutrality objective. On 17 September, the Commission amended its proposal to incorporate a new 2030 emissions reduction target. (Source: EC, PR, Feb., 2021) Contact: EU, www.europa.eu; European Commission, ec.europa.eu

More Low-Carbon Energy News European Green Deal,  European Commission,  Carbon Tax,  Border Carbon Tax,  Frans Timmermans,  

Elon Musk
Date: 2021-02-15
Following up on our 22 Jan coverage -- Elon Musk Offers $100Mn for Best Carbon Capture Tech -- the the battery energy storage, SpaceX and Tesla tycoon announced:

"I talked to the Biden administration, and they were like 'Well, this seems too politically difficult' and I was like, 'Well, this is obviously a thing that should happen', and by the way, SpaceX would be paying a carbon tax too. So I'm like, you know, I'm like, I think we should pay it too. It's not like we shouldn't have carbon generating things. It's just that there's got to be a price on this stuff," Musk said.

"If we just put a price on carbon emissions, the market will react in a sensible way. But because we don`t have a price on it, it is behaving badly," Musk noted.

"It's either we have sustainable energy or civilization collapses. And so if civilization doesn't collapse we will have sustainable energy, it's just a question of how soon does that happen. Sooner is better," Musk elaborated. (Source: Elon Musk, DNA, 13 Feb., 2021) Contact: Elon Musk (@elonmusk)

More Low-Carbon Energy News Elon Musk,  Carbon Tax,  

Orsted, ITM Power,
Date: 2021-01-13
A consortium of London-headquartered ITM Power plc, Orsted A/S, Siemens Gamesa and Cambridge, UK-based Element Energy is reporting receipt of €5 million in funding from the EC Fuel Cells and Hydrogen Joint Undertaking (FCH2-JU) for the OYSTER project to investigate the feasibility and potential of combining a single offshore wind turbine directly with an electrolyzer and transporting renewable hydrogen to shore. The consortium will develop and test a megawatt-scale fully marinized electrolyzer in a shoreside pilot trial coordinated by Element Energy.

The OYSTER project aims to produce hydrogen from offshore wind at a cost that is competitive with natural gas (with a realistic carbon tax), thus unlocking bulk markets for green hydrogen making a meaningful impact on CO2 emissions, and facilitating the transition to a fully renewable energy system in Europe. The project is expected to run from 2021 through 2024 and is a key first step on the path to developing a commercial offshore hydrogen production industry and will demonstrate innovative solutions with significant potential in Europe and beyond.

For the project, ITM Power is responsible for the development of the electrolyzer system and electrolyzer trials, while Orsted will lead the offshore deployment analysis and feasibility study of future physical offshore electrolyzer deployments, and support ITM Power in the design of the electrolyzer system for marinization and testing. Siemens Gamesa Renewable Energy and Element Energy are providing technical and project expertise. (Source: ITM, Orsted, PR, Chem Engineering, 11 Jan., 2021) Contact: ITM Power, www.itm-power.com; Element Energy, www.element-energy.co.uk; EC Fuel Cells and Hydrogen Joint Undertaking, www.fch.europa.eu

More Low-Carbon Energy News Hydrogen news,  Offshore Wind news,  

NOrway, Carbon Tax
Date: 2021-01-11
In Oslo, the Norwegian Environment Ministry's recently released Climate plan 2021-30 plan is aiming to more than triple the country's national tax on carbon dioxide (CO2) emissions from the present 590 crowns to 2,000 Norwegian crowns ($237) per tonne by 2030.

As previously noted, Norway -- western Europe's largest oil and gas producer -- aims to cut its greenhouse gas emissions by 50 pct or more by 2030 compared with 1990 levels. (Source: Gov. of Norway, Ministry of Climate and Environment, Jan., 2020) Contact: Norwegian Ministry of Climate and Environment, Sveinung Rotevatn, Minister, +47 22 24 57 11, postmottak@kld.dep.no, www.regjeringen.no/en/dep/kld/id668

More Low-Carbon Energy News Norway Carbon Tax,  Carbon Tax,  GHGs,  

New Jersey,Georgetown Climate Center
Date: 2020-12-23
New Jersey reports it has opted out of the regional Transportation and Climate Initiative cap-and-trade program that could have raised state gas taxes by as much as 17 cents per gallon.

Under the program, New Jersey bumped up its gas tax by 9 cents in October to 50.7 cents per gallon for regular gas. It was the latest increase following the 2016 state referendum, under then Gov. Chris Christie, that empowered lawmakers to raise the gas tax by nearly 23 cents in exchange for a requirement the additional money go to the state's Transportation Trust Fund.

The 2016 measure also included a formula that requires yearly reviews to ensure New Jersey raises a set amount of money -- roughly $2 billion a year -- potentially resulting in smaller annual increases.

