The Climate Action Package is an economic plan for the country's Energy and Climate Fund, which is expected to grow from €6.1 billion this year to €11.75 billion in 2023. Revenues from the European trade of CO2 allowances in energy and industry (EU ETS) are expected to raise an additional €14 billion.
The Climate Action Package is intended to put the country on track to meet its 2030 climate targets. (Source: Handelsblatt, Clean Energy Wire, Other Media, 1 Oct., 2019) Contact: German Finance Minister, Olaf Scholz, www.bundesfinanzministerium.de
More Low-Carbon Energy News EU ETS, German Carbon Tax, Carbon Tax,
The Index tracks the performance of the largest, most liquid and most accessible tradable carbon markets -- the European Union Emission Trading System (EU ETS), the California Cap-and-Trade Program, and the Regional Greenhouse Gas Initiative (RGGI). The index is calculated using OPIS data and carbon credit futures pricing in those markets.
The IHS Markit Global Carbon Index was developed in consultation with Climate Finance Partners, a specialist in climate finance.
IHS Markit is also well known for its daily OPIS Carbon Market Report, national carbon policies database and for developing industry standard methodologies for greenhouse gas accounting and disclosures. Its research and expertise on carbon policy impact, low-carbon and cleantech technologies and carbon risk management guide companies in energy, petrochemical, automotive, shipping, agriculture and other sectors critical to the global economy.
(Source: IHS Markit , 25 Sept., 2019)
Contact: IHS Markit, www.ihsmarkit.com
More Low-Carbon Energy News RGGI, EU ETS, IHS Markit Carbon Market, Carbon Credit,
The German system will be based on a trade in emissions certificates under the EU's emissions trading scheme (EU ETS).
Germany is on course to miss its 2020 target of reducing 1990 greenhouse gas emissions by 40 pct, according to the Times of Aman report.
(Source: Times of Oman, 22 Sept., 2019)
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This tax would come into effect from the 4th of November, and would apply to all stationary installations that are currently subject to the EU ETS.
If the UK were to leave the EU without a deal, the country will also not be subject to the 28-member European Union's Emissions Trade System (EU ETS) which is key to the EU and its member nations meeting emission reduction obligations.
While UK businesses currently pay a carbon tax rate of £26 under the EU ETS, a "No Deal Brexit" carbon tax would result in a £10 cut in the carbon tax rate and would be profitable for UK industries. (Source: Herald Media, 10 Sept., 2019)
More Low-Carbon Energy News EU ETS, Carbon Tax, Carbon Emissions,
The non-EU member sources about 60 pct of its electricity from hydropower, 33 pct from nuclear and the rest from fossil fuels. Of the total, fossil fuels still make up about 63 pct of which roughly 10 pct is from aviation -- the global average aviation emissions is between 2 and 3 pct. Switzerland's domestic carbon trading scheme includes aviation emissions in the same way the EU ETS system does and the two are linked. (Source: Various Media, EURACTIV, 29 Aug., 2019)
More Low-Carbon Energy News Carbon Emissions, Carbon Neutral, Aviation Emissions, EU ETS,
Each free permit gives a firm the right to emit a tonne (1,000kg) of CO2. British Steel claims that it is discussing the impact of Brexit on its business with ministers and officials from the Department for Business, Energy and Industrial Strategy (DBEIS) and is in talks with Department for Business about financial assistance. British Steel has until 30 April to comply with EU emission rules.
(Source: British Steel, Insider Media, 2 May 2019
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Each free permit gives a firm the right to emit a tonne (1,000kg) of CO2.
British Steel claims that it is discussing the impact of Brexit on its business with ministers and officials from the Department for Business, Energy and Industrial Strategy (DBEIS) and is in talks with Department for Business about financial assistance.
