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VOLUNTARY CARBON
The Gold Standard Launches VER Registry
Yesterday, at Point Carbons Carbon Market Insights conference in Copenhagen, the Gold Standard and APX announced their new Gold Standard VER Registry. The registry also will serve as the Gold Standard's Clean Development Mechanism/Joint Implementation (CDM/JI) project database. The Gold Standard VER Registry will manage the full lifecycle of a carbon credit, including creation, serialization, transfers, and retirement. "As one of the initiators of the Gold Standard, we are fully supportive of this new tool for a credible voluntary carbon market", said Martin Hiller, WWF International and President of the Gold Standard Board. "By ensuring the high standards of the Foundation, the registry will serve as a vehicle that can benefit greenhouse gas reduction efforts and projects worldwide."
– Gold Standard VER registry
– Read the Business Wire press release
PG&E's ClimateSmart Buys CCAR Credits
California's Pacific Gas and Electric Company (PG&E) has announced the purchase of 214,000 metric tons of carbon credits standardized through the California Climate Action Registry (CCAR) protocols – the first sale of offsets certified to these standards, and a giant boost of confidence for the domestic US carbon markets.
The credits will be passed on to customers as part of PG&E's "ClimateSmart" initiative, a voluntary program that makes it possible for the company's customers to offset their greenhouse gas emissions from energy use.
– Read Joseph Pallant's Opinion Piece
– Read the San Francisco Chronicle article
Green-e Launches Voluntary Offset Certification
Buyers of offsets for their flying or driving can now look for the Green-e logo on retailer websites. Last week, the Center for Resource Solutions launched the Green-e Climate a certification program for retailers. Similar to its Green-e Energy program that certifies renewable energy certificates, the company hopes to provide increased certainty for buyers in a tumultuous -- and occasionally bewildering -- voluntary offset market.
– Read the Ecosystem Marketplace article
– Read the ClimateBiz article
Curbing Carbon in Global Supply Chains
IBM, JP Morgan, the Carbon Disclosure Project and even Motorola have all joined an effort to curb emissions from the global supply chain. The Supply Chain Carbon Council is an effort aimed at researching exactly how much carbon is embedded in company's supply chains. First reports are expected in April.
– Read the Environmental Leader notice
– Supply Chain Carbon Council website
Putting a CAP on Federal Legislation?
Corporate titans like GE and Alcoa have loudly proclaimed their support for action on greenhouse gas emissions while quietly participating in groups to fight particular carbon curbing efforts. According to an article in Business Week, several of the members of the U.S. Climate Action Partnership are not putting all their effort into being green and, in some cases, are actively fighting for climate-unfriendly, coal-fired power plants, as in the case of Duke Energy.
– Read the BusinessWeek article
Natsource Buys California Redwoods Carbon Credits
Waves resulting from UNFCCC Bali discussions on REDD (Reduced Emissions for Deforestation and Degradation) are continuing to influence the voluntary markets. A Natsource purchase of avoided deforestation credits from a private landowner are another example this latest "red hot" trend in the marketplace. All told, Natsource purchased 60,000 metric tonnes of credits, at less than $10 per metric tonne, through Pacific Forests Trust under California's new forest offset rules. The deal marks an initial foray into paying for avoided deforestation.
– Read the Reuters article
Climate Trust Announces the 2008 Open Project Solicitation
The Oregon-based Climate Trust has released a RFP for projects that reduce between 50,000 and 400,000 metric tonnes of carbon dioxide. The organization is specifically interested in projects that "reduce carbon dioxide emissions (non-CO2 gasses are ineligible), have not yet been implemented, and cause direct emission reductions." For consideration of offset funding, project developers should submit a complete Offset Project Proposal Form. The Climate Trust will assess submitted proposals on an ongoing basis.