Connecticut, Massachusetts, Rhode Island, and the District of Columbia all signed on to the Transportation and Climate Initiative Program, a cap-and-trade initiative initially proposed by the Georgetown Climate Center for 13 states and the District. (Source: WPG, 22 Dec., 2020) Contact: Georgetown Climate Center, Pete Rafle, Communications, 703-268-3923, Peter.Rafle@georgetown.edu, www.georgetownclimate.org

More Low-Carbon Energy News Cap-and-Trade,  Carbon Tax,  

Canada Climate Change
Date: 2020-11-20
In Ottawa, the Government of Prime Minster Justin Trudeau (Lib) Ministry of Environment and Climate Change has tabled new "legally binding" legislation -- bill C-12 -- that would force current and future federal governments to set binding climate targets although the bill fails to specify penalties for non compliance. If passed into law, federal governments would be required to set five-year interim emissions reduction targets over the next 30 years to ensure progress toward reaching "net-zero" by 2050.

The legislation calls for the creation of an outside 15-member advisory board composed of climate experts, scientists and Indigenous representatives, among others to advice the minister on setting targets and the best "sectoral strategies" that are "deemed effective" for achieving net-zero. The legislation also requires the minister to a plan in Parliament outlining how Ottawa will meet those targets as well as annual reports on the bill's progress.

Canada's carbon reduction target, set by the former Conservative government in May 2015, is to reduce emissions by 30 pct compared to 2005 levels by 2030. Current policies -- including the carbon tax, banning coal power plants and regulating methane emissions in the oil and gas industry -- will only get Canada about two-thirds of the way to its goal.

While the government describes this legislation as "legally binding," there would be no tangible penalty applied if the country fails to drive down emissions as promised. In short, bill C-12 appears to be little more than political window dressing.

As previously reported in Nov, 2019, Prime Minister Trudeau committed Canada to reaching net-zero emissions by 2050 and to reduce CO2 levels by 30 pct by 2030. In December 2018, Climate Change Canada projected Canada's total emissions by 2030 are only on track to be 19 pct -- not 30 pct -- below 2005 levels. (Source: Environment Canada, Various Media, CBC News, 19 Nov., 2020) Contact: Environment and Climate Change Canada, (800) 668-6767, www.canada.ca › environment-climate-change

More Low-Carbon Energy News Environment Canada,  Net-Zero Emissions,  Climate Change,  Trudeau,  

Vietnam
Date: 2020-11-06
The Vietnam Ministry of Natural Resources and Environment is reporting plans to develop a roadmap to implement market-based carbon pricing -- carbon tax -- tools as part of its effort to reduce greenhouse gas emissions.

The Ministry has proposed adding the carbon market -- carbon tax to the revised draft Law on Environmental Protection which is expected to be approved by at the upcoming 10th legislative session.

In 2012, Vietnam joined the Partnership for Market Readiness (PMR) which aims to establish carbon markets in developing, emerging countries like Vietnam. Vietnam became a member of the United Nations Framework Convention on Climate Change (UNFCCC) in 1994 and ratified the Kyoto Protocol in 2002.

Vietnam is one of five countries most affected by climate change. If sea levels rise by one meter, one-fifth of the country's population could become homeless and 12.3 pct of farmland could disappear, experts have warned./. (Source: Vietnam Ministry of Natural Resources and Environment, VNA, 5 Nov., 2020) Contact: Vietnam Ministry of Natural Resources and Environment, (0243) 7956868, (0243) 8359221 -- fax, portal@monre.gov.vn, www.monre.gov.vn/English

More Low-Carbon Energy News Carbon Tax,  Vietnam,  Climate Change,  

Luxembourg,Carbon Tax
Date: 2020-10-28
In Luxembourg, the government statistics office Statec is projecting the government's planned carbon tax will add about 5 cents per litre for transportation fuel and add roughly €148 million to the national treasury in 2020. The tax, which will increase to €25 per tonne of carbon emissions in 2022 and €30 in 2023, is expected the generate between €200 million and €300 million by 2024.

The carbon tax is intended to disincentivise the sale of combustion engine transportation. (Source: Delano.lu, 27 Oct., 2020)

More Low-Carbon Energy News Carbon Tax,  

Swiss Re
Date: 2020-09-16
As part of its efforts to transition to net-zero emissions in operations by 2030, Zurich-headquartered insurance and reinsurance firm Swiss Re reports it will increase its internal carbon levy to $100 per tonne as of 2021.

The new levy, which is higher than the current levy of $8 per tonne CO2 set to gradually increase to $200 per tonne by 2030, will fund a compensation of residual operational emissions through carbon removal projects. The reinsurer will also further curb its flight emissions with a CO2 reduction target of 30 pct in 2021, relative to the 2018 benchmark.

