California Carbon Permits Sell Above Expected Clearing Price

California, the second-largest carbon-polluting state in the U.S. behind Texas, sold out of greenhouse-gas allowances put up for auction this week at $13.62 each, more than a dollar above analysts’ expectations.

Units of BP Plc (BP/), Chevron Corp. (CVX) and Exxon Mobil Corp. (XOM) were among the companies qualified to buy permits in the Feb. 19 auction, a report posted on the state Air Resources Board’s website shows. Bids ranged from $10.71 to $50.01 per allowance, each permitting the release of one metric ton of carbon. The sale was expected to clear at $12.30 a ton, according to a Bloomberg New Energy Finance analysis.

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California's carbon permit auction beats expectations

SAN FRANCISCO, Feb 22 (Reuters) - California’s largest greenhouse gas-emitting businesses paid $13.62 per metric tonne (1.1 tons) for the right to release carbon, narrowly beating market expectations in the state’s second carbon permit auction.

At the state-run auction, California managed to sell all of the nearly 13 million carbon permits it offered to cover emissions for this year and less than half of the roughly 9.6 million permits it offered to cover 2016 emissions, the California Air Resources Board (ARB) said on Friday.

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China’s Guangdong names 239 ETS participants

BEIJING, Feb 22 (Reuters Point Carbon) - State-owned oil companies Sinopec and CNOOC are among 239 firms that face legally-binding caps on carbon dioxide emissions under Guangdong province’s emissions trading scheme.

The province of more than 100 million people is one of seven regions in China preparing pilot carbon markets as the world’s biggest polluting nation tries to get its rapidly-rising emissions under control.

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Obama gives Congress a climate change ultimatum

(Reuters) - U.S. President Barack Obama on Tuesday gave Congress an ultimatum on climate change: craft a plan to slash greenhouse gas emissions and adapt to the dangers of a warming world, or the White House will go it alone.

"If Congress won't act soon to protect future generations, I will," Obama said in his State of the Union address. "I will direct my Cabinet to come up with executive actions we can take, now and in the future, to reduce pollution, prepare our communities for the consequences of climate change, and speed the transition to more sustainable sources of energy."

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S. Korea launches taskforce to hammer out CO2 market rules

BEIJING, Feb 21 (Reuters Point Carbon) - South Korea has established a task force that will set carbon caps for almost 600 companies and draft rules ahead of a 2015 launch of its national emissions trading scheme, the government said.

The Ministry of Environment will head the inter-ministerial task force to consult with industry and establish the rules before June 2014.

The first proposals are expected this summer, a ministry spokesperson said.

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Security experts urge international climate change action

SAN FRANCISCO, Feb 25 (Reuters Point Carbon) – A group of 38 U.S. national security experts have urged Congress to support international efforts to help poor countries adapt to climate change, saying that failure to do so will create global instability and undermine U.S. security.

In an open letter released on Monday, the bipartisan group said the U.S. must back efforts to combat climate-driven displacement, support disaster risk reduction measures, and promote sustainable food, water and energy systems overseas, especially in poor regions.

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Google invests $200 million in Texas wind farm

More than 90% of Google's revenue comes from search, but some of the company's biggest bets are being made in seemingly unrelated fields.

You've heard about Google's driverless cars, virtual-reality glasses and plans for a space elevator. What's less well-known is that the company is also a huge investor in green energy.

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China picks five exchanges to host offset trading

China has appointed five exchanges to offer trade in carbon offset credits as several of the country’s biggest cities and provinces prepare to launch CO2 emissions markets.

The National Development and Reform Commission (NDRC) has authorised exchanges in Beijing, Guangzhou, Shanghai, Shenzhen and Tianjin to host offset trading as China’s domestic carbon market emerges, it said in a statement Friday.

China is in the process of regulating its exchange sector, hoping to limit the potential for fraud and reckless speculation on hundreds of newly opened platforms that offer trade in everything from energy commodities to art.

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U.S. mayors focus on 'local warming,' urge Obama to act

Reeling from an historic drought, the hottest year on record and more frequent wild weather, mayors from a number of U.S. cities urged the White House this week to take the lead on setting an agenda to address climate change.

City leaders said that only the federal government has the tools and clout to address greenhouse gases often blamed for warming the planet, while mayors focus on issues of "local warming" such as providing a reliable water supply or protecting citizens during dangerous weather events such as the 1995 Chicago heat wave that was blamed for over 700 deaths.

