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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Quebec sets up carbon market for 2013

Quebec is making strides in their efforts to curb carbon emissions with the announcement that a regulation setting up a cap-and-trade system for greenhouse gas emission allowances has been adopted by the Cabinet. “The cap-and trade system for greenhouse gas emissions allowances (SPEDE) is a major advance in the fight against climate change, said Yves-Francois Blanchet, Quebec’s minister of sustainable development, environment, wildlife and parks...

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CDM projects to reap $215.4 billion in investments in 2012

The Kyoto Protocol’s clean development mechanism has spurred billions of dollars of investment for projects that curb greenhouse gases and contribute to sustainable development. According to a report titled “Benefits of the Clean Development Mechanism 2012” released by the secretariat of the United Nations Framework Convention on Climate Change, around $215.4 billion in investments in C.D.M. are expected by the...

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Kazakhstan to set up carbon trading scheme in 2013

Kazakhstan is all set to take a big step towards climate mitigation with a new carbon emissions trading scheme to be implemented across the country starting January 1, 2013. The cap and trade system will be applied to all businesses that generate more than 20,000 tons of carbon emissions annually. It is in line with the country’s emissions reduction efforts which target reductions of 15 percent by 2020 and 25 percent by 2050...

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Carbon pricing won’t help renewables in Britain, says report

Targeted policies, not carbon pricing, are the key to advancing renewable energy according to a recent report focusing on low-carbon policies for Britain. According to a report from the Department of Energy and Climate Change, the Treasury and World Wild Fund for Nature in Britain, an economy-wide carbon pricing scheme will not help accelerate renewable energy investments in the country...

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