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China Sticks to Carbon-Intensity Target, Dismisses CO2 Cap
By Alex Morales – Jun 4, 2013 China’s Chief Climate Negotiator Su Wei reaffirmed his nation’s commitment to lower emissions relative to economic output while dismissing reports that it will adopt an absolute cap on greenhouse gases . The Financial Times and Independent newspapers both said last month that China is looking to introduce a cap in 2016. The Independent cited a proposal by the National Development and Reform Commission, the economic planning agency where Su works. The FT cited Jiang Kejun, an NDRC carbon-policy researcher. “The paper quoted an expert,” Su said today in an interview in Bonn, where two weeks of climate talks began yesterday. “It’s not necessarily presenting the view of the government or the NDRC. The NDRC would reaffirm that we have committed to a carbon-intensity target by 2020.” Su’s comments are the first by a senior Chinese negotiator since the reports were published. While not an outright denial, they suggest China isn’t ready to announce a cap at the United Nations talks in Germany , where such a move may have spurred other nations to step up measures against global warming. “What I have seen so far is speculation in the press, but I haven’t seen China really coming out and saying it,” Artur Runge-Metzger, the European Commission’s lead envoy at the talks, said in an interview. “It could really unlock the negotiations and show leadership by China. It could be changing the game, depending on the content.” Largest Emitter Envoys are waiting for China to take leadership because it’s the biggest emitter, said Fuqiang Yang, senior adviser on energy, environment and climate change for the Washington-based Natural Resources Defense Council’s China program. “An absolute peaking of Chinese emissions is one scenario, and they’re looking at many possibilities,” Yang said in an interview in Bonn. “They’re not yet ready to pick one of the scenarios to announce internationally.” Envoys at the UN talks aim to craft a new climate treaty by 2015 that will take effect in 2020. They’re also discussing how to raise emission-reduction targets in the meantime, with the World Bank warning that global temperatures may increase by 4 degrees Celsius, double the internationally agreed goal. The average concentration of carbon dioxide in the atmosphere exceeded 400 parts per million last month for the first time at the Hawaiian monitoring station that first began tracking the gas in 1958. That threshold hasn’t been passed in millions of years, scientific studies show. Behind Schedule “Allowing the concentration to rise further would be suicidal,” Nepalese envoy Prakash Mathema told delegates today in Bonn. “We are behind schedule and time is not on our side.” The emphasis at previous UN talks has been for developed nations to take the lead by adopting absolute emission caps, with developing countries taking voluntary measures. The 2015 deal will mark the first time developing nations accept binding targets, and pressure has mounted on China to boost its efforts. China’s current goal is to reduce emissions per dollar of economic output by 40 percent to 45 percent in 2020, from 2005 levels. With a growing economy, that may still allow emissions to rise, whereas an absolute cap would set a carbon ceiling. “There are lots of ways we can achieve the carbon-intensity target by 2020,” Su said. “We would certainly make arrangements in both the 12th and 13th five-year plans to achieve that objective.” The 12th of China’s five-year plans, which chart economic priorities and targets, runs from 2011 through 2015, and the 13th runs through 2020. To contact the reporter on this story: Alex Morales in Bonn via amorales2@bloomberg.net . To contact the editor responsible for this story: Reed Landberg via landberg@bloomberg.net . Continue reading
Market Mechanisms At The Heart Of Government Climate Actions
WEBWIRE – Tuesday, June 04, 2013 IETA and EDF joint report documents the rise of carbon markets globally Today, the International Emissions Trading Association (IETA) and The World’s Carbon Markets: A case study guide to emissions trading, a collaborative series of case studies examining carbon market development around the globe. Note: The case studies are available at www.edf.org/worldscarbonmarkets . The report compares key features of current and prospective policies in 18 jurisdictions around the world. It is a resource for policy makers, analysts, and anyone interested in learning more about emissions trading. The report focuses on both mature carbon markets, such as the European Union Emissions Trading System (EU ETS) and the northeastern U.S. Regional Greenhouse Gas Initiative (RGGI), and also emerging policy developments across the world, from Kazakhstan to Mexico to China. IETA CEO and President Dirk Forrister said, “This is an exciting time for climate action powered by markets. This landmark report showcases the wide range of countries taking serious decisions on climate change. Many have concluded that market mechanisms make the most sense in achieving emissions reductions while preserving economic growth.” “Emissions trading programs vary in their features, but they all share the key insight that well-designed markets can be a powerful tool in achieving environmental and economic progress,” EDF vice president for international climate Nathaniel Keohane said. “Market-based policies are a proven way to limit carbon pollution and channel capital and innovation into clean energy, helping to avert the catastrophic consequences of climate change. Policy makers considering market-based approaches can take inspiration from the growing number of jurisdictions already headed in that direction. These case studies are meant to help point the way.” By providing a comprehensive overview of the features of different trading systems, the report also can help to facilitate “linking” of carbon markets, where doing so can enhance the effectiveness and performance of existing programs. For example, California and Québec expect to host their first joint auction in January 2014. The European Union (EU) and Australia will commence a two-stage linking process from 2015. Mr Forrister commented, “As carbon markets diversify, IETA believes it is essential to communicate the different approaches in a clear way. This report can help policymakers see what their peers in other parts of the world are doing on carbon market design. The imperative to link is still there, to gain greater efficiency and reduce the costs of achieving policy targets.” Mr Forrister added, “Understanding and comparing program elements is key to building these necessary linkages, and ensuring that environmental integrity is maintained or even strengthened.” IETA and EDF have developed these case studies to give businesses, policymakers, and thought leaders a clear picture of global carbon market developments occurring around the globe. About the International Emissions Trading Association (IETA) IETA has been the leading voice of the business community on the subject of carbon markets since 2000. IETA’s 150 member companies include some of the world’s leading corporations, including global leaders in oil, electricity, cement, aluminum, chemical, paper, and other industrial sectors; as well as leading firms in the data verification and certification, brokering and trading, legal, finance, and consulting industries. Environmental Defense Fund Environmental Defense Fund, a leading national nonprofit organization, creates transformational solutions to the most serious environmental problems. EDF links science, economics, law and innovative private-sector partnerships. Continue reading
Global Carbon Markets Characterised By Ups And Downs
Vivian Nereim May 31, 2013 Save this article The unregulated voluntary market makes up a tiny percentage of carbon markets worldwide. Most trading happens on regulated markets, such as the European Union Emissions Trading Scheme, the largest carbon market in the world. The EU market launched in 2005 with the goal of combating climate change. Certain companies, such as power plants and airlines, are required to cap and trade their emissions. Each “EU allowance” traded represents the permission to emit one tonne of carbon dioxide or the equivalent amount of another greenhouse gas. While the voluntary market is characterised by one-off deals, markets such as the EU’s have a standardised product that is traded on an exchange, said Konrad Hanschmidt, head of carbon markets analysis for Bloomberg New Energy Finance. Market players can watch the price tick up or down by the second. The EU market has suffered recently, however. The average price for EU allowances fell from double digits in 2011 to just €3.75 (Dh17.96) recently, according to data from Thomson Reuters Point Carbon. Meanwhile, United Nations-backed carbon credits, called Certified Emissions Reductions, are trading for less than €0.50, having fallen 99 per cent since 2008. * Vivian Nereim Read more: http://www.thenation…s#ixzz2VLZ0aR9n Follow us: @TheNationalUAE on Twitter | thenational.ae on Facebook Continue reading