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Quebec to make slow entry into North American carbon trading

Canada’s largest province approved rules last month enabling it to link its carbon market with the one launched in California at the start of the year, but with the province waiting until May to hand out allowances, trading is expected to take months to ramp up.

The owners of the 80 large facilities facing mandatory limits on their greenhouse gas output will not try to get a head-start in early trade the way California did before the official launch, experts said.

“For Quebec, linking is a necessary step (for emitters) to start trading. They are waiting for definitive certainty,” said Jeff King, head of environmental markets at Scotia Bank.

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California downplays possibility of Australia CO2 market link

California officials said they have no plans to sign any agreement with Australia linking their carbon markets down the road, despite interest on the part of Australian officials to expand its coming emissions trading system.

Top Australian and Californian climate policy officials met for the second time in four months this week to discuss how their governments can tackle carbon emissions and to explore potential market links in the future.

In July, Australia implemented an AUD $23/tonne (US $24.31) carbon tax, a policy it will transition into a cap-and-trade system on July 1, 2015.

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California to sell more CO2 permits at 2013 auctions

California will offer an additional 779,369 permits to cover 2013 carbon emissions at its four auctions this year after utilities opted to sell a larger share of their permits, the cap-and-trade program’s regulator said Tuesday.

The California Air Resources Board (ARB) will sell 57.6 million 2013 vintage allowances at the quarterly auctions, a 1.4 percent increase over what it initially planned to put on the block after some publicly-owned utilities (POUs), which were given their allowances for free, decided that this year was a good time to put some of their allocation on the block.

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Carbon price of $29 'not implausible', says Blair Comley

THE head of the federal climate change department says it is "not implausible" the European carbon price could rise to $29 a tonne by mid-2015, when Australia's emissions trading scheme begins.

Department secretary Blair Comley was today grilled by senators about Treasury modelling based on a world price of $29 in three years.

The Gillard government is standing by that prediction even though it's in the process of scrapping a proposed $15-a-tonne floor price. European credits are trading at just $10.

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JPMorgan to buy EcoSecurities for $204 million

(Reuters) - JPMorgan Chase & Co agreed to buy carbon offset aggregator EcoSecurities for 122.9 million pounds ($204 million) on Monday, trumping a bid from the firm's co-founder, to boost its carbon-credit trading business.

J.P.Morgan Ventures Energy Corp., a subsidiary of the bank, said its 100 pence-a-share bid, made through Carbon Acquisition Company, had the backing of shareholders representing 19.9 percent of the company.

It said EcoSecurities had successfully realized value from sourcing, developing and trading emission reductions, and it noted the firm had recorded its first period of profitability in the first half.

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Petrobras Pens $1 Billion Loan Deal with Japanese Bank

On Friday, October 12, Petrobras signed a loan agreement for up to US$ 1 billion with the Japan Bank for International Cooperation – JBIC, in Tokyo, Japan.

The JBIC will be responsible for lending up to US$ 600 million of the total amount and for providing partial guarantees for the remaining US$ 400 million, to be lent by Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU).

The funds will be used for energy efficiency projects, which will enable the Company to lower its greenhouse gas emissions. The energy and steam co-generation unit of the Rio de Janeiro Petrochemical Complex (Comperj) and the gas flare burning reduction program of the Campos Basin (RJ) were the two projects chosen. This is the largest financing project conducted by JBIC in the energy efficiency category, and the first large-scale financing agreement executed by Petrobras for this type of project.

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China to have world's 2nd largest carbon trading scheme by 2014

China will have the world's second largest carbon trading scheme by 2014, or twice as big as Australia's regime, a latest report showed Thursday.

These conclusions are outlined in a report released today, commissioned by The Climate Institute from Climate Bridge, "Indeed, China's pilot emissions trading schemes will cover nearly twice the emissions of Australia's scheme in 2014. Business and politicians that assume inaction from China are taking a huge gamble on a high carbon status quo." said Alex Wyatt, CEO of Climate Bridge, a multi-national project developer with years of experience in emission reduction projects in China.

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California on track to link CO2 scheme with Quebec in 2013

Oct 2 (Reuters Point Carbon) - California is on track to link its forthcoming emissions trading scheme to Quebec's in 2013, pushing the state one step closer to its goal of connecting to a wider carbon market, the state's chief air regulator said on Monday.

Mary Nichols, chairperson of the California Air Resources Board (ARB), said that California Governor Jerry Brown will sign off on rules that would enable linkages for the state's CO2 market after review by the attorney general.

