LONDON (Reuters) – Britain’s new scheme to cut corporate energy usage and carbon emissions will slash billions from power bills, according to the government, but companies remain confused over compliance and concerned over its costs.
The mandatory Carbon Reduction Commitment Energy Efficiency Scheme (CRCEES), which begins Thursday, forces businesses like banks, hotels, hospitals and schools to help cut annually by 2020 British greenhouse gas emissions by 4 million tonnes and corporate energy bills by 1 billion pounds.
LONDON (Reuters) – Clean energy developer Trading Emissions (TREM) trimmed its Kyoto Protocol carbon offset portfolio on Wednesday, citing delays in project registrations at the United Nations, its investment adviser said.
In its half yearly report, TREM said its portfolio of risk-adjusted offsets, called Certified Emissions Reductions (CERs), stood at 49.9 million tons as of March 31, of which 38.7 million is for delivery before 2012.
LONDON (Reuters) – The reputation of a Kyoto Protocol carbon finance scheme was dealt another blow after a UN climate panel late on Friday suspended the third emissions cut verifier in 15 months, and partially suspended a fourth.
The scheme’s executive board suspended emissions auditors TUEV SUED and partially suspended Korea Energy Management Corporation (KEMCO) after spot checks at the companies’ offices revealed procedural breaches.
LONDON (Reuters) – The UN shaved its forecast for 2012 Kyoto Protocol carbon offsets this week, despite a rise in the number issued by its climate change secretariat last month.
The UN issued 13.3 million offsets in February, the most seen since last November, but cut the number it expects to hand out before the current Kyoto treaty expires in 2012 to 1.035 billion tonnes of carbon dioxide equivalent.
BRUSSELS/LONDON, March 3 (Reuters) – The European Commission
is considering auctioning emissions permits from 2011 over
centralised platforms and might cancel auctions if carbon prices
are “abnormally low”, two leaked documents seen by Reuters on
Officials in the EU’s executive, pressured by industry
calling for longer-term visibility on carbon permit prices, are
deciding how to arrange auctions ahead of the third phase of
bloc’s Emissions Trading Scheme (ETS), which starts in 2013.
LONDON/SAN FRANCISCO (Reuters) – Technology to generate energy by harnessing the earth’s inner heat is finally getting respect and looks on track to test ways to expand the industry, thanks to new U.S. government funding.
But steep startup costs and financing remain barriers, and new geothermal technology to pump cold water into hot rock also has sparked worries about the risk of manmade earthquakes, dimming prospects for near-term expansion.
LONDON, Feb 18 (Reuters) – U.N. climate chief Yvo de Boer said on Thursday he will step down in July to join a consultancy group, two months after a Copenhagen summit failed to support a legally binding climate pact.
His departure is unlikely to dent further U.N.-led climate talks meant to agree a successor to the Kyoto Protocol, stalled over sharing the cost of cutting carbon emissions. [ID:nLDE61918P]
The Dutch former environment official will join KPMG [KPMG.UL], the Secretariat for the U.N. framework convention on climate change (UNFCCC) said. De Boer has led the agency since 2006 and his contract was expected to be renewed in September.
“It was a difficult decision to make, but I believe the time is ripe for me to take on a new challenge, working on climate and sustainability with the private sector and academia,” de Boer said in a statement.
“Copenhagen did not provide us with a clear agreement in legal terms, but the political commitment and sense of direction toward a low-emissions world are overwhelming,” he added.
U.N. Secretary-General Ban Ki-moon would consult and decide on a replacement, a U.N. spokesman said.
The Copenhagen meeting missed de Boer’s own benchmarks for success, neither specifying exact emissions limits for developed nations nor a time frame to agree a new pact, but was applauded for harnessing pledges from both rich and poor countries.
“It wasn’t that surprising … I would like to see someone from a developing country who can negotiate with those countries,” said Seb Walhain, head of environmental markets at Fortis Netherlands, of de Boer’s departure.
Carbon markets depend on the U.N. talks to find a Kyoto successor from 2013, to continue a global trade in offsets. “It won’t have any effect on the carbon market,” said Walhain.
U.N. rules require consensus among all 194 countries, partly hampering climate talks and leading some analysts to call for a new approach, for example through G20 world leaders.
“We must quickly find a suitable successor who can oversee the negotiations and reform the UNFCCC to ensure it is up to the massive task of dealing with what are some of the most complex negotiations ever,” said British energy and climate minister Ed Miliband.
“He’s been a really important guardian and leader on climate change,” said Kim Carstensen, head of the WWF environmental group’s global climate initiative.
De Boer, born in 1954, has been far more outspoken than previous heads of the Bonn-based Secretariat. He had often criticised developed nations for what he called a lack of ambition in setting out cuts in greenhouse gases by 2020.
But he also told developing nations not to get their hopes up too high. In the run-up to Copenhagen, he told African nations and small island states that their calls for deep emissions cuts by the developed world was “too heavy a lift”.
At a marathon U.N. meeting in Bali in 2007, de Boer left the room in tears after a Chinese delegate criticised the Secretariat for starting a meeting before all delegates were present.
De Boer was known for his quips — he compared his own large ears to those of Dr. Spock in the television series “Star Trek”. And he compared the drawn-out process at the Copenhagen summit to cooking a Christmas turkey or baking a cake.
(Additional reporting by Alister Doyle in Oslo and Nina Chestney in London; editing by Janet Lawrence)
LONDON (Reuters) – A United Nations climate panel approved 32 Chinese wind farms for carbon financing under the Kyoto Protocol late last week, but blocked another six after rejecting eight similar projects in December.
The approved wind farms will cut greenhouse gas emissions by some 11.3 million metric tones by the end of 2012, the year the current Kyoto pact expires, according to UN data.
LONDON, Feb 11 (Reuters) – British-based carbon offset
aggregator Camco International Ltd <CAMIN.L> could be the last
public listed company of its kind if a takeover bid for Swedish
peer Tricorona <TRIC.ST> succeeds.
Energy and environmental technology group Opcon AB <OPCO.ST>
on Wednesday offered to buy Tricorona in an all-share deal
valuing the clean energy project developer at just over 1
billion Swedish crowns ($137 million).
If the deal completes, Camco will be the lone survivor of
consolidation in the sector that started last year and include
investment bank JP Morgan’s <JPM.N> purchase of EcoSecurities
<ECO.L> and a proposed merger between Trading Emissions <TREM.L>
and Leaf Clean Energy <LEAF.L>.
LONDON (Reuters) – Spot volumes in exchange-traded European Union carbon permits were down 66 percent in January compared to a year ago, when analysts said industrial polluters dumped extra credits and rumors swirled about trading fraud.
Trade in spot EU carbon permits (EUAs) across the five major European emissions exchanges was 44.6 million tonnes last month, down from 130.1 million in January 2009, data showed.