Latest News
- Australia boosts international efforts on climate
- EU can cut CO2 by 30 percent by 2020 at no cost
- New Zealand sets greenhouse gas emissions target
- Nedbank goes carbon neutral
- Carbon trading market expected to remain strong post 2012
- Latest UK carbon auction raises over €56m
- Indonesia issues world's first rules on forestry credit revenue-sharing
- Farm Groups Prevail as House Climate Bill Puts USDA in Charge of Ag Offsets
- Australia's carbon farmers in quiet revolution
- Britain may go back on its promise not to buy ‘permits to pollute’ from poor nations
- New Players, Services to Grow Carbon Trading
- Senate Introduces Bill to Promote Natural Gas in Vehicles
- Asia's carbon trade flourishes in slump
- Australian parliament rejects carbon trade plan
- Climate bill could cause energy revolution If passed, legislation would affect lives in number of ways
- Brazil wants C02 cuts based on historic emissions
- Temporary carbon credits revived in US climate bill
- Kenya: Going Green With Redd
- New Zealand: Carbon credits may pay more than farming
- Democrats, Obama Win Major Victory as House Passes Climate Change Bill
- $93 Million and $100 Million into renewable energy by Secretary Chu and NRE
- Heavy going for cap & trade in US, Australia
- Airline industry targets carbon-free growth by 2020
- A bill before Congress may prove a costly way to reduce greenhouse gases
- Clean energy: America can meet the challenge
- California forests hold one answer to climate change
- Westernfield Holdings announces a major reforestation project in Indonesia
- Carbon Credit Auction Nets $117 Million
- Morgan Stanley Carbon Offset
- Kyoto Treaty and the Carbon Credits
- Energy companies, enviro groups unite on int'l forest offsets
- Industries are Grappling With New Bill on Climate
- Westernfield Holdings Inc. launches new, user friendly webportal
- Global Voluntary Carbon Market Doubled in 2008 to $705M
- BNY Mellon Launches Platform for Carbon Emissions
- Westernfield Holding Inc. Secures Investment from Major Oil Company
Australia boosts international efforts on climate
November 16, 2009
Australia stepped up lobbying ahead of the global climate talks in Copenhagen on Wednesday, with Prime Minister Kevin Rudd accepting a key role as Climate Change Minister Penny Wong heads to Spain for talks.
Rudd has accepted an offer from Danish Prime Minister Lars Lokke Rasmussen to become a friend of the Copenhagen summit chair, giving him a key role in helping to forge an international deal to curb Greenhouse emissions ahead of the December meeting.
'The leaders engaged by Prime Minister Rasmussen will conduct regular discussions in the lead up to Copenhagen focused on delivering effective action on climate change,' a spokesman for Rudd told Reuters.
The spokesman said Rudd would go to Copenhagen if the summit became a leaders' meeting, and if his attendance would help bring about an effective outcome, adding it was critical for leaders to be engaged ahead of the meeting.
Wong, who is negotiating to push laws for a domestic carbon-trade scheme through Australia's parliament, will attend a Barcelona meeting of environment ministers from Thursday, where she will push for progress ahead of the Copenhagen talks.
'We are just weeks out from Copenhagen and at a critical stage in negotiations.. This is an important opportunity for countries to make progress on key issues central to achieving consensus in Copenhagen.'
Australia has proposed a system of national schedules which will allow developed countries to set individual carbon reduction targets, and allow developing nations to record actions tailored to their circumstances.
Australia has promised to cut greenhouse emissions, blamed for global warming, by 5 percent, or up to 25 percent if other countries agree to take strong action to curb emissions.
Australia, the world's biggest coal exporter, accounts for about 1.5 percent of global emissions but is one of the highest per capital emitters due to a reliance on coal for about 80 percent of electricity generation.
EU can cut CO2 by 30 percent by 2020 at no cost
November 5, 2009
The European Union can cut carbon dioxide emissions by 30 percent from 1990 levels by 2020 at almost no cost, according to a report by climate consultancy firm Ecofys released on Wednesday..
