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Australia to adopt emissions trading scheme by 2014

Australia is set to move to a “cap and trade” emissions trading scheme by July 2014, instead of July 2015. In line with the country’s emissions reduction target, the Australian Government announced that the E.T.S. will begin on the first of July 2014. The decision, which is still subject to the passage of legislation, will launch the trading scheme a year earlier than it was previously expected so as to...

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U.N. secretary-general supports E.U. proposal to delay sale of CO2 permits

United Nations Secretary-General Ban Ki-moon spoke in support of the European Parliament proposal to delay the sale of some 900 million tonnes of pollution credits in a bid to raise carbon prices. The European Parliament has voted 344 - 311 favoring the temporary delay of the sale of carbon dioxide permits, a move that Mr. Ban has pointed out is a step in the right direction. “The vote sends a clear signal that the...

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A year after carbon pricing, Australia greener and more efficient

Australia is greener, more efficient, and has reduced its greenhouse gas emission only a year after Carbon Pricing was launched in the country, according to a report by the Australian Government. It was on July 1, 2012, that Carbon Pricing was launched by the government of Australia, imposing a price of $23.72 per metric ton of emitted carbon on some 300 companies. It was designed to ensure that climate...

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Leading airlines call for a global carbon offsetting scheme for aviation

The world’s leading airlines urge governments to establish an all-inclusive greenhouse gas regulation system for the aviation industry. The 240 members of the International Air Transport Association, which accounts for 84 percent of global air traffic, have endorsed a resolution that seeks for a single global market-based measure that would mandate airlines to offset the growth in their emissions after 2020...

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China proposes to cap emissions by 2016

China, the world’s largest emitter of carbon dioxide, will set up a cap and trade system for greenhouse gas emissions by 2016. The Asian country had previously resisted all attempts to get it to commit to international emissions reduction or caps, claiming that it is a developing country and any attempt to cap its emissions would hamper its economic growth. However the National Development and...

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E.U.’s emissions decline, surplus of allowances grows

Emissions from stationary installations – such as power plants and manufacturing facilities – participating in the European Union’s Emissions Trading System declined by 2 percent last year to 1.897 billion tons of carbon dioxide equivalent, found the Union Registry. “The good news is that emissions declined again in 2012,” said Climate Action Commissioner Connie Hedegaard. “The bad news is that the...

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South Korea to launch world’s most ambitious emissions trading scheme – report

South Korea is set to introduce its emissions trading scheme which could be the most ambitious in the world, concluded a key report of Bloomberg New Energy Finance, in collaboration with Ernst & Young. The impending cap and trade system is set to be implemented about 18 months from now and will see carbon prices potentially reaching as high as $90 per ton to cap around 70 percent of the country’s emissions...

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South African carbon tax to start in 2015

South Africa is set to impose a tax on carbon emissions from January 2015 onwards in a move to alleviate its contribution to climate change. The upcoming carbon pricing scheme will levy 120 rand ($14) per ton of carbon dioxide and is subject to a 10 percent increase every year for the first five years, reported Reuters. “To soften the impact, a tax-free exemption threshold of 60 percent will be set, with...

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C.D.M. projects world-wide reach 6,000 mark

A wind farm in Vietnam and a solar facility in India are two of the newest examples of emission-reduction projects registered under the United Nations Framework Convention on Climate Change’s clean development mechanism program. Under the Kyoto Protocol, the C.D.M. program provides opportunities for companies with emission-reduction projects in developing countries to double the value of their projects. Having a project registered as a...

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New emissions trading scheme kicks off in California

California has implemented a new cap and trade scheme aimed at reducing greenhouse gas emissions of the United States’ most populous state. Companies whose activities release 25,000 metric tons of carbon emissions annually are expected to comply with the new cap and trade program. For 2013, the scheme has come in effect for companies involved in the electrical industry and energy intensive manufacturing companies. Other sectors,...

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