British Steel has until 30 April to comply with EU emission rules. (Source: BBC, Steel Times, 14 April, 2019)
More Low-Carbon Energy News Carbon Emissions, EU ETS,
HERE. (Source: UK Department for Business, Energy & Industrial Strategy, April, 2019) Contact: Gov of UK, Department for Business, Energy & Industrial Strategy, https://www.gov.uk/government/organisations/department-for-business-energy-and-industrial-strategy
More Low-Carbon Energy News UK Department for Business, Energy & Industrial Strategy, Carbon Emissions,
In Switzerland, 54 companies in sectors like cement, chemicals, pharmaceuticals, refineries, paper, heating or steel are linked to the Swiss emissions trading system. In Europe, there are around 11,000 firms that offset their emissions under the EU ETS.
In Switzerland, companies have the right to emit a certain amount of carbon dioxide (CO2) into the atmosphere for free. Those that reduce their CO2 emissions and do not use all their quota can sell them to others.
Companies that do not participate in the emissions trading scheme are subject to a CO2 tax which can be refunded if they undertake to reduce their emissions.
The coupling of the Swiss and EU emission trading systems will enter into force in 2020. It is part of the changes associated with the revision of the Swiss CO2 law. The agreement is for an indefinite duration and can be terminated with six months' notice by both parties.(Source: swissinfo.ch, 7 Mar., 2019)
More Low-Carbon Energy News Carbon Emissions, Carbon Market, EU ETS,
According to the Minister, the EU would be keen to integrate the two carbon markets, despite the fact formal talks on the issue will not start until the UK has resolved the current parliamentary stand-off over the Withdrawal Agreement.
The UK is one of the largest participants in the continent-wide EU ETS which has been widely credited with helping to drive down emissions across the 28-member bloc.(Source: UK Energy and Clean Growth Minstry, BusinessGreen, 28 Feb., 2019) Contact: U.K. Energy and Clean Growth Minister, www.gov.uk/government/ministers/minister-of-state-minister-for-energy
More Low-Carbon Energy News Claire Perry, EU ETS, Aviation Emissions,
Until recently, aviation had not been central to the climate change debate. Enjoying special status, aviation and shipping were excluded from the landmark Kyoto and Paris climate-change agreements. Urged to produce its own solutions, ICAO introduced a marginally successful global scheme in 2016 and the EU launched its Emissions Trading Scheme (EU ETS) that serve the EU member countries.
A recent EC study of aircraft emissions notes that modern aircraft are 70 pct more fuel-efficient than 40 years ago and that while airlines with the highest load factors produce significantly less emissions per passenger than less successful ones,
aviation still consumes 5 million bpd of oil and contributes about 2.5 pct of global emissions and that that 85 pct of carbon offset projects it had evaluated had failed to reduce emissions. (Source: International Civil Aviation Organisation, Irish Times, 29 Jan., 2019) Contact: ICAO, +52 55 52 50 3211, icaonacc@icao.int, www.icao.int
More Low-Carbon Energy News International Civil Aviation Organization, Aviation Emissions, EU ETS,
From January, any carbon permits issued by Britain will have to be identified by a country code ("marked") but
transfers of permits already in circulation in and out of accounts held by UK operators will not be affected by the suspension.
If BREXIT is ratified the suspension will be lifted, the EC added.
(Source: European Commission, Reuters, 20 Dec., 2018)
More Low-Carbon Energy News European Commission, Carbon Credits, BREXIT, EU ETS,
In October, Britain said that if there is a Brexit deal, the country plans to remain in the ETS until at least to the end of its third trading phase running from 2013-2020. (Source: Reuters, Nov., 2018)
More Low-Carbon Energy News Carbon Emissions news, Brexit news, EU ETS news,
Under the EU ETS, all airlines operating in Europe are required to monitor, report and verify their emissions, and to surrender allowances against those emissions. o date, the EU ETS is credited with reducing aviation sector's carbon footprint by more than 17 million tpy with compliance covering over 99.5 pct of aviation emissions.
The ICAO's Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) aims to stabilize CO2 emissions at 2020 levels by requiring airlines to offset the growth of their emissions after 2020.
During the period 2021-2035, and based on expected participation, the scheme is estimated to offset around 80 pct of the emissions above 2020 levels. (Source: ICAO, AgriLand, 5 Nov., 2018) Contact: ICAO, +52 55 52 50 3211, icaonacc@icao.int, www.icao.int
More Low-Carbon Energy News Aviation Emissions, Carbon Emissions, CO2, ICAO, CORSIA,
Bloomberg notes that UK fossil fuel burning power producers presently pay an £18 per ton "floor price" for CO2 emissions PLUS almost £15 per ton for EU ETS carbon allowances for an estimated total of £33 per ton of carbon emissions. If the UK exits the EU without a deal, emitters will pay the £16 per ton under a planned Carbon Emissions Tax to replace the EU ETS carbon-market portion of their emissions costs, plus the floor price which would remain unchanged, according to the Exchequer proposal. (Source: UK Treasury Dept, Bloomberg, Others, 29 Oct., 2018) Contact: Exchequer, www.gov.uk/government/ministers/chancellor-of-the-exchequer
More Low-Carbon Energy News EU ETS, Carbon Tax, UK Carbon Tax,
The Carbon Tracker Initiative is a team of financial specialists making climate risk real in today's capital markets.
The EU ETS is the 28-member trading bloc's flagship emissions reduction tool. According to Carbon Tracker the EU ETS has been the hottest commodity market in the world over the last 16 months, with the price of European carbon allowances (EUAs) up 310 pct since May 2017, 120 pct since the start of the year.
Carbon Tracker expects that, as a reaction, carbon prices are likely to rise to levels that trigger fuel-switching from coal to gas in Germany, Italy, Spain and the Netherlands, following in the footsteps of the UK.
(Source: Carbon Tracker, EURACTIV, 20 Ag., 2018)Contact: Carbon Tracker, www.carbontracker.org
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The EU ETS is expected to contribute about 65 pct of the reductions necessary to meet the EU's target of cutting emissions by 20 pct from 1990 levels.
UE ETS caps the emissions of around 12,000 power plants, factories, and airlines, forcing them to surrender one carbon permit for every tonne of CO2 emitted annually by the end of April of the following year.
(Source: European Union Newsroom, Devdiscourse, 3 April, 2018) Contact: EU Newsroom, https://europa.eu/newsroom/home_en
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The increase was attributed to increased industrial output across the 28-nation EU trading bloc.
The European Commission will publish preliminary data on verified emissions for 2017 on April 3. The data will be used to establish compliance levels for more than 12,000 installations participating in the EU ETS. (Source: Platts, S&P Global, Mar., 2018)
More Low-Carbon Energy News EU ETS, EU, Carbon Emissions,
Since 2005, the share of global emissions capped by an ETS has tripled to almost 15 pct covering more than seven gigatons of carbon dioxide. Major ETS reforms have lifted carbon prices in the EU, California, New Zealand and the US Regional Greenhouse Gas Initiative (RGGI) and ensure these systems drive decarbonization post 2020.
The report also notes efforts to price carbon are progressing in Latin America and subnationals in North America and Mexico will start piloting a mandatory ETS later this year.
Download the full report HERE.
(Source: ICAP, 27 Feb., 2018) Contact: ICAP, Jean-Yves Benoit, Dir. Carbon Market, www.icapcarbonaction.com
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The new entrants' reserve will initially contain unused allowances from the current 2013-2020 period and 200 million allowances from the market stability reserve. Up to 200 million allowances will be returned to the market stability reserve if not used during the period 2021-2030.
The EU ETS sets a cap on how much CO2 heavy industry and power stations can emit. The total volume of allowed emissions is distributed to companies as permits which can be traded. ETS is a cornerstone of the EU's policy to combat climate change and its key tool for reducing greenhouse gas emissions cost-effectively. The EU ETS limits emissions from more than 11.000 heavy energy-using installations and airlines operating between the 28 EU member countries and covers around 45 pct of the EU's greenhouse gas emissions. In 2020, emissions from sectors covered by the system will be 21 pct lower than in 2005. (Source: European Council, 27 Feb., 2018)
More Low-Carbon Energy News European Council, Carbon Emissions, EU ETS,
The OECD study concluded that there was little change in energy taxation levels between 2012 and 2015, and that only 0.3 pct of emissions are taxed at a level that is equitable to the cost to the environment. The report also notes that coal taxes are few and far between, even though coal accounts for nearly 50 pct of carbon emissions in the 42 countries studied in the report. In only five countries does coal taxation exceed €5 per ton of CO2.
