International News

The European Commission is considering a green tax.  Under the draft plans, the new taxes would be phased in between 2013 and 2018, laying down minimum levies on fuels from coal to biodiesel.  (Reuters article, 01.06.10)

A new study shows airplanes are poised to become a major factor in global warming in the future.  The study forecast that emissions of carbon dioxide will likely double or triple within the next 50 years. By 2100, carbon dioxide emissions could increase by up to seven times the current levels.  (Science Daily article, 01.06.10)

The International Emissions Trading Association (IETA) issues a discussion paper on Green Sectoral Bonds and proposes to find new carbon trading mechanisms to leverage public sector contributions to financing low carbon policies and investments in developing countries.  (IETA News Release, 25.05.10)

Point Carbon releases its annual report, entitled Carbon 2010 - Return of the sovereign.  The report depicts the main trends in the carbon market in 2010 and expectations of market participants and observers this year, the next few years and up to 2020.  Main findings and figures

Figures in the World Bank's annual report entitled "State and Trends of the Carbon Market 2010" show that the overall value of the carbon market grew 6 per cent year-on-year in 2009, to $144 billion.  (The World Bank Press Release, 26.05.10) 

The American Carbon Registry, a non-profit U.S. carbon market registry, has released a set of "methodology modules" to estimate emission reductions from projects that Reduce Emissions from Deforestation and Forest Degradation (REDD) for public comment. 

New Zealand's government will introduce a carbon emissions trading scheme from July 1.  (Bloomberg Business Week article, 25.05.10)

Japan and South Korea to exchange information on a proposed emissions trading mechanism.  (Industrial Fuels and Powers article, 25.05.10)

On May 12, 2010, Senators John Kerry and Joe Lieberman released their draft climate change legislation, the American Power Act (APA). Pew Center on Global Climate Change based in Arlington, VA has taken the liberty of putting together a short summary of the bill.

United Nations Climate Change Secretariat appointed a new Executive Secretary to the United Nations Framework Convention on Climate Change (UNFCCC).  Christiana Figueres replaces the outgoing UNFCCC Executive Secretary Yvo de Boer .  (UNFCCC Press Release, 17.05.10)

Forests play an important role in the global carbon cycle as offsets for fossil fuel emissions. These high offsets are not permanent but have the potential to increase; however, not without tradeoffs, according to scientists from the United States.  (Science Daily article, 15.05.10)

Bulgaria will be suspended from carbon emissions trading under the Kyoto Protocol as of June 30 if a United Nations' committee revokes its accreditation under the treaty.  (OfficialWire article, 14.05.10)

The U.S. Environmental Protection Agency (EPA) has finalized rules to cut greenhouse gas emissions from big factories and power plants starting next year.  The Final GHG Tailoring Rule would subject power plants, factories and oil refineries that emit 75,000 metric tones of carbon dioxide equivalent to regulations beginning in January 2011. Regulated polluters would include big coal-fired power plants and heavy energy users such as cement, glass and steel makers. Waste landfills and factories that are not already covered by the Clean Air Act that emit at least 100,000 metric tones of greenhouse gases a year would get a six-month extension and would not be regulated until July 2011.  Sources that pollute less than 50,000 metric tones per year would not be regulated until 2016, if ever, according to EPA air official Gina McCarthy.

Under the rules, polluters would have to get permits showing they are using the best available technology to cut emissions when building new plants or modifying existing ones.  (EPA Press Release, 13.05.10 and Reuters article, 14.05.10)

• Fact Sheet
• Final Rule
• Timeline Outlining Permitting Steps under the Tailoring Rule
• Summary of Clean Air Act Permitting Burdens With and Without the Tailoring Rule

U.S. Senators John Kerry and Joe Lieberman unveil the details of their comprehensive energy and climate change legislation.  The American Power Act calls for reducion of carbon pollution by 17 per cent in 2020 and by over 80 per cent in 2050.  

