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VOLUNTARY CARBON
The Voluntary Carbon Standard Finalized
On July 15, the International Emissions Trading Association, the Climate Group, the World Business Council for Sustainable Development and the World Economic Forum announced that the Voluntary Carbon Standard Steering Committee finalized the Voluntary Carbon Standard (VCS) framework. The standard has been in development since late 2005 and the first draft version of the standard was released for consultation on March 28, 2006. The VCS will be owned and managed by an independent non-profit organization that is currently being created and which will have its own independent Board. Committee members also announced that a VCS Registry will be launched in the near future.
– Read the Voluntary Carbon Standard press release
GE AES Greenhouse Services Announce New Standard
In late July, General Electric (GE) AES Greenhouse Gas Services, a joint venture between GE Energy Financial Services, a unit of GE and the AES Corporation, announced a new standard for the creation and sale of its greenhouse gas credits in the United States. Currently the venture has released methodologies for the monitoring, verification, and eligibility of emissions credits generated from coal mine methane and landfill methane destruction. In the next six months GE AES Greenhouse Gas Services plans to publish additional methodologies for wastewater treatment, agricultural waste management, energy efficiency, renewable energy, and reforestation. GE AES will utilize this standard for carbon offsets connected with the companies' recently released credit card dedicated to helping reduce cardholders' greenhouse gas emissions.
– Read the GE Press Release
– GE AES Standard (PDF)
Not So Smokey Bear: U.S. Forest Service Announces the Carbon Capital Fund
In late July, the National Forest Foundation (NFF), in partnership with the U.S. Forest Service, launched the Carbon Capital Fund, which will offer consumers the ability to purchase offsets, which will help finance carbon sequestration projects in U.S. National Forests. Financing from the fund will support investments in reforestation projects, as well as hardwood afforestation projects on recently-acquired National Forest lands. For a $6 donation, one metric ton of CO2 emissions is offset through pilot projects that the NFF is developing with the Forest Service. The estimated carbon offset from each project will be verified by an independent third party, Winrock International.
– Carbon Capital Fund Website
– Carbon calculator
Bank of America Joins and Invests in CCX
On July 25, Bank of America joined the Chicago Climate Exchange and invested $10 million for a minority interest in Climate Exchange PLC (CLE), the parent company of the Chicago Climate Exchange and European Climate Exchange. The bank agreed to buy at least 500,000 tons of offsets issued by the Chicago Climate Exchange over three years. The joint venture could yield up to an additional $25 million in stock for the bank, depending on how much revenue is generated from the sale of environmentally-based products it will develop and market.
The same day, the bank also announced its new partnership with Chevron Energy Solutions and the San Jose Californian Unified School District to establish a K-12 solar energy and energy efficiency program. Chevron Energy Solutions will design, build, and operate the solar photovoltaic panels at San Jose's four high schools while Bank of America will own the solar equipment and sell the renewable power to the school district at prices significantly cheaper than market utility rates.
– Read the Reuters article
– Read the Bank of America Press Release
Australia's Voluntary Carbon Scheme
Australia's first carbon trading exchange, the voluntary Australian Climate Exchange (ACX), opened in late July. In the first day, about 1,600 tonnes of Voluntary Emission Reductions (VERs) were exchanged, opening at A$8.50 per tonne for 2007 and closing at A$8.60. The first carbon credits listed on the ACX are from Australian Greenhouse Office accredited Greenhouse Friendly (TM) Approved Abatement projects. Greenhouse gases are not yet federally regulated in Australia, but a national cap and trade system is expected in the next five year, though announcements are not likely to be made until sometime after the next election (within the next 10 months).
– Read the Reuters article
– ACX website
Montréal Climate Exchange Announces Carbon futures contract to be launched by 2008
In late-July, the Montreal Exchange (MX) and the Chicago Climate Exchange (CCX) announced a plan to launch a Montréal Climate Exchange carbon futures contract by the end of 2007, subject to regulatory approval. The Montréal Climate Exchange (MCeX), venture was created with the aim of publicly trading environmental products in Canada "I believe that the minimum conditions are in place to support a publicly traded carbon futures contract in Canada and the development of other products that will attract a critical mass of trading activity," said Richard Sandor, Chairman and Founder of the Chicago Climate Exchange.
– MCeX Website
– Read the Yahoo Business Article
Morgan Stanley Announces Carbon Neutral Consulting
Morgan Stanley is diving deeper into carbon markets, partnering with consultants DNV to launch the Morgan Stanley Carbon Bank, which will advise companies that want to go carbon neutral. The service will help guide companies through calculating their carbon footprint and purchasing the necessary offsets. Clients will compile their emissions inventory and calculate their carbon footprint by utilizing the Greenhouse Gas Protocol Initiative ISO 14064 standards. DNV will then verify these emissions inventories and calculated carbon footprints. Morgan Stanley's Commodities Group will procure and cancel carbon credits equivalent to a client's verified carbon footprint from various sources including from Morgan Stanley's own direct investments in emission reductions as well as those of MGM International.