Carbon pricing is emerging as one of the main tools used by governments to limit emissions. China started to roll out its own carbon market this year and it will be the world's biggest by the time it is fully operational
An update to the EU's own Emissions Trading Scheme (EU ETS) was given the seal of approval by the European Parliament last week and the price of carbon has continued to climb ever since a draft deal was agreed in November.
(Source: OECD, EURACTIV, 15 Feb., 2018) (Contact: OCED, www.oecd.org
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The EP also approved two funds to help foster innovation and spur the transition to a low-carbon economy. A modernization fund will help to upgrade energy systems in lower-income EU member states. MEPs tightened up the financing rules so that the fund is not used for coal-fired projects, except for district heating in the poorest member states. An innovation fund will provide financial support for renewable energy, carbon capture and storage and low-carbon innovation projects.
The law also aims to prevent "carbon leakage" , i.e. the risk that companies might relocate their production outside Europe due to emission reduction policies. The sectors at the highest risk will receive their EU ETS allowances for free. Less exposed sectors will receive 30 pct for free.
(Source: European Parliament, PR, Feb., 2018) Contact: European Parliament, Baptiste Chatain. +32 228 40992, baptiste.chatain@europarl.europa.eu, eurooparl.europa.eu
More Low-Carbon Energy News European Parliament, Carbon Emissions, EU ETS,
Along with transport, agriculture, buildings and waste -- which are not covered by the EU's Emission Trading Scheme (EU ETS) -- the LULUCF sector is required to contribute a 30 pct emissions cut by 2030 compared to 2005 levels, as part of the EU-wide commitment to cut overall emissions by 40 pct by 2030.
The 2000-2009 period has been set as the reference point for comparing carbon emissions, after MEPs had arbitrarily set this to 2009-2012 under pressure from Sweden, Finnland and other countries with large forestry sectors.
The lack of linkage between the European accounting from LULUCF and other continents' methods of forest management means that under the current proposal for the post 2020 Renewable Energy Directive, the EU counts burning biomass (pellets and wood) as renewable energy but does not take into account the net increase in emission if this wood is imported.
(Source: EURACTV, 14 Dec., 2017)
More Low-Carbon Energy News EU ETS, EU, Carbon Sink, Forest Carbon, CO2, Deforestation, Reforestaion,
The EU's ETS operates in 31 EU countries -- plus Iceland, Liechtenstein, and Norway -- and covers approximately 45 pct of the EU's greenhouse gas emissions and works on a cap-and-trade principle.
The Swiss ETS is also based on the cap-and-trade principle. The agreement will enter into force at the start of the year following ratification by both parties.
(Source: Tax News, Others, 27 Nov., 2017)
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For the first time ICAO and the vast majority of its 191 member states recognize that aviation needs sustainable alternative fuels in the short term to effectively decarbonize the sector. There are numerous industry and state initiatives aiming at developing new technologies respecting sustainability criteria as well as enabling sensible business models. Therefore, beyond the questions of the targeted volume, ICAO role will be essential to frame those initiatives and exchange best practices around the world.
(Source: ICAO, EURACTIV, Oct 16, 2017 )
Contact: ICAO, +52 55 52 50 3211, icaonacc@icao.int, www.icao.in
More Low-Carbon Energy News ICAO, Carbon Emissions, EU ETs,
Analysts expect EU Allowances (EUAs) to average €7.16 euros/tonne in 2018, and €9.92 per tonne in 2019, according to the survey of seven analysts by Reuters published on Wednesday. The forecasts were up 19 pct and 16 pct, respectively, on prices given in July, of €6.01 for 2018 and € 8.54 euros for 2019.
