Feb. 18 (Bloomberg) -- South Africa is evaluating proposals from
companies to generate as much as 618 million rand ($104 million) in
seven years by cutting carbon emissions and selling emission
allowances, the country's mines minister said.
``These projects, when implemented, will reduce South Africa
carbon dioxide emissions by 21 million tons by the year 2012 and
generate revenue of 618 million rand by the year 2012 from sales of
certified emission reductions,'' Mining Minister Phumzile Mlambo-
Ngcuka told reporters today in Cape Town, South Africa.
Saturday, January 03, 2004
Friday, January 02, 2004
UK Chief Scientist Credits Blair With Kyoto Ratification
LONDON (Dow Jones)--The chief scientific adviser to the U.K. government Wednesday talked up the country's credentials on climate change, downplaying recent criticism that the government has ditched its tough line on emissions.
In a speech marking the entry into force Wednesday of the Kyoto global-warming pact, Sir David King called climate change one of the greatest challenges facing Britain and the world in the 21st century and credited Prime Minister Tony Blair with bringing about the treaty's ratification.
"Let's give the Prime Minister credit for getting Russia to ratify Kyoto," he said.
"We will not apologize for month-by-month movements in carbon emissions trading in the U.K. - we must focus on the big picture: Will the U.K. be a leader on climate change? I think yes, but I won't be unhappy if the U.S. takes over," he said.
Seven years ago, more than 160 countries signed up to the treaty to tackle global warming by agreeing to cuts in the emission of greenhouse gases. The agreement was delayed by the requirement that countries accounting for 55% of the world's emissions ratify it. That goal was reached last year with Russia's approval.
The U.S., the world's largest emitter of such gases, has refused to ratify on the grounds it would harm the economy and that it fails to include emissions restrictions on emerging economies China and India. Australia has also declined to sign.
King said doubting the science behind climate change is like disputing the connection between smoking and cancer.
"We do need to see the U.S. and Australia on board and to open up discussions with China, India, Africa, and Brazil," he said.
Kyoto calls for an average cut of 5.2% of 1990 levels of greenhouse gases by 2012.
The U.K. stands alone in having already exceeded its Kyoto target of reducing emissions by 12.5%, though the country is off course to meet a more ambitious, self-imposed target of a 20% reduction in carbon emissions.
But the country's leadership reputation has suffered from a dispute with the European Union over emissions trading. The European Commission on Monday accused the government of reneging on a formal agreement under European emissions trading by increasing the ceiling for industrial levels of CO2 by some 20 million tons. It threatened to take the government to court unless it backs down.
King referred to the quarrel as a "serious spat," but said "we want the Commission to understand we made an honest mistake" in calculating emissions figures.
In a speech marking the entry into force Wednesday of the Kyoto global-warming pact, Sir David King called climate change one of the greatest challenges facing Britain and the world in the 21st century and credited Prime Minister Tony Blair with bringing about the treaty's ratification.
"Let's give the Prime Minister credit for getting Russia to ratify Kyoto," he said.
"We will not apologize for month-by-month movements in carbon emissions trading in the U.K. - we must focus on the big picture: Will the U.K. be a leader on climate change? I think yes, but I won't be unhappy if the U.S. takes over," he said.
Seven years ago, more than 160 countries signed up to the treaty to tackle global warming by agreeing to cuts in the emission of greenhouse gases. The agreement was delayed by the requirement that countries accounting for 55% of the world's emissions ratify it. That goal was reached last year with Russia's approval.
The U.S., the world's largest emitter of such gases, has refused to ratify on the grounds it would harm the economy and that it fails to include emissions restrictions on emerging economies China and India. Australia has also declined to sign.
King said doubting the science behind climate change is like disputing the connection between smoking and cancer.
"We do need to see the U.S. and Australia on board and to open up discussions with China, India, Africa, and Brazil," he said.
Kyoto calls for an average cut of 5.2% of 1990 levels of greenhouse gases by 2012.
The U.K. stands alone in having already exceeded its Kyoto target of reducing emissions by 12.5%, though the country is off course to meet a more ambitious, self-imposed target of a 20% reduction in carbon emissions.
But the country's leadership reputation has suffered from a dispute with the European Union over emissions trading. The European Commission on Monday accused the government of reneging on a formal agreement under European emissions trading by increasing the ceiling for industrial levels of CO2 by some 20 million tons. It threatened to take the government to court unless it backs down.
King referred to the quarrel as a "serious spat," but said "we want the Commission to understand we made an honest mistake" in calculating emissions figures.
Thursday, January 01, 2004
EU 2005 Carbon Rises After U.K. Says It May Cut Utility Grant
2005-02-17 11:22 (New York)
Feb. 17 (Bloomberg) -- European Union carbon allowances for
2005 delivery rose to their highest in more than six weeks, after
the U.K. government said it may be forced to cut its allocation
to power utilities because of a dispute with the EU.