– Read the Reuters article
REDUCE & RETIRE: THE LATEST ON CARBON NEUTRAL
The Vatican Plans to Go Carbon Neutral
The Vatican has agreed to become the first entirely carbon neutral sovereign state by implementing alternative energy and offsetting its carbon emissions. Working with Budapest-based KlimaFa, the EU forest subsidiary of Planktos Corp, the Vatican will create a new Vatican Climate Forest in Hungary that will offset all of Vatican City's carbon dioxide emissions for this year. The Holy See will also switch the Paul VI audience hall to solar power. "In this way, the Vatican will do its small part in contributing to the elimination of polluting emissions from CO2 which is threatening the survival of this planet," Cardinal Paul Poupard, the head of the Pontifical Council for Culture, said in a statement.
– Read the Science Daily article
– Read the Catholic News Agency article
'24' Finale Carbon Neutral
In an unprecedented move, Imagine and Twentieth Century Fox Television have stated that they will make the popular TV series 24 the first production ever to save energy and reduce carbon emissions over the course of a season to render its entire season finale carbon neutral. Kiefer Sutherland, who plays the counter-terrorism agent Jack Bauer, stated that "All of us at 24 understand the urgency of this problem and over the next year we will be implementing creative new ways to more efficiently produce our show and significantly reduce our carbon footprint."
– Read the Environmental Leader article
– Read the Telegraph article
A Low Carbon Piña Colada? Dole Signs on to Carbon Neutral Supply Chain
Dole Food Company, Inc. recently announced that Standard Fruit de Costa Rica (Dole's operating subsidiary in Costa Rica) will partner with Costa Rica's Ministry of Environment and Energy to establish a carbon neutral product supply chain for bananas and pineapples, from their production in Costa Rica to the markets in North America and Europe. According to the Dole press release: "'Carbon neutral', as applied to the banana and pineapple product supply chains, means that the carbon dioxide (CO2) emitted to produce, pack, transport and distribute the fruit will be offset by mitigation practices which increase the capture of CO2 in order to achieve a 'neutral' balance. These practices entail new, more efficient transportation methods, changes to agricultural processes to reduce CO2 emissions, and partnering with local farmers to implement preservation and reforestation programs."
– Read the Dole press release
Edwards Announces Going Carbon Neutral
As democratic presidential candidates jostle for place as a front runner, candidate John Edwards is now the only current candidate in the running to announce a "carbon neutral" campaign. The next V- Carbon newsletter may tell if the trend catches on in the election context.
– Read the Salon.com article
– John Edwards campaign website
Greener Globetrotting: Offset Options Gaining Popularity with Travelers
A recent study by Lonely Planet reveals that travelers are interested in altering their behavior to travel sustainably. Lonely Planet's annual Travelers' Pulse survey, consisting of over 24,500 people from 144 countries, showed 84% of respondents said they would consider offsetting their emissions in the future, though only 31% had done so in the past. Volunteering emerged as one of the strongest changes for the future: 79% of respondents said they would or might volunteer overseas in the future, with only 25% having done so in the past. Recently, Lonely Planet also released a new volunteering handbook, called Volunteer: A Travelers Guide to Making a Difference Around the World, and in November 2007 Lonely Planet's new Australia guide will feature a new GreenDex – a quick-reference index of sustainable accommodation, tours, and experiences.
– Read the Travel Daily News article
GE & MetaBank – Credit Goes Green
On July 25th, General Electric Co. introduced a credit card that allows users to offset their greenhouse gas emissions. The new card, called the GE Money Earth Rewards Platinum MasterCard, is being marketed as the nation's first credit card to offer customers "rewards" that can go toward carbon emissions credits rather than shopping, cash-back payouts or airline miles. The card's offsets are possible through a new joint venture between GE and electric power company AES Corp., which will use the credits to pay for projects that reduce greenhouse gas emissions.
Also joining the 'green credit card' business is MetaBank, which is issuing its new GreenPay MasterCard, a green rewards credit card from Fintura Corporation where the reward goes directly toward the purchase and retirement of carbon credit offsets. With GreenPay, consumers automatically earn a new account activation bonus equivalent to 10,000 pounds of CO2 offsets, the average annual CO2 emission of a car in the U.S., according to Fintura, when they make their first purchase.
– Read the Forbes article
– Green Pay website
– Read the Environmental Leader article
CLIMATE NORTH AMERICA
Plans for U.S. Climate Change Summit Met with Rising Doubts
The U.S. plans to host an international climate change summit this September, one of at least four international meetings set for this year. However, there are still doubts as to whether any concrete action will being taken before President George W. Bush leaves office.