• Summary of The American Power Act

U.S. Senators John Kerry and Joe Lieberman unveil the details of The American Power Act .
Highlights:
- Carbon prices would rise at a fixed rate over inflation. Initially, floor and ceiling prices for carbon pollution permits required of electric utilities would be set at $12-$25. The floor would increase at 3 per cent annually over inflation and the ceiling at 5 per cent annually over inflation. 
- States would have to abandon cap-and-trade programs they operate in favor of a national program that uses different pollution-control approaches for different industries.
- Utilities and factories will be included in the national carbon pollution cap.
- Starting in 2013, electric power utilities would have to obtain pollution permits, initially provided free by Washington, changing to full auctions by 2030. The permits could be traded on a regulated market. The government would hand out the permits to utility companies based on a formula of 75 per cent related to their emissions and 25 per cent on their deliveries.
- The transportation sector will also be included in the national carbon pollution cap. But it will not participate in the carbon market.
- Domestic producers and importers of refined petroleum products would have to buy "allowances," which will be linked to the price of carbon established by auctions that start with the utility sector and then expand to manufacturers in 2016. 
- Only large sources of carbon pollution to cut emissions: those that emit more than 25,000 tons of carbon annually.
- The legislation will allow between 500 million and up to one billion carbon offsets into an emissions trading scheme.
(Reuters Factbox, 11.05.10; Reuters Factbox, 13.05.10; National Post article, 13.05.10)

The United States, Canada, and Mexico propose to expand the Montreal Protocol to phase down emissions of hydroflourocarbons (HFCs), which are up to 14,000 times more potent than carbon dioxide.  (Reuters article, 07.05.10)

It can take up to eight weeks to analyze the U.S. Senate climate bill after receiving it, the U.S. Energy Information Administration says.  (Reuters article, 30.04.10) 

The Intercontinental Exchange, an electronic futures and derivatives platform based in Atlanta and London, purchases the three exchanges, the Chicago Climate Exchange, Chicago Climate Futures Exchange and European Climate Exchange.  (The New York Times article, 03.05.10)

EcoSecurities' second annual Forest Carbon Offsetting Survey 2010 shows the majority of survey respondents are actively seeking ways to reduce greenhouse gases and mitigate climate change through forest carbon offsets.  (PR Newswire, 04.05.10)

The Romanian government approves a carbon trading scheme.  (Terra Daily article, 28.04.10)

Australia delays a carbon trading scheme (ETS) until the end of 2012.  The Prime Minister cited the slow global progress on a climate change response as one of key reasons for the delay.  (The Australian article, 27.04.10)

A draft version of the U.S. climate change legislation expected to be unveiled today has been postponed after Senator Graham announced he would not continue with the effort.  (The Wall Street Journal article, 25.04.10)

 The U.S.State Department releases a new draft of the Fifth U.S. Climate Action Report that will be sent to the United Nations.  The report presents a detailed outline of the actions the U.S. is taking to address climate change, contains updated projections on U.S. greenhouse gas emissions, and underscores the U.S. commitment to address climate change.The draft is now open for public comment.  (Reuters article, 20.04.10)

-Entire Climate Action Report 
-Table of Contents 
-1. Executive Summary 
-2. National Circumstances 
-3. Greenhouse Gas Inventory 
-4. Policies and Measures  
-5. Projected Greenhouse 
-6. Vulnerability Assessment, Climate Change Impacts, and Adaptation Measures 
-7. Financial Resources and Technology Transfer
-8. Research and Systematic Observation 
-9. Education, Training, and Outreach
-10. Appendices A  
-10. Appendix B: Bibliography 

 The Japanese government could require households to cut their greenhouse gas emissions to meet its target of 25 per cent emissions reduction below 1990 levels by 2020.  A recent environment ministry report suggests that households cutting fossil energy use and expanding renewable and nuclear power instead of caps on industry are the better ways to achieve the goal than targeting industry.  (Reuters article, 20.04.10)

 The U.K. has rolled out a new mandatory carbon trading program for businesses.  The CRC Energy Efficiency Scheme Order 2010 came into force on 22nd March 2010. The Scheme started on 1st April 2010.  (The U.K. Department of Energy and Climate Change website)

 The United Nation's top climate official predicts a full new treaty out of reach for 2010.   Two additional meetings will be held between the May-June session in Bonn and the one in Mexico.  (Reuters article, 12.04.10)

 The U.S. Senators John Kerry, Lindsey Graham and Joseph Lieberman might introduce a new climate bill promoting clean energy early next week.  (Reuters article, 12.04.10)

 US supply of domestic offsets supply could be short of demand reaching about 250 million tonnes a year in 2020, according to Barclays Capital analysis.  (XE article, 08.04.10) 

