Tag: Emissions Trading System

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Shipping must be covered by ETS or climate fund

The Paris climate agreement’s target of limiting global warming well below 2°C will be impossible without measures to curb shipping’s greenhouse gas emissions, MEPs told industry representatives last week. Including shipping CO2 in the EU’s emissions trading system (ETS) or having the sector contribute to a climate compensation fund were the options on the table, they said.

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EU adopts CO2 stability reserve

  A reform of the EU Emissions Trading Scheme (ETS), informally agreed with the Latvian Presidency of the Council, was endorsed by Parliament on Wednesday, June 8th, 2015. The reform is intended to reduce the surplus of carbon credits available for trading in order to support the price of the emission rights. The scheme will start operating in 2019. The new law creates a system that will automatically take a portion of ETS allowances off the market and place it in a reserve if the surplus exceeds a certain threshold. In the opposite scenario, allowances could be returned to the market. The surplus of emission allowances, which has been building up in the system since 2009, is estimated at over 2 billion. “The Market Stability Reserve (MSR) is an efficient, market-driven tool that will stabilise our ETS system and thereby save the central pillar of Europe's sustainability and climate policy. MSR is a crucial building block to help ensure that CO2-prices spur innovation in the field of energy efficiency. This reform puts Europe on the right track to achieve its ambition of 40% less CO2-emissions by 2030,” said Ivo Belet (EPP, BE), who steered the legislation through Parliament. The text negotiated with ...

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EU leaders agree on climate and energy goals for 2030

EU Heads of State and Government have agreed the headline targets and the architecture for the EU framework on climate and energy for 2030. The agreed targets include a cut in greenhouse gas emissions by at least 40% by 2030 compared to 1990 levels, an EU-wide binding target for renewable energy of at least 27% and an indicative energy efficiency target of at least 27%. The decision underlines the European Union's position as a world leader in the fight against climate change. The agreed greenhouse gas target will be the EU's contribution to the global climate change agreement due to be concluded in Paris next year. The renewables and energy efficiency targets will increase the security of the EU's energy supplies and help reduce its dependency on imported fossil fuels. Following the agreement by the European Council, European Commission President José Manuel Barroso said: "This 2030 package is very good news for our fight against climate change. No player in the world is as ambitious as the European Union when it comes to cutting greenhouse gas emissions. Indeed, the proof that it is ambitious is that we are now going from a goal of 20% cut by 2020 compared to ...

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Governing pollution from ships

University research raised concerns about the effectiveness of current international regulation A new University research report has raised concerns about the effectiveness of current international regulations to control air pollution from ships. An associated report also looks at possible enforcement issues associated with suggested future controls on ships' carbon emissions.Funded by the Economic & Social Research Council (ESRC) the research was carried out by the Seafarers International Research Centre (SIRC), an internationally-renowned research centre based at the Cardiff School of Social Sciences.The research involved observation of ship inspections in the UK and Sweden and interviews with 50 industry stakeholders (ship operators, shipping industry representatives, regulators, inspectors, fuel experts, trade unionists, environmental NGOs and others).Air pollution generated from ship emissions contributes to acidification and to pulmonary and coronary diseases, due to the sulphur compounds, nitrogen compounds, and fine particulate matter emitted when ships burn heavy fuel oil, a cheap refinery by-product.Emission Control Areas (ECAs) were set up by the International Maritime Organisation (a UN agency) in the Baltic in 2006, in the North Sea/English Channel in 2007, and in North America in 2012. Restrictions were placed on the sulphur levels in fuel that ships would be permitted to burn in the ...

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