The European Union's ETS, a cap-and-trade permit system to regulate industry pollution, has suffered from an excess of allowances (EAUs) supply since the financial crisis.
(Source: Times of India, Reuters, Others, 11 Oct., 2017)
More Low-Carbon Energy News EUAs, EU ETS, Carbon Emissions, Emissions Trading, Carbon Emissions,
The European Parliament also voted to keep aircraft emissions from outside the European Economic Area out of the UE ETS until December 2020, pending the introduction of the International Civil Aviation Organization's (ICAO) Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) in 2021. CORSIA details HERE.
(Source: ICAO, Runway Girl Network, 12 Sept., 2017)
Contact: ICAO, +52 55 52 50 3211, icaonacc@icao.int, www.icao.int
More Low-Carbon Energy News Aviation Emissions, EU ETS, ICAO,
In 2016, Dutch companies covered by the EU ETS emitted 94 megatons of the greenhouse gases carbon dioxide, nitrous oxide and perfluorocarbons (PFCs). The slight drop was apparently largely due to a reduction of nitrous oxide production in the chemical industry. But even this level is, in fact, higher than such pollution in 2012, which is attributable the rise to the opening of coal plants resulting in CO2 emissions.
Overall, the Netherlands' greenhouse gas emissions have fallen 11 pct since 1990, but the government is required to make a 25 pct cut by 2020. (Source: Dutch Emissions Authority, Volkskrant, DutchNews.nl, 15 Sept., 2017) Contact: Dutch Emissions Authority, www.emissionsauthority.nl
More Low-Carbon Energy News Carbon Emissions, GHGs, Greenhouse Gas,
The UK is the second-largest emitter of greenhouse gases in Europe and its utilities are among the largest purchasers of EU ETS permits. (Source: EU, Reuters, Others, 11 Sept., 2017)
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According to the Chinese National Development and Reform Commission (NDRC), the system will cover companies with annual energy consumption of over 10,000 metric tons of standard coal. These companies are primarily in the petrochemical, chemical, building materials, iron and steel, nonferrous metals, paper, electric utilities and aviation sectors.
Carbon markets have been operating successfully in the European Union -- EU ETS -- and the U.S. state of California, despite some problems in determining prices and emissions caps. In time, China's national trading system could become the largest in the world
and could help China meet its pledges to cut carbon emissions per unit of gdp by 40-45 pct below 2005 levels by 2020 and reach peak emissions by around 2030, according to the NDRC. (Source: NDRC, Radio Free Asia, Sept., 2017) Contact: China National Development and Reform Commission, en.ndrc.gov.cn
More Low-Carbon Energy News China Cap-and-Trade, China Carbon Market, China National Development and Reform Commission ,
The EU trading system includes approximately 11,000 stationary installations that emit around 2 billion tpy of CO2.
The Swiss system caps the amount of emissions that can be emitted at 5.63 million tpy of CO2 for 2013 and must reduced by 1.74 pct every year, based on the amount defined for 2010.
The Swiss cap is meant to be 4.91 million tonnes in 2020, which would provide for a reduction of 13 pct compared to 2013. The 54 "heavy emitter" companies in the Swiss emissions trading system emit a combined total of about 5.5 million tpy of CO2.
(Source: swissinfo.ch, Aug., 2017)
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According to the new budget, starting 2021/22, the government will target a total carbon price and set the specific tax rate at a later date.
The budget announcement is intended to pave the way towards a domestic scheme designed to disincentivize high carbon emissions, although previous similar programmes to regulate high energy use have been criticized for allowing the most energy intensive industries a reprieve from regulations.
(Source: Various Media, Clean Energy, 9 Mar., 2017)
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The EU ETS is the EUs key policy for combating climate change by reducing emissions from more than 11,000 installations in the power sector and energy intensive industries. The policy involves a market-based cap and trade system which forces companies to purchase "allowances" to emit carbon. There have been widespread concerns that emissions were not being sufficiently capped due to an oversupply of allowances on the carbon market.
