The EU Emissions Trading System (U ETS), which is designed to put a cost on carbon dioxide for some of the most highly polluting industries ranging from power generation, cement production to aviation, has rallied more than 50 pct since the start of the year. (Source: Various Media, 4 Apr., 2021)
More Low-Carbon Energy News EU ETS, Carbon Price,
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,
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,
A 6.8 pct rise on Wednesday, February 4th followed a 6.5 pct jump in the previous session. The price of carbon has risen by 66 pct since early November, 2020. (Source: Various Media, FT, 3 Feb., 2021)
More Low-Carbon Energy News EU ETS, Carbon Emissions, arbon Price,
The UK ETS would immediately lower the current EU cap on greenhouse gases that businesses can emit by 5 pct and thus provide greater certainty about the decarbonisation trajectory over the long term and deliver a "robust carbon price signal" to spur business to invest in carbon abatement -- CCS.
The UK ETS would initially apply to electric power generation, aviation and other energy-intensive industries, and carbon pricing could be expanded across the economy, the paper showed.
Britain is aiming for net-zero carbon emissions by 2050 and recently increased its emissions reduction target from 57 to 68 pct for 2030. (Source: Various Media, ENDS Europe, Yahoo Finance UK, 14 Dec., 2020)
More Low-Carbon Energy News EU ETS, UK Carbon Emissions, Carbon Emissions,
The UK emissions trading scheme would be similar to the EU ETS but would apply a tighter emissions cap, higher fines than under the EU ETS and could lead to higher carbon prices -- £100 per tonne -- for the roughly 1,000 UK-based businesses currently covered by the EU ETS but will move to the new scheme, according to the UK Department for Business, Energy and Industrial Strategy (BEIS). (Source: UK Department for Business, Energy and Industrial Strategy, Fitch Ratings, Dec, 2020) Contact: BEIS, +44 0 20 7215 5000, firstname.lastname@example.org, www.gov.uk/government/organisations/department-for-business-energy-and-industrial-strategy
More Low-Carbon Energy News UK BEIS, EU ETS, Emission Trading, Carbon Emissions ,
The dialogues aim was to create a platform to provide an opportunity for peer learning to countries that have an interest in carbon pricing instruments, which are crucial to help countries green their economies. The dialogues came at a crucial time with Parties committed to revising their national climate action plans -- Paris Climate Agreement Nationally Determined Contributions (NDCs) -- and willing to explore economic instruments to increase their ambition to tackle climate change.
Several participating countries expressed interest in receiving the support provided through the CiACA initiative to explore the adoption of carbon pricing instruments. In response to a request for support, the CiACA team through the RCCs can assist the targeted institutions in facilitating consultations with key stakeholder and providing technical assistance to identify economic instruments that can be adopted by the country to contribute to achieving a low carbon future.
(Source: UN Climate Change News, 9 October 2020) Contact: REdiCAP and CiACA , Monique Nardi, email@example.com, www.unfccc.int
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The Taskforce will work to take stock of existing voluntary offsetting schemes and identify key challenges to scaling them up while helping businesses meet their own commitments and to align with legally binding climate targets in the markets where they operate. It is also hoped the Taskforce will play a role in boosting carbon prices which stood at a global average of $2 per ton in Oct., 2019.
According to Carney , the current market for offsets will need to grow by at least 15-fold by 2030 if the private sector is to align with the Paris Agreement's 1.5C trajectory by 2050. Carney noted it may need to be up to 160 times bigger than in 2020, should corporates rely on offsetting rather than emissions reductions.
(Source: IIF, Taskforce on Scaling Voluntary Carbon Markets, edie, PR, Sept., 2020) Contact: Institute of International Finance, Taskforce on Scaling Voluntary Carbon Markets, firstname.lastname@example.org, www.iif.com/tsvcm/Main-Page/Publications/ID/4061/Private-Sector-Voluntary-Carbon-Markets-Taskforce-Established-to-Help-Meet-Climate-Goals
More Low-Carbon Energy News Institute of International Finance , Carbon Emissions, Carbon Markets,
In keeping with the study findings, the CERI study proposed the following to lower emissions:
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, email@example.com, www.ceri.ca
More Low-Carbon Energy News Canadian Energy Research Institute, ETS, Carbon Tax, Carbon Emissions ,
To date, Dow has reduced its GHG emissions by 15 pct; Incorporated a carbon price into its business planning; and invested in renewable power capacity -- Dow is the number one user of clean energy in the chemicals industry and ranks among the top 25 global corporations in terms of renewable power use, according to the company's Sustainability Report.
