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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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California Kicks Off Carbon Market

5th November, 2011

When it comes to buying and selling carbon credits, California is about to kick off. But will the new cap-and-trade program just adopted there promote cutting edge investments or will it cost jobs?

Many businesses and some environmentalists have argued that forcing reductions in carbon emissions through a free market trading program will cause industry to move out-of-state and hurt poorer communities, respectively. But the California Air Resources Board has voted unanimously to enact such a cap-and-trade program that is expected to cover 85 percent of the state’s emission sources -- compelled by the argument that it will be healthier for both the economy and environment. 

“To be successful over the long-term, this program is going to have to deliver demonstrable benefits for Californians -- benefits that we (not only) can see in terms of the environment and air quality, but also benefits that we can see in terms of economic development, job creation, cleaner energy and transportation infrastructure,” says Mary Nichols, chair of the California board.

Enacting the cap-and-trade provision is an extension of the 2006 state law that requires about 600 facilities there to reduce their carbon emissions to 1990 levels by 2020. That’s roughly a 25 percent cut. Next year, the state will begin auctioning off some of the credits, although it will give away 90 percent of them to get the trading scheme off the ground. By 2016, it will be in full force and is expected to be $10 billion market -- the biggest in North America.

A cap-and-trade system is one in which companies that emit fewer allowed emissions can earn credits. Those credits can be banked or sold to other entities that are unable to meet the requirements. As the ceilings come down, overall emissions then drop.

Some green groups say that progress will be made only in those communities that already have high-tech industries and that the dirtiest ones will get worse. They had sued and demanded that regulators re-think cap-and-trade to address their concerns. As a result, the air board revised an earlier plan but those same environmentalists are expected to refile their case.

Source: energybiz