Tag Archives: green
EU Emissions Price Hits Fresh Low
Reuters 17/04/13 The benchmark contract for European Union carbon futures fell to a record low on Wednesday, a day after the European Parliament rejected a plan to reduce supply to raise prices. EU carbon futures for December delivery dropped 20 per cent to as low as €2.46 ($A3.11) a tonne before recovering slightly to €2.55 by 1318 GMT. A rescue plan for the market was rejected by European Union lawmakers on Tuesday. Carbon prices have tumbled 90 percent since 2008 because of reduced demand amid the global economic slowdown. The rejection surprised many traders and prompted a sell-off that continued into Wednesday. “We’re oversold right now,” one emissions trader said, adding that the fall was largely because of speculative short-selling. Analysts have warned that prices could fall to less than 2 euros and even close to zero in the coming weeks. Traders said that the outcome of Tuesday’s vote was a setback for the market, but that they expect the proposal to be reworked and put before parliament again before July. Continue reading
Govt To Review Carbon Tax Modelling After EU CO2 Price Cras
AAP 17/04/13 The federal government is expected to review modelling for its carbon tax in the lead-up to the budget, after a vote in the European Union sent the price of CO2 emissions tumbling. A proposal by the European Commission to reform the EU emissions trading scheme (ETS) to have polluters pay more was voted down by EU lawmakers overnight. The controversial plan aimed at freezing – or “backloading” – 900 million carbon permits between now and 2015, to address oversupply and drive up their value. Analysts expected the plan would double the price per tonne of CO2, but the price plunged after the vote was defeated narrowly by 19 votes, with 63 abstentions. As news of the rejection spread, European carbon prices slumped to €2.63 before recovering some lost ground to trade just below €3 ($A3.84). The decision has implications for Australia’s carbon price mechanism, which will link with Europe’s ETS from July 2015. Australia’s carbon price is currently a fixed $23 per tonne and will rise incrementally over the next two years before linking with the European scheme. Treasurer Wayne Swan said the government would re-examine its carbon price before the May budget. “We’ll look at all of our assumptions and forecasts in the budget, and we’ll do that in the normal way,” he told reporters. Climate Change Minister Greg Combet said Treasury would model the carbon price in “the usual way” in coming weeks and provide revised forecasts for 2015/16 and a revised revenue forecast. Treasury modelling had projected the price at $29 per tonne in 2015/16. Mr Combet said the government would continue with its plans to link with the European emissions trading scheme from 2015, when Australia would have a common carbon price with 31 other countries. “Obviously, the price in the European market has an influence on the Australian price at that time, but that is two years away and a lot of things can happen between now and then,” he told AAP. The EU decision was another example of the global financial crisis having an impact on the Australian budget, he said. Continue reading
Boeing, USDA, FAA Extend Aviation Biofuels Program
Environmental Leader – April 16, 2013 The USDA has extended for five years its agreement to work with the FAA and commercial aviation partners, including Boeing and industry trade group Airlines for America, to help develop a viable biofuel for the aviation industry. The new agreement follows the 2010-2012 Farm to Fly initiative, a collaboration between USDA, Airlines for America and Boeing that builds upon the work of USDA’s Regional Biomass Research Centers, which are working with industry partners to produce energy-producing feedstocks within different regions of the US. The renewed agreement focuses on future goals: designating personnel, evaluating current and potential feedstock types and systems, developing multiple feedstock supply chains, developing state and local public-private teams, communicating results, and issuing periodic reports. In October, 2010 USDA and the FAA jointly announced a three-year agreement to develop aviation fuel from forest and crop residues and other “green” feedstocks in order to reduce dependence on foreign oil. Under this partnership, the agencies have combined their experience in research, policy analysis and air transportation to explore the different kinds of feedstocks that could be processed by bio-refineries to produce jet fuels. The federal government and its partners hope to support the annual production of 1 billion gallons of drop in aviation biofuel by 2018, USDA says. Earlier this week, biofuels manufacturer Joule announced it has converted waste CO2 into gasoline and jet fuel components. The company says this technology will allow it to expand its Sunflow product line — which uses solar energy to convert industrial waste CO2 into fuels — and help address global demand for hydrocarbon fuel replacements. United Airlines this month announced a host of fuel-savings initiatives, including using biofuels, intended to help the company reach its goal to save 85 million gallons of fuel in 2013. In 2011, United operated the first US passenger biofuel flight powered with a mixture of renewable algae-derived jet fuel and conventional jet fuel, and has signed letters of intent to negotiate the purchase of more than 50 million gallons of sustainable biofuels. Last summer, United Airlines joined the Sustainable Aviation Fuel Users Group , an industry working group that aims to accelerate the development and commercialization of aviation biofuels. The group’s members, including AirFrance, British Airways and Boeing, represent around 32 percent of commercial aviation fuel demand, United says. Continue reading
