Carbon Offsets Daily

Daily carbon offset news, insight, community.

Credibility of project-based offsetting in tatters

Over the weekend there was news that a company called SGS was suspended by the United Nations from its role as an auditor of carbon offset projects. SGS had been appointed by the UN to check that offsetting projects were being set up properly and reduced greenhouse gas emissions.

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Gore calls for tougher carbon emission laws while EU reaches climate deal

|Sourced From Plenty Magazine|

It looks like Al Gore is already making good on his promise to

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US vows to take lead on setting carbon emissions caps

|Sourced From Irish Examiner.com|

THE United States next year will spring back into the world arena for tackling climate change, where it will lead by example by setting caps on its carbon emissions, Senator John Kerry said at UN talks yesterday.

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Mexico vows to cut carbon gas emissions 50 percent below 2002 levels by 2050

|Sourced From chicagotribune.com|

POZNAN, Poland (AP) Mexico announced a plan Thursday to halve greenhouse gas emissions by 2050 using solar power, wind and other clean technologies making it one of the few developing countries to set a specific emissions reduction target.

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Canada to Impose Carbon Cuts If Government Falls (Update1)

|Sourced From Bloomberg.com|

Dec. 11 (Bloomberg) — Canadas opposition parties would implement tough carbon-dioxide emissions targets if they vote to topple Prime Minister Stephen Harpers minority Conservative government next year, the countrys Green Party leader said.

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EU carbon price to drop further by year-end

LONDON (Reuters) – European carbon emissions will continue to be volatile to the end of the year, with prices expected to tighten to 13 euros or lower if industrial output figures and the economic newsflow do not improve.

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New UN Treaty May Let Some Countries Drop CO2 Limits (Update2)

|Sourced From Bloomberg.com|

Dec. 10 (Bloomberg) — United Nations negotiators may allow some developed nations to drop their greenhouse-gas targets in a new climate-change treaty beginning in 2013.

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De Boer: no binding decision on CO2 emissions at COP 14

|Sourced From Polish Market Online|

2008-12-10

Secretary of the UN Framework Convention on Climate Change Yvo de Boer has told a news conference that the talks held in PoznaƄ are unlikely to bring about an agreement on the long-term response to climate change, determining the cuts of carbon dioxide emissions by 2050.

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Carbon trade in U.N. climate spotlight

POZNAN, Poland (Reuters) – Tropical forests and coal plants may get money to curb greenhouse gases under a United Nations-led carbon market from 2013 if climate negotiators meeting in Poland can defuse criticism of the present scheme.

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‘Play fair’ on carbon calculation

|Sourced From China Daily|

Greenhouse gas emissions (GHGs) should be calculated on a per capita basis since 1900 to ensure fair play as nations strive to halve global emissions by 2050, Chinese scientists said Tuesday. Read the rest of this entry »

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U.N. climate talks delay on carbon capture funds

POZNAN, Poland (Reuters) – U.N. climate negotiators meeting in Poland delayed until next year a decision whether to allow power plants to earn carbon offsets by fitting equipment which traps and buries carbon emissions underground.

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Climate talks to fail without tough CO2 goals: U.N.

POZNAN, Poland (Reuters) – The United States and other rich nations must pledge by the end of next year specific targets for cutting greenhouse gas emissions by 2020 to win agreement on a U.N. climate pact, the U.N.’s top climate official said on Tuesday.

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Carbon Credit Prices to Rise Due to a Fall in Supply

Reports indicate that the United Nations Environment Program (UNEP) has revised its estimates for the supply of Certified Emission Reductions (CERs). It had previously expected to issue 1.51 billion CERs

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Trading Emissions Cuts CER Portfolio by 3%

Trading Emissions– a UK based company that undertakes investments in environmental and emissions assets has revised its estimates pertaining to the size of its portfolio of Certified Emissions Reductions (CER) to be received by 2012. At the end of 2007, they had expected 57.04 mn CERs, but now it has cut down its portfolio to 55.17 mn CERs.

Trading Emissions Cuts CER Portfolio by 3%

According to analysts, the cut will not have much of an impact due to the rise in the selling prices and also because Trading Emissions has increased its contracted CER portfolio which now stands at 53.7 mn as compared to 51.5 mn in December 2007.

CERs are emission credits under the United Nation’s Clean Development Mechanism that was created under the Kyoto Protocol to help developed countries meet their emission targets at relatively affordable costs by investing in environmental projects in developing nations.

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EU-UN Carbon Link to Go Live in October, CER Prices Rise

We reported yesterday that the software linking the carbon trading schemes of the EU and United Nations will be ready before December, but now there seems to be greater certainty about the timing. The EU’s Executive Commission is looking at the first half of October to connect its carbon trading registry with that of the UN. Timing is of essence because 1 December 2008 marks the date for settlement of CER contracts and failure to get the link working by then will lead to defaults on contracts.

The link was supposed to go live eighteen months ago and the delay coupled with uncertainty about its status had created anxiety among the carbon traders. But now that there is greater clarity, market confidence seems to have been restored somewhat, which has manifested in higher CER prices – they increased by five per cent. Bloomberg reoprts that the prices of EU carbon permits for December have also shot up by 4.4 per cent to reach their highest in a week at $35.95 on the ECX.

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EU-UN Carbon Trading Schemes to be Linked Before Year End

The EU carbon market is slated to be linked to the United Nation’s international carbon registry in the coming months. Though an exact date is yet to be announced, the software has been successfully tested and according to the EU’s executive commission, the link will surely go live before December 2008.

Under the EU Emission Trading Scheme (EU ETS), industries are issued a limited number of emission permits to stipulate a cap on the amount of greenhouse gases that they can generate. Industries can exceed the limit by trading with those with extra permits or investing in clean technology in developing countries to earn Certified Emission Reductions ( CERs) under the UN’s Clean Development Mechanism (CDM).

The carbon link will facilitate the transfer of CERs issued under the CDM to the registries of the EU. Carbon traders are hoping that the technical link will be up and running soon as the first major CER contract settlement is due on 1 December 2008. European Commission’s Barbara Helfferich said:

“We had a successful test run. Now we have to see that the U.N. is also ready, so setting the date is under negotiation … It should be shortly.”

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