EU leaders have a target to reduce carbon dioxide emissions by 20 percent by 2020 from 1990 levels. They have pledged to increase the target to 30 percent if other world leaders at a U.N. climate summit this December agree to join in.
By replacing all energy equipment at the end of its life with low-carbon technologies, the 27-nation bloc could halve its greenhouse gas emissions within two decades, the report found.
It comes the day before an EU summit starts in Brussels where EU leaders will discuss climate change.
The study, called Sectoral Emission Reduction Potentials and Economic Costs for Climate Change, examined 650 technologies over two years and compared their costs across 10 major sectors and EU countries.
'These results show how the 30 percent emissions target is within reach,' said Bart Wesselink, project manager at Ecofys.
The study used a cost curve calculating the rate at which technologies became cheaper over time, using discount rates of 4 percent and energy prices before taxation.
The report found that the overall costs to society of reaching the total reductions potential in 2030 are negligible or even negative.
It also found that sectors not currently included in the EU's Emissions Trading Scheme including road transport, built environment, agriculture and waste could potentially reduce emissions in 2020 by 20 percent compared with 2005 levels and by 27 percent by 2030.
Out of the 27 member states, Britain, Germany and Ireland have the potential to achieve a 50 to 60 percent cut in emissions by 2030 compared with 2005 levels.
Romania, Latvia, Slovakia, Malta and Slovenia's potential was between a 10 percent rise and a 10 percent cut in emissions.
New Zealand sets greenhouse gas emissions target
October 30, 2009
New Zealand announced on Monday that it will cut its greenhouse gas emissions by 10 to 20 percent below 1990 levels by 2020, the country's climate change minister said.
The target, confirmed by the Cabinet, will be presented later Monday at an international climate change meeting in Bonn, Germany, Nick Smith said.
The target was 'a big ask' for New Zealand because gross emissions were already 24 percent above 1990 levels, Smith warned.
'This target means we're going to have to both catch up that 24 percent increase as well as reduce emissions by 10 or potentially 20 percent,' he told reporters.
'On top of this, half our emissions come from agriculture ... and we already have one of the highest proportions of renewable electricity' in the world, he said.
The target would be met through a mix of domestic emission reductions, storage of carbon in forests with new plantings and the purchase of carbon credits from other nations that have not exceeded their emissions targets.
New Zealand's proposed emissions trading scheme 'will be the primary policy instrument' for delivering the targeted reductions in emissions, Smith said, by buying carbon credits to offset the country's excess greenhouse gas outputs. Details would be decided before the Copenhagen climate change negotiations in December, he added.
Prime Minister John Key said the target was similar to Australia's and 'much bigger' than the United States.
Climate Change Negotiations Minister Tim Groser said he expected 'very tough' negotiations will not be resolved in Copenhagen, but he expects 'solid points' to emerge that will be built on in 2010 negotiations.
Nedbank goes carbon neutral
October 26, 2009
South African banking group Nedbank, already a leader in environmentally responsible practices, is to become carbon neutral by continuing to cut its greenhouse gas emissions and buying up carbon credits.
Nedbank is the first large corporation in the country to take this step.
The development was announced on 15 September 2009 by the bank's CEO Tom Boardman. He said the decision to go for carbon neutral status was the culmination of a long road travelled by Nedbank, which has been at the forefront of environmental issues for many years.
The company is involved in a number of green initiatives already, and as far back as 1990 it set up the Green Trust, a conservation fund run in partnership with the local chapter of the World Wide Fund for Nature (WWF).
In 2008 the group poured US$1.8-million (R13.6-million) into environmental initiatives under the Green Trust. Projects include, among others, the conservation of turtles in the Greater St Lucia Wetland, support for the Namibia-based Cheetah Conservation Fund, and the Master Farmers programme in the Eastern Cape, which works to improve farmers' agricultural skills..
The carbon neutral move will place Nedbank's environmental strategies on the same level as other major international institutions such as the Deutsche Bank and the Hong Kong and Shanghai Banking Corporation.
'We have measured and audited our carbon footprint,' said Boardman, 'and now we know where we stand and what we have to do to offset it completely'.
Comparing the climate change crisis to the worldwide financial crisis, Boardman noted a few similarities - apart from the fact that both had a global impact.
In both cases, he said, the world underestimated the severity of the problem. Initial measures taken were inwardly focused and targeted at individual organisations or countries, whereas what were needed were global solutions..
'If the world spent a fraction of what it put into the financial crisis on addressing climate issues, it would be an investment well spent,' commented Boardman.
'Climate change is no longer merely an environmental issue,' added WWF SA climate change manager Richard Worthington, 'but a developmental, economic and social issue too'.
Carbon credits
In addition to its ongoing greenhouse gas emission reduction projects, Nedbank is to completely offset its own emissions by buying carbon credits on both the Voluntary Emission Reduction and Certified Emission Reduction markets. This will cost the bank an estimated R10-20 million per year.
Nedbank is expected to build a diverse portfolio of carbon projects, but will focus its investment on applicable projects in Africa.
'We are not going to just go out and buy,' said Boardman, 'but will look at projects that are relevant to our cause and in line with our strategy.'
Green bank
For many years Nedbank has worked for the benefit of the environment and is represented on several top-level committees and task forces dealing with climate change. Nedbank has featured on the Dow Jones Sustainability Index for five years.
In 2008 Britain's Financial Times named Nedbank as the Emerging Markets Sustainable Bank of the Year for the Middle East and Africa region. The bank also sits on the United Nations Environmental Programme Finance Initiative Africa task force and participates in the Climate Change, Biodiversity and Water and Finance streams.
Through its Green Affinity retail products the bank donates a portion of its charges to the Green Trust. Since the fund's inception, Nedbank has helped raise almost R100 million for around 150 major conservation projects in South Africa.
Nedbank is also a signatory to the Carbon Disclosure Project, which works with the corporate sector to encourage transparent reporting in terms of carbon emissions.
The bank has a number of internal greening initiatives, among them a change from paper to electronic statements for retail banking products; recycling of printer cartridges; and recycling bins for biodegradable waste, glass and tin, plastic and polystyrene, and mixed waste.
There is also a campaign which encourages staff to reduce their carbon footprints at work and at home. The annual Green Trust Staff Awards recognise employees who stand out from the rest with their efforts to change their lifestyles accordingly.
Nedbank is to apply for a four-star Green Star rating from the Green Building Council of South Africa (GBCSA) for its new corporate head office building, currently under construction in Sandton, north of Johannesburg. A Green Star rating is given to buildings that comply with GBCSA energy and resource efficiency standards and are environmentally responsible in their design, construction and operation.
Carbon trading market expected to remain strong post 2012
October 19, 2009
The Asia Pacific region currently accounts for over 70 per cent of the world's clean development mechanism (CDM) projects - which are part of an arrangement under the Kyoto protocol.
They allow industrialised countries to purchase carbon credits from green and clean energy business initiatives, mainly from developing countries, to balance out carbon emissions.
The Kyoto Protocol runs out in 2012, and while concerns have been raised in the investment community as to the future of the carbon trading market post-2012, experts said that there will still be demand for CDM projects in the long term.
"There is a need for continuation of the market mechanism, what ever will be the shape of the market mechanism," said D Daniele Violetti, manager, secretary to the CDM Executive Board, UN Framework Convention on Climate Change.
"Of course there will be adjustment to the existing rule, perhaps modification, and perhaps that is what is happening now in terms of negotiation. But a market-based approach to achieve the emission reduction will be there," he added.
In the past twelve months, carbon projects have taken a hit, as credit was tightened amid the global recession and CDM projects were put on hold. From July 2008 to February 2009, prices in the CDM market slumped 75 per cent.
Some believe that there will still be demand for CDM projects after 2012, as global economies continue to work to cut carbon emissions. But all eyes are on climate change talks taking place in Copenhagen in December.
Henry Derwent, president & CEO, International Emissions Trading Association, said: "What is going to happen in Copenhagen, what sort of deal are we going to get? I would love to believe that we could have a set of numbers, a set of targets for all the developed countries, starting when the current Kyoto protocol targets end in 2012.
"I think that it may actually take longer to negotiate, than the amount of time we have got now.. There is a lot of progress being made by the negotiators. But to get from general progress through to actual numbers, for a number of countries to argue what they think is appropriate for them - it could take a little longer than we have got right now."
The global carbon market was valued at US$126 billion in 2008. And estimates suggest that if the EU increases its emissions reduction target to 30 per cent by 2020, combined with other government bills to be passed - future demand for carbon credits could be as much as 600 million tonnes per year.
Latest UK carbon auction raises over €56m
October 14, 2009
The UK government yesterday completed its fourth auction of carbon credits as part of the EU emissions trading scheme, again raising over €50m for the Treasury.
The Debt Management Office confirmed that 4.2 million EU allowances (EUAs) were successfully sold with the clearing price for the auction set at €13.38.
Under the terms of the auction, competitive bids made at prices above the clearing price are allotted in full to the successful bidder, while all bids accepted at the clearing price were allotted approximately 88.6 per cent of the amount bid for.
All but a handful of the bids were competitive, meaning the government raised a minimum of €56.2m through the auction.
Stig Schjolset of analyst firm Point Carbon said the clearing price was largely in line with expectations. "The previous auctions closed at a price just below the spot price, and we saw that again yesterday," he said.
The price of EUAs hit a 30-day high of €14 earlier today as the market resisted the impact of this week's drop in oil prices.
Schjolset said the market was showing signs of stability after prices fell earlier in the year as a result of falling industrial output and reduced demand for EUAs from carbon-intensive industries.
"Prices fell as a result of the recession, but they have stabilised around the €13 mark for quite a long period now," he said. "Even though demand for EUAs to cover firms' carbon emissions is down, long-term expectations that prices will recover are propping up the market."
Indonesia issues world's first rules on forestry credit revenue-sharing
October 8, 2009
Indonesia has become the first country to release rules governing revenue-sharing for forest carbon projects under the UN-led Reduced Emissions from Deforestation and Degradation (REDD) mechanism.
Under the new rules, between 10 and 50 per cent of all carbon credit earnings generated from forest protection projects would go to the government, with the allocation divided between national, municipal and provincial jurisdictions.
Meanwhile, between 20 and 70 per cent of the revenues would go to local forest communities, with the ratio split between the government and local communities dependent on the type of forest.
The rules expand on Indonesia's existing regulations governing REDD, which the government formally enacted in May, making it the first country to do so.
The regulations specify who can carry out a REDD project and spell out what types of forest are eligible. It allows for foreign entities to team up with a local partner to develop a REDD project, which could run for 30 years and possibly be extended. Meanwhile, a national REDD commission would work to vet projects, ensuring they deliver real quantifiable carbon emission reductions.
According to the World Bank, there are about 20 Indonesian forest carbon projects in various stages of development under REDD.
According to some studies, Indonesia ranks as the world's third-largest emitter of carbon dioxide, after China and the US, largely as a result of the large number of forest fires set each year on peat lands to clear the way for palm oil plantations.
While research by Australia's Applied Environmental Decision Analysis has surmised that issuing carbon credits to palm oil companies to protect rainforests could help prevent deforestation, Greenpeace has taken a different view, arguing that forests in tropical nations such as Indonesia would be better protected if industrialised countries contributed to a global fund that would pay for forest conservation projects.
Last month, the US signed a deal to cancel $30m in debt owed by Indonesia, in return for a commitment to protect tropical rainforests on Sumatra Island. It is the largest debt-for-nature swap to date under the US Tropical Forest Conservation Act.
