China's National Development and Reform Commission (NDRC) is calling for exchanges and understanding from all parties for a final agreement.
The NDRC aims to lay the groundwork for a new global climate pact that sets post-2020 targets on emission cuts and to make sure that it can be signed in 2015 and take effect in 2020 as scheduled. The new pact is set to replace the Kyoto Protocol, the first global document with legally-binding targets for developed nations whose second commitment period will end in 2020.
China has committed to voluntarily cut emissions per unit of economic output by between 40 percent and 45 percent on 2005 levels by 2020, although it is exempt from emissions cut targets under the Kyoto Protocol. (Source: Global Times, Various Other, 12 Nov., 2013) Contact: National Development and Reform Commission, en.ndrc.gov.cn
Tags China Carbon Emissions news, Kyoto Protocol news,
According to the figures released from the Ministry of Economy, Trade and Industry last week, Japan produced 1.207 billion metric tons of CO2 last fiscal year, which ended March 2013; a 2.8 percent increase from the previous fiscal year and a7.4 percent higher than the year before the Fukushima Daiichi meltdown in 2011. It is also 14 percent higher than in 1990-91, which is considered the benchmark year for CO2 emissions as per the Kyoto Protocol. It is, however, lower than the 1.218 billion tons during 2007-08, the year before the global financial crisis. (Source: Japan Daily Press, 8 Oct., 2013)
Tags Carbon Emissions news,
The UN CDM allows projects in developing countries that cut GHG emissions to generate carbon credits, which can be sold to developed-nation governments and companies seeking to meet emission targets. Once a multi-billion dollar market, the CDM has tumbled 90-percent over the last two-and-a-half years as the economic crisis and weak climate ambitions in rich countries have left the market over-supplied by billions of permits this decade. CDM credits currently trade at an unprofitable €0.60 per ton of CO2 equivalent in the EU market.
one Burma-based CDM project has been approved by the United Nations, while six more are in early stages of development, according to a Thomson Reuters Point Carbon project database. (Source: The Irrawaddy, 5 Sept., 2013)
Tags Carbon Market news, Kyoto Protocol news, CDM news, Carbon Credits news,
Under the current Kyoto greenhouse protocol's Clean Development Mechanism (CDM) , the UN must sign off on each Japanese company's participation, after a lengthy screening process.
As part of the JCM agreement, the Japanese government has conducted feasibility studies in generating carbon emissions reductions in Indonesia through renewable energy, forestry, energy conservation, agriculture, transportation, carbon storage and waste treatment.
Indonesia has also set its own ambitious 2020 targets, of 26 percent emissions reduction on its own, and 41 percent reductions with international assistance through schemes such as that signed on Friday.
(Source: Jakarta Globe, 2 Sept., 2013)
Tags UN CDM news, Kyoto Protocol news, Greenhouse Gas Emissions news,
The CDM RCCs are part of an effort to bring the benefits of the Kyoto Protocol' emission-reduction projects in developing countries to earn certified emission reductions (CERs) which can then be traded, sold and used by industrialized countries to meet environmental targets. Each CER is equivalent to one ton of carbon dioxide.
This is the fourth regional collaboration centre established by the UNFCCC and a regional development bank. The first centre was established in 2012 in Lome, Togo, in collaboration with the Banque Ouest Africaine de Developpement and provides assistance in the development of CDM projects in Francophone Africa.
The two other centres are in Kampala, Uganda, which supports the remaining countries in the Africa, and in Saint George's, Grenada, to assist CDM projects in the Caribbean.
The office will be operational on 1 September and will provide support to all countries in Latin America. (Source: UN News Center, 23 Aug., 2013) Contact:
unfccc.int/secretariat Latin American Development Bank, www.caf.com
Tags CDMs news, United Nations Climate Change Secretariat news,
Tohoku Electric Power Co., Hokuriku Electric Power Co., Shikoku Electric Power Co., Hokkaido Electric Power Co., Tokyo Electric Power Co., Kansai Electric Power Co., Kyushu Electric Power Co., Chubu Electric Power Co., and Chugoku Electric Power Co. failed to hit their targets while Okinawa Electric Power Co., which neverhad a nuclear power plant, met its reduction goal.
(Source: JDP. Kyodo News, 20 Aug., 2013)
Tags Carbon Emissions news, Emissions Reduction Targets news, Kyoto Protocol news, Carbon Emissions news,
"The ECX was created by the EU-ETS in 2005 as a scheme to achieve its obligations under the Kyoto Protocol to reduce carbon emissions and has persisted while American efforts such as the Chicago Climate Exchange closed years ago. Despite its failings, writers in the International Journal of the Economics of Business say that the ECX is good enough to rationalize a mandatory emissions cap and trade scheme worldwide.
"Their evidence? The value of the trades on the ECX were higher after the market closed, which hints of growing sophistication within platforms. They say it means that trades were made with greater confidence based upon increasingly detailed information. The business academics also said there are also signs of maturity based on increased liquidity -- the immediate availability of a party to trade with -- and price efficiency, which means all available information is incorporated into prices so they are traded in a relatively transparent manner.
"The EU set limits and issued permits for how much carbon firms could emit into the atmosphere. If companies exceed their limit, they could incur regulatory penalties, which has not really happened due to the lower demand for permits but the EU-ETS says that by creating a market, it gave firms a financial incentive to reduce their carbon emissions.
"The scholars are not blind to the problems. While apparently confirming the ECX's effectiveness they state that it must change completely to survive Europe's economic downturn. The EU-ETS should be allowed to self-adjust emission caps in reaction to changes in the Eurozone's fortunes and industrial production. Currently the European Parliament must approve changes.
