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 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,
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, email@example.com, 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 ,
Timmermans noted that although GHG emissions are not currently falling fast enough he underlined that becoming carbon neutral is both feasible and beneficial for the EU. He called for the European Parliament (EP) to confirm the proposed 55 pct 2030-target as the EU's new Nationally Determined Contribution under the Paris Climate Agreement, and to submit this to the UNFCCC by the end of this year. The EP is expected to vote next week on the EU Climate Law, which calls for 60 pct emission reductions in 2030. Timmermans also noted the EC would come up with proposals by June 2021 to revise key EU legislation such as the EU Emissions Trading System (EU ETS), energy efficiency and renewable energy policies and strengthening CO2 standards for road vehicles to enable the EU to reach a more ambitious target.
As previously reported this past March, 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: European Commissions, PR, EU News Room, Oct., 2020) Contact: EU, www.europa.eu
More Low-Carbon Energy News Carbon Emissions, Carbon Neutral, European Commissions, EU ETS, Climate Change,
The European Commission (EC) proposed that reporting obligations by the EU and the International Maritime Organisation (IMO) should be aligned. While MEBs agree, they noted that the IMO has made insufficient progress in reaching a global agreement on greenhouse gas (GHG) emissions. Parliamentarians have therefore asked the Commission to examine the environmental integrity of the measures decided by the IMO as well as the targets set under the Paris Agreement.
Although the Parliament demands that ships of 5000 gross registered tons or more should be included in the ETS, many parliamentarians still feel that this is not enough and are calling for shipping companies to reduce their annual average CO2 emissions per transport service for all their ships by at least 40 pct by 2030. (Source: EP, elecdrive, 17 Sept., 2020)Contact: International Maritime Organization (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, EUETS,
The new target requires individual EU member nation approval as well European Parliament approval. The commission is expected to propose legislation containing the ETS reforms by June 2021. (Source: European Commission, Arab News, 13 Sept., 2020)
More Low-Carbon Energy News EU ETS, Carbon Emissions,
The European Commission is presently reforming the rules on monitoring and reporting for the ETS the period 2021-2030. The draft regulation requires that biomass complies with the Renewable Energy Directive Sustainability criteria to be considered carbon neutral. This is a critical point to ensure that biomass comes from sustainable managed forests, that it does not lead to a decrease to the forest carbon stock, and it doesn't damage biodiversity or soil and water quality.
The current EU ETS only accounts for smokestack emissions and rates the carbon emissions of biomass burning at zero. However, EASAC said in a statement that it "should not be possible to just assume that millions of tons of carbon coming out of a power station stack are 'zero'. The ETS should be reformed to link accounting to the real effects on CO2 levels in the atmosphere. This will require calculating the 'carbon payback period' for each biomass facility and its supply chain. Regulators need to know how long it will take until the initial perverse effects of biomass on climate are overcome and net reductions in atmospheric CO2 concentrations achieved', according to the release.
"The European Commission, in its recent biodiversity strategy, has recognised that sustainable bioenergy is a win-win solution for energy generation and a key tool to achieve carbon neutrality in 2050. EU member states, as shown in their national energy and climate plans, rely on efficient and sustainable bioenergy to decarbonise their energy mix," the release added. (Source: EASAC, Website, PR, Aug., 2020) Contact: EASAC, Professor Michael Norton, Environment Programme Director, firstname.lastname@example.org,
+32 2550 2332 www.easac.eu
More Low-Carbon Energy News EU ETS news, Biomass news, Biomass Emissions news,
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 ,
The EU carbon market is the 28-member trading bloc's flagship policy for cutting greenhouse gas emissions, which it does by forcing power plants, factories and airlines to buy permits to cover some of the pollution they emit.
The EU carbon market covered just shy of 1.6 billion tonnes of carbon dioxide equivalent (CO2e) last year. The Swiss carbon market coveredless than 5 million tonnes of CO2e from industrial facilities in 2019.
(Source: European Commission, europa.eu, Reuters, Aug., 2020)
More Low-Carbon Energy News Carbon Market, EU ETS, Carbon Trading,
"It's our job to make sure our customers are aware of these complexities. We need to use our knowledge to help them understand the impact of their shipping activities. The best way to do this is through a face-to-face dialogue. Then I can get a good understanding of what they are looking for and how it plays into their business model, and I can do my best to guide them based on the (emissions) data we can supply." -- Poul Woodall, IMO Director of Environment and Sustainability, Vice Chair, Green Ship of the Future
"Cutting (maritime shipping) emissions to net zero by 2050 in Europe is ambitious and challenging. This is why each sector needs to contribute, also shipping. The EU ETS is the right instrument for this, but we must do it properly. We want a debate with all the relevant stakeholders and an impact assessment outlining the possible consequences by June 2021. Then we can make our final decision. Shipping companies that have already heavily invested in reducing their emissions over the last decade must not be penalized. Our goal is to reduce CO2 emissions in shipping by 50 percent by 2030, compared to 2008 levels." -- Pernille Weiss, EU MEP EU Today, 12 July, 2020
Contact: International Maritime Organization (IMO), Stefan Micallef, Director of Marine Environment Division, +44 (0) 20 7735 7611, www.imo.org
More Low-Carbon Energy News Maritime Emissions, IMO, EU ETS,
International shipping represents around 13 pct of the EU greenhouse gas (GHG) emissions from the transport sector. If left undealt with, CO2 maritime emissions could increase by 50 to 250 pct by 2050, according to the EPP.