Dow will also collaborate with leading academics, NGOs, auditing experts, technology partners and others in industry to incentivize the development and commercialization of low-carbon products and technologies that ultimately lower global GHG emissions and to ensure that companies are able to account for those GHG reductions., according to its Sustainability Report.
Download the Dow 2025 Sustainability Goals report HERE.
(Source: Dow Chemical, PR, 17 June, 2020)
Contact: Dow Chemical, Mary Draves, VP Sustainability, Kyle Bandlow,
989-638-2417 , firstname.lastname@example.org, www.corporate.dow.com/en-us.html
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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,
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.
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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"All of society, from consumers, to businesses, to governments, recognised the need to accelerate global efforts to reduce greenhouse gas emissions," -- Ben van Beurden, CEO,Shell Oil, April, 2020
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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,
The Case for Carbon Pricing at the NYISO, puts forth clear arguments in favor of Carbon Pricing:
ACENY is a broad coalition dedicated to promoting clean energy, energy efficiency, a healthy environment, and a strong economy for the Empire State, and is New York's premier advocate for the rapid adoption of renewable energy and energy efficiency technologies. (Source: ACENY, Dec., 2019) Contact: ACENY, Anne Reynolds, Executive Director, 518.432.1405 x222 (o), 518.248.4556 (m), email@example.com, www.aceny.org; NYISO, www.nyiso.com
More Low-Carbon Energy News Alliance for Clean Energ, NYISOy New York, Carbon Price, Carbon Tax,
Buildings are the EU’s biggest CO2 emitter. Our homes, offices and buildings are the EU’s biggest CO2emitters, as well as its single largest energy user. Decreasing and decarbonising the energy consumption to heat, cool and use buildings is crucial for the transition to a climate-neutral Europe by 2050 at the latest. Since most of the buildings that we will occupy in 2050 are already built, the main challenge is to renovate these 210 million existing buildings to make them less energy-hungry. At the current rate of renovation, it would take another century to achieve a decarbonised building stock, instead of the targeted30 years. Further inaction risks the EU missing its climate objectives by up to 400 million tonnes of CO21.Around 50 million people still live in energy poverty. Deep renovation of their homes would lower their energy bills and make their houses more comfortable and healthy. Well-insulated buildings moreover offer the flexibility to receive energy when it is available, thereby allowing the effective integration of renewables in the energy system during the entire year
.Integrating buildings in the EU ETS is complex and time-consuming. Urgent action on buildings is vital to overcome the climate and social crises facing Europe today. Integrating the building sector in the EU ETS is complex and likely to take at least several years. That is time we do not have, and which diverts attention from more effective short-term measures. The EU should instead prioritize a Green Deal for housing to unlock vast investments for building renovations, while creating local jobs and more energy-efficient and affordable housing.
What is the EU ETS? The EUETS sets a cap on the total amount of greenhouse gases that can be emitted by installations from the power, industry and aviation sectors. The cap is reduced over time so that emissions go down. Within the cap, companies receive or buy emission allowances which they can trade with each other, thereby creating a carbon price. The building sector is already covered by a cap on how much greenhouse gases can be emitted as part of the Effort Sharing Regulation; the EU’s other climate legislation targeting sectors not included in the EU ETS.
Carbon pricing does not deliver more affordable, energy-efficient homes. According to the International Energy Agency2, most of the energy efficiency potential is available at a negative cost. This means that these efficiency measures already pay for themselves, even in the absence of a carbon price. The reasons why these measures, such as energy renovation, are not taken are usually not economic in nature, but rather the result of market-barriers and -imperfections. In the case of the building sector, these barriers include split incentives between those making investments (i.e. home-owners) and those paying energy bills (i.e. tenants), the inability to come up with high upfront costs and a lack of information on renovation opportunities and financing options. Including the building sector in the EU ETS would do nothing to overcome these barriers to make buildings more energy-efficient. Even worse, the introduction of a carbon price for the heating and cooling of buildings could lead to higher energy bills for tenants or homeowners who are not able to, or cannot afford to, renovate their homes.