 New Zealand may delay full implementation of the carbon trading scheme if there is no progress towards agreement on similar schemes in other developed countries.  (TVNZ article, 08.04.10)

 Britain announces that it would agree to an extension of the current international climate treaty, the Kyoto protocol.  Britain would accept a renewed Kyoto, alongside the entirely new, legally binding global deal it has been pursuing. In effect there could be two separate international climate treaties, covering emissions cuts by different countries.  (The Independent article, 31.03.10)

 About 110 countries have signed up to the Copenhagen Accord to limit carbon emissions by 2020 but their pledges were insufficient, according to the United Nations (UN).  (Reuters article, 01.04.10)  The UN also says that a new legal agreement committing nations to curb greenhouse gas emissions is unlikely to be completed until the end of 2011.  The next annual conference will take place this year in Cancun, Mexico at the beginning of November. (Winnipeg Free Press article, 31.03.10)

 Tokyo launches Asia's first cap-and-trade mandatory scheme for large office buildings and factories.  (Press Trust of India article, 01.04.10)

 Large greenhouse gas emitters will not be required to have Clean Air Act permits until January 2011, giving industry more time to prepare for the regulations, according to the U.S. Environmental Protection Agency.  (Reuters article, 30.03.10) 

 Chinese port city of Tianjin launches a small-scale energy intensity trading scheme.  (Reuters article, 30.03.10)

 An expert evaluation of the EU's flagship carbon trading scheme shows that it is a success.  (Reuters article, 30.03.10)  

Large greenhouse gas emitters will not be required to have Clean Air Act permits until January 2011, giving industry more time to prepare for the regulations, according to the U.S. Environmental Protection Agency.  (Reuters article, 30.03.10) 

Chinese port city of Tianjin launches a small-scale energy intensity trading scheme.  (Reuters article, 30.03.10)

An expert evaluation of the EU's flagship carbon trading scheme shows that it is a success.  (Reuters article, 30.03.10)  

Did cap and trade in the U.S. die? This article looks at the developments of the scheme in the U.S.  (The New York Times article, 26.03.10)

The European Union wants its market linked with carbon-trading programs in other countries by 2015, according to director general at the European Commission's climate department.  (Bloomberg BusinessWeek article, 24.03.10)

Members of the Western Climate Initiative (WCI) issue the WCI Recommendations for Implementing the Offset Limit which lays out some of the ground rules on the use and timing of carbon-offset credits allowed under its planned emission cap-and-trade system.  (WCI News Release, 11.03.10)

Deutsche Bank calls for redesign of the UN Clean Development Mechanism that would help it cope with larger volumes of carbon credits expected in the future.  (BusinessWeek article, 18.03.10)

Environmental Protection Agency's Administrator Jackson signs a proposed rule under the Mandatory Reporting of Greenhouse Gases Rule. This rulemaking will be published in the Federal Register soon and will have a public comment period of 60 days.  At least 15 states are trying to stop EPA from regulating greenhouse gases.  (Reuters article, 22.03.10)

Environmental Protection Agency releases Proposed Rules under the Mandatory Reporting of Greenhouse Gases Rule  - A proposal for collecting emissions data from Carbon Dioxide Injection and Geologic Sequestration and the Oil and Natural Gas sector. (Environmental Protection Agency Press Release, 23.03.10) 

 France is to abandon its planned carbon fuel tax which aimed to curb global warming.  The carbon tax would have made France the first big economy to tax harmful carbon emissions.  (AFP article, 23.03.10)

Sberbank, the Russian government agent for emissions trading says Russia seeks 10 per cent of the global trade in carbon credits  (RT article, 18.03.10)

The U.S. Senate climate bill authors plan to submit a draft for review by federal agencies next week.  (Business Green article, 16.03.10)

European emission trading was paralyzed over recycled carbon permits, due to a loophole that means used credits can find their way back to the market.  Hungary exploited a loophole that allows CERs - which are issued not by European Union governments but by the United Nations under its Clean Development Mechanism - to be traded.  (The Wall Street Journal article, 18.03.10)  In light of this, the International Emissions Trading Association has warned that "double counting" could damage the integrity of the EU emissions trading scheme.  (The Guardian article, 18.03.10)

The U.S. Securities Exchange Commission (SEC) publishes an interpretive release to provide guidance to public companies regarding how existing SEC disclosure requirements apply to climate change. The interpretive releases do not create new legal requirements nor modify existing ones, but are intended to provide clarity and enhance consistency for public companies and their investors. 