As previously reported, Swiss Re, a signatory of the Paris Pledge for Action and UN-convened Net-Zero Asset Owner Alliance founding member, plans to gradually cut underwriting to the most carbon-intensive oil and gas industries by 2023. (Source: Swiss Re, Reinsurance News, 15 Sept., 2020) Contact: Swiss Re, Christian Mumenthaler, CEO, www.swissre.com

More Low-Carbon Energy News Internal Carbon Levy,  Carbon Tax,  

Climate Change
Date: 2020-09-14
In British Columbia, the Provincial Climate Action Secretariat's recently released inventory reports the province's greenhouse gas (GHG) emissions are rising despite reduction targets calling for a 40 pct decrease by 2030, 60 pct by 2040 and 80 pct by 2050.

In 2018, British Columbia's gross GHG emissions were 67.9 million tonnes of carbon dioxide equivalent (MtCO2e) -- an increase of 4.5 MtCO2e (7 pct) from 63.4 MtCO2e in 2007, the baseline year for our emission reduction targets. Net emissions in 2018, after including 1.0 MtCO2e in offsets from forest management projects not covered in the inventory, were 66.9 MtCO2e. This is an increase of 3.5 MtCO2e (6 pct) from 2007.

When the B.C. carbon tax was first hatched in 2008, its was pitched as revenue neutral and would stop at $30 per tonne, but presently stands at $40 per tonne and emissions are still rising. Over the past three years, stats show emissions rose by 4 pct for gasoline-powered cars; 19 pct for pick-up trucks; 46 pct for light-duty diesel trucks; and 51 pct for railways.

At $40 per tonne, the carbon tax costs an extra 8.9 cents per litre of gasoline and 10.2 cents extra for diesel. For natural gas, the carbon tax often costs residential customers more than the actual fuel. (Source: Province of British Columbia, Climate Action Sec., Sept., 2020) Contact: British Columbia Climate Action Sec., ClimateActionSecretariat@gov.bc.ca, www2.gov.bc.ca

More Low-Carbon Energy News GHG news,  Climate Change news,  Carbon Emissions news,  CO2 news,  

Montana Climate Change
Date: 2020-09-14
In Helena, the office of Montana Governor Steve Bullock (D) has announced the Montana Climate Solutions Plan and the Montana Climate Solutions Council (MCSC).

MSCS's recommendations begin with the creation of a Montana Climate Solutions Network (MCSN), a broad affiliation of diverse stakeholders who would support planning and implementation of climate strategies in Montana.

Among the specific proposals to reduce the impacts of climate change are to work with communities to identify their highest-priority risks and vulnerabilities and implement hazard mitigation plans, promote agricultural research that will sustain production in higher projected temperatures and extreme water shortages, implement strategies to make communities more fire-resistant, and to encourage the development of cleaner energy production options such as wind, solar, decarbonized fuels from hydrogen and biomass, and micro-hydro electricity generation projects.

The Montana Climate Solutions Plan also calls for regularly updated energy efficiency standards for household appliances and for Investor Owned Utilities and rural cooperatives to implement on-bill energy efficiency financing programs. The plan also calls for a carbon pricing -- carbon tax -- mechanism at the state level in the event a national carbon tax is not implemented. To that end, the plan calls for Montana to track and influence the development of federal legislation through its Congressional delegation and through its membership in the U.S. Climate Alliance.

Download the Montana Climate Solutions Plan, HERE . (Source: Montana Climate Solutions Council, Website, Great Falls Tribune, 12 Sept., 2020) Contact: Montana Climate Solutions Council, deq.mt.gov/DEQAdmin/dir/Climate

More Low-Carbon Energy News Climate Change,  Carbon Emissions,  

EDS Systems
Date: 2020-09-02
Plano, Texas-based EDS Systems reports the launch of its cloud-based "EcoGauge" carbon tax analytics tool to assist organizations with the monitoring and management of their carbon emissions and to ultimately help reduce the administrative burden of compliance measurement and reporting, as well as carbon tax liabilities.

EcoGauge helps remove the complexity inherent in greenhouse-gas (GHG) reporting and provides a near real-time view on GHG emissions and the effect of a manufacturing process change. EcoGauge generates an instant report that classifies emissions by source and calculates liability in terms of the Carbon Tax Act and carbon tax compliance.

According to EDS, "EcoGauge is an effective solution for companies shifting to a more carbon-conscious mindset, because the cost of ignoring climate change will be far higher than the cost of reducing emissions through legislation such as the Carbon Tax Act." (Source: EDS, PR, Creamers, 2 Sept., 2020) Contact: EDS, Eckart Zollner, Bus. Dev., www.eds.com

More Low-Carbon Energy News EDS Systems news,  GHG Emissions news,  Emissions Monitoring news,  Carbon Tax news,  

Carbon Tax
Date: 2020-08-26
In Moscow, Russian Security Council Deputy Chairman Dmitry Medvedev on Wednesday called for a EU carbon border tax to comply with international agreements on climate.

