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Newsflash

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

24th January, 2013

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.

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

20th January, 2013

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.

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Aviation Industry Set to Become the Carbon Market’s Second Largest Trader

9th October, 2011

The aviation sector is set to join the carbon market on January 1st 2012, allowing airlines an initial limit of 213 million metric ton of CO2 emissions and in 2013 a 208.5 million metric ton limit. The industry will become the ETS’ second largest trader, behind only the power generation sector.

The EU’s ETS scheme will expand to include all carbon emissions from airplanes passing through European airspace, and to make all airlines using European airports pay for their carbon missions, this plan will be enforced in 2012.

The EU Climate Action Commissioner, Connie Hedegaard, said “emissions from aviation are growing faster than from any other sector, and all forecasts indicate they will continue to do so under business as usual conditions.”

The EU’s cap-and-trade system is the world’s largest. They allow businesses that exceed their CO2 allowance to purchase spare permits from companies that do not reach the limit, if not they face a fine.

Currently the fine for exceeding the CO2 allowance for the aviation industry is 100 Euros per ton of CO2 that exceeds the limit. The EU’s Emissions Trading Scheme (ETS) states that “airlines have the choice to reduce their emissions or purchase allowances.” Either way, costs will naturally be passed on to passengers.

Lufthansa estimates that joining the carbon market would cost €350 million per annum. The EC has already estimated a rise in air travel within Europe between 1.80 Euros to 9 Euros. For example, the inclusion of the ETS scheme will increase the cost of a return flight from New York to Brussels by 15 Euros.

Some of the world’s major economic players have raised their voices over the disagreement of the proposal of the ETS scheme.
China plans to make trade retaliations, such as threatening the termination of trade with the French plane manufacturer Airbus, if its airlines are forced to participate in the new ETS agreement. This decision would of course affect Airbus. The US are also not in favour, the American Air Transport Association are challenging the move in courts.

Despite the possible competitive disadvantage created for European airlines and harsh criticism from non-European airlines, the EU’s governing bodies “do not intend to back down” and insist that their plan to include the aviation industry in the ETS is entirely consistent with International Laws.