Governments should remain responsible for the built environment. Extending the EU ETS to buildings would mean that governments are no longer accountable for introducing measures to decarbonise the building stock under the Effort Sharing legislation. Under the Effort Sharing Regulation, each Member State has annual climate targets that it needs to meet. By integrating buildings in the EU ETS, the sector would be taken out of the Effort Sharing Regulation, putting the responsibility of climate action instead on heating fuel suppliers. The integration of the building sector in the EU ETS could lead to the dismantling or shying away from more effective EU and national energy efficiency legislation, under the pretext that this would undermine the functioning of the carbon market. This would be dangerous as the decarbonisation of the building stock requires dedicated policies beyond a carbon price. It is up to governments to put in place programmes to accelerate renovation, to introduce minimum energy performance standards for buildings and to prioritize measures to alleviate energy poverty. These actions will not happen through the EU ETS, but by policymakers taking ownership of the transition to a climate-neutral built environment.
Green Deal for housing should be a key priority for Europe. Without urgent and accelerated action to renovate up to 97% of the European building stock by 2050, it will be impossible to meet the EU’s climate objectives. Fortunately, buildings’ operational emissions can be cut by 100%, mostly by using already commercially available solutions such as insulation. Including the building sector in the EU ETS distracts from taking effective measures to overcome the main barriers hampering the renovation of the EU building stock and the alleviation of energy poverty. The EU instead needs to put in place an enabling framework to ensure that the worst energy performing buildings are phased out over time, to guarantee quality homes for people and clear a pathway to climate-neutrality. The European Green Deal presents a perfect opportunity to deliver on comfortable, affordable and energy-efficient housing. This Green Deal can help unlock 130 billion euro per year to fill the investment gap for energy-efficient buildings3. Over 2 million jobs in Europe could be created throughsuch investments in energy efficiency –in particular in the deep renovation of buildings4.
(Source:EURIMA - European Insulation Manufacturers Association, Nov., 2019) Contact: EURIMA, Femke de Jong, firstname.lastname@example.org
More Low-Carbon Energy News Energy Efficiency news, Insulation news,
More Low-Carbon Energy News Energy Efficiency, Insulation,
The ISO's comments were in response to a letter from a group of New England senators upbraiding ISO for failing to support the region's renewable energy goals, and preserving the fossil fuel status-quo.
that the integration of renewable resources has always been one of the organization's goals when existing fossil fuel generators are retired.
Setting a system-wide price on carbon-emissions would be the most effective way to move that ahead, the ISO said. (Source: IOS New England, Maine Public Radio, 26 Nov., 2019) Contact:
ISO New England, Gordon Van Welie, CEO,
More Low-Carbon Energy News IOS New England, Carbon Price, Carbon Tax, Renewable Energy,
The report finds the combination of strict air pollution regulations, falling renewable prices and rising carbon prices is making coal energy more and more unpalatable. In 2017, 46 pct of EU coal capacity was running at a loss. But now, the fraction has increased to 79 pct.
Carbon Tracker -- which is funded by various European and US foundations -- argues that governments should loan money to fund the closure of coal-fired power plants, on the condition that utilities use those funds to build renewables and in turn repay the debt from future power sales.
Based on its findings, the report recommends coal should be fully phased out by 2030.
(Source: Carbon Tracker, Al Jazeera News, 23 Oct., 2019) Contact: Carbon Tracker,
Matt Gray, Report Co-Author, Head of Power & Utilities at Carbon Tracker, www.carbontracker.org
More Low-Carbon Energy News Carbon Tracker, Coal, Carbon Emissions,
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)
More Low-Carbon Energy News EU ETS, Carbon Tax, Climate Change, German Carbon Tax,
The Wood Pellet Association of Canada (WPAC) has been providing input to Environment and Climate Change Canada (ECCC) as it works to design and shape the CFS. And, upon review of ECCC's proposed regulatory approach, WPAC is seriously concerned that the government will not allow end-use fuel switching in the buildings/stationary fuel use sector.