Allowances for 2005 delivery rose 0.3 euros, or 3.9 percent,
to 8 euros ($10.44) a metric ton from 7.7 euros yesterday,
according to RWE AG prices on Bloomberg at 2:42 p.m. London time.
That's the highest since Jan. 5 and 0.75 euros more than last
week's close.
On Feb. 14, the U.K., Europe's second-largest greenhouse-gas
producer, said any reduction from its planned increase of
emission allowances would be taken from power companies. The
biggest non-nuclear generators include units of Electricite de
France, E.ON AG and RWE.
Starting this year, companies in EU countries are to have an
allowance for each ton of carbon dioxide they emit when burning
fossil fuels. Companies that emit more than their allowances will
need to buy more; those that emit less can sell their surplus.
The system is intended to give companies a market incentive
to emit less carbon dioxide. To create the market, each of the 25
EU countries are giving allowances to their industries, following
plans approved by the European Commission, the executive arm of
the EU.
This week, commission regulators rejected a U.K. request
made in October to increase its grant of allowances for energy
and manufacturing companies, threatening a court case to enforce
Britain's July allocation.
Gas Rises
Some traders started bidding for allowances today following
gains earlier this week, said Duncan Lyall, green markets broker
at Spectron Group Plc in London. ``There are more buyers than
sellers.''
Carbon prices are rising as the price of coal has fallen
relative to cleaner-burning natural gas, said Louis Redshaw, the
head of environmental markets at Barclays Capital, the investment
banking unit of Barclays Plc.
``It's arguably carbon catching up with coal and gas price
changes,'' London-based Redshaw said today in an interview.
In the past two days, API 2 coal for delivery in the three
months through June fell 1.2 percent to $64.5 a metric ton from
$65.28, a trader said. In the same period, U.K. gas for delivery
in March rose 5.1 percent to 29.85 pence (56 U.S. cents) a
thermal unit at the National Balancing Point from 28.39 pence.
Freezing Temperatures
Prices also rose as temperatures declined and are forecast
to fall further next week, requiring power stations to boost
generation.
Minimum temperatures in London may fall to as low as 1
degree Celsius below freezing (30 Fahrenheit) Tuesday from 1
degree above today, according to the WeatherOnline Web site. The
normal London minimum for this time of year is 2.5 degrees.
In Paris, temperatures may fall to a minimum 2 degrees below
freezing by Tuesday from freezing today, WeatherOnline said.
Feb. 17 (Bloomberg) -- European Union carbon allowances for
2005 delivery rose to their highest in more than six weeks, after
the U.K. government said it may be forced to cut its allocation
to power utilities because of a dispute with the EU.
Allowances for 2005 delivery rose 0.3 euros, or 3.9 percent,
to 8 euros ($10.44) a metric ton from 7.7 euros yesterday,
according to RWE AG prices on Bloomberg at 2:42 p.m. London time.
That's the highest since Jan. 5 and 0.75 euros more than last
week's close.
On Feb. 14, the U.K., Europe's second-largest greenhouse-gas
producer, said any reduction from its planned increase of
emission allowances would be taken from power companies. The
biggest non-nuclear generators include units of Electricite de
France, E.ON AG and RWE.
Starting this year, companies in EU countries are to have an
allowance for each ton of carbon dioxide they emit when burning
fossil fuels. Companies that emit more than their allowances will
need to buy more; those that emit less can sell their surplus.
The system is intended to give companies a market incentive
to emit less carbon dioxide. To create the market, each of the 25
EU countries are giving allowances to their industries, following
plans approved by the European Commission, the executive arm of
the EU.
This week, commission regulators rejected a U.K. request
made in October to increase its grant of allowances for energy
and manufacturing companies, threatening a court case to enforce
Britain's July allocation.
Gas Rises
Some traders started bidding for allowances today following
gains earlier this week, said Duncan Lyall, green markets broker
at Spectron Group Plc in London. ``There are more buyers than
sellers.''
Carbon prices are rising as the price of coal has fallen
relative to cleaner-burning natural gas, said Louis Redshaw, the
head of environmental markets at Barclays Capital, the investment
banking unit of Barclays Plc.
``It's arguably carbon catching up with coal and gas price
changes,'' London-based Redshaw said today in an interview.
In the past two days, API 2 coal for delivery in the three
months through June fell 1.2 percent to $64.5 a metric ton from
$65.28, a trader said. In the same period, U.K. gas for delivery
in March rose 5.1 percent to 29.85 pence (56 U.S. cents) a
thermal unit at the National Balancing Point from 28.39 pence.
Freezing Temperatures
Prices also rose as temperatures declined and are forecast
to fall further next week, requiring power stations to boost
generation.
Minimum temperatures in London may fall to as low as 1
degree Celsius below freezing (30 Fahrenheit) Tuesday from 1
degree above today, according to the WeatherOnline Web site. The
normal London minimum for this time of year is 2.5 degrees.
In Paris, temperatures may fall to a minimum 2 degrees below
freezing by Tuesday from freezing today, WeatherOnline said.
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