The governor must within 45 days find that the other jurisdiction has adopted a greenhouse gas reduction program that is equivalent or stricter than California's program and that any linking failure will not impose significant liability on the state.

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From the Carbon-California Desk

Study Highlights California Carbon Offset Supply Shortage

American Carbon Registry releases offset supply analysis for California carbon market, projecting 29% shortage by 2015, 67% shortage by 2020.

A report released today by the American Carbon Registry (ACR) points to a significant shortage of offsets in the California carbon market.  Offset demand in a California cap-and-trade market is expected to reach just over 200 million metric tons co2 equivalent (MMTCO2e) by 2020. To date, the regulators in California have only adopted four protocols for compliance use – US ODS, Livestock Methane, Forestry and Urban Forestry.

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Demand for RECs expected to rocket by 2016

Despite only 5 of India's solar Renewable Energy Certificates (RECs) being traded when the solar offsetting mechanism started this May, consulting firm Bridge to India has predicted some 480 million RECs will be changing hands by 2016.

Under the country's Jawaharlal Nehru National Solar Mission, certain energy users – obligated entities such as power distribution companies – must fulfill Renewable Purchase Obligations (RPOs) relating to the amount of their energy generated from renewables.

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Seattle City Light Seeking Renewable Energy Projects, RECs

Seattle City Light has issued a request for proposals (RFP) for energy and renewable energy credits (RECs) of up to 150 GWh annually, beginning in 2020.

Under the RFP, Seattle City Light will consider a broad range of proposals, technologies and contractual arrangements. The utility will require potential providers to demonstrate that they have the creditworthiness to develop the projects offered and deliver the electrical energy and/or renewable energy credits over the indicated contract length.

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California to sell 61.3 mln allowances on Nov. 14

17 Sep 2012 19:36

Washington, Sept 17 (Reuters) – California will put around 61.3 million carbon allowances for sale on Nov. 14 at its inaugural auction, state regulators announced late Friday.

 

JPMorgan to buy EcoSecurities for $204 million

LONDON | Mon Sep 14, 2009 1:22pm EDT

(Reuters) - JPMorgan Chase & Co agreed to buy carbon offset aggregator EcoSecurities for 122.9 million pounds ($204 million) on Monday, trumping a bid from the firm's co-founder, to boost its carbon-credit trading business.

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California carbon market to be short of offsets: report

13 Sep 2012 22:11 Last updated: 17 Sep 2012 19:26

NEW YORK, Sept 13 (Reuters) – California’s carbon market could be 29 percent short of offset credits in its 2013-2014 pilot phase if regulators do not expand their list of allowable project types, making it more expensive for companies to achieve their required emissions cuts, a new report said.

 

Big banks weigh risks, rewards of California’s new CO2 market

07 Sep 2012  09:42

San Francisco, Sept 6 (Reuters) – Major banks are weighing whether to wade into the California carbon market, which experts believe could grow into a $40 billion a year market by 2020.

 

California will open North America’s first full-scale carbon market

29 Aug 2012 14:07 Last updated: 30 Aug 2012 00:21

SAN FRANCISCO, Aug 29 (Reuters) – California will on Thursday test its electronic platform for selling carbon allowances to companies covered by its carbon cap-and-trade program, part of a dry run prior to its first auction in November.  California will rollout the platform for real on November 14th, when more than 400 companies will be able to buy and sell tradable carbon credits through quarterly auctions in this first full-scale carbon market.

Deutsche Bank will act as the market’s financial services administrator, collecting bid guarantees prior to the sale as well as payment to settle the auction.

 

Carbon Trading Heating Up

After a series of false starts, the market for trading carbon-emission credits is showing new signs of life in California.

Trading volumes for these carbon credits—which allow holders to emit as many greenhouse-gas emissions as they want, provided they acquire enough of them—are at a nine-month high.

 

German firms expect EUA prices to double before 2014: survey

22 Aug 2012 16:59

LONDON, Aug 22 (Reuters) - German companies believe EU carbon prices will almost double by the end of 2013 and exceed 20 euros by the end of the decade, a survey found.

 

RECs to help Indian wind grow by up to 15%, says Suzlon boss

Suzlon chairman Tulsi Tanti claims the Indian wind-energy market is set to grow by 10-15% this fiscal year, despite the end of the accelerated depreciation (AD) tax incentive and the generation-based incentive (GBI) schemes.

Tanti says India’s renewable energy certificate (REC) scheme is driving the market forward and attracting large numbers of independent power producers (IPPs) to the market.