"Report co-author Dr. Gbenga Ibikunle, Lecturer in Finance and Climate Change at the University of Edinburgh Business School, said, 'While individual responsibility for combating climate change is important, much needs to be done to incentivize (high emitting) companies to cut back too. This study shows that free market mechanisms such as the EU-ETS can be effective in doing that. Several other schemes around the world are already learning from this and adopting it as a model." (Source: Scientific Blogging 2.0, July 15, 2013)
Tags Cap-and-Trade news, Climate Change news, Climate Change Mitigation news, EU ETS news,
Although not a binding treaty, the initiatives call for both countries to work together on the development of cleaner vehicles and tougher fuel efficiency standards for heavy-duty vehicles, the fastest growing source of greenhouse gases in the US and responsible for more than half of transportation fuel consumed in China.
Large-scale integrated projects to capture carbon emissions from coal-fired power plants, new schemes to promote building energy efficiency, improve emission data collection and management, and to develop smart grids will also be jointly developed.
(Source: Various Sources, Bus. Green, 12 July, 2013)
Tags Kyoto Protocol news, Climate Change news, Carbon Emissions news, Energy Efficiency news,
A Tata staement says the company plans to add 150-200 mw of wind and 50 mw of solar power capacity every year to reduce its carbon footprint. With four energy projects, including one (50.4 mw from wind) at Khandke in Maharashtra and two at Samana (50.4 mw from wind) and at Mithapur (25 mw from solar) in Gujarat, the company has a total of 397 mw of operating wind power generation capacity and 28 mw of solar power generation capacity, making it one of the largest renewable energy generators in the country. As one of the largest renewable energy players, the company is also setting the country's first 4000mw ultra mega power project at Mundra in Gujarat based on super-critical technology..
The CDM was set up under the Kyoto Protocol to achieve sustainable development and contribute to the cost effective mitigation of climate change. It allows countries with emission reduction commitments to meet part of their reduction abroad, where green house gas (GHG) abatement costs can be lower. The mechanism will also enable developing countries to attract investments in clean energy technology and assist them on a sustainable development path. (Source: TATA, SME Times, 12 June, 2013) Contact: Tata Power, +91 (2) 26 665-8733, www.tatapower.com
Tags Tata Power news, Wind news, UNFCCC news, CERs news,
According to the White House, a global phase-down of HFCs could reduce carbon emissions by 90 gigatons by 2050 -- roughly equivalent to around two full years worth of the world's total GHG emissions.
In April, China agreed to end HFC production by 2030 as part of a $385 million assistance package by wealthy countries under the Montreal Protocol, which was set up to fight the depletion of the ozone layer.
China and other developing nations such as India had initially argued that the Montreal Protocol was not the best instrument to target HFCs and that the issue should instead by handled under the Kyoto Protocol on climate change. (Source: AFP, Rawstory.com, June 8, 2013)
Tags GHG news, Greenhouse Gases news, HFC news, hydrofluorocarbons news,
The neighbourhood project initially focuses on natural gas savings, but the long-term goal is to galvanize stakeholders around additional offerings for electrical savings, renewable energy and water conservation.
Getting to 80 provides financial incentives and offers an easy one-window enrollment in a comprehensive package that includes home assessments by Certified Energy Auditors, gas saving measures and access to reliable contractors. Getting to 80 eligible measures include insulation upgrades, air sealing, a high efficiency space heating system, high efficiency water heating and drain water heat recovery systems.
(Source: Project Neutral, Inside Toronto, 16 May, 2013) Contact: Project Neutral, Karen Nasmith, Director, Project Neutral, www.projectneutral.org
Tags Energy Efficiency news, Energy Management news,
On an annual basis it would represent only a modest increase on deforestation over the past five years -- the period of the Kyoto Protocol's first commitment period, through which forest owners have had liabilities under the ETS. Even so, it represents a steep increase in the amount of deforestation the large forest owners said they expected to do in a 2011 survey on the assumption that the ETS would remain in place. That survey indicated that their expected total deforestation between 2008 and 2020 would be just 17,000ha, not the 62,000 hectares recorded in the latest survey. Instead it is closer to the 58,000 hectares of deforestation they said then that they would do if there was no ETS.
85 per cent of the forests involved were planted before 1990, and under Kyoto's rules the carbon stored in them is deemed to be emitted upon harvest and is counted in the country's greenhouse gas emissions, unless the land, or its equivalent elsewhere, is replanted.
But since the 2011 survey carbon prices have plunged, with some units trading for only pennies a tonne, and they provide no material barrier to exit should the land be suitable for other uses.
The report estimates that 86 per cent of the land deforested by large-scale owners would be converted to dairy farms and another 9 per cent to sheep and beef.
The survey found that most respondents who intend to deforest either had not calculated the breakeven carbon price or were not prepared to disclose it. (Source: Canterbury University, New Zealand Herald, April 15, 2013) Contact: Canterbury University, Prof. Bruce Manley, Report Author, +64 3 364 2122X6122, [email protected], www.canterbury.ac.nz
Tags Deforestation news, Carbon Prices news, Carbon news,
Honing in on the above issue, Ecosystem Marketplace will very soon release its own cautionary report covering opportunities (albeit very limited) for compliance suppliers to sell or enter into the voluntary carbon markets.
Access Carbon 2013 report at http://www.pointcarbon.com/polopoly_fs/1.2236558!Carbon%202013%20Final.pdf
(Source: Point Carbon, Ecosystem Marketplace, 26 Mar., 2013) Contact: Point Carbon, www.pointcarbon.com
Tags Point Carbon news, Carbon news,
The new rules open the way not only to improve the carbon accounts, but also to include in these accounts the pool of wood products in use in each Member State, by acknowledging that wood, until the end of its useful life, continues storing the CO2 the trees absorbed during their growth.
The new LULUCF rules correct the aberration introduced by the Kyoto Protocol in 1997 when it was decided that, whenever a tree was cut, the CO2 immediately returned to the atmosphere. It is now acknowledged that the CO2 in fact stays in the harvested wood product until the end of its useful life. Then, and not earlier, is when wood plays a role as a renewable energy source.
