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Vol. 2, No. 2: January 31, 2007
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The Ecosystem Marketplace's V-Carbon News
Carbon beyond Kyoto... Carbon for the Rest of us
Scientists Set to Release Comprehensive Climate Change Report, Up Pressure on Nations to Act
The big news this week for those following climate change science and policy is the impending release of Climate Change 2007 on February 2, 2007. According to Reuters, the Intergovernmental Panel on Climate Change (IPCC), which issues the report, is "set to warn that average global temperatures will rise to 2.0 to 4.5 degrees Celsius (3.6 to 8.1 Fahrenheit) above pre-industrial levels by 2100, with a 'best estimate’ of a 3.0 C (5.4 F) rise."
The time to act on climate change is now.
Read the New York Times/Reuters article »
—The Ecosystem Marketplace Team
For comments or questions, please email: vcarbonnews@ecosystemmarketplace.com
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Conference about North America and the Carbon Markets Draws Packed House
Business Alliance Attacks RGGI, But Scheme Regains Lapsed Member
A consortium of utilities and manufacturers has lodged complaints with the New York Department of Environmental Conservation over the state's planned Regional Greenhouse Gas Initiative, or RGGI (pronounced "Reggie.") Specifically, the alliance wants permits under the plan--if it goes forward--to be given to them for free rather than auctioned off. State estimates have shown that profits for coal-fired power plants could drop by as much as 50 percent--though they would still be profitable under the auctioning plan. The alliance may be hoping for some of the windfall profits European energy companies enjoyed under the terms of the EU Emissions Trading Scheme. Meanwhile, new governor Deval Patrick of Massachusetts committed the state to rejoining the regional effort.
– Read the Albany Times Union article
National Business Alliance Calls for Greenhouse Gas Limits
A group of major US companies joined with environmental groups to launch a concerted effort for national rules setting strict limits on greenhouse gas emissions. Alcoa, DuPont, General Electric and other companies that have already achieved significant reductions (and stand to profit from them) led the way in the United States Climate Action Partnership.
– Read the New York Times article
Scientist Claims Planting Trees Not Enough
Ken Caldeira, a leading voice on climate change in the scientific community, decried international efforts to fix climate change by planting trees. "The notion that we can save the planet just by planting trees is a dangerous illusion," he writes, especially given the drastic reductions needed to achieve climate stabilization. Voices from the other side of the fence argue that the need to increase natural carbon stores across the next several decades while clean technologies are developed and deployed makes land-based sequestration projects critical to the fight against climate change.
– Read the New York Times editorial
– FAO website
British Government Sets Voluntary Standards
The British Department for Environment, Food and Rural Affairs has set standards for carbon offsetting schemes, a worldwide first. According to the BBC, only four British offset providers would qualify under the new plan: Pure, Global Cool, Equiclimate and Carbon Offsets, as they offer credits generated under the Kyoto Protocol. Reaction from those left outside the scheme, such as Climate Care, was unsurprisingly negative. And some observers charged the decision was driven by back-office dealings rather than a close look at industry and public needs.
– Read the Environmental Finance article
– Read the BBC article
California Greenhouse Gas Regulations On Hold
Automakers' lawsuit against greenhouse gas regulations on cars in California won a provisional victory this month when judge Anthony Iishi issued a stay on the case until the results of a Supreme Court decision on the federal Clean Air Act are known. The Supreme Court case hinges on whether or not the EPA has the duty and right to regulate greenhouse gases. A decision is expected sometime this summer and will have broad ramifications. Meanwhile, Governor Schwarzenegger signed an executive order mandating a 10 percent cut in the carbon levels of all transportation fuels by 2020. Who will sue on this one? Not the oil companies.
– Read the Reuters story
– Read the Reuters story
– Read the Los Angeles Times story
Democratic Majority Forms Special Committee on Global Warming
New Speaker of the House Nancy Pelosi has made legislation to tackle climate change the next item on the Democrats' agenda and has formed a panel to craft the party's environmental agenda. Edward Markey of Massachusetts was selected to lead the special committee that will help coordinate the slew of efforts to formulate meaningful bills. Others in the Senate have already begun to reintroduce previous efforts, such as the bill championed by Jeff Bingaman or the so-called McCain-Liebermann bill.
– Read the Los Angeles Times article
– Read the Boston Globe article
First Carbon Neutral Utility Cannot Bill Customers for Offsets
According to the Washington State Supreme Court, Seattle City Light can no longer fund other organizations’ pollution-fighting efforts with ratepayers’ money. "City Light's program of paying others not to emit greenhouse gases has about as much effect on global warming as making a bonfire out of ratepayers' hard-earned dollars," thundered Justice Richard Sanders in his own solo opinion on the case. The decision may well impact the utility-owning city's much publicized efforts to curb climate change.
– Read the Seattle Times article
First Carbon Neutral Products Appear in US
TerraPass has teamed up with Sam's Club and manufacturer Karcher to offer carbon offsets for a new carbon neutral pressure washer product. The more efficient washer--used to clean everything from siding to heating coils--will also come bundled with offsets from renewable energy projects.
– Read the TerraPass press release
– TerraPass blog
Carbon Tax Center Open for Discussion
Advocates of a levy on carbon dioxide emissions have launched a website and campaign. The effort aims to provide a "village square" for those who support a carbon tax.
– Climate Tax Center
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by Katherine Hamilton
On December 6, 2006, the Ecosystem Marketplace co-hosted an open discussion on the voluntary carbon market with ABN-AMRO, Climate Change Capital, Earthscan, EcoSecurities, Generation Investment Management, and The Climate Group.
by Christopher Wright
As part of a series about the world's biggest banks, the Ecosystem Marketplace takes a closer look at Goldman Sachs' support for environmental markets.
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