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States allowed to buy certificates from pvt players

States will now be able to buy renewable energy certificates (RECs) to make up for a portion of their mandatory renewable energy purchases from entrepreneurs who produce power and operate in rural areas. In a recent move, the Forum of Regulators (FoR), a statutory body of electricity regulators, has approved the proposal which policy-makers say will also encourage the expansion of renewable energy projects operating in rural India.

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Solar energy sector gaining momentum in Karnataka

The solar power sector is gaining momentum in Karnataka ever since the government introduced a solar energy policy (2011-16). The government has recently concluded a bid process, in which 80 Mw (60 Mw for solar PV and 20 Mw for solar thermal) was allotted to developers at tariffs between Rs 7.94 to Rs 8.50 per unit for solar PV and Rs 10.94 and Rs 11.32 per unit for solar thermal projects.

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Ministry of New and Renewable Energy: Generation of Solar Power

New Delhi, Aug. 15 -- The Union Minister of New and Renewable Energy, Dr. Farooq Abdulla, informed the Rajya Sabha in a written reply that the present installed capacity of solar power projects in the country is 1040 MW.

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Duke Energy confirms negotiations for ReVenture biomass project

Duke Energy says its Progress Energy Carolinas subsidiary is negotiating to buy renewable-energy certificates from a proposed biomass plant at ReVenture Park northwest of Charlotte.

Emily Felts, Duke’s manager of renewable strategy and compliance, filed testimony with the N.C. Utilities Commission on Friday. The testimony seeks to rebut complaints from critics that the company is dragging its feet on meeting state requirements that Duke and Progress start selling power produced from farm-animal waste beginning this year.

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BMW electric cars to run on renewable energy

BMW has teamed up with Green Mountain Energy Company to purchase renewable energy certificates that will cover the estimated electricity use of the 70 BMW ActiveE vehicles (pictured) that are taking part in DriveNow.

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Utility Success: Interview with Thierry Vandal, President and CEO of Hydro-Quebec

Thierry Vandal, president and chief executive officer of Hydro-Quebec, discusses methods his company uses to provide energy to customers, the differences between operating in Canada vs the U.S. and the future of hydro and its integration into other energy strategies.

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The Interview: Counting the Cost of Capital

LONDON -While facing short-term challenges such as a difficult financing context, the wind sector's fundamental economics should ensure its bright outlook over the longer term, argues Christian Kjaer of the European Wind Energy Association (EWEA).

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Reflections on the Pace of Change for Global Hydro

16 April 2012

LONDON - A great deal can change in 20 years, with companies, governments and even whole industries emerging or vanishing over that period. Take, for example, the internet. As ubiquitous as they seem in today's world, giant corporations such as Google and Facebook didn't exist two decades ago, nor even did e-mail in the way we understand and rely upon it in today's world. It's perhaps hard to imagine life without these technologies, so seamlessly are they integrated into our day-to-day existence and as dependent are we upon them in managing the hectic pace of modern life. But, stripped back to fundamentals, ultimately these wondrous technologies are simply ways to communicate ideas more effectively, a process that has been under development for many thousands of years.

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Interview: Claude Lambert of Alstom Hydro North America

Lambert Discusses the State of North American Hydropower

Claude Lambert, president and chief executive officer of Alstom Hydro North America, discusses technology, policy and the factors driving the hydropower market.

A leading supplier of hydropower equipment, Alstom Hydro’s turbines and generators account for a quarter of the world’s hydropower capacity.

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Green Power for the Empire State Building.

Amid a more general makeover, the owners of the Empire State Building have spent the last couple of years burnishing the 80-year-old landmark's green bona fides as well -- chiefly though a series of efficiency upgrades and other energy retrofits.

On Thursday, the building's caretakers announced another milestone: it has become the largest commercial purchaser of renewable power in the state.

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Banks Provide Critical Support for Hydro Project Development

The involvement of multi-national banking institutions is critical to the completion and modernization of hydroelectric projects, particularly in the developing world. This article details nearly US$16 billion in funding recently awarded for work at more than 50 projects with a total capacity nearing 10,000 MW.

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Carbon trading: Emissions law bears down on small operators

The EU’s emissions trading scheme, linchpin of the bloc’s plan to lead the world in the fight against global warming, has proven about as popular among large airlines as a flock of geese on a busy runway.

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Carbon market to stabilize: Combet

Federal Climate Change Minister Greg Combet is confident the international carbon market will stabilise in coming years.

From July 1, the government will make less than 500 of Australia's biggest polluters pay an initial $23 for every tonne of carbon they put into the atmosphere.

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