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Effective today, The ROBERT | CHARLES Group is discontinuing our postings and links to content and news for investing in worldwide cap and trade and sustainable energy markets. This blog will be phased out in the coming days and weeks.

Wednesday, June 20, 2012

Court upholds California cap-and-trade program

Court upholds California cap-and-trade program - News - Point Carbon
An appeals court on Tuesday rejected a plea by environmental justice groups to stop California’s planned cap-and-trade program, the latest court victory for state air regulators fighting to launch the carbon market next year...

UN’s Ban Urges Action on Rio+20 Sustainability Goals

UN’s Ban Urges Action on Rio+20 Sustainability Goals - Businessweek
The world’s economic model is “broken,” and countries must look beyond their own interests to implement more sustainable policies, United Nations Secretary-General Ban Ki-moon said.  “For too long we have we have behaved as though we could indefinitely burn and consume our way to prosperity,” Ban told delegates at the UN’s Rio+20 Conference on Sustainable Development today. “Now is the time to rise beyond narrow national interest. It is time to act with a broader, long-term vision. We are running out of time.”  Delegates from more than 180 countries are in Rio de Janeiro this week to promote policies that cut fossil-fuel use, boost renewable energy supplies and step up efficiency programs. World leaders are due to endorse a 49-page agreement outlining goals on June 22.

EU ETS needs 3.1 billion mt CO2 removed to restore scarcity

EU ETS needs 3.1 billion mt CO2 removed to restore scarcity: NGO - Electric Power | Platts News Article & Story
A total of 3.1 billion metric tons of carbon allowances should be removed from the EU Emissions Trading System to restore scarcity as originally designed by the regulator, an environmental group said Wednesday.  The EU ETS was overallocated by 900 million mt in the original caps and a further 2.2 billion mt would need to be removed to restore the original scarcity envisaged in the system, said UK-based Sandbag in a report.  "The business-as-usual emissions baseline against which both the EU climate target and the ETS caps were set are totally obsolete," said the group, which campaigns to improve emissions trading systems.  "Expectations of Europe's GDP growth out to 2020 are down by a third since the [EU] climate package was agreed. This has left the ETS caps with 2.2 billion mt less demand than was anticipated," it said.

Development banks pledge $175bn for public transport at Rio+20

Development banks pledge $175bn for public transport at Rio+20 | Environment | guardian.co.uk
The world's biggest development banks have made a fundamental investment shift from roads to public transport, under a $175bn (£111bn) initiative to promote buses, trains and cycle lanes that was unveiled on Wednesday at the Rio+20 Earth summit.  The eight largest multilateral development banks (MDBs) announced they will invest these funds — the biggest sum committed at the conference so far — over the next ten years to transport systems that help to reduce greenhouse gases, improve access for the urban poor and reduce road accidents.  It is estimated that the $175bn from the banks will leverage 10 to 20 times as much money from city governments and the private sector.

Since Earth summit 20 years ago, world temperatures, carbon pollution rise as disasters mount

Since Earth summit 20 years ago, world temperatures, carbon pollution rise as disasters mount - The Washington Post
Since world leaders last gathered in Rio de Janeiro to talk about the state of the Earth, temperatures have climbed and disasters have mounted. As diplomats discuss climate, sustainability and biodiversity, here is Earth by the numbers since 1992...

RFA: Ethanol industry prepares for sale of E15 Markets

RFA: Ethanol industry prepares for sale of E15 Markets - Cattle & Grain Prices, Quotes, Charts
With the approval by EPA of the first retailers to sell 15 percent ethanol blends, the industry is gearing up for imminent sales of the new blend level, possibly this week. In this edition of “The Ethanol Report,” Renewable Fuels Association President and CEO Bob Dinneen talks about how the final, final hurdle to E15 sales was overcome and what the industry is doing now...

BP Wins Oil Leases in U.S. Gulf of Mexico Near Spill Site

BP Wins Oil Leases in U.S. Gulf of Mexico Near Spill Site - Bloomberg
BP Plc (BP/) was the high bidder on 43 leases to drill in the central Gulf of Mexico where two years ago its Macondo well exploded, causing the largest U.S. offshore oil spill. The U.S. auction raised $1.7 billion.  Royal Dutch Shell Plc (RDSA) offered $406.6 million, or 24 percent of all the bids, followed by Statoil (STL) ASA with $333.3 million, the Interior Department said. Stavanger, Norway-based Statoil bid $157 million for a single tract, a record in the region, Tommy Beaudreau, director of the department’s Bureau of Ocean Energy Management, said today. BP’s total bids were $239.5 million.  “As the largest leaseholder in the deep waters of the Gulf of Mexico, we remain committed to continuing investment in this important U.S. energy source,” Scott Dean, a BP spokesman, said today by phone.

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EU launches new CO2 registry, improves security

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LONDON, June 20 (Reuters Point Carbon) – The European Commission on Wednesday activated its long-awa…
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Ten firms given 78 pct of surplus permits in EU CO2 scheme: report

LONDON, June 20 (Reuters Point Carbon) - Just 10 companies have received more than three quarters of…
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Spain to cut reliance on U.N. carbon markets

PAMPLONA, June 20 (Reuters Point Carbon) - The 770 million euros Spain has spent on acquiring emissi…
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Corporate

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African nation signs 1-bln euro forest carbon deal

LONDON, June 20 (Reuters Point Carbon) - The government of the Central African Republic has signed a…
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Policy

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EU figures show 3 pct drop in new car CO2 emissions

BRUSSELS, June 20 (Reuters) - Carbon dioxide emissions from new cars in the European Union fell an a…
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Diplomats agree on 'weak' text for Rio+20 green summit

RIO DE JANEIRO, June 19 (Reuters) - Diplomats from over 190 countries agreed on a draft text on gree…
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CCAs break $16 on nuclear power, offset credit concerns

SAN FRANCISCO, June 19 (Reuters Point Carbon) – California carbon allowances (CCAs) for delivery in…
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CO2 Demand 2.2 Billion Tons Less Than Foreseen, Sandbag Says

CO2 Demand 2.2 Billion Tons Less Than Foreseen, Sandbag Says - Bloomberg
Demand for European Union carbon permits and United Nations offsets in the five years through 2012 is 2.2 billion metric tons less than anticipated by EU regulators, according to an environmental group.  In addition to the 2.2 billion-ton shortfall in demand, there is a further 900 million tons of excess allowances in the EU market, according to a report published today by Sandbag, a London non-governmental group that campaigns to improve emissions trading systems.  “A full correction to the cap would require withdrawing 3.1 gigatons of allowances from the scheme,” according to the report. “The business-as-usual emissions baseline against which both the EU climate target and the ETS caps were set are totally obsolete.”  The report said that a “combination of overallocation and recession” has created an excess supply of 392 million EU permits as of 2011, of which 78 percent, or 307 million tons was given to 10 companies, including ArcelorMittal (MT), Lafarge SA (LG), Tata Steel Ltd. (TATA) and HeidelbergCement AG. Sandbag said that these companies have earned at least 1.8 billion euros ($2.3 billion) from the sale of these surplus permits.

Govts may not be key players in Rio+20 talks

Govts may not be key players in Rio+20 talks - reneweconomy.com.au : Renew Economy
“This is no way to run a planet,” wrote Todd Stern, American chief negotiator on climate change in a letter to former President George W. Bush in 2007. He stressed that just like you can’t run a company through large meetings in which every opinionated shareholder participates, you can’t solve global challenges by inviting roughly 200 countries to a conference, each with their own extensive agenda. But that’s exactly what’s happening in Rