Government $1bn deal to controversial Petrobras deep-sea oil drilling

Government $1bn deal to controversial Petrobras deep-sea oil drilling | Business | The Guardian
The government has committed $1bn of taxpayer's funds to support deep-sea drilling in the south Atlantic, despite acknowledging that the controversial project has "significant potential" to damage the environment.  Vince Cable's export credit guarantee department (ECGD) has agreed a $1bn (£637m) line of credit to help Brazil's state-owned oil company, Petrobras, drill for oil and gas. This will be in deeper water than the area in the Gulf of Mexico where an explosion on BP's Deepwater Horizon rig led to 11 deaths and US's the worst environmental disaster two years ago.

Davey Signals U.K. to Maintain Support for Clean-Energy Subsidy

Davey Signals U.K. to Maintain Support for Clean-Energy Subsidy - Bloomberg
U.K. Energy Secretary Ed Davey said arguments against pushing renewable energy policies are “dangerous” for the economy, signaling he’s resisting pressure from within the government to cut subsidies for the industry.  “Too often, we are told that those who go low-carbon first will sacrifice their competitiveness,” the Cabinet minister said in a speech in London today. “This is misleading and dangerous.”  Davey, who’s planning to announce changes to subsidy levels for renewables from wind to biomass later this month, said he’ll listen to evidence given about how best to shape the so-called green economy. He said the industry is worth 122 billion pounds ($189 billion) to the U.K., contributing 5 billion pounds to exports last year and perhaps enough to halve the trade deficit before the next election.

ETS changes will depress carbon market

Brian Fallow: ETS changes will depress carbon market - Opinion - NZ Herald News
Changes the Government plans to make to the emissions trading scheme will reduce demand and increase supply in a market already flooded with cheap imported carbon.  They risk reducing the price signal from a pretty faint murmur now to one that is well nigh inaudible.  Whether they are a pragmatic response...

ACCC had 600 carbon complaints in 10 days

ACCC had 600 carbon complaints in 10 days
The consumer watchdog has received more than 600 complaints or inquiries about the carbon tax's impact on prices.  The federal government's $23-a-tonne impost on carbon emissions started on July 1.  The Australian Competition and Consumer Commission says of the more than 8000 general complaints it has received so far this month, 630 related to the carbon tax...

Shell Gets Conditional Alberta Approval for Carbon-Capture Plan

Shell Gets Conditional Alberta Approval for Carbon-Capture Plan - Bloomberg
Royal Dutch Shell Plc (RDSA), Europe’s biggest oil company, received conditional approval from Alberta’s energy regulator for a carbon capture and storage project planned north of Edmonton.  A panel concluded it’s in the public interest for Shell’s Quest project to move ahead, Alberta’s Energy Resources Conservation Board said in a statement posted on its website and dated yesterday. The site is suited to long-term carbon-dioxide storage, and the proposal mitigates potential risks, the board said.
Quest is designed to capture and permanently store underground more than 1 million tons of the greenhouse gas a year from the Scotford upgrader near Fort Saskatchewan, Alberta, Shell said in an e-mailed statement today. The Hague-based company said Quest is moving ahead on behalf of the Athabasca Oil Sands Project, of which Shell has a 60 percent stake and Chevron Corp. (CVX) and Marathon Oil Corp. (MRO) each control 20 percent.

Solar Companies to Tap U.S. Funds Halted Since Solyndra

Solar Companies to Tap U.S. Funds Halted Since Solyndra - Bloomberg
Two solar manufacturers are preparing to tap financing from the U.S. Energy Department under the same loan-guarantee program that backed the failed Solyndra LLC and Abound Solar Inc.  1366 Technologies Inc. and SoloPower Inc., which qualified for guarantees last year, are working to meet milestones needed to access the credit and may receive approval as early as the end of this year, executives at the two companies said. That would be the first funding disbursed to U.S. solar manufacturers since Solyndra’s September bankruptcy filing...

Energy-saving, carbon dioxide reducing lighting program coming to 17 U.S. cities

Energy-saving, carbon dioxide reducing lighting program coming to 17 U.S. cities - National Environment | Examiner.com
CITGO Petroleum Corporation launched the third edition of its CITGO-Venezuela Energy Efficient Lighting Program aimed to save energy and reduce carbon dioxide in the environment.  CITGO said in a release Tuesday that its CITGO-Venezuela Energy Efficient Lighting Program "will provide 500,000 energy efficient compact fluorescent light (CFL) bulbs to qualifying households across 17 U.S. cities."  CITGO estimated in the release that the CFLs distributed through this year's program will save nearly $18 million in energy costs, nearly 185 million kilowatt hours and reduce carbon dioxide emissions by more than 271 million pounds, which is equivalent to removing more than 24,000 cars from the road.

Latest Carbon News Headlines

Thomson Reuters Point Carbon's OTC price assessments

		Close	+/-
EUA	Dec 2012	7.93	0.03
sCER	Dec 2012	3.62	-0.10

 

 

Latest Carbon Market News

EU ETS

11 Jul 2012 18:13

Market split on impact of EU price support plan

LONDON, July 11 (Reuters Point Carbon) – Later this month the EU is expected to table a proposal to…

Buy/Free trial

EU ETS

11 Jul 2012 18:05

EUAs move sideways, find support around 8 euros

LONDON, July 11 (Reuters Point Carbon) - European carbon prices flatlined on Wednesday after trading…

Buy/Free trial

Domestic policy

11 Jul 2012 18:47

Former U.S. lawmaker pushes for Republican solution to CO2 emissions

WASHINGTON, July 11 (Reuters Point Carbon) – A Republican former congressman, who lost his seat in 2…

Buy/Free trial

EU ETS

11 Jul 2012 17:17

EU approves UK plan to sell 19 mln CO2 units in 2012

LONDON, July 11 (Reuters Point Carbon) - The European Commission has cleared the way for the UK to s…

Buy/Free trial

EU ETS

11 Jul 2012 14:00

Hungary sells 2.5 mln EUAs in May/June

LONDON, July 11 (Reuters Point Carbon) - Hungary sold 2.5 million EU carbon permits through a London…

Buy/Free trial

EU ETS

11 Jul 2012 14:32

Ireland needs to use CO2 tax to fund renewable energy: IEA

LONDON, July 11 (Reuters Point Carbon) - Ireland needs to clarify the future of its carbon tax and m…

Buy/Free trial

Policy

11 Jul 2012 10:58

Japan’s CO2 emissions seen rising 3.5 pct in FY2012

TOKYO, July 11 (Reuters Point Carbon) - Japan’s energy-related carbon dioxide emissions are projecte…

Buy/Free trial

EU ETS oversupply proposals delayed till September?

Environmental Finance | News | EU ETS oversupply proposals delayed till September?
Doubts have crept in over whether the European Commission will still publish proposals to deal with an oversupply of EU allowances (EUAs) before its summer break starts on 26 July – with some participants speculating they will be delayed until September.  EU climate commissioner Connie Hedegaard said today that a review of the EU Emission Trading System (ETS) with a proposal to delay the sale of some EUAs from 2013 until later in Phase III (2013-20) and a consultation on longer term structural reforms could be expected “rather soon”.  She added that the Commission is “still working very hard to try to finish before summer” – but other stakeholders say there are rumours the review and proposals may not be published until September.

Polish 'ghost' coal plants ignite emissions trading outrage

Polish 'ghost' coal plants ignite emissions trading outrage | Environment | guardian.co.uk
At least one of the coal plants for which Poland is requesting €7 billion of free carbon allowances under the EU Emissions Trading System (ETS)'s little-known '10c derogation' does not exist, a EurActiv investigation has found.  Poland has applied for €33-million worth of free allowances for the Łęczna coal plant, near the Ukrainian border, but there is no visible evidence that any construction work has begun at the sleepy greenfield site.  Chris Davies, the Liberal Democrat MEP and environment spokesman, said he was "outraged" at the lack of work at Łęczna. "The dirty tricks brigade is out and there's an attempt to cheat the system," he told EurActiv.  "I think there will be enormous anger if the European Commission finds ways of stretching or re-interpreting the rules to accommodate Poland," he added.  Under EU rules, exemptions from the ETS until 2020 can only be granted to power plants if their investment process was "physically initiated" before 31 December 2008, and if their greenhouse gas permits were issued before 30 June 2011.

EU Emissions Trading System: European Commission approves the UK’s national auction platform | eGov monitor | The Information Daily

Energy: EU Emissions Trading System: European Commission approves the UK’s national auction platform | eGov monitor | The Information Daily

Today the European Commission (EC) Climate Change Committee (CCC) voted to approve the UK’s national auction platform for phase III and aviation auctions under the European Union Emissions Trading System (EU ETS).  Welcoming this important vote, Greg Barker said:  “This announcement is a further step towards ensuring that we can start auctioning phase III and aviation allowances as planned. The endorsement by the EU Climate Change Committee reflects the strength of the UK’s proposal and continued leading role in carbon auctioning.”  The CCC endorsement is the latest step in the UK’s preparations for auctioning phase III and aviation allowances.

American, European CEOs Unite Behind ICAO Global Environmental Framework, Aerospace

American, European CEOs Unite Behind ICAO Global Environmental Framework, Aerospace
Industry leaders from the Aerospace and Defence Industries Association of Europe (ASD) and the Aerospace Industries Association of America (AIA) exchanged views on a variety of topics Monday, ranging from CO2 certification and biofuels to the European Union's Emissions Trading Scheme.  CEOs of some of the largest and most influential aerospace companies on both sides of the Atlantic discussed impacts of ETS implementation for industries on a global basis. Starting in 2013, airlines will have to pay the EU for CO2 emissions from all flights that depart or arrive in the EU - including portions of flights flown outside EU airspace.  Commercial jet aircraft are more than 70 percent more fuel efficient and emit 70 percent less CO2 than aircraft of the 1970s. Even so, the civil aviation industry has committed to far greater reductions. Manufacturers are working with the International Civil Aviation Organization - the UN body tasked with finding a global framework for reducing international aviation's CO2 emissions...