– Find more information at the ClimateTrust website
British Government Checks Carbon Offsets
A year after launching an initial consultation on the concept, the UK government has launched a Code of Practice with the purpose of guiding consumers towards determined high quality offsets. The aim is to provide clear, transparent information on both their provenance and their prices. While Defra, "recognizes the efforts of the industry so far to develop different standards for Voluntary Emission Reductions (VERs), and encourages the industry to come together and build on the existing groundwork," the Code of Practice initially covers only Certified Emissions Reductions (CERs) that are compliant with the Kyoto Protocol. The decision to exclude VERs has been a controversial element of the government Code, and in response Defra continues to suggest that non- Kyoto credits could potentially be included under the code. According to Environment Secretary Hilary Benn, "We recognize that credits from the unregulated market may be innovative and of a very high standard. So we're leaving the Offsetting Code open to high-quality voluntary offsetting products, provided the industry can provide a similar level of assurance about the standard of the credits."
– Read the DEFRA press release
Voluntary Carbon Registry Launched in Vancouver
Vancouver-based Globe Foundation is spearheading a new voluntary carbon registry based in the Canadian city. The registry has been created to showcase and track carbon offsets from all sectors that have been third-party validated and verified. Offsets may conform to internationally recognized standards, or be written to their own custom standard which will be transparently displayed on the registry site. The Globe Carbon Registry aims to continue building trust in the voluntary carbon market through encouraging standardization and tracking offset chain of custody.
– Read the Vancouver Sun article
REDUCE & RETIRE: THE LATEST ON CARBON NEUTRAL
Scotland to Get its First Carbon Neutral Eco-town
Scottish MSP entertained proposals from Banks Developments to build 5,000 new 'carbon neutral' homes, 1,250 of which are designated as affordable dwellings. The plan also includes the development of eco-friendly schools, transportation infrastructure, community parks, and even a cemetery. The 1200-acre site is at the Cardenden if Fife.
– Read the Sunday Herald article
UNEP Launches Climate Neutral Network
The web-based network counts four nations, four cities and five corporations among its founding members. Costa Rica, Iceland, New Zealand and Norway already have plans in place for reaching climate neutrality on a national level while municipalities Arendal in Norway, Rizhao in China, Vancouver in Canada and Vaxjo in Sweden aim to green their cities in the near future. Finally, Co-operative Financial Services of the UK, carpet maker Interface Inc of the US, cosmetics company Natura of Brazil, Nedbank of South Africa, and Senoko Power of Singapore have all pledged to cut their carbon intensities.
– Read the UNEP announcement
Exelon Aims for Carbon Neutrality
US power plant operator Exelon has pledged to cut or offset all of its carbon dioxide emissions by 2020 – as much as 15 million tonnes a year. The plan relies heavily on building low carbon emitting electricity generation facilities, such as the nuclear power plants Exelon already operates. In fact, Exelon is the largest nuclear utility in that country, and CEO Jon Rowe says the US needs at least 25 new ones to have a realistic shot at reducing greenhouse gas emissions.
– Read the GreenBiz article
UK Mosque Offsets Emissions
The charity Tolerance International, which provides free environmental audits to businesses, religious organizations and educational institutions, has partnered with a UK-based mosque and community center to calculate and offset its emissions. The mosque will purchase Peruvian reforestation and forest/agricultural management based credits for about £5.70 per ton.
– Read the Muslim News article
CLIMATE NORTH AMERICA
Regional Greenhouse Gas Initiative Registers First Trade
An effort to link ten states of the Northeast in a regional emissions trading scheme to combat climate change saw its first market action on 16 February. Ecosys Capital Advisors, a Connecticut-based emissions trading firm, bought the right to purchase the right to emit a "not insignificant" amount of globe warming pollution in 2009 and 2010 from energy trading firm Vitol, Inc. The trade marks the first mandatory permit traded in the U.S.
