Carbon Market Weekly News

Carbon Industry highlights from 1st 8th November, 2012

8th Nov 2012- UK needs 330 bln pounds energy investments by 2030: LSE
Britain will need to invest 330 billion pounds ($527 billion) in its energy sector, excluding networks, by 2030 and return its economy to growth to meet carbon emissions reduction targets, the London School of Economics said in a report on Thursday. Britain aims to cut carbon emissions by 34 percent below 1990 levels by 2020 and by 80 percent by 2050, but does not have a binding target for 2030. (Reuters)

7th Nov 2012 - Kazakhstan on track for Jan CO2 market launch: official
LONDON, Nov 7 - Kazakhstan will this month clear the final hurdle required to launch its domestic emissions trading scheme in January, an official with a state-owned scientific body said on Wednesday, adding the government hopes to link its market to that of the EU. The government is set to approve CO2 limits for the countrys 180 biggest emitting companies in the energy, mining, chemical, metal, transport and agriculture sectors, said Erik Tanayev, an official with the Kazakh Research Institute of Ecology and Climate. The national allocation plan (outlining company caps) shall be finalised by mid-November, the official said. A January launch would make the energy-rich country the first in Asia to put a nation-wide cap on its carbon dioxide (CO2) output. (Reuters Point Carbon)

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7th Nov 2012 - Holcims profit from CO2 sales doubles in Jan-Sept
Cement maker Holcim's profit from carbon permit sales doubled to 22 million Swiss francs ($23.4 million) in the first nine months of the year, as a decline in output from its European operations likely led to a rise in the number of spare permits, the firms results showed Wednesday. Holcim did not report how many CO2 units it sold or at what price and it did not provide emissions figures for the first nine months of 2012. (Reuters Point Carbon)

7th Nov 2012 - Japan eyes April start for Indonesia offset market
Japan is aiming for an April 2013 launch of a new offset market that would allow Japanese firms to claim carbon credits for emission reductions achieved in Indonesia, a senior official said on Wednesday. Japan is hopeful both governments can tie up details for the scheme before the end of this year, according to Koji Hachiyama, a director at the country's Ministry of Economy, Trade and Industry (METI). Negotiations are ongoing and we aim to start operations next April, he told Reuters Point Carbon. Carbon-cutting projects under the scheme would generate CO2 offset credits that Japanese firms can use to help comply with their domestic emission targets. (Reuters Point Carbon)

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6th Nov 2012 - Tougher CO2 goals could net EU 78 bln euros: report
Increasing the EUs 2020 emission target to 30 percent would almost treble the price of CO2 permits and enable debt-laden member states to earn almost twice as much revenue from selling them, a report commissioned by environmental groups WWF and Greenpeace said Tuesday. The study, authored by German researchers the Oeko Institute, said EU countries could pocket 163 billion euros ($208.8 billion) under a 30 percent target over the next eight years, far higher than the 85 billion euros they will receive under the current goal to cut heat-trapping gases 20 percent beneath 1990 levels. It estimates that lowering the target and consequently tightening the cap of the EU Emissions Trading Scheme (ETS) could mean CO2 permits reach 40 euros by the end of the decade. (Reuters Point Carbon)

6th Nov 2012 - Profits quadruple at Australian forest offset firm

Net profits at Sydney-listed forest project developer Carbon Conscious jumped nearly fourfold to A$4.2 million ($4.38 mln) in the financial year ended June 30, the company announced Tuesday, causing share prices to inch upwards from record low levels. The company, listed on the Australian Securities Exchange (ASX), saw its revenue rise 136 percent year-on-year to A$16.6 million, it said in its annual report published Tuesday. (Reuters Point Carbon)

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5th Nov 2012 - U.S. eyes tax reform to curb CO2 emissions
The U.S. Treasury Department is sponsoring a study exploring how the countrys tax code can be used to cut greenhouse gas emissions. The National Academies of Science (NAS) has commissioned a panel of 12 economic, tax, environmental and energy specialists to reform the way the government raises revenue to encourage cuts in emissions of gases that are blamed for climate change. (Reuters Point Carbon)

2nd Nov 2012 - Controlling Australian savanna fires to earn CO2 credits
Australia has approved an emission reduction scheme that plans to earn 20,000 domestic carbon credits a year by controlling savanna fires. Uncontrolled fires often rage on Australia's savannas at the end of summer, as vast areas dry up and ignite, emitting thousands of tonnes of heat-trapping carbon dioxide. (Reuters Point Carbon)

2nd Nov 2012 - Profits treble at Australias CO2 Group

Australian emission reduction project developer, trading and advisory firm CO2 Group has trebled its profits in the financial year ending Sept 30, posting a net profit of A$4.9 million ($5.1 mln). According to its financial results, the Sydney-based company made A$64.3 million in revenue over the year, of which more than half, $38 million, was from its carbon trading subsidiary Carbon Banc. (Reuters Point Carbon)

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1st Nov 2012 - NY mayor cites climate stance in endorsing Obama

Climate change was catapulted to the forefront of the U.S. general election on Thursday after New York's independent mayor threw his weight behind Democratic President Barack Obama, citing his stance on climate change. After refusing to endorse any presidential candidate in the last election in 2008, New York City Mayor Michael Bloomberg, a former Republican, endorsed the re-election of Obama because he believed he would adopt policies to tackle climate change and his Republican challenger Mitt Romney would not. The high profile mayor was speaking just days after former hurricane Sandy slammed into the eastern seaboard of the U.S. killing more than 80 people and leaving millions without electricity. "Our climate is changing. And while the increase in extreme weather we have experienced in New York City and around the world may or may not be the result of it, the risk that it might be -- given this week's devastation -- should compel all elected leaders to take immediate action," he wrote in an opinion piece for Bloomberg News, which he owns. (Reuters Point Carbon)

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