Everyone in the markets is feeling a little bruised after last year’s rout. UK investors are on average 12% poorer, US stocks suffered their worst year since the crash. No one escaped punishment, except for one rather special group of investors. Anyone owning a hoard of EUAs — that’s EU Allowances, for the uninitiated — is sitting on quite a windfall. These esoteric instruments — tradable permits to emit carbon dioxide — have soared by 200% in a year, a gain that is causing hand-wringing, nail-biting and even panic in businesses that consume a lot of energy. It’s ringing alarm bells in governments from London to Warsaw and it will cause a huge political row in Westminster, if and when Britain leaves the the EU. The EUAs are traded on the ETS, Europe’s cap-and-trade carbon Emissions Trading System, created in 2005 as part of the EU’s effort to encourage businesses to reduce their CO2 emissions. Businesses purchase a set number of … [Read more...] about Carl Mortished: Do we really want to be free of EU carbon trading?
Eu emission trading system
FILE PHOTO: A British and a European flag are pictured ahead of the European Union leaders summit in Brussels, Belgium October 17, 2018. REUTERS/Yves Herman BRUSSELS (Reuters) - Britain will be excluded from the European Union’s Emissions Trading System (ETS) and all other legislation to help limit the impact of climate change, if it leaves the bloc in March 2019 without a deal, the EU executive said on Tuesday. In order to safeguard the cap-and-trade system, the European Commission said it may temporarily suspend permit auctions and free allocation linked to the UK market. The measures are part of the bloc’s contingency measures to minimize the worst disruption in key areas in case of a no-deal Brexit. It said the quantities of fluorinated greenhouse gases, used in air conditioning and in domestic, supermarket and industrial refrigeration, emitted in Britain should no longer be factored into the allocation of 2019 annual quotas. “As the date of the United … [Read more...] about EU to cut Britain from emissions trading system in no-deal Brexit
LONDON (Reuters) - Britain will be excluded from the European Union’s Emissions Trading System (ETS), a mechanism for helping to limit the impact of climate change, if the country leaves the bloc in March 2019 without a deal, the government said on Friday. It published a series of papers setting out the implications of a “no deal” Brexit, a situation it says remains unlikely given the work going on towards securing a negotiated outcome. In one paper, it said that in a no-deal scenario, the country would next year switch to meeting its carbon pricing commitments via a tax system. “The UK will be excluded from participating in the (ETS) in a ‘no deal’ scenario,” it said. “The UK government will publish more details of how it will initially apply a carbon price in a ‘no deal’ scenario at Budget 2018 and legislation will be included in the Finance Bill 2018-19,” it added. The European ETS charges power plants and … [Read more...] about UK would be excluded from EU’s emissions trading system in no-deal…
Ahead of COP24, the European Union environment ministers on October 9 agreed their position on climate change. The Council adopted conclusions on climate change that emphasize the unprecedented urgency, which is needed to step up global efforts to avoid the dangerous effects of climate change. Climate change is happening and its effects are being felt all over the world, the Council said, adding that environment ministers are sending a strong political signal in these conclusions, which constitute the basis for the EU’s position at the forthcoming COP24 climate conference in Katowice, Poland, in December. “Today we have underlined again that the EU will continue to lead the way in global action on climate action. The EU needs to play a crucial role in this important issue. Today’s conclusions give us a robust and consistent position for COP24,” the Council said in a press release. EU environment ministers also reiterated the bloc’s commitment to the Paris … [Read more...] about EU Council adopts conclusions on climate change
Author: European Commission. The following press release was issued by the European Commission on February 3, 2017 12:00. The European Union is a leading advocate for addressing fast-growing emissions from aviation. At the 2016 ICAO Assembly, the European Union and its Member States played an instrumental role in securing a deal on a global market-based measure to stabilise international aviation emissions. The system will require airlines to monitor and report their annual CO2 emissions on international routes and offset those exceeding 2020 levels. Following this deal at global level, a revision of the EU Emissions Trading System is needed to maintain the contribution of the aviation sector to the European climate objectives and for the smooth implementation of the ICAO Global Market-Based Measure. The Commission is proposing to continue with the current geographic scope of the EU Emissions Trading System for aviation, covering flights between airports in the European Economic Area. … [Read more...] about The EU tackles growing aviation emissions