Under the proposed directive the number of allowances can be gradually reduced, to drive up up their cost and provide an incentive for industries to adopt cleaner technologies. With the overhaul, the cap on emissions is expected to fall by 2.2 pct per year until at least 2024.
(Source: EU, edie, Guardian, Various Others, 1 Mar. 2017)
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Ship CO2 emissions are completely unregulated, and shipping is the only sector in Europe not contributing to the 2030 emissions reduction target.
Clean Shipping Index represents 29 companies involved in shipping goods around the world, while BICEPS Network includes various companies such as AB InBev, AkzoNobel, DSM, Farm Frites, FrieslandCampina, Huntsman, IOI Loders Croklaan, and Lamb Weston/Meijer, among others. (Source: BICEPS, ship-technology.com, 14 Feb., 2017)Contact:BICEPS Network, www.bicepsnetwork.org; Clean Shipping Index, www.cleanshippingindex.com
More Low-Carbon Energy News EU ETS, Maritime Emissions, Clean Shipping Index,
MEPs approved the European Commission (EC) proposal to increase the "linear reduction factor" --- the yearly reduction of credits in order to deliver on the carbon curbs -- by 2.2 pct from 2021, as against 1.74 pct in the existing legislation. This factor should be kept under review with a view to increasing it to 2.4 pct by 2024 at the earliest, say MEPs. The parliamentarians also want to double the MSR's capacity to mop up the excess of credits on the market. When triggered, it would absorb up to 24 pct of the excess of credits in each auctioning year, for the first four years. They agreed that 800 million allowances should be removed from the MSR as of 1 January 2021.
The draft measures were approved by 379 votes to 263, with 57 abstentions. MEPs will now enter into negotiations with the Maltese Presidency of the Council in order to reach an agreement on the final shape of the legislation, which will then come back to Parliament. (Source: EU, European Parliament, Press Release, Feb, 2017)
More Low-Carbon Energy News European Parliament, Carbon Emissions, COP21, EU ETS,
At the 2016 ICAO Assembly, the European Union and its member states played an instrumental role in securing a deal on a global market-based measure to stabilize international aviation emissions. The system will require airlines to monitor and report their annual CO2 emissions on international routes and offset those exceeding 2020 levels.
The EC is proposing to continue with the current geographic scope of the EU ETS for aviation, covering flights between airports in the European Economic Area. The roposal to revise the EU ETS will be discussed by the European Parliament and the Council, which are expected to finalize the co-decision process before the year end.
Detailed rules of the Global Market-Based Measure will be prepared in 2017 and endorsed by ICAO in the course of 2018. The EU is committed to reduce domestic economy-wide greenhouse gas emissions by at least 40 pct by 2030 compared to 1990 levels. (Source: International Civil Aviation Organization, EU, Press Release, 3 Feb., 2017) Contact: ICAO, +52 55 52 50 3211, icaonacc@icao.int, www.icao.int
More Low-Carbon Energy News EU ETS, Aviatioon Emissions, International Civil Aviation Organization ,
David Jones, Sandbag analyst commenting on the failing EU Emissions Trading System (EU ETS), structural oversupply has now passed the landmark of 3 billion tonnes of CO2. (Source: Sandbag, David Jones, 25th January 2017) Contact: Sandbag, David Jones, +44 (0) 2038 766451, dave@sandbag.org.uk, www.sandbag.org.uk
More Low-Carbon Energy News EU Carbon Emissions, Sandbag,
The Lufthansa-owned Swiss International Air Lines contended that its treatment under the EU's Emission Trading System (EU ETS) infringed on the principle of equal treatment under EU law by treating Switzerland differently from other third countries. The ECJ disagreed with the airline and ruled that the bloc was not obliged to treat all countries outside the bloc equally.