U.K.-based Sandbag has launched an on-line interactive map and report showing exactly what European companies are using to comply with their carbon emissions caps and where they are getting their offsets from.

The U.S. Environmental Protection Agency says the agency could set up its own system for trading carbon allowances without waiting for action from Congress.  (BusinessWeek article, 15.03.10)

Western Climate Initiative is proceeding with a plan to begin emissions trading on January 1, 2012.  (Reuters article, 11.03.10)

Japanese government approves the climate legislation that sets a target of 25 per cent emissions reduction from 1990 levels by 2020 and 80 per cent by 2050.  Three measures were put forth as pillars of a package to tackle global warming: an emissions trading scheme; a new environmental tax on oil and other fossil fuels; and a system under which power companies purchase electricity generated by renewable energy sources at fixed prices.  (The Japan Times article, 13.03.10)

Point Carbon of U.K. reports that Alberta emitters have paid C$8-13 on average for offsets to comply with the province's emissions regulations.  (Point Carbon article, 11.03.10)

UN Secretary-General Ban Ki-moon and Intergovernmental Panel on Climate Change (IPCC) Chair Rajendra Pachauri launched an Independent Review of the IPCC's processes and procedures.  (IPCC News Release, 10.03.10)

China and India endorse the Copenhagen Accord.  (The Globe and Mail article, 09.03.10)  

Senators pushing for a climate change legislation in the U.S. rebrand "cap and trade" as "pollution reduction targets."  (Reuters article, 10.03.10)

The U.S. Environmental Protection Agency raises the threshold for large emitters to comply with its greenhouse gas emission regulation.  Initially, the threshold was set at 25,000 tonnes and has now been increased to 75,000 tonnes of carbon annually in 2011 and 2012.  (Reuters article, 04.03.10)

The U.S Senator John Kerry confirms a bipartisan climate change bill would emerge soon in the U.S. Senate.  (Reuters article, 01.03.10)

The Oakland-based Public Health Institute will collaborate with the California Department of Public Health on a health impact assessment of a proposed "cap-and-trade" regulation under California's 2006 Global Warming Solutions Act. (PRNewswire, 01.03.10)

President Barack Obama acknowledges "cap-and-trade" legislation may be split from other aspects of an energy bill before the Senate. (Reuters article, 03.01.10)

If the U.S. is to meet its 2020 target of cutting carbon emissions by 17 per cent from 2005 levels it would have to adopt new legislation imposing a cost on carbon, according to the International Energy Agency.  (Financial Post article, 04.01.10)

Agriculture, Forestry and Other Land Use methodology is being assessed under the Voluntary Carbon Standard (VCS) double approval process and has been posted on the VCS website for public comment.

In his State of the Union address on Wednesday, President Obama backed off from a cap and trade program.  Instead, he spoke more generally about a "comprehensive energy and climate bill with incentives that will finally make clean energy the profitable kind of energy in America."  The president also emphasized policies that have strong Republican support, including "building a new generation of safe, clean nuclear power plants."  (Technology Review article, 29.01.10)

The United States commits to cut its greenhouse gas emissions by 17 per cent by 2020 from 2005 levels.  (The Washington Post article, 27.01.10)

Houston-based Element Markets, LLC. takes an equity position in Agri-Trend Aggregation Inc. (ATAI).  ATAI is part of the Agri-Trend Group in Red Deer, Alta specializing in aggregating carbon credits earned by Alberta farmers.  (CNW News Release, 27.01.10)

According to a recently published report by the Ecosystem Marketplace, entitled State of the Forest Carbon Markets 2009: Taking Root & Branching Out, the market value of forest carbon credits reached $149.2 million through the first half of 2009. 