WPAC believes it is unfair for ECCC to recognize fuel switching from gasoline to electricity or hydrogen in transportation, but not to recognize switching from heating oil to solid biofuels -- wood pellets or chips -- for Canada's second largest renewable energy product -- solid biomass heating. To that end, WPAC made the following representations to ECCC:
The province, Canada's most populous, argues that Ontario's Court of Appeal was wrong to find the carbon price was "constitutional and within the federal government's right to impose."
Federal lawyers had argued that the Greenhouse Gas Pollution Pricing Act -- under which the carbon tax is imposed -- was a legitimate response to potentially catastrophic climate change.
(Source: Various Media, Canadian Press, 28 Aug., 2019) Contact: Office of Ontario Premier Doug Ford, www.ontario.ca/page/premier
More Low-Carbon Energy News Ontario Carbon Tax, Canada Carbon Tax, Doug Ford,
The card uses the Aland Index to quantify consumers' carbon footprint and compute offset costs using the World Bank's carbon price. Consumers can use the data supplied to either reduce their carbon footprint through behavior change, or to buy offset credits from UN-certified projects that reduce, avoid or remove GHG emissions.
Users can also directly compensate for their GHG emissions, through projects meeting the criteria of UN-certified green projects. To identify the carbon dioxide (CO2) impact of each transaction, the Do card uses the Aland Index, developed in 2017 by Bank of Aland in Finland.
Partnering with the Framework Convention on Climate Change (UNFCCC), the initiative encourages users to compensate their carbon footprints in UN-certified projects that reduce, avoid or remove GHG emissions. The projects are implemented in developing countries and are rewarded with Certified Emission Reductions (CERs) as well as Gold Standard. Ranging from cleaner-burning cook stoves to wind-generated electricity and clean waste disposal, all projects contribute to global emissions reductionsA savings product by the company offers an interest rate that includes investment in climate-friendly projects. (Source: UNFCCC Press Release, 30 April, 2019) Contact: UNFCCC, www.unfccc.int
More Low-Carbon Energy News Carbon Emissions, Climate Change, UFCCC,
It's expected the rebates will be worth $44 million this year and the maximum rebate for any individual business will be $20,000.
A separate program will allow businesses to apply to get rebates for energy efficiency retrofits. That program, which will be about $106 million this year, will be for projects that cost up to $1 million.
The funds come from the revenues Canada is collecting from the $20-a-tonne carbon price imposed April 1, 2019. (Source:Canadian Environment Minister, Hon. Catherine McKenna, Canada Press, 30 May, 2019) Contact: Canada Ministry of the Environment, Hon. Catherine McKenna, Minister, www.canada.ca/en/environment-climate-change.html
More Low-Carbon Energy News Catherine McKenna, Energy Efficiency, Energy Efficiency Rebates,
A separate program will allow businesses to apply for rebates for energy efficiency retrofits. That program, which will be about $106 million this year, will be for projects that cost up to $1 million. It's expected the rebates will be worth $44 million this year and the maximum rebate for any individual business will be $20,000.
The funds come from the revenues Canada is collecting from the $20 per-tonne carbon price imposed April 1, 2019. (Source: Canadian Environment Minister, Hon. Catherine McKenna, Canada Press, 30 May, 2019) Contact: The Hon. Catherine McKenna, Canada Minister of Environment and Climate Change, www.facebook.com/McKenna.Ottawa
More Low-Carbon Energy News Energy Efficiency Rebate, Energy Efficiency, Catherine McKenna,
Climate Change has been widely recognized as one of the greatest challenges for and threats to society. However, placing a cost on emitting CO2 has been limited to regional markets that are not interconnected, with the price paid by emitters being insufficient to incentivize investment in cleaner technologies.
Spark Change has created a transformational financial instrument, Spark, that integrates regional carbon markets into a single product, simultaneously allowing investors to gain exposure to a global carbon price and forcing emitters to invest in cleaner technologies and accelerate the reduction in emissions.