"If the tax is imposed, there should definitely be an effort to keep it in compliance with the EU framework convention on climate and Paris Climate Agreement. We have to hold bilateral talks on this with the EU and via dedicated international platforms, such as the WTO, the agencies that deal with climate change and relevant conventions," Medvedev noted while speaking at a meeting on the potential impact of the tax on Russia.

Dmitry Anatolyevich Medvedev is a Russian politician who is serving as Deputy Chairman of the Security Council of Russia, headed by Vladimir Putin. He served as prime minister of Russia between 2012 and 2020. From 2008 to 2012, Medvedev served as president of Russia. (Source: Sputnik, 26 Aug., 2020)

More Low-Carbon Energy News Carbon Tax,  Border Carbon Tax,  

Canadian Energy Research Institute
Date: 2020-08-19
A recent study from the Canadian Energy Research Institute (CERI) compared the province of British Columbia's $40 per tonne carbon tax and Alberta's Technology Innovation and Emissions Reduction (TIER) program taxing heavy emitters $30 a tonne, to the European emissions trading scheme (EU ETS) and Quebec's cap-and-trade agreement with California and noted that overall, the EU ETS policy was more effective at reducing greenhouse gas (GHG) emissions than the Carbon Tax policy or a Hybrid policy.

In keeping with the study findings, the CERI study proposed the following to lower emissions:

Both carbon tax and emissions trade systems have a great capacity to reduce GHG emissions; however, a level at which they are utilized is not adequate for significant change towards low carbon economies;

Strengthening existing and adding new carbon policies and actions, especially those that can deal with carbon leakage, is needed;

Current carbon prices in many jurisdictions remain insufficient to achieve the objectives of the Paris Agreement, even with extended carbon pricing policies in place to align with the specific GHG reduction targets;

Stronger complementary policies and actions are needed to achieve the total reductions in GHG emissions in a case of the BC carbon tax;

Lessons from ETS systems, especially California's cap-and-trade system, has revealed that the economy-wide approach can be more efficient than managing specific sectors differently;

Linkage of a cap-and-trade system with those in other jurisdictions (such as California's cap-and trade system linked with Quebec) could potentially reduce abatement costs, price volatility, and market power.

The Calgary-based Canadian Energy Research Institute is an independent, not-for-profit research establishment created through a partnership of industry, academia, and government in 1975. CERI aims to provide relevant, independent, objective economic research in energy and environmental issues to benefit business, government, academia and the public and to build bridges between scholarship and policy,combining the insights of scientific research, economic analysis, and practical experience. (Source: Canadian Energy Research Institute, PR, Western Standard, Aug., 2020) Contact: Canadian Energy Research Institute, (403) 282-1231, info@ceri.ca, www.ceri.ca

More Low-Carbon Energy News Canadian Energy Research Institute,  ETS,  Carbon Tax,  Carbon Emissions ,  

Thailand
Date: 2020-08-14
The International Energy Agency (IEA) is reporting Thailand, which relies heavily on fossil fuels for its energy needs, is considering carbon pricing in an upcoming Climate Change Act to lead a clean energy transition and green economic development while maintaining energy security, supporting innovation, increasing efficiency and driving retirement of emission-intensive assets. The upcoming Climate Change Act is expected to outline specific instruments to prepare for a national emission trading system, with a cabinet decision due in 2022.

According to the IEA, Thailand's experience of carbon market mechanisms began in 2007, when the government established TGO to implement and manage GHG emissions projects. In 2103, the public body launched the Thailand Voluntary Emission Reduction programme, a baseline and credit programme. By 2020 it had 191 registered projects that are due to reduce emissions by 5.28 Mt CO2-eq annually and the Thailand Carbon Offsetting Program which encourages public and private organisations to calculate their carbon footprint and buy carbon credits to offset their unavoidable emissions.

In 2015 TGO launched the Thailand Voluntary Emission Trading Scheme to serve as a pilot, setting up the infrastructure to develop a national emission trading system and identify gaps and opportunities. The first phase (2015-17) established and tested the market's design features and the measurement, reporting and verification system. During the second phase (2018-20) TGO aims to encourage wider participation and develop participants' trading capabilities.

Thailand is aiming to reduce GHG emissions to 20.8 pct below the business-as-usual level by 2030. (Source: IEA , New Europe, Aug., 2020)Contact: IEA, Fatih Birol, Exec. Dir., +33 1 40 57 65 00, www.iea.org

More Low-Carbon Energy News Carbon Tax,  IEA,  

European Union,European Commission
Date: 2020-07-13
In a recent interview with Frankfurter Allgemeine Sonntagszeitung , Austrian Chancellor Sebastian Kurz called for the introduction of a European Union carbon border tax on imports as a source of income to finance the 28-member trading bloc's coronavirus recovery programmes, and to address the larger issue of climate change and the fight against global warming. Kurz described an EU-wide carbon tax as a "fair and equitable" common support programme to assist EU member countries in coping with the economic fallout of the coronavirus pandemic.