The European wood and panel industries will continue working along the EU policy-makers in the development of the concrete application of these new rules. (Source: IHB, 18 March, 2013) Contact: European Panel Federation (EPF2) , www.europeanpanels.eu
Tags Carbon Emissions news, Carbon Storage news, Kyoto Protocol news,
The UBA claimed the annual surge in harmful emissions at no time jeopardized the country's ambitious climate targets stemming from the Kyoto Protocol. It said that by the end of the international treaty in December 2012, Germany's harmful emissions has fallen 25.5 percent from 1990 levels, with the country pledging to reduce them by at least 21 percent. (Source: DW, Feb. 25, 2013) Contact: UAB, www.bmu.de/en/bmu/.../federal.../federal-environment-agency
Tags Greenhouse Gas Emissions news,
In addition, last year the government further tarnished its environmental reputaion when it announced that it would not sign on to a second commitment period on greenhouse gas emissions under the Kyoto Protocol. (Source: UPI Science News, 12 Feb., 2013)
Tags New Zealand news, Cap-and-Trade news, Carbon Credit Trading news,
The research team measured real-world changes in the amount of CO2 building up in the atmosphere against the amount of gases that each country said it emitted. And, like a jigsaw puzzle with one or two missing pieces, the picture did not quite match. "The simplest explanation is there has been an underestimate in the accounting of about 7 per cent through that early period in the 1990s," said the lead researcher, Roger Francey, an honorary fellow at the CSIRO. According to Francey, "the increase in CO2 in the atmosphere doesn't reflect the reported emissions. This may be because the methodology for getting national emissions was far less developed than today, and only really developed for a few countries, so they were relying much more on estimates."
If confirmed, the findings would carry some potentially good news about the rate of climate change: if emissions were higher in the 1990s, then they have not been increasing at quite such a steep rate to reach today's level. It would mean emissions have been rising more steadily for the past three decades, at the middle range of predictions by Intergovernmental Panel on Climate Change, rather than surging up since 2000.
Although an error of 7 per cent in estimated emissions is within the stated level of uncertainty, it still means that emissions equivalent to about four times the size of Australia's annual greenhouse output had somehow been "lost". The accounting method is made even more complicated by the performance of "carbon sinks" which absorb large but varying amounts of carbon out of the atmosphere.
(Source: Nature Climate Change, Brisbane Times, Feb. 11, 2013)
Tags Carbon Emissions news, Kyoto Protocol news,
Leading up to the Doha Climate Change Conference, Australia agreed to ratify the Kyoto Protocol's second commitment period covering emissions targets from 2013-2020. The EU, Norway and Switzerland were the only other countries that agreed to ratify Kyoto's second commitment period. Of those countries, Australia pledged to cut emissions by 47 percent while Europe pledged only 23 per cent.
(Source: The Australian, Feb 8, 2013)
Tags Australia Carbon Tax news, Carbon Tax news, Kyoto Protocol news,
The Enguri Hydro Power Plant is located on the Enguri river and provides 40 percent of the country's domestic power supply.
(Source: EBRD, Enguri Hydro Power, Financial, Feb. 4, 2013) Contact: EBRD, www.ebrd.com
Tags CDM news, Carbon Credits news, Hydro Power news,
At the end of 2012, market participants had hoped to have more clarity over the use of ERUs before the start of Phase III, but the Commission only submitted its formal proposal to the committee on Thursday following discussions with member states even though the main proposed changes had been revealed. The ERU benchmark contract has been under pressure over 2012, shedding 92% of its value, ICIS data show.
The Commission proposed banning ERUs issued by countries that do not have legally binding emissions targets for the period 2013-2020; specifically, "ERUs issued by third countries which do not have legally binding quantified emission targets from 2013 to 2020 or that have not deposited an instrument of ratification relating to such an amendment to the Kyoto Protocol, should only be held in the Union Registry if they have been certified to relate to emission reductions verified as having taken place before 2013," the draft amendment said. The Commission added that this assurance can be given in two possible ways: either these ERUs are issued in accordance with the Joint Implementation (JI) track-2 procedure; or they are certified as corresponding to emission reductions before 31 December, 2012 by an independent entity accredited by the JI Supervisory Committee.
ERUs from Russia will be affected. Russia was the second-biggest issuer of ERUs – 207 million -- in the 2008-2012 period, after Ukraine – 233 million -- according to the UN Framework Convention on Climate Change, which oversees the JI mechanism. SM
(Source: EU Climate Change Committee, ICIS, 16 Jan 2013)
More Energy Overviews
Tags ERUs news, EU Climate Change Committee news,
Under the Japan-Mongolia agreement, detailed rules of which have yet to be finalized, eligible emission-reduction projects would involve parties from both nations working to cut emissions in Mongolia. Carbon-offset credits would be awarded on a case-by-case basis. Carbon credits earned from the initial projects won't be tradable at the outset, Japanese officials said. But in due course, Japan will seek to link the bilateral credits to carbon-trading programs that already exist in Japan as well as to international programs, such as the EU's Emissions Trading System, they said.
Japan has recently indicated that it was pursuing a strategy of signing bilateral pacts, as they can be more easily reached than multilateral agreements, such as the Kyoto Protocol. In December, signatories agreed to extend the U.N. climate change agreement through 2020, but this only commits a limited number of industrialized countries to cutting greenhouse gas emissions. (Source: Japan News, 8 Jan, 2013)
Tags CDM news, Carbon Offset news, Carbon Trading news,
. "The Kyoto Protocol, the sole legally binding plan to halt growing global emissions, applies only to rich, developed nations. It was due to expire this year, after the repeated failure of attempts to reach a global deal. The extension to 2020 has been weakened by the withdrawal of Russia, Canada and Japan, leaving only European Union members and 10 other countries facing binding targets to cut their emissions, which account for only about 15 per cent of the global total. The US has not ratified the protocol and China and India are exempt.