ABI Research anticipates the global carbon emissions trading market will more than triple by 2014. 
CNN article (06.01.10)


Chicago Climate Exchange chairman Richard Sandor stays optimistic about the growth of voluntary carbon markets in the United States even if a federal cap-and-trade system fails to materialize.  ForexPros article (05.01.10)

Eleven governors of the New England and mid-Atlantic states agreed last week to develop a common low-carbon fuel standard that could have implications for the Alberta's oil sands producers.  Under proposed regulations, refiners and marketers would either have to reduce their reliance on oil sands and other heavy crudes, or buy credits from low-carbon energy producers. In either case, the value of the Alberta crude to its producers would fall. 
The Globe and Mail article (07.01.10)


A poll by Angus Reid Public Opinion shows people in three countries have low expectations that the Copenhagen Accord will become a legally binding treaty in the future.  Only 19 per cent of respondents in the United States, 16 per cent in Britain and 12 per cent in Canada expect the document to become a legally binding treaty.
Angus Reid Global Monitor (06.01.10)


Copenhagen Accord calls for deep cuts in global emissions of greenhouse gases so as to hold the increase in global temperature below 2°C, and it calls for industrialized countries to determine their economy-wide emissions targets for 2020 and submit them to the United Nations by the end of January 2010. A number of developing countries, including the major emerging economies, also agreed to list their voluntary pledges to reduce emissions by the end of January 2010 and agreed to communicate their efforts to limit greenhouse gas emissions every two years.

Copenhagen Accord also calls for international support of a comprehensive adaptation program and of mitigation efforts by developing countries. The accord commits developed countries to provide new and additional resources approaching $30 billion for the 2010-2012 time period, balanced between adaptation and mitigation. Developed countries also committed to a goal of mobilizing $100 billion per year by 2020 to address the needs of developing countries. The accord establishes a new Copenhagen Green Climate Fund to coordinate the distribution of a significant portion of this funding. According to the secretariat of the U.N. Framework Convention on Climate Change (UNFCCC), the Copenhagen Accord was agreed to by a majority of countries, although the entire Conference of the Parties to the UNFCCC agreed only to "take note" of the accord. The next Conference of the Parties will be held in Mexico, starting on November 29, 2010.

The Climate Registry launches a new program called Climate Registered™ that recognizes organizations for voluntarily reducing their greenhouse gas (GHG) emissions. 
The Climate Registry Press Release (14.12.09)

Two U.S. Senators propose a "cap-and-dividend" legislation that would cap emissions but shut out financial speculators of carbon markets.  The proposal would put carbon limits only on producers and importers of fossil fuels such as coal mining companies and not power plants and manufacturers.  The companies covered by the legislation would be required to buy permits for their carbon emissions in monthly auctions.  The majority of the revenue from the auctions would be refunded back to consumers to offset higher energy costs, with the remaining 25 per cent going to clean energy development. 
Reuters article (14.12.09)

Australia's Parliament rejects legislation to set up a greenhouse gas emissions trading system by 41-33 vote. 
Metro article (01.12.09)

New Zealand passes into law its revised emissions trading plan.  The scheme is only the second to pass into law after Europe's began in 2005. It will start in July 2010, but for a two-and-half-year period industry will only have to meet 50 percent of their targets with a slow phase-out of assistance after that. 
Reuters article (26.11.09)

The United States signals that it may present a provisional emissions reduction target at a U.N. climate change summit in Copenhagen.  A senior administration official said that it is thought likely that a provisional target would be a reduction in greenhouse gas emissions of 14-20 per cent by 2020, compared with 2005 levels. 
Guardian article (23.11.09)

Arab countries are considering an emission trading scheme for the aviation industry. 
Gulf Times article (19.11.09)

Due to present regulatory uncertainty, emissions trading may become a modest sideline to energy and commodities trade.  "It looks like carbon trading will remain a small backwater in commodities markets," said David Metcalfe, chief executive of U.K.-based research group Verdantix. 
The Calgary Herald article (19.11.09)

A report from RDC Aviation and Point Carbon, Aviation CO2 Data Monitor, has concluded that the aviation industry will face an initial carbon liability of $1.53 billion in 2012 when aviation enters the EU's Emission Trading Scheme in 2012. Among top airlines, British Airways, United and Delta will all have exposures in excess of 3 million metric tons of CO2, and face offset payments of more than $50 million each. 
ATV article (17.11.09)

US President Barack Obama and Chinese President Hu Jintao issue a joint statement which reiterates support of climate change talks in Copenhagen. "Our aim there is... not a partial accord or a political declaration, but rather an accord that covers all the issues in the negotiations and one that has immediate operational effect." (Yahoo news article, 17.11.09) Last Friday, Reuters predicted that the summit between the world's two biggest spewers of carbon dioxide will probably set the tone for next month's U.N. climate talks in Copenhagen
Reuters article (13.11.09)