In the invitation to the world's other biggest greenhouse-gas emitting countries, Bush said the United States wants to work with these countries on a "new global framework" that would contribute to an international agreement under the U.N. Framework Convention on Climate Change by 2009. The big question is what will replace the Kyoto Protocol when that agreement to cap greenhouse gases expires in 2012 or if a Post-2012 Protocol strategy, especially one acceptable to the United States, will be developed.
– Read the Reuters article
California: The Low Carbon Fuel Standard Released
The first detailed outline of California's new Low Carbon Fuel Standard was released August 2nd by University of California transportation energy experts. The Low Carbon Fuel Standard was commissioned in January by Governor Arnold Schwarzenegger to create a standard that would reduce carbon dioxide emissions from fuels by 10 percent by 2020. The authors recommend that the new standard require only modest reductions in carbon intensity in the early years and greater reductions later. Fueling infrastructure changes will evolve to include E85 filling stations for the ethanol blend, dedicated electric vehicle charging stations and meters in residences, and hydrogen delivery systems.
– Read the Environmental News Service article
Canada: Inter-Province Debate on Potential Cap and Trade System
Last week, as Canadian premiers gathered in Moncton for the annual Council of the Federation talks, British Columbia Premier Campbell pushed environmental policies to which B.C. has already committed. However, Ontario is reluctant to impose strict California emission standards on its vehicle manufacturers, and Alberta has refused to bring its vast oil industry under a "cap and trade" system for regulating greenhouse gas emissions. Rather than committing to cuts, the leaders of Canada's 10 provinces and three territories agreed to a registry system that will inventory emissions.
– Read the Reuters article
– Read the Star.com article
Canada: Ontario Turning Trash into Treasure
City officials in London, Ontario, believe that they could receive more than the current $120,000 a year from the Canadian federal government in carbon reduction credits earned for burning off methane from the W12A Manning Drive landfill site instead of releasing it into the atmosphere. When the four-year pilot project contract with Ottawa ends this year, the city could earn about $1 million a year by trading those carbon credits on the new emission trading markets that have evolved, such as the Chicago Climate Exchange. However, debate has arisen as to whether or not the city must hand over those valuable carbon credits to the Ontario Power Authority.
– Read the London Free Press (Ontario) article
US: Senators Warner and Lieberman Unveil New Climate Legislation
In early August, Senators Warner (R–VA) and Lieberman (I–CT) announced plans to introduce legislation designed to curb greenhouse gas emissions, setting the stage for a Senate debate on climate change this autumn. The senators, seeking a bi-partisan agreement on the bill, included concepts from four already introduced bills that would cap greenhouse gas emissions. This bill would limit emissions of carbon dioxide and allow polluters to trade emissions allowances. The proposal is expected to emerge as the main alternative to Senator Bingaman's bill (S 1766) that was introduced last month.
– Read the Congressional Quarterly Today article
Idaho and Oklahoma Join Climate Registry
On August 7th, Idaho became the 38th state to sign on the Climate Registry, a unified effort to track and report greenhouse gases in the US and across North America. Idaho Governor Butch Otter joined the Climate Registry as the Idaho Environmental Forum conducted its fourth annual Boise River Conference focusing on climate change on August 8th Oklahoma, as well as Washington DC, also recently joined the registry, thus bringing the total number of states signed on to 40.
– Read the ABC Local News article
– Read the Idaho Statesman article
Oregon: Governor Commits to Climate Change Law
Oregon's Governor Ted Kulongoski signed into law on August 7th some of the most aggressive greenhouse gas reduction goals in the U.S. The law commits the northwestern state to stop growth of its greenhouse gas emissions by 2010; reduce the emissions 10 percent below 1990 by 2020; and ultimately cut its greenhouse gas emissions 75 per cent below 1990 levels by 2050.
– Read the Oregon Live article
SCIENCE & TECHNOLOGY
UK: New Sequestration Technology for the Power Sector
Researchers from Newcastle University believe they have made a huge breakthrough in the fight against climate change. With a device consisting of tiny tubes made from the ceramic material LSCF, they can filter out harmful gasses from oil, gas, and coal-fired power stations to stop them getting into the atmosphere. LSCF, which stands for Lanthanum-Strontium-Cobalt-Ferric Oxide, works by filtering oxygen out of the air and burning fuel in pure oxygen, making it possible to produce a stream of almost pure carbon dioxide. Though the technology could be implemented within two years, the scientists say it will only be utilized if the government puts up financial penalties for carbon emissions; the rationale being that the cost of installing the ceramic tubes means power companies will only do it if it reduces their costs.
– Read The Journal article
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