Spark Change's Cloud-based CTRM platform gathers live pricing information via regional integrations with exchanges across Europe, North America and soon China. Smart contracts are used to calculate a global carbon price using the weighted emissions per GDP of each of these regions, and the proceeds from every investment in Spark used to automatically execute the purchase of emission allowances from across the regional markets. The distributed ledger allows reconciliation of the number of Spark held by investors with the number of emissions allowances being held in reserve, creating a one-to-one asset backed financial instrument.
(Source: Spark Change; PR, May, 2019) Contact: Spark Change, Joff Hamilton-Dick, CEO, www.sparkchange.io; BJSS, www.bjss.com
More Low-Carbon Energy News Climate Change, Carbon Emissions,
The Minister noted that the government expects to provide at least $1.46 billion over five years to small and medium-sized businesses, including $155 million in the fiscal year starting April 1. Hospitals, municipalities and other community organizations will share at least $727 million over five years, starting with $73 million in 2019-2020 fiscal years.(Source: City News, Various Media, Canadian Press, Mar., 2019)
Contact: Office of Canadian Environment Minister, Hon. Catherine McKenna, www.canada.ca/en/government/ministers/catherine-mckenna.htm
More Low-Carbon Energy News Energy Efficiency, Energy Efficiency Rebate, Canada Carbon Tax,
The provinces of Ontario, New Brunswick, Manitoba, and Saskatchewan have however resisted the federal Government's proposals and challenged their constitutionality
The federal carbon price will apply at a rate of $20 ($15.28 US) per tonne of CO2 equivalent in 2019, rising by $10 per year to a high of $50 per tonne in 2022.
The federal carbon pricing system will come into force on January 1, 2019.
To ease to imagined pain, the Government has committed to return direct proceeds from the federal pricing system to the province or territory of origin and to help SMEs deal with the additional costs associated with carbon pricing in early 2019.
(Source: Gov. of Canada, Various Media, Tax News, 29 Oct., 2018)
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The report estimates the incineration's "unpaid cost to society" was approximately £325 million in non-traded carbon price.
The report notes that the incineration of plastics could contribute as much as £25 billion of harm to the UK in terms of CO2 emissions. Each tonne of plastic incinerated reportedly releases around 1.43 tonnes of CO2. A typical waste incinerator built in 2020 would release 2.8 million tonnes of fossil CO2 over its 30-year lifetime, the report finds.
With electric power generation taken into account, the report states that incinerators are responsible for releasing around 1.6 million tonnes more CO2 than sending the same waste to landfill.
In terms of energy generation, the report finds that the carbon intensity of energy produced through waste incineration is more than 23 times greater than that for renewable energy.
(Source: UKWIN, Resource, 26 Oct., 2018) Contact: UKWIN, Josh Dowen,
+44 0 1623 640134, email@example.com, www.ukwin.org.uk
More Low-Carbon Energy News Carbon Emissions,
According to the Aurora report, the difference between maintaining and cutting the tax could equate to 12 TWh of production a year for four years after coal plants would otherwise have closed. If the government were to reduce the CPS to £7/tonne CO2 from the current £18/tonne CO2, coal plants would stay on the system until 2025, generating an average 12 TWh/year in the period 2021-25.
The report notes that if the tax was maintained at £18/tonne CO2, this would result in coal coming off the system as early as 2021/2022. Cutting the CPS to £7/tonne CO2 would increase CO2 emissions by 29 million tonnes during the fourth carbon budget period (2023-2027) compared to maintaining the status quo.
In 2017 the UK Treasury recouped £1 billion in tax receipts from the mechanism which was
capped at £18/tonne CO2 from 2016 to 2020. The freeze was extended to 2021 in the 2016 budget. (Source: Aurora Energy Research, S&P, Global, Oct., 2018) Contact: Aurora Energy Research, +44 0 1865 952 700, firstname.lastname@example.org, www.auroraer.com
"We've always been really clear that we support a carbon price -- obviously there's different ways a carbon price can be designed but from our perspective a carbon price is a really important part of a long term and effective response to climate change. I think in the Australian context what we'd really like to see is a really well integrated climate and energy policy which looks at affordability, reliability and emissions reductions, and that's what we're aiming for. At the moment we don't have a long term and effective climate and energy policy," Dr Wild says.