The German and French governments urged the introduction of a carbon border tax in the EU in June and agreed to jointly explore ways to implement it. The tax has also been proposed by the EU Commission's (EC) Green Deal. Germany noted advancing climate action in Europe will be one of its priorities in its EU presidency during the second half of 2020. (Source: Frankfurter Allgemeine Sonntagszeitung, Clean Energy Wire, 13 July, 2020)

More Low-Carbon Energy News Carbon Tax,  EU carbon Tax,  Climate Change,  

RGGI, Carbon Tax
Date: 2020-07-10
In Harrisburg, the Keystone State Republican-controlled House of Representatives on Wednesday forwarded legislation aimed at blocking Gov. Tom Wolf (D) from imposing a price on greenhouse gas emissions from power plants and from the Governor's previuosly announced plan to bring Pennsylvania into the 10-state Regional Greenhouse Gas Initiative (RGGI).

Both RGGI and a carbon tax are central to the governor's strategy to fight climate change. If Wolf's plan is successful, Pennsylvania would become the first major fossil fuel state to adopt a carbon pricing policy.

Proponents claim the RGGI cap-and-trade program would inject new life into Pennsylvania's economy by prioritizing energy efficiency and cleaner energies. (Source: Office of Penna. Gov. Tom Wolf, CBS Pittsburgh, AP, 9 July, 2020) Contact: Office of Penna. Gov. Tom Wolf, 717-787-2500, www.facebook.com › governorwolf, www.governor.pa.gov

More Low-Carbon Energy News RGGI,  Carbon Tax,  Tom Wolf,  

EC
Date: 2020-07-01
In Brussels, the European Commission (EC) has approved Sweden's 10-year carbon CO2 tax exemption extension for non-food based biogas used in heat generation and transportation fuel .

In its ruling, the EC noted the exemptions were "necessary and well-suited to stimulate production and consumption of domestic and imported biogas and bio-propane without distorting market competition." single market (Source: European Commission, EU Observer, Argus, 30 June, 2020) Contact: European Commission, Ursula von der Leyen, Pres., Frans Timmermans, Climate Chief, www.ec.europa.eu/commission/commissioners/2019-2024/timmermans_en, www.ec.europa.eu

More Low-Carbon Energy News Carbon Tax,  European Commission ,  

Carbon Tax
Date: 2020-06-29
In Copenhagen, the Danish federal government is reporting plans to introduce a tax on emissions of carbon dioxide and other greenhouse gases. The tax is in line with the Danish Council on Climate Change, a government advisory group, recommendations aimed at helping the country meet its goal of reducing its emissions by 70 pct by 2030 and becoming completely climate neutral not later than in 2050. (Source: Danish Council on Climate Change, Brinkwirw, July, 2020) Contact: Danish Council on Climate Change, www.klimaraadet.dk/en

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SwissAir
Date: 2020-06-12
The Swiss parliament reports it has moved to impose an environmental tax of between CHF30 and CHF120 ($32 and $126) per ticket for flights departing Switzerland.

The tax is expected to generate revenues of about CHF500,000 ($528.7 million) a year, half of which is to be refunded to Swiss citizens, according to a legal amendment under discussion in parliament. The legal amendment also includes a tax on fuel imports as well as the creation of a climate fund. (Source: Swissinfo, 10 June, 2020)

More Low-Carbon Energy News Carbon Tax,  SwissAir,  

Alberta
Date: 2020-06-12
On the Canadian Prairies, the office of Alberta Environment Minister Jason Nixon has announced the closure of Energy Efficiency Alberta and the transfer of the 2017-vintage agency's $8-million budget into other departments or the current Emissions Reduction Alberta.

Energy Efficiency Alberta received funding from a provincial carbon tax on gasoline and heating fuels. The agency issued initiatives and rebates on everything from solar panels to energy-efficient appliances, windows, insulation, LED light bulbs and low-flow shower heads. The rebates were cancelled last fall. (Source: Office of Alberta Environment Minister Jason Nixon , JWN, Canadian Press, 12 June, 2020) Contact: Alberta Environment Minister Jason Nixon, 780-427-2711, www.alberta.ca/minister-of-environment-and-parks.aspx

More Low-Carbon Energy News Energy Efficiency Alberta,  Energy Efficiency ,  

Canada Carbon Tax
Date: 2020-05-27
In Canada, the Financial Post is reporting Prime Minister Justin Trudeau (L) is raising the federal carbon tax by 50 pct, despite the broad economic challenges of the COVID-19 crisis. Meanwhile, governments around the world are moving in the opposite direction.