Although not an EU member, Switzerland has a special trading status within the EU, including on climate legislation. It is also the only nation outside the EU whose flights are subject to the EU ETS. As such, Swiss International Airlines has had to surrender its emissions allowances for flights to and from EEA states and Switzerland. It had sought damages for these carbon permits, worth millions of euros.(Source: Swiss Air, Manila Bulletin, Other Media, Reuters, 27 Dec., 2016) Contact: European Court of Justice, http://curia.europa.eu/jcms/jcms/j_6/en/; Swiss International Air Lines, www.swiss.com/corporate
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Specifically, the Committee decided to include shipping emissions in the European Union's (EU's) Emissions Trading Scheme ( EU ETS) from 2023 if the IMO does not have a comparable system operating for global shipping from 2021.
Among the maritime industry groups, Danish Shipowners' Association, the European Community Shipowners' Associations (ECSA), and the .
International Chamber of Shipping (ICS) are opposed to the action.
"Non-EU nations will be disappointed and very concerned by yesterday's vote in the European Parliament Environment Committee following IMO's adoption just a few weeks ago of a comprehensive road map for action," said ICS Director of Policy and External Relations, Simon Bennett.
"But we hope that EU governments and the European Commission will see sense and recognize that threats to their trading partners will not serve the development of the global solution which both they and the shipping industry want and need."
On the other hand, the Port of Rotterdam welcomed the decision. (Source: Ship & Bunker, Hellenic News, Various Other Media, 19 Dec., 2016) Contact: International Maritime Organization, Stefan Micallef, Director of Marine Environment Division, +44 (0) 20 7735 7611, www.imo.org; ICS, Esben Poulsson, Chairman, +44 20 7090 1460, www.ics-shipping.org
More Low-Carbon Energy News International Chamber of Shipping, International Maritime Organization, Maritime Emissions, EU ETS,
The GHG reduction plan includes the phasing out of "brown" coal -- which releases the highest amount of CO2 emissions per ton when burned. The plan also calls for lower reduction targets for power plants and the loss of a planned minimum price for pollution certificates in the European Union's emissions trading scheme (EU ETS).
In its report, the Guardian notes that German Environment Minister Barbara Hendricks first presented CO2 reduction targets for various industry sectors in 2015, but those targets were nixed by special ministers from different parties in the coalition government.
(Source: The Guardian, inhabitat, Various Others, 21 Nov., 2016)
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According to the report, postponing the auctioning of 300 million allowances in 2015 contributed to reducing by 17 pct the surplus of 2.1 billion emission allowances that had accumulated in the system since 2008. The surplus, which is equivalent to one year's worth of CO2 emissions in the EU ETS, keeps allowance prices low and offers a limited incentive for the more expensive options needed to decarbonize the European economy in the long term.
EU ETS covered GHG emissions fell 24 pct between 2005 and 2015 and are now below the cap set for 2020. The decrease was mostly driven by changes in the type of fuels used for power generation (less hard coal and lignite fuels and a jump in renewables). Emissions from the other industrial activities covered by the EU ETS have also decreased since 2005, but have remained stable in recent years.
According to projections available from EU Member States, emissions under the EU ETS will continue to decrease with the current policies and measures in place, although at a much slower pace than between 2005 and 2015. As many as 13 EU Member States project increases in their ETS emissions up to 2030.
These projections do not all account for recent policy developments to address the current surplus -- a market stability reserve -- and the proposal for a steeper annual decline of the overall number of allowances from 2021 onwards, in order to put the ETS on track to achieve a 43 pct cut in emissions by 2030 compared to 2005, as a contribution to the EU's 40 pct reduction target for total EU emissions by 2030 compared to 1990. (Source: EU Release, Oct., 2016)
More Low-Carbon Energy News EU ETS, GHGs, Carbon Emissions,
The London-based International Maritime Organization (IMO), which meets later this month, will be the next shipping industry group to weigh-in on how to best cut shipping CO2-emissions at the international level.
(Source: Motor Ship, Marine Links, Others, 19 Oct., 2016) Contact: IMO, Stefan Micallef, Director of Marine Environment Division, +44 (0) 20 7735 7611, www.imo.org
More Low-Carbon Energy News IMO, Maritime Emissions, Carbon Emissions , EU ETS,