Tag Archives: proposal

EU To Temporarily Curb Oversupply Of Emission Allowances

Monday, 8 July 2013, 10:47 am Press Release: UN News    UN Chief Praises EU Proposal to Temporarily Curb Oversupply of Emission Allowances New York, Jul 5 2013 – Secretary-General Ban Ki-moon today welcomed a move by the European Parliament to support the proposal to backload permits from the European Union’s carbon market. “The vote sends a clear signal that the European Union remains committed to carbon pricing,” the Secretary-General’s spokesperson said in a statement. On 3 July, EU politicians in Strasbourg voted 344-311 in favour of temporarily removing a maximum of 900 million permits, out a total surplus of around 1.7 billion, from trade. The move is meant to drive up carbon prices which have been at a record low. According to today’s statement, Mr. Ban’s spokesperson said the UN chief hopes more structural reforms will now follow in order to strengthen the EU’s carbon market “as a driver for innovation and energy efficient solutions.” The Secretary-General added that the EU’s carbon market is an inspiration to the development of similar markets in China, Australia, South Korea and the United States. “Europe must continue its fight against climate change,” Mr. Ban said. “An effective and well-functioning carbon market is a key tool to reduce greenhouse gas emissions cost-effectively.” Ensuring environmental sustainability is one of the eight anti-poverty targets known as the Millennium Development Goals (MDGs) with a deadline of 2015. In addition, the UN is now working with partners on a post-2015 sustainable development that will build on the progress made by the MDGs. For more details go to UN News Centre at http://www.un.org/news ENDS Continue reading

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Netherlands Plans Temporary Investment Tax Break

by Ulrika Lomas, Tax-News.com, Brussels 03 July 2013 The Dutch Council of Ministers has adopted a proposal, submitted by Dutch Financial State Secretary Frans Weekers and Economic Affairs Minister Henk Kamp, allowing entrepreneurs to immediately deduct from tax half of corporate investments made between July 1, 2013 and the end of the year. According to the Dutch Finance Ministry, the measure will enable business owners to reduce their tax payments over the course of the next few years, thereby creating extra scope for investment totalling around EUR400m (USD522m). Both companies subject to corporation tax and firms currently paying income tax in the Netherlands will be able to benefit from the accelerated depreciation provision, provided that the investment, for example a machine, is used by January 1, 2016. Defending the decision, the Finance Ministry alludes to worrying figures released by the country’s Central Statistics Office, showing that corporate investment fell in the first quarter of 2013 by almost 8 percent. The Dutch Central Planning Bureau had anticipated a decline in investment of 10 percent for the whole of 2013, the Ministry explains. Welcoming the decision, Financial State Secretary Weekers stressed that the accelerated depreciation provision will help liquidity and give a much-needed boost right now to investment. Such a move will not only benefit entrepreneurs in the Netherlands, but the Dutch economy as a whole, Weekers ended. . Continue reading

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Airline Industry Carbon Proposal May Help Save U.N. Deal

By Valerie Volcovici WASHINGTON | Mon Jun 3, 2013 7:19pm EDT (Reuters) – A proposal agreed to this week by major airlines could rescue U.N. efforts for a deal to cut greenhouse gas emissions in the aviation sector, but the industry still needs to lean on governments for the plan to move ahead, industry observers said. Following its annual meeting in South Africa on Monday, the International Air Transport Association (IATA) said it will ask governments to create a system through which airlines would offset any increase in emissions after 2020 by buying carbon credits from projects that reduce emissions in other sectors. The proposal is meant to give governments that are parties to the United Nations ‘ International Civil Aviation Organization (ICAO) a blueprint for a global agreement. It is also a move to prevent the European Union from applying a law that would force airlines to pay for each ton of carbon dioxide they emit on flights to and from EU airports through Europe’s emissions-trading scheme. Implementation of the law was postponed in 2012 after a global outcry. Under IATA’s proposed offsetting system, either air carriers or countries would have to purchase credits to cover each ton of carbon emitted over a set baseline. “The worldwide airline industry sent a strong message that it is moving forward with its commitments and has offered governments a proposed way forward,” said Nancy Young, vice president for environmental affairs for the lobby group Airlines for America, whose members also belong to IATA. The airlines who agreed to the proposal represent about 85 percent of global commercial air traffic. Some environmentalists doubted that governments will be ready to ink a deal in time for ICAO’s triennial general assembly in Montreal, which runs from September 24 to October 4. “The question is whether it’s just a resolution or will IATA now put their undoubted muscle behind wavering governments, starting with the United States,” said Bill Hemmings, aviation manager at Brussels-based group Transport and Environment. Officials from 17 countries tapped to work on the global agreement have been bogged down by issues such as whether states or airlines would be pay for emissions, and whether less-developed countries should have different goals. Annie Petsonk, international council for the Environmental Defense Fund, said her organization does not support all elements of the IATA resolution but the plan sends a strong signal to feet-dragging governments. “We may not agree with every ingredient to bake into this cake but we agree that it’s time to bake the cake,” she said. “The fact that the industry is saying ‘this can be done this September’ … really puts the spotlight on whether governments will get into the kitchen and get it done.” Some green groups totally rejected IATA’s approach, arguing that it will not lead to real emission reductions. “Only a cap-and-trade scheme with a stringent cap and a limit on the use of offsets will create sufficient incentives for essential emission reductions,” said Eva Filzmoser, director of Carbon Market Watch, a watchdog group. (Reporting by Valerie Volcovici; editing by Andrew Hay) Continue reading

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