"If any progress is to be seen, it is that negotiators have put Kyoto behind them. This leaves the next annual UN climate talks to focus on a 2015 deadline agreed last year for negotiating a new treaty, to take effect from 2020, under which all countries rich and poor would tackle global warming. That will bring to a head the issue of how to divide responsibility between the rich world and developing nations, who say developed economies should bear the major share of the cost of cleaning up a problem for which they are historically responsible. Supported by China at the Doha talks, they pressed for a timetable for a promised tenfold increase in financial and technological aid to US$100 billion a year by 2020. Not surprisingly, this was resisted by the US, Europe and other developed nations facing economic woes at home.
"That said, Kyoto should not be considered a failure. It has created a vision and a way forward for co-operation in tackling pollution. But the process needs fixing, with targets having been missed and emissions getting worse. A new way has to be found for nations to work together to cut emissions. As the biggest and next-biggest polluters respectively, China, to whom the developing world looks for leadership, and the US, which opposes a global regime that imposes targets in favour of more flexibility for each nation, have leading roles to play in closing the gap between rich and poor nations." (Source: South China Morning Post, Dec. 31, 2012)
Tags Climate Change news, Global Warming news, Kyoto Protocol news,
The agreement calls on governments worldwide to take immediate action and put forward solutions to climate change in order to slow down global warming.
The T-EPA said Taiwan's government will set up a mechanism to measure, verify and manage carbon emissions as well as strengthen cooperation with other countries on climate change issues.
Taiwan will also promote education and training on climate change and work to raise public awareness of the issue.
(Source: Focus Taiwan, 16 Dec., 2012)
Tags Taiwan news, Climate Change news, Carbon Emissions news,
"It wasn't pretty, but Doha delivered just enough to keep the process moving. By resolving the key issues, all countries are now on a single track to enter into a new international climate agreement by 2015. Yet, much more remains to be done.
"Over the coming year, negotiators need to step up their intensity and hammer out a plan that will lead to an agreement that is ambitious and fair for all. Moreover, they need to raise their level of ambition in the near term, even before a new agreement kicks in. Getting on the right track will take a greater commitment and sense of urgency than we saw in Doha. There were a couple of bright spots, including the EU countries that stepped up with important financial pledges. But the United Nations is primarily a reflection of the political will of its members, and right now we're lacking leadership on climate (change) from most world powers.
"Following President Obama's re-election and the devastation of Hurricane Sandy, many people were watching to see if the U.S. would shift its strategy. The US made some gestures, but it didn't significantly change course. All eyes will be on the administration to see what further action it takes to lower emissions at home. President Obama's legacy -- like all world leaders -- will in part be measured by his response to the climate crisis.
"The stakes are high. Whether it's events like Typhoon Bopha and Hurricane Sandy, or record-breaking droughts and rapidly rising seas, the dangers of a warming planet cannot be ignored. The door is now open. It's up to all countries to step through and get on course to a strong and fair climate agreement." (Source: WRI, Jennifer Morgan, Director, Climate and Energy Program Dec. 8, 2012) Contact: World Resources Institute, (202) 729-7600, www.wri.org
Tags COP18 news, Climate Change news, WRI news,
The U.S. never joined Kyoto, partly because it didn't include China and other fast-growing developing countries. Canada formally withdrew from the accord a year ago. Countries aim to adopt in 2015 a wider treaty that would apply to all countries and enter force when the Kyoto extension expires.
Doha delegates also agreed to postpone until next year discussions on demands from developing nations for more cash to help them cope with the rising costs of mitigating disasters blamed on global warming. (Source: CBC, Dec. 8, 2012)
Tags Kyoto Accord news, Climate Change news, Global Warming news,
Taiwan's 54-member delegation that includes experts and officials from the Ministry of Foreign Affairs, Ministry of Economic Affairs, Ministry of Transportation and Communications and Council of Agriculture, arrived in Doha Dec. 1 has participated in several meetings on the sidelines of the summit. (Source: Focus Taiwan, 4 Dec., 2012)
Tags COP18 news, Climate Change news,
Key conference issues include how to help emerging nations switch to climate-friendly energy sources and charting the course for a new treaty that would replace the Kyoto Protocol, which covers only developed countries.
The U.S. did not ratified Kyoto, which expires this year, primarily because it did not impose carbon emission limits on China and other emerging economies.
Australia and European countries are hoping that COP18 will agree to an extension of the existing pact until a wider treaty comes into force in 2020.
(Source: Gov't of NZ, Various Sources, AP, 3 Dec., 2012)
Tags Kyoto Protocol news, Carbon Emissions news,
In 2009, Japan pledged to cut its emissions by 25 percent by 2020 from the 1990 levels.
Su said Japan will remain obliged to reduce emissions and help developing countries do so, although the country does not plan to join in the second commitment period of the Kyoto Protocol on global warming, starting in 2013. (Source: Japan Times, Nov. 30, 2012)
Tags Kyoto Protocol news, Global Warming news, Climate Change news,
According to Russian Prime Minister Dimitry
Medvedev, Russia does not gain much from the Kyoto Protocol and should reconsider its participation and contends that Kyoto is
inefficient in its current form.
(Source: Russia Beyond the Headlines, Nov. 26, 2012)
Contact: Greenpeace, www.greenpeace.org
Tags Greenpeace news, Kyoto news, Climate Change news,
The Vietnamese scheme, which will be in line with regulations under the Kyoto Protocol, will control emission of of GHGs including carbon dioxide (CO2), Methane (CH4), Nitrous oxide (N2O), Hydrofluorocarbons (HFCs), Perfuorocarbons (PFCs) and Sulfur hexafluoride (SF6). The plan set a target to reduce GHG emissions in the energy and transport sectors by 8 per cent from levels in 2005, along with a 20 per cent reduction in the agriculture sector.