– PR Web release
California Proposes Climate Fee for Business
The Bay Area Air Quality Management District wants to charge companies 4.2 cents for every metric ton of carbon dioxide they emit. Impacted industries range from oil refineries to bakeries. The district covers nine counties around San Francisco, and the final rule could be adopted as soon as May. The program could be the first step towards a cost on carbon dioxide in the U.S.
– Read the San Jose Mercury News article
Maryland May Become Toughest State on Greenhouse Gases
Under a new bill, the state aims to cut emissions 90 percent by mid-century – and 25 percent by 2020 – from present levels. The main mechanism to do so would be a cap-and-trade system for power plants and, potentially, other emission sources. The bill, if passed, would make Maryland a national leader, even within the Regional Greenhouse Gas Initiative in the Northeast, of which it is a part.
– Read the Baltimore Sun article
– Read the AP article
EPA Moves Forward with Registry Despite Lack of Funds
Call it oversight. The Bush administration did not include monies for a US greenhouse gas registry in its 2009 budget. Mandated under the spending bill from 2008, a draft rule for such a registry was envisioned as in place by mid-2009. The registry is supposed to cover all sectors of the economy and received $3.5 million in funds under the 2008 budget. But despite the lack of funds – and an apparent disinterest in regulating carbon dioxide – the EPA has started work on what such a registry might require in terms of reporting.
– Read the OMB Watch article
British Columbia Gets Carbon Tax
All fossil fuels in Canadian province British Columbia will get more expensive this summer thanks to a new carbon tax. Rates will start at 2.4 Canadian cents per liter of gasoline, for example, but will gradually increase through 2012 to 7.2 cents per liter. In exchange, British Columbians will get $100 rebate in June.
– Read the Vancouver Sun article
Alaskan Town Gives Legal Cold Shoulder to Coal and Oil Companies
In the next round of legal wrangling over climate change, the first legal salvo goes to a village of 400 on the Chukchi Sea. Kivalina, Alaska filed a lawsuit alleging that 14 electric power producers, five oil companies and the world's largest coal company have contributed to the global warming that is threatening to inundate the town. What's worse, the plaintiffs allege that these companies actively conspired to seed doubt about the science of climate change in order to avoid doing anything about it.
– Read the Scientific American article
– Read the Anchorage Daily News article
CARBON FINANCE
Tokyo bourse says it's looking at carbon trading
Japan's plan to install a cap-and-trade system on carbon emissions has the head of the Tokyo Stock Exchange – the world's second-largest bourse – looking at carbon trading. The details are currently being hammered out in a joint inquiry composed of government ministries, academics, and members of the private sector.
– Read the AFP article
World Green Exchange Cuts Out Carbon Middleman
There is a new player in the world of carbon exchanges: World Green Exchange, which is extending its natural gas and electricity auctions into the world of greenhouse gas permits. Building on its success in the renewable energy credits market, World Energy hopes to knock aside established brokered exchanges in carbon markets such as the Chicago Climate Exchange.
– Read the Wall Street Journal article
Consultants See Profit in Carbon Cuts
Investing in energy efficiency could yield a profit of 17 percent, according to McKinsey. Investing $170 billion a year worldwide would likely yield $29 billion in profits, the consultancy finds. The improvements imagined include making Chinese heavy industry more efficient as well as building better homes in the US, and would provide half the cuts in carbon dioxide emissions needed to keep global levels at roughly 550 parts-per-million. Perhaps that's why US institutional investors, such as CalPERS, pledged $10 billion for technologies that aim to reduce greenhouse gas emissions.
– Read the Financial Times article
– Read the Reuters article
GreenAir, Carbon Broker, to Raise A$100 Million, Review Says
Carbon credit broker GreenAir is attempting to raise $92.4 million in anticipation of an IPO following the Australian government's formal approval of the Kyoto Protocol. The executive of the Sydney-based company, Himanshu Dua, plans to start trading on the Australian Stock Exchange within the next year.
– Read the Bloomberg article
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