World wide, most countrys have halted carbon tax increases during the pandemic, as have most Canadian Provinces (Source: Various Canadian Media, Financial Post, 19 May, 2020)

More Low-Carbon Energy News Canada Carbon Tax,  

Australia
Date: 2020-05-22
Australia's conservative government on Thursday released a fresh technology roadmap to tackle climate change, targeting the use of natural gas, hydrogen, batteries and carbon capture, while avoiding the contentious issue of setting a carbon price.

The latest proposal, which the government aims to turn into formal policy by September, is based on driving down energy storage costs to back up wind and solar power, electrifying industrial processes and scaling up hydrogen production. . Green groups, mining, energy and other big corporations oppose the plan for its continued reliance on fossil fuels, like gas and coal, and are calling for the imposition of a carbon tax to drive green investment.

The technology roadmap is designed to help Australia meet its Paris Climate Accord commitment to cut carbon emissions by between 26 pct and 28 pct from 2005 levels by 2030.

Although Australia is one of the world's biggest carbon emitters per capita Angus Taylor, the Minister of Energy and Emissions recently said it is not Australian government policy to achieve net zero emissions by 2050. (Source: Australia Ministry of Energy and Emissions Reduction, Hindustan Times, Reuters, 21 May, 2020) Contact: Australia Ministry of Energy and Emissions Reduction, Hon. Angus Taylor, Minister, www.minister.industry.gov.au/ministers/taylor

More Low-Carbon Energy News Australia Climate Change news,  Carbon Emissions news,  

Canada Carbon Tax
Date: 2020-05-20
As previously reported, Canadian Prime Minister Justin Trudeau (L) is raising the federal carbon tax by 50 pct, despite the broad economic challenges of the COVID-19 crisis.

World wide, most countries have halted carbon tax increases during the pandemic, as have most Canadian Provinces (Source: Various Media Financial Post, 19 May, 2020)

More Low-Carbon Energy News Canada Carbon Tax ,  

Carbon Price,Low Carbon Energy
Date: 2020-05-01
According to a recently circulated paper, French authorities consider present COVID-19 and related market conditions make a clear case for "mechanisms ensuring that these energies remain consistently above a certain floor price" from the perspective of both consumers and investors.

Such a mechanism could take the form of "a carbon price floor" that could be implemented either through the EU's emissions trading scheme (EUETS)or the energy taxation directive, which is up for review as part of the European Green Deal. The paper notes that structurally low electricity prices hinder investments in new low-carbon power generation capacity needed to meet the EU's decarbonisation goals.

Download the French position paper HERE. (Source: euractive, 27 April, 2020)

More Low-Carbon Energy News EUETS,  Carbon Price,  Carbon Tax,  EU ETS,  

IMF
Date: 2020-05-01
Earlier this week, the International Monetary Fund (IMF) called for fiscal measures implemented by governments against the COVID-19 pandemic to be harmonized to combat climate change and ensure an environmentally sustainable recovery from the pandemic.

The IMF noted that if this recovery is to be sustainable the fight against the climate crisis must be part ov the effort. To that end, "when governments provide financial lifelines to carbon-intensive companies, they should mandate commitments to reduce carbon emissions" should be part of the agreement. Additionally, financial firms should be required to better disclose climate risks in their lending and investment portfolios, the IMF notes/

The IMF also noted better ways of pricing in climate risk should be found and a substantially higher carbon price is needed to encourage climate-smart investment and to accelerate the shift to cleaner fuels and more energy efficiency. IMF also notes the current global carbon price is only $2 per ton, way below the levels needed to keep global warming under 2 degrees Celsius, which the IMF estimated to be $75 per ton. (Source: IMF, The Nation, 30 April, 2020) Contact: IMF, Kristalina Georgieva, Dir., www.imf.org

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ICE Global Carbon
Date: 2020-04-24
Exchange operator ICE reports the launch of a new carbon market index, joining a growing number of companies seeking to track allowance prices in the world's major greenhouse gas emissions trading systems.

The new ICE Global Carbon Futures Index is made up of prices from the EU ETS, the California-Quebec Market and RGGI markets which together represent some of the largest regional economies in the world. To date, 46 nations and more than 30 cities, states and regions have imposed a price -- carbon tax -- on carbon emissions.(Source: ICE, 23 April, 2020) Contact: ICE Global Carbon, www.theice.com

More Low-Carbon Energy News ICE Global Carbon,  Carbon Market,  

British Columbia
Date: 2020-04-08
Greenhouse operators can now apply for carbon tax relief grants for the 2020 production year, until May 1, 2020. Commercial producers in B.C. who grow vegetables, ornamental flowers and plants, forest seedlings and nursery plants – excluding cannabis -- are eligible. To qualify, sales must have exceeded $20,000 in 2019, natural gas or propane was used to heat their greenhouses or produce carbon dioxide; and production areas exceeded 455 square metres.