Dr. Wilds added, "We accept the IPCC's assessment of climate change science that warming of the climate is unequivocal, the human influence is clear and physical impacts are unavoidable. We believe that the world must pursue the twin objectives of limiting climate change in line with current international agreements while providing access to affordable energy."
Dr Wild also noted that "under all current plausible scenarios, fossil fuels will continue to be a significant part of the energy mix for decades."
(Source: BHP, AFR, Financial Review, 22 Oct., 2018) Contact: BHP Billiton, Dr. Fiona Wild, VP Sustainability and Climate Change, +61 3 9609 3333, www.bhpbilliton.com, www.bhp.com
More Low-Carbon Energy News Fiona Wild, BHP, Carbon Tax, CO2 Emissions, Climate Change,
Neste's MY Renewable Jet Fuel has been used in thousands of commercial flights. Similarly, Air BP has supplied its BP Biojet product at 10 airports across the Nordic countries since 2014.
The aviation industry is facing mounting pressure to curb emissions ahead of the introduction of the UN-backed CORSIA offsetting scheme, which is set to impose a carbon price on a growing number of airlines with a view to ensuring the sector delivers on its goals of securing 'carbon neutral growth' from 2020 and cutting net aviation emissions in half by 2050. (Source: Neste, BusinessGreen, Others, 11 Oct., 2018) Contact: Neste, Kaisa Hietala, Executive VP, Renewable Products, +358 10 458 4128, www.neste.com; BP Air, www.bp.com/en/global/bp-air.html
More Low-Carbon Energy News Neste, Air BP, Aviation Biofuel, Jet Biofuel,
The pricing gap had narrowed, from 79.5 pct in 2015, but "Carbon prices need to increase considerably more quickly than in recent years in order to ensure a cost-effective low-carbon transition," the OECD says according to Reuters coverage. (Source: OECD, Reuters, 13 Sept., 2018)
Contact: Organization for Economic Co-operation and Development, www.oecd.org
More Low-Carbon Energy News Organization for Economic Co-operation and Development ,
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
More Low-Carbon Energy News EU ETS, Carbon Tracker, Carbon Emissions, Carbon Credit,
Benchmark carbon prices had been trading well under €10/t for years due to an oversupply of allowances primarily caused mainly by the 2007-2008 financial crisis.
(Source: Various Media, Montel, 13 Aug., 2018)
More Low-Carbon Energy News EAU, Carbon Market, Carbon Permits,
The Ford administration's Cap-and-Trade Cancellation Act -- Bill 4 -- was introduced in late July and made good on one of the new Premier Doug Ford's key campaign promises to end the province's carbon price. Another of the premier's campaign promises was "$1 per can beer", which he has reportedly made good on in an uncanny imitation of the equally inexperienced U.S. freshman president "the Donald" Trump.
Bill 4 requires Environment Minister Hon. Rod Phillips to to set emissions targets without specifying what they should be based on. The bill also calls for Phillips to come up with a climate change plan but doesn't set a deadline for the plan. The Minister is also required to prepare progress reports on the climate change plan on a "regular basis", again without specificity.
It is unclear as to whether the targets will be in line with the internationally agreed Paris Climate Accord targets set in Paris or if and when further details might be revealed.
But not to worry. Again aping Trump, Phillips said the government's climate change plan will come in a "very timely basis and people don't have to worry about that."
"What, Me Worry?" -- Alfred E. Newman of MAD Magazine fame.
(Source: Various Media, iPolitics, 7 Aug., 2018)
Contact: Environment Minister Hon. Rod Phillips, www.ola.org/en/members/all/rod-phillips
More Low-Carbon Energy News Ontario Carbon Tax, Ontario Climate Change, Doug Ford,
In a recent speech to a group of "climate skeptics", Abbott, who is perhaps best remembered for his comment "climate change is a load of CRAP", now says he wouldn't have signed up to the Paris treaty had he known the US would withdraw from it.