Under the scheme the country will apply methods to absorb methane from landfill sites and through industrial waste water processing to reduce methane emissions by 5 per cent. Growing new forests and revitalizing existing forest areas are also measures to be applied to promote capacity to absorb the emissions. A domestic carbon credit market will also be established so that Viet Nam can join the international carbon market.
In addition, a national system to control GHGs is to be set up with the participation of relevant ministries and branches.
A finance mechanism and legal documents on managing GHG emissions will also be completed in accordance with the Intergovernmental Panel on Climate Change. (Source: Vietnam Bridge, 26 Nov., 2012)
Tags Carbon Market news, CERs news, Greenhouse Gas news,
The Turn Down the Heat report was prepared by the Potsdam Institute for Climate Impact Research and Climate Analytics ahead of the next UN conference on climate change from November 26 to December 7 in Doha, Qatar. It gives a snapshot of the latest climate science, saying the Earth is on a path to become a 4-degree-Celsius-warmer planet by 2100. It found that current pledges to reduce greenhouse emissions blamed for global warming will not make much of a dent in the temperature rise.
At the last UN climate talks in Durban, South Africa, in December 2011, negotiators sealed a commitment to negotiate a broader long-range climate treaty but postponed a decision to December 2012 about extending the Kyoto Protocol. The five-year commitment under the Kyoto Protocol on global warming ends in December.
The European Union is practically alone in carrying out its obligations to reduce carbon emissions, and has insisted that emerging economies like economic powerhouse China, which were exempted from the Kyoto Protocol, and the U.S., which never ratified the treaty, start paying their share of the cost of soaring carbon emissions.
The question of whether the Kyoto Protocol should be extended to 2017 or 2020 was also left open in Durban. The grace period allows time for individual countries to calculate their goals for reducing carbon emissions.
Under the agreements in Durban, the 193 members of the UN Framework Convention on Climate Change -- the umbrella for Kyoto -- have until 2015 to agree on a new legally-binding climate treaty, aimed at reducing greenhouse gasses.
The treaty would go into effect from 2020. (Source: World Bank, Times Live, 19 Nov, 2012) Contact: World Bank, Potsdam Institute for Climate Impact Research and Climate Analytics, www.pik-potsdam.de
Tags Kyoto Protocol news, Global Warming news, Climate Change news,
To date, 880 of the registered Chinese projects have been approved, and the total issuance volume has reached 590 million tons of CO2 equivalent. This is a major contribution to the implementation of the Kyoto Protocol, the report said.
(Source: Xinhua, Global Times, Nov. 21, 2012)
Tags CDM news, Carbon Emissions news,
"According to Oxford professor Dieter Helm, writing in an op-ed piece in the New York Times, any progress in CO2 reduction has been overwhelmed by new emissions in places such as China, which gobbles up coal and plans many more coal-fired electricity plants to meet its enormous energy appetite.
"Congress abandoned a cap and trade system for CO2 in 2010 although several states,(Illinois and Calif.) have some version of it. A system of cap and trade was useful for in 1990 program that has helped reduce sulfur dioxide emissions. Some regard setting carbon limits and then selling rights to pollute under that was the most economical and efficient way to go, even though anti-coal experts oppose it.
"Now, there are balloons being set aloft to see how a carbon tax might work. A Washington Post editorial thought a carbon tax would be a good idea and not just to stave off climate change. The Post quotes Resources for the Future, a think tank, as projecting that $25 per ton tax could raise $125 billion a year in new revenue -- more than would be provided by eliminating the home mortgage deduction.
"The idea is that big utilities would be forced to shift from high carbon fuels such as coal to less-carbon ones such as gas or wind. Coal prices have been badly undercut by cheaper gas at the moment and coal's percentage of the U.S. electricity mix has gone from about 45 percent to the mid-30s. This is not cast in concrete, however. Coal markets are notoriously cyclical and volatile and coal could just as quickly regain its cost advantages over competing natural gas. A partial recovery is already predicted next year as gas prices start to rise. (In Europe, for other reasons, gas is already three times as costly as in the US). "Now that the election is over and Obama has won, Big Coal and its allies don't have the momentum they did to paint him as an out-of-control regulator. Nor does Obama have carte blanche in Congress to push one idea or another.
"There are problems with a carbon tax. Lower income electricity't pay an unfair price for power. And if Europe establishes a carbon tax, and China does not, then China gets an automatic and unfair export subsidy, Helm says. Any carbon tax would have to be part of a global agreement, including one on energy imports.
"The plus side includes new ways to drum up revenue. Another is that if utilities are forced and have a legal excuse to reduce carbon, they may be more inclined to develop and install CCS technologies that may involve burning coal, although the general trend would be away from it. The simple truth, however, is that the U.S. needs to start doing something about CO2 or face more superstorms like Sandy. Blaming China can't serve as an excuse much longer." (Source: Peter Galuszka, Bacon's Rebellion, Nov. 12, 2012)
Tags Carbon Tax news, Cap-and-Trade news, CCS news,
The Kyoto 2 treaty aims to curb international greenhouse gas emissions through binding national reductions, although some of the world's biggest polluters, including the U.S. and China, refuse to sign on.
New Zealand's climate change minister, Tim Groser, says New Zealand would be better served in the future by joining the U.S., China and others in a nonbinding climate pledge under the U.N.Framework Convention.
Opponents said New Zealand is shirking its responsibilities and risking its international standing.
The Kyoto 2 treaty will run from 2013 to 2020. (Source: NZ Climate Change Ministry, CTV, Nov. 11, 2012)
Tags Kyoto Protocol news,
CDP surveyed 400 companies in Asia that it deemed most relevant to investors and comparable in terms of size and importance to the region's economy. The report shows that 32 percent of the 400 responded -- an increase of almost 20 percent from 27 percent in 2011. Twenty-three companies based in China responded, up from 10 in 2011. South Korean and Taiwanese companies were most likely to answer the questionnaire or provide some information.