The grant covers up to 80 pct of the carbon tax that commercial greenhouse growers of eligible crops paid on the natural gas and propane they used for greenhouse heating and CO2 production in 2019. The province's floriculture and nursery industries grow more than 80 million greenhouse flowers and cuttings and produce approximately 50 million potted plants per year.

Down load information and eligibility criteria HERE. (Source: Gov. BB, HortiDaily, 8 April, 2020)

More Low-Carbon Energy News Carbon Tax news,  

Canada Carbon Tax
Date: 2020-04-03
On Wednesday, 1 April, the Canadian federal carbon tax was increased from $20 per tonne to $30 per tonne, despite legal challenges from the provinces of New Brunswick, Ontario and Saskatchewan and Manitoba, the severe economic downturn and skyrocketing unemployment due to COVID-19.

As previously reported, the tax will raise $10 per tonne each year until 2022. (Source: Various Media, 604NOW, April, 2020)

More Low-Carbon Energy News Canada Carbon Tax,  

South Korea Carbon Emissions
Date: 2020-03-20
In Seoul, the South Korean government has announced plans to be the first East Asion nation to adopt a Green New Deal and deliver net-zero carbon emissions by 2050, if reelected in the upcoming legislative elections. To that end, the government would institute a carbon tax, phase out domestic and overseas coal project financing, and make large-scale investments in renewable energy.

South Korea, the world's seventh-largest carbon emitter as well as the third-largest public coal financier, is home to energy-intensive industries such as automotive and steel and likely to remain heavily dependent on climate-wrecking coal in the immediate future. (Source: Various Media, EcoBusiness, Mar., 2020)

More Low-Carbon Energy News Net-Zero Carbon,  Carbon Emissions,  

Carbon Tax
Date: 2020-03-18
Following-up on our Aug. 30, 2019 report, the Canadian Supreme Court in Ottawa has postponed hearing challenges to the Canadian federal government's carbon tax and several other cases, until June at the earliest. The postponement was blamed squarely on the shoulders of the rampaging spreading COVID-19 crisis.

The top courts in Ontario and Saskatchewan rejected arguments by those provinces that the federal government lacks constitutional authority to impose a carbon tax in provinces that don't impose a carbon price that meets federal standards. The same provinces have appealed the provincial court rulings to the Supreme Court. ((Source: Various Media, Cdn Press, 17 Mar., 2020)

More Low-Carbon Energy News Canada Carbon Tax,  

Carbon Tax,Canadian Federation of Independent Business
Date: 2020-03-18
A recently released report from the Canadian Federation of Independent Business (CFIB) has found that 82 pct of Canadian farmers say the federal carbon tax is negatively impacting their business. On average, farmers estimate they will pay almost $14,000 in federal carbon taxes in the first year it applies to them -- April 1st, 2019 to March 31st, 2020). The report also found:

78 pct of Canadian farmers have taken action in the last several years to lessen their environmental impact;

93 pct of farmers in Saskatchewan, Manitoba and Ontario agree the federal government should not charge GST (five per cent sales tax) on the federal carbon tax as it currently does;

Farmers cannot pass the federal carbon tax costs on to their customers, despite the government's assurances: 83 pct of farmers in the field crop sector said they would be able to pass on less than 10 pct of the federal carbon tax costs to customers between April 1st, 2019 and March 31st, 2020. Over 78 pct of these farmers will have to absorb the entire cost. (Source: CFIB, Weyburn Review, 26 Feb., 2020) Contact: CFIB, Marilyn Braun-Pollon, VP Western Canada and Ari-Business, 416-222-8022, 844-242-4400, 416-222-4337 - fax, www.cfib-fcei.ca

More Low-Carbon Energy News Canada Carbon Tax news,  Canadian Federation of Independent Business news,  

Danish Council on Climate Change
Date: 2020-03-11
In Copenhagen, the Danish Council on Climate Change is calling for Denmark to "sharply" increase its carbon tax to help meet the estimated £4 billion cost of cutting emissions by 70 pct from 1990 levels by 2030.

The council, which is the main independent adviser to the Danish Government on climate change, is recommending an increase from the present £20 per tomne to £174 per tonne of carbon dioxide equivalent. (Source: Danish Council on Climate Change, Mar., 2020) Contact: Danish Council on Climate Change, Peter Mollgaard,www.klimaraadet.dk/en/about-danish-council-climate-change

More Low-Carbon Energy News Carbon Tax,  Carbon Emissions,  Climate Changee Change,  

Canadian Federation of Independent Business
Date: 2020-03-02
A recently released report from the Canadian Federation of Independent Business (CFIB) has found that 82 pct of Canadian farmers say the federal carbon tax is negatively impacting their business. On average, farmers estimate they will pay almost $14,000 in federal carbon taxes in the first year it applies to them -- April 1st, 2019 to March 31st, 2020). The report also found:

Farmers care about the environment: When asked what motivates their business to implement measures to improve environmental quality, 87 pct of Canadian farmers said they were motivated by their own personal views;

78 pct of Canadian farmers have taken action in the last several years to lessen their environmental impact;

93 pct of farmers in Saskatchewan, Manitoba and Ontario agree the federal government should not charge GST (five per cent sales tax) on the federal carbon tax as it currently does;

Farmers cannot pass the federal carbon tax costs on to their customers, despite the government's assurances: 83 per cent of farmers in the field crop sector said they would be able to pass on less than 10 per cent of the federal carbon tax costs to customers between April 1st, 2019 and March 31st, 2020. Over 78 per cent of these farmers will have to absorb the entire cost.

To address the issue, CFIB recommends the federal government:: exempt natural gas, propane, and aviation fuel used by farmers for farming activities such as drying grain, heating livestock facilities, or spraying crops from the federal carbon tax, including those farm expenses from 2019; end the practice of charging GST on the federal carbon tax; stop further increases in the overall tax burden (e.g. CPP and carbon tax) on farmers; and work to improve Canada's overall tax and regulatory competitiveness in the agriculture sector. (Source: CFIB, Weyburn Review, 26 Feb., 2020) Contact: CFIB, Marilyn Braun-Pollon, VP Western Canada and Ari-Business, 416-222-8022, 844-242-4400, 416-222-4337 - fax, www.cfib-fcei.ca

More Low-Carbon Energy News Canadian Federation of Independent Business,  Carbon Tax,  Canada Carbon Tax,  

BP
Date: 2020-02-28
Petroleum industry giant BP reports it is dropping its affiliation with three industry trade association on the grounds that the associations' climate change related policies and positions do not align with BP's.

BP is dropping the Western Energy Alliance because its interests did not aligned on federal regulation of methane in the US, and the Western States Petroleum Association and American Fuel and Petrochemical Manufacturers over carbon pricing positions.

As previously reported on 14 Feb., BP plans to:

Achieve a 50 pct cut in the carbon intensity of its products by 2050 or sooner

Install methane measurement at all BP major oil and gas processing sites by 2023 and reduce methane intensity of operations by 50 pct.

Increase its investment in non-oil and gas businesses over time.

More actively advocate for policies that support net-zero, including carbon pricing -- carbon tax.

Further incentivise the company's workforce to deliver aims and mobilize them to advocate for net- zero and set new expectations for relationships with trade associations.

Aim for recognition as a leader for transparency of reporting, including supporting the recommendations of the TCFD, and launch a new team to help countries, cities and large companies decarbonize.

BP's current worldwide greenhouse gas emissions from its operations stand at 55 million tpy of CO2 equivalent (MteCO2e), and the carbon in the oil and gas that it produces is equivalent currently to around 360 MteCO2e emissions a year -- both on an absolute basis. Taken together, delivery of these aims would equate to a reduction in emissions to net zero from what is currently around 415 MteCO2e a year, according to the BP release. (Source: BP Website, 26 Feb., 2020) Contact: BP Press Office, +44 (0) 20 7496 4076, bppress@bp.com, www.bp.com

More Low-Carbon Energy News BP,  Climate Change,  Carbon Emissions,  

BP
Date: 2020-02-14
In the UK, petroleum industry giant BP is reporting plans to become a net-zero carbon company by 2050 or sooner. To that end, the oil giant aims to:

Reach net-zero carbon in its oil and gas production on an absolute basis by 2050 or sooner.

Achieve a 50 pct cut in the carbon intensity of its products by 2050 or sooner

Install methane measurement at all BP major oil and gas processing sites by 2023 and reduce methane intensity of operations by 50 pct.

Increase the proportion of investment into non-oil and gas businesses over time.

More actively advocate for policies that support net-zero, including carbon pricing -- carbon tax.

Further incentivise the company's workforce to deliver aims and mobilise them to advocate for net- zero.

Set new expectations for relationships with trade associations.

Aim for recognition as a leader for transparency of reporting, including supporting the recommendations of the TCFD, and

Launch a new team to help countries, cities and large companies decarbonise.

BP's current worldwide greenhouse gas emissions from its operations stand at 55 million tpy of CO2 equivalent (MteCO2e), and the carbon in the oil and gas that it produces is equivalent currently to around 360 MteCO2e emissions a year -- both on an absolute basis. Taken together, delivery of these aims would equate to a reduction in emissions to net zero from what is currently around 415 MteCO2e a year, according to the BP release. (Source: BP, PR, Feb., 2020) Contact: BP press office, +44 (0) 20 7496 4076, bppress@bp.com, www.bp.com

More Low-Carbon Energy News BP,  Climate Change,  Carbon Emissions,