A report ETS: Bill to a Future Generation on the amended New Zealand's Emissions Trading Scheme (ETS) released yesterday by the Sustainability Council shows households would bear half the total costs resulting from the proposed changes to the ETS during its first five years (52%), while accounting for just a fifth of all emissions (19%). The report also says farmers will be subsidised to the tune of $1.1 billion by the end of 2012, while large emitters get nearly $500 million. Sustainability Council of New Zeland News Release (12.11.09)

Development Bank of Japan establishes a subsidiary in London, U.K. to provide emissions trading brokerage services to its customers. Storm article (12.11.09)

The climate change meeting that concluded in Barcelona last Friday makes little progress, re-opening a rich-poor divide and criticism of the United States for not tabling a formal, carbon-cutting offer. Reuters article (06.11.09)

U.S. climate change bill clears its first hurdle in the U.S. Senate last Thursday. Democrats on the Committee ignore a Republican boycott and use their majority to approve the legislation. Reuters article (05.11.09)

The head of the International Emissions Trading Association predicts carbon markets will increase in size irrespective of what happens at Copenhagen. Reuters article (04.11.09)

Sberbank appointed the operator for a carbon emissions rights trading scheme in Russia.
Reuters article (03.11.09)

The U.S. Senate Environment and Public Works Committee opened its debate on the Kerry-Boxer climate bill this morning. (Go to The Times of India article, 02.11.09) However, Republicans boycotted the bill.
The Boston Globe article (03.11.09)

Russia's support for a new global climate deal is based on two conditions: 1) All major industrialized nations must sign up to it and 2) Russia's forests are taken into account, Russia Prime Minister Vladimir Putin says.
Reuters article (02.11.09)

Japan and Singapore are moving forward with establishing domestic emissions trading markets. The Tokyo Stock Exchange and the Tokyo Commodity Exchange are to partner in the formation of an emissions trading exchange. The Singapore Mercantile Exchange (SMX) has also revealed plans to offer carbon trading by the end of the year.
Risk.net article (30.10.09)

Leaders of the EU countries meet in Brussels. One of the main topics to be discussed is climate change and the level of funding to be provided by European Union to developing countries to tackle climate change.
Reuters article (28.10.09)

December climate change treaty in Copenhagen looks unlikely with a possible new deadline in 2010. Among big hurdles to a deal, the U.S. Senate is unlikely to agree domestic climate legislation before the Copenhagen meeting.
Reuters article (27.10.09)

The U.S Senate Environment and Public Works Committee begins hearing on a Democratic climate change bill. Republicans, who are generally opposed to the legislation said they will offer an alternative to cap and trade.
Reuters article (27.10.09)

Details of the revised U.S. climate change bill released yesterday specify groups and free permits allocated to them: about 30 per cent to local electric distribution companies and another 5 per cent to merchant coal firms; 9 per cent for local natural gas distribution companies; and 4 per cent for energy-intensive manufacturers in the steel, cement, paper, glass and other industries in 2012 and 2013, rising to 15 per cent in 2014 and 2015.
Global Warming is Real article (26.10.09)

Scientists find an error in the accounting method used to measure compliance with carbon limits under the Kyoto Protocol and other climate laws. The error centers on the measurement of CO2 emissions from the use of bioenergy.
e! Science News article (22.10.09)

India and China sign a MOU to coordinate their climate change strategies over the next five years. Central to their joint approach is the position that “developed” countries should take the lead in cutting emissions, and that “developing” countries – including big emitters such as themselves – will not accept mandatory emission caps or reduction targets.
CNSNews article (21.10.09)

Environment ministers of the European Union (EU) agreed on their negotiating position for Copenhagen during a Council meeting held in Luxembourg yesterday. The ministers agreed to long-term targets for the EU of 80-95 per cent emissions reductions by 2050 compared with 1990 levels, and to limitations on emissions from international aviation and shipping by 10 and 20 per cent respectively by 2020 compared with 2005 levels, within the framework of international agreements. The ministers expect other industrialized countries to reduce emissions by 25-40 per cent by 2020, and developing countries by 15-30 per cent. (Go to EU Swedith Presidency Press Release, 21.10.09) They also agree on a 10 per cent emissions reduction target for the aviation sector by 2020 compared to 2005 and 20 per cent for the maritime sector. (Go to European Commission Press Release, 21.10.09) One outstanding issue is the scale of financing to assist developing countries combat climate change.
EU Swedith Presidenc Press Release (22.10.09)