Approximately 30 percent of 117 respondents identified near-term regulatory opportunities, while many indicated that they hope to generate carbon credits (CERS)for sale to companies covered by carbon-trading schemes. Emissions-trading systems in South Korea and Australia, both expected to be up and running in 2015, will allow companies to surrender a limited number of international CERs for emissions-reduction projects in countries with voluntary commitments under the Kyoto Protocol. Regional trials of carbon trading in China are also expected to demand carbon credits, to help meet a 17 percent carbon emissions per unit of GDP reduction target by 2015, as published in the country’s 12th Five-Year Plan.
Companies in many Asian countries will profit from selling CERs regulated under the UN Kyoto Protocol CDM. India and China currently generate the majority of projects that qualify for carbon credits under the mechanism globally. (Source: Carbon Disclosure Project, China Dialogue, 12 Nov., 2012) COntact: Carbon Disclosure Project, +44 (0) 20 7970 5660, www.cdproject.net
Tags Carbon Disclosure Project news,
France and Germany also made considerable GHG cuts while Spain and Italy's poor performance puts them in danger of missing their Kyoto targets, according to figures released by the European Environment Agency.
The EU as a whole will meet its target under the 1997 Kyoto Accord, which requires developed countries to cut their emissions by a total of just over 5 percent from 1990 levels by the end of 2012. Currently, EU member states are the only major countries pledging to continue the Kyoto protocol beyond the end of this year, when its current provisions expire.
(Source: European Environment Agency, The Guardian, 24 Oct., 2012) Contact: European Environment Agency, www.eea.europa.eu
Tags Greenhouse Gas Emissions news, Kyoto Accord news,
With few nations expected to agree on extending the 1997 Kyoto Protocol when its targets for industrialized nations expire this year, national governments will probably take the lead in creating carbon markets over the next few years, Andrei Marcu, head of the Centre for European Policy Studies' Carbon Market Forum in Brussels, said in an October 5 paper.
The UN needs rules to make sure new markets generate sufficient trading volume and allocate resources efficiently to emission projects, he said. The UN's CDM Executive Board should be expanded to authorize or coordinate national markets seeking to trade their permits globally, Marcu said. Countries that don't want to link with global markets wouldn't need such oversight, he said. According to the paper, the UN needs to develop the so-called Framework for Various Approaches under the UN Framework Convention on Climate Change to help oversee domestic programs.
Countries wanting to create CERs for global markets could choose one of two tracks to win approval, according to the Centre for European Policy Studies paper.
Under the first track, a so-called Market Regulatory Board would review and approve the domestic market for recognition, allowing its permits or credits to become International Compliance Units.
Alternatively, the board could set up a peer review of the domestic market. After the review, which would ensure compliance with yet-to-be-agreed environmental standards, the market could be recognized as international and its credits could be converted to international units.
Plans to link the EU and Australian greenhouse-gas-reduction programs also demonstrate there is an urgent need to make sure national or regional programs can fit together with minimum standards, according to the paper.
Australia said August 28 it will allow its emitters to use international credits including EU permits and UN Certified Emission Reductions for as much as half of their compliance needs, tightening the specific limit on UN offsets to 12.5 per cent from 50 per cent. The nation would scrap a floor price of $15 a metric ton that was set to take effect in 2015.
The two regions will start a partial link of their carbon markets by July 2015, allowing Australian companies to purchase European allowances immediately for future compliance. (Source: Sydney Morning Herald, Oct. 8, 2012)
Tags Kyoto Protocol news, Carbon Trading news, CERs news,
It is vital for everyone to work together to make the upcoming UN Climate Change Conference, to be held in the Qatari capital of Doha from 26 November to 7 December, "a major stepping stone to a global, robust and legally binding climate regime," said Mr. Ban. The world, he said, is witnessing the highest levels of emissions ever; the Arctic sea ice is again at an all-time low; and it is another record year for wild fires, droughts and flooding. Climate change is making weather patterns both extreme and unpredictable, contributing to volatility in global food prices, which means food and nutrition insecurity for the poor and the most vulnerable.
The Secretary-General has made food security a top priority through the Zero Hunger Challenge he launched at the UN Conference on Sustainable Development (Rio+20), held in Brazil in June.The initiative aims for a future where every individual has adequate nutrition and where all food systems are resilient. Its five objectives are to make sure that everyone in the world has access to enough nutritious food all year long; to end childhood stunting; to build sustainable food systems; to double the productivity and income of smallholder farmers, especially women; and to prevent food from being lost or wasted.
Ending hunger will mean climate-smart, climate-resilient agriculture, as well as policies that are water-smart, energy-efficient, and that promote inclusive green growth, Mr. Ban said. He called on governments to adopt the second commitment period of the Kyoto Protocol when they meet later this year in Doha. The first commitment period of the Protocol, the legally binding treaty to reduce greenhouse gas (GHG) emissions, expires this year.
"The emission reduction targets of the new Kyoto treaty are not sufficient - we know that - but they are necessary starting point from which to build a future global agreement by 2015," he stated. It is also important to address the gap between fast-start finance and long-term finance so that by 2020 climate finance is being mobilized at the agreed level of $100 billion a year, he said, calling for accelerating efforts to make the Green Climate Fund, approved last year in Durban, fully operational. (Source: UN News Service, 27 Sept., 2012)
Tags Climate Change news,
SE Asian governments have introduced blending mandates for biofuels to boost their use in their countries. This is seen as a result of ratifying the Kyoto Protocol to curb their emissions, but also as a way to boost their agricultural sector and decrease their dependence on crude oil.