In his speech, Abbott noted: "I didn't anticipate how agreeing to emissions that were 26 pct lower in 2030 than in 2005 would subsequently become a linear progression of roughly equal cuts every year over the next decade." "As long as we remain in the Paris agreement -- which is about reducing emissions, not building prosperity -- all policy touching on emissions will be about their reduction, not our well-being. It's the emissions obsession that's at the heart of our power crisis and it's this that has to end for our problems to ease."
Other oft repeated Abbott comments include:
"There are respectable arguments for an ETS but the one Labor (the then governing party) has in mind could easily be expensive and futile. I am wary of a system which creates new vested interests - which an ETS will do. I suspect that a straight carbon tax or charge could be more transparent and easier to change if conditions change or our understanding of the science changes." -- Tony Abbott, ,July 10, 2009
"I am confident, based on the science we have, that mankind does make a difference to climate, almost certainly the impact of humans on the planet extends to climate." -- Tony Abbott, May 27, 2010 "We do not believe in artificially imposing a carbon price on consumers. There will be no carbon price on consumers under a (my) Coalition government." Tony Abbott, July 19, 2010.
"Now, we do have policy out there. We've had it out there since February. It basically goes -- it involves going to the market and buying abatements through soil carbon, through tree planting, through businesses that are prepared to change their processes to less emitting ones. It will reduce our emissions by five percent by 2020, so we will achieve our targets. Now, that's our commitment. It's doable. It's deliverable." -- Tony Abbott,16 August, 2010
"Yeah, look, I never said it (climate change) was a myth. I once used some colourful language describing the so-called settled science of climate change but look, climate change is real, humanity does make a contribution to it and we've got to take effective action against it. I mean, that's my position and that's always been my position but I've never been in favour of a carbon tax or an emissions trading scheme." -- Tony Abbott, July, 2011
In total, the researchers estimated Victoria's inland wetlands had a soil carbon stock of 68 million tons, worth about $6 billion under Australia's most recent carbon price.
According to lead researcher Dr Paul Carnell, "While a lot more is known about how trees suck up and store carbon, freshwater wetlands can actually sequester 20 to 40 times more carbon than forests on dry land."
The study was funded by the Victoria Department of Environment, Land, Water and Planning.
The study, published in the journal Global Change Biology.
(Source: Deakin University, PR, 26 June 2018) Contact: Deakin University, Dr Paul Carnell, Lead Researcher, +61 3 924 43902, email@example.com, www.deakin.edu.au: Blue Carbon, http://bluecarbonlab.org
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"The 2018 edition of the report focuses exclusively on data and information on the evolving initiatives that put a price on carbon, in terms of their most current status and emerging trends. It includes an expanded discussion on what the trends are telling us about the underlying motivations of and the direction the world is moving in when it comes to carbon pricing.
"The growing momentum for carbon pricing and the increasing prevalence of the topic in climate change discussions in recent years take us in a new direction for the report. More national and sub-national jurisdictions and private sector entities are adopting carbon pricing.
"This report also includes a reflection on the engagement of non-state actors on climate action and carbon pricing -- a development that characterizes the implementation phase the world has embarked on since the adoption of the Paris Agreement. The inclusion of internal carbon prices in business operations, and how this is incentivizing action on climate change, has raised the need to expand the focus to include an important discussion on how carbon pricing is considered in other economies and the indirect measures taken to provide a carbon price signal."
Download the World Bank Group State and Trends of Carbon Pricing 2018 report at www.openknowledge.worldbank.org/handle/10986/29687.
Download an online dashboard to complement the publication HERE. (Source: World Bank Group, May, 2018)Contact: World Bank Group, www.worldbank.org
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"Looking ahead, this trend is set to continue, as indicated by some of the jurisdictions which are planning carbon price increases," the World Bank report says. "This includes emerging carbon pricing initiatives, which are launching at relatively low price levels, with the intention of scaling up over time," the report added.
Governments raised around $33 billion in carbon pricing revenues in 2017, compared with $22 billion the previous year, the report said. (Source: World Bank, Economic Times India, 22 May, 2018) Contact: World Bank, John Roome, (202) 473-3373, http://www.worldbank.org/en/about/people/j/john-roome
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