Two Agriculture, Forestry and Land Use methodologies are being assessed and public comments invited under the Voluntary Carbon Standard:
Improved Forest Management through Extension of Rotation Age, Ecotrust
Adoption of Sustainable Agricultural Land Management (SALM), BioCarbon Fund, World Bank

December's Summit on Climate Change in Copenhagen may not produce a deal, according to President Obama's climate change envoy.
The Independent article (18.10.09)

Experts’ testimonials at a U.S. Senate Committee on Energy and Natural Resources hearing point to economic impact of a proposed cap-and-trade system.
Reuters article (15.10.09)

Voluntary CO2 market is not making a big difference, according to estimates by carbon asset management company First Climate.
Reuters article (13.10.09)

A coalition in the U.S. announces a pilot project to allow landowners who selectively log their forests to earn carbon credits they can trade on the open market. Landowners can receive economic benefits from expanding carbon stores in their working forests.
The Washington Post article (08.10.09)

In order to help companies plan for carbon costs in the U.S., Point Carbon forecasts an average price for the carbon market as proposed in the draft Kerry-Boxer legislation to be about $15 per metric tonne over the 2012-2019 period.
PRWeb article (08.10.09)

The Climate Action Reserve has new protocols for capturing greenhouse gas emissions from food waste and coal mines.
Climate Action Reserve website (08.10.09)

The U.S. Congress will not pass a bill mandating greenhouse gas emission cuts before the end of the year, according to Barack Obama's main energy adviser.
Guardian article (04.10.09)

The European Commission postpones an announcement about a baseline aviation sector CO2 emissions standard until mid-2010.
Payload Asia Article (02.10.09)

The U.S. Senate releases its comprehensive draft climate change bill. The draft bill requires emissions to be 20 per cent lower in 2020 than they were in 2005 and 83 per cent lower by 2050. The bill includes an economy-wide cap and trade system that would require power plants, industrial facilities and refineries to cut carbon dioxide and other climate-changing pollution. While there would be an overall emission cap, polluters would be able to purchase emission allowances to limit reductions. The bill, however, does not lay out how emission allowances would be distributed, a contentious issue left for resolving later. Regarding offsets, the bill limits the amount of non-U.S. offsets emitters can use for compliance.
The New York Times article (01.10.09)

• Full text of the draft bill
• Summary of the draft bill
• Overview of the draft bill
• Section-by-section summary of the draft bill

International Emissions Trading Association calls on the U.S. to consider rules for trading carbon not to be tougher than those for other markets. But some lawmakers have expressed concern that a new U.S. carbon market may be more vulnerable than others to manipulation and fraud.
Bloomberg article (28.09.09)

The European Commission is considering a carbon tax on sectors not covered by its cap-and-trade system notably agriculture and transportation. The proposed amendment of the 2003 Energy Taxation Directive would oblige member states to levy a CO2 tax on fuels in order to cut emissions. The draft suggests that a minimum levy of €0.01 per kilogramme of CO2 could be added to the price of heating fuels like gasoil, kerosene and natural gas. Motor fuels would be taxed either €0.01 or €0.03 per kg/CO2, depending on where they are used.
EurActiv article (29.09.09)

California expands forestry offset protocol.
Climate Action Reserve Press Release (11.09.09)

China’s five-year plan for economic development until 2015 may include emissions trading system. Reuters article (27.09.09)

The US’s largest emitters will have to disclose their GHG output starting in 2011.
Reuters article (22.09.09)

Two European exchanges, EEX and Eurex, are planning to expand their listing of carbon futures. They will be offering new EUA and CER futures with a different maturity and delivery date, in addition to the contracts already offered.
mondovisione article (22.09.09)

The Middle East and North African (Mena) region has a potential to generate $5bn a year from the carbon trading market.
Emirates Business article (13.01.09)

India is working on a program to establish credits for industrial plants that save energy beyond the government requirement. The plan is being modeled after emissions-trading markets at work in the EU.
Cleantech article (19.12.08)