The challenges facing the region's biofuel industry include competition from the food industry and out-dated petroleum-fuel subsidies, both of which can be
overcome be enforcing blending legislation, removing petroleum subsidies and providing incentives for consumers and tax breaks for biofuel producers.
(Source: Frost & Sullivan, EcoSeed, 21 Sept., 2012)
Tags Biofuel news,
"A new study by Thomson Reuters Point Carbon showed that signatory countries will have accumulated more than 17 billion tonnes of surplus reduction permits by 2020. According to the report, the total surplus from the first Kyoto commitment period (2008-2012) already consists of 13.1 billion tonnes. The study estimates that under current rules, signatory countries will accumulate 3.6 billion tonnes by 2020. If Australia and New Zealand then decide not to join the second Kyoto commitment period (2012-2016), the combined surplus would be as high as 17.2 billion tonnes. 'That is more than Europe would emit over the course of five years and more than double what China annually emits. This is partly because Kyoto uses 1990 as the reference year. But just after 1990, economies in Central and Eastern Europe collapsed, which led to decreased industrial activity and emissions. This allowed these countries to stay under their emission limits and build up a surplus.
"At this moment the same thing is happening: we are in the midst of an economic crisis which again leads to lower emissions worldwide' According to last weeks European Environmental Agency report, EU emissions in 2011 fell to 17.5 percent below the 1990 level -- only 2.5 percent away from our final 2020 Kyoto goal. Although emissions are dropping worldwide, the build-up of surpluses is an enormous threat to the integrity of the Kyoto protocol. 'Of course dropping emissions is good news, but not in this case,' says Wyns.
"According to the Reuters Point Carbon study, the 3.6 billion surplus projection by 2020 would be realized under business-as-usual conditions without the government measures to reduce emissions. But most importantly, the enormous amount of surpluses causes the price of allowances to drop close to zero. At this moment, the price has already dropped to less than €one per tonne.
'The supply is thrice the demand," Anja Kollmuss, carbon market expert at the Brussels-based CDM Watch tells IPS. 'When prices go that close to zero it could lead to a collapse of the market. The allowances are useless to the countries that own them because there is no one willing to buy them. The trade will come to a halt. It's hard to see how there could possibly be a market under these conditions." (Source: TruthOut, Sept.15, 2012)
Tags Carbon Trading news, EU ETS news, Carbon Emissions news,
The report comes as peace talks continue between environmentalists and forestry industry representatives seeking to end the state's bitter 30-year forests "war".
Forest peace negotiators are haggling over 572,000 hectares earmarked for protection and, with only new reserves eligible for the carbon cash, the report could have a bearing on the talks.
CO2 representative James Bulinski said there were still hurdles for the state to jump, but countries like New Zealand were already seeing tens of millions of dollars flowing into their economies.
Tasmania's Liberal opposition said the report proved that forestry in the state was carbon positive.
"This study categorically debunks the Greens' false claims that forestry in Tasmania is contributing negatively to climate change," spokesman Peter Gutwein said. Tasmania's Climate Change Minister Cassy O'Connor added, "What this report tells us is that our forests are definitely worth more standing (than harvested)."
(Source: The Australian, Sept. 6, 2012)
Tags Forest Management news, Forest Carbon news,
According to Philips Lighting Solutions GM Megan Louw, lighting is one of the easiest ways to tackle the financial pressure of strained business conditions, rising electricity costs and the prospect of future carbon taxes. Lighting projects also help meet building efficiency standards and contribute to a brand's alignment with sustainability. In addition, changing to energy efficient lighting also contributes to reducing energy consumption.
Changing from incandescent to LED light bulbs can cut some 20% off building management costs. A permanent switch to energy efficiency occurs when an organization replaces its luminaries, so that incandescent bulbs can't be used, and changes its entire lighting design to get the best lighting for the least amount of energy. This can save 50-80% of the lighting bill.
Geoff Sinclair, head of carbon trading at Standard Bank, points out that making these changes presents a real opportunity but does also involve upfront costs for organizations. "Our energy efficient lighting project is designed to offset that cost by creating revenue from carbon credits.
(Source: Philips, LightingBiz Community, Aug. 29, 2012)
Contact: Philips Lighting Solutions, www.lighting.philips.com
Tags Standard Bank news, Energy Efficient Lighting news, Energy Efficiency news,
Under the program the pig farmers earn carbon credits for each ton of methane captured. When fully implemented, the program is expected to produce over 100,000 tons of carbon credits per year from dozens of pig farms across the country. This is the first program of activities from the Philippines to be registered and it is the first registered biogas PoA in the animal waste sector in south-east Asia.
Carbon finance facilitates financial rewards through carbon credits for the reduction of greenhouse gas emissions by emitters in developing countries, like the Philippines, through the Clean Development Mechanism (CDM) of the Kyoto Protocol.
The CDM allows industrialized countries and companies to fulfill some of their greenhouse gas reduction commitments through the purchase of carbon credits in clean-and-green projects in developing countries, according to the World Bank.
(Source: World Bank, UN, Aug 8, 2012)
Tags World Bank news, Methane news,
The panel will announce its recommendations in mid September, immediately after the sixty-ninth meeting of the CDM EB in Bangkok. Its report, which will be submitted to the Parties to the Kyoto Protocol, is expected to urge the adoption of new, far-reaching ground rules to help the CDM meet the challenges of the future.
In formulating its recommendations, the panel considered conclusions from an extensive programme of meetings with stakeholders and results from research commissioned by the panel in the areas of the impact, governance and future context of the CDM. The panel conducted 22 major stakeholder engagement meetings and dozens of informal consultations in 13 countries, including in Australia, China, Japan, India, USA, UK, Germany, Belgium, Thailand, Namibia and Ethiopia. Country negotiators in the UNFCCC have been heard, as has the NGO community, investor associations, support bodies to the CDM, market regulators, policy makers and the research community.