The European Commission plans to present new rules addressing the emission cuts in shipping by the end of 2020 or the beginning of 2021.
(Source: EPP, Financial Mirror, 7 July, 2020)
More Low-Carbon Energy News Shipping Emissions, EU ETS, GHGs, CO2,
The British ETS would have a £15 per tonne of CO2 fixed auction reserve price, including a cost containment mechanism to prevent price spikes.
The roughly 1,000 UK factories and plants presently covered under the EU ETS will be covered by the UK system, The
British government also noted it would consider a mutually beneficial a link between a UK ETS and the EU ETS . (Source: Financial Post, Various Media, Reuters, June, 2020)
More Low-Carbon Energy News Carbon Market, EU ETS, Carbon Trading,
Under the EU ETS, airline flights between European countries are required to purchase permits to cover some emissions from these trips. ICAO wants the EU to remove these flights from its carbon market so that CORSIA can be the only market-based measure tackling international aviation emissions.
With the UN planning a 2021 launch of CORSIA, its global scheme to help airlines offset their carbon emissions, some EU lawmakers and environmental groups want assurances that the European Commission will not remove aviation from the EU ETS.
CORSIA plans to use a system of offsetting to cap emissions from international flights at 2020 levels. From 2021, airlines would be required to buy carbon offset credits to cover any emissions above the 2020 baseline.
Critics say this would allow aviation emissions to keep rising, if airlines bought enough offset credits to cover the increase. (Source: ICAO, Pineville Voice, 2 June, 2020))Contact: ICAO, Secretary General Fang Liu, 514-954-8219, 514-954-6077 -- fax,
firstname.lastname@example.org, www.icao.int; CORSIA, www.icao.int/environmental-protection/CORSIA/Pages/default.aspx
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Auctions will be held on behalf of 25 EU member states plus Norway, Iceland and Liechtenstein. The auctions take place on the European Energy Exchange (EEX) platform. (Source: EUObserver, Reuters 18 May, 2020)
More Low-Carbon Energy News EU ETS,
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 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,
"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
More Low-Carbon Energy News Carbon Market, EU ETS,
The industries affected by the proposal include: Iron ore mining; man-made fiber manufacturing; copper production; preparation and spinning of textile fibers; organic basic chemicals manufacturing; nitrogen compounds and fertilizer manufacturing; and mining of chemical and fertilizer minerals.
In a statement, the European Commission defended the The new state aid guidelines are inline with the European Green Deal which aims to cut global warming emissions, according to the EC release.
(Source: EC, EURACTIV, 16 Jan., 2020)
More Low-Carbon Energy News Carbon Emissions, EU ETS, EC, EU,
According to Politico, potential carbon tariffs were discussed at the United Nations COP25 climate conference in Madrid where it was thought inevitable that governments will turn to trade barriers in the effort to fight climate change.
The European Union currently imposes a €25 per metric ton carbon tax on oil refineries, steelmakers and paper producers and other major carbon emitters.
(Source: Vestnik, Politico, 15 Dec., 2019)
More Low-Carbon Energy News COP25, EU, EU ETS, Carbon Emissions, 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, email@example.com
More Low-Carbon Energy News Energy Efficiency news, Insulation news,
More Low-Carbon Energy News Energy Efficiency, Insulation,
The Swiss-EU agreement regulates the mutual recognition of emissions rights from the two ETS systems, each with its own legal basis. From January 2020, emissions from civil aviation and fossil fuel power stations will be included in the Swiss ETS, as is currently the case in the EU.
The EU ETS operates in 31 countries -- the EU's member states, plus Iceland, Liechtenstein, and Norway. A single, EU-wide cap applies, and auctioning is the default method for allocating allowances. The Swiss ETS is also based on the cap-and-trade principle.(Source: Swiss Federal Council, SwissInfo, TaxNews.com, 15 Nov., 2019)
Contact: Swiss Federal Council, www.admin.ch/gov/en/start/federal-council.html
More Low-Carbon Energy News EU ETS, Carbon Tax, Carbon Emissions,
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)
More Low-Carbon Energy News EU ETS, Carbon Tax, Climate Change, German Carbon Tax,
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
More Low-Carbon Energy News UE ETS, Carbon Emissions, Brexit, British Steel,
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, firstname.lastname@example.org, 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, email@example.com, 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
More Low-Carbon Energy News EU ETS, Carbon Tracker, Carbon Emissions, Carbon Credit,