The research programme commissioned by the panel focused on the CDM's internal workings, future direction as well as impact on mitigation and sustainable development and was undertaken by a team with broad CDM experience.
Although the dialogue was an initiative of the CDM Executive Board, the panel has conducted its work independently and made its own recommendations. (Source: UNFCCC, 27 July, 2012) Contact: UNFCCC, Irini Roumboglou, Communications Officer, [email protected], +49 (0) 228 815 1670, www.unfccc.int;
Tags UNFCCC news, CDM news, Carbon Markets news, Kyoto Protocol news,
Under the Kyoto protocol, countries are assigned a set target for reducing their GHG (CO2) emissions and are penalized if they breach this ceiling.
Those within their target can sell their "carbon credits" to countries or companies above their target. (Source: Gov. of Romania, PR, 16 July, 2012)
Tags Carbon Credit Trading news,
The failure of the international community to agree on a common goal in a post-2012 Kyoto framework has damaged the confidence of the private sector, and played a role in lowering the price of carbon. Carbon is traded at national and regional levels in various markets, and future prices and stability have always been a concern for private players and policy makers. Several models have been developed to forecast the market price of carbon, although outcomes differ significantly. This is due to the nature of the carbon market, which is affected and driven by a complex set of subjective factors. Geo-climatic policies and energy policies, geo-politics, global economic growth, crude oil price, coal prices and the demand and supply scenario all help to drive and shape the carbon market. The European Union Allowances (EUAs) under the European Union Emission Trading Scheme (EU ETS) is the largest cap and trade carbon trading mechanism, followed by Certified Emission Reduction (CER) under the Clean Development Mechanism (CDM). Both of these programmes come under the Kyoto Protocol. EUAs and CERs are used to offset the same amount of CO2 emissions, but are not equal in price due to regulatory differences for the use of CERs in the EU ETS.
The Carbon Pollution Reduction Scheme (CPRS) in Australia and the New Zealand Emission Trading Scheme (NZ ETS) in New Zealand are also important, and more regional and national markets will be operational in the future. Such developments are expected to boost the carbon market.
The short-term view of the carbon market is pessimistic, as the prolonged European sovereign debt crisis, over-supply of carbon units, and uncertainties under the Kyoto Protocol are expected to keep prices low. The EU recession means that emissions will grow less than expected, in correlation to overall economic growth. As the EU shows signs of recovery from the recession, carbon prices will follow the same path, although this seems unlikely in the next few years. The economic conditions in the Euro zone and outcomes of the Kyoto Protocol will determine the global price of carbon in the long-term, with government commitments to tackling climate change dictating the scenario. The oversupply of allowances will keep pulling the price down over the long-term, although global macro economic conditions will also play a role, and prices will increase if India, China and Brazil also promise to meet certain targets by 2020.
(Source: GlobalData, PR, ESI Africa, July 9, 2012)
Tags GlobalData news, Carbon Prices news,
The report said many governments are not implementing policies to meet their emissions reduction pledges for 2020, and could increase rather than close the gap between real emissions and what is needed to limit warming.
Negotiators from over 180 nations are meeting in Bonn, Germany, until today, to work toward getting a new global climate pact signed by 2015 and to ensure ambitious emissions cuts are made after the Kyoto Protocol expires at the end of this year.
Procedural wrangling and a reluctance to raise emissions cuts due to economic constraints is threatening progress, however.
(Source: Arab News, 24 May, 2012)
The EU included aviation in its contentious but legally binding ETS effective January 1, 2012, prompting outrage among several countries outside the EU which believe the EU's unilateral move was extra-territorial. The EU's legislation means all airlines operating in EU airports must have their CO2 emissions regulated. Under the rules of the system, airlines must hand over enough CO2 allowances by April 30, 2013, to match their verified CO2 emissions in 2012. While airlines can apply for free permits to cover CO2 emitted, these will likely fall short of requirements, and they will have to buy allowances in the market to make up any shortfall. Airlines that fail to cover emissions with allowances face a penalty of €100 for each mt of CO2 not covered.
The diplomatic row over how to deal with aviation's CO2 emissions has already threatened to blow up into an international trade war, with China reportedly holding back on major European aircraft purchase deals until a resolution is found.
The EU's legislation includes provisions allowing any country to opt out of the EU ETS if it takes equivalent domestic measures to deal with aviation's CO2 emissions.
Several Non-EU airlines and their governments have said any market-based approach to aviation's CO2 emissions should be implemented globally through ICAO -- an element that was agreed under the 1997 Kyoto Protocol. (Source: ICAO, 11 May, 2012) Contact: Denis Chagnon, International Civil Aviation Organization (ICAO) Council, (514) 212-1323, [email protected], www.icao.int
Tags EU ETS news, Aviation Emissions news, ICAO news,
The issue of which countries should bear the greatest responsibility for cutting GHG emissions has been a sticking point in international negotiations for two decades. Under the original settlement reached in 1992 at the Rio Earth summit, and formalized in the 1997 Kyoto protocol, some rapidly emerging economies such as China were left out of the roster of obligations to curb emissions. However, China is now the world's biggest emitter and second biggest economy, prompting many nations to question whether the divisions that were relevant 20 years ago should still apply today.
Connie Hedegaard, the European climate chief, who was hosting the meeting, said: "Countries have recognized that the old division between developed and developing countries -- there are limits to how useful that is in the 21st century."
She added that countries wanted "something more dynamic" in terms of determining the contributions to emissions reductions made by richer and poorer countries, than the current system, by which "every two decades countries decide on the categorization".
Negotiations on a possible new global treaty that would succeed the Kyoto protocol are to resume again this November, after last year's talks concluded with a resolution to write a new agreement by 2015 that would come into force from 2020.
(Source: The Guardian, 9 May, 2012)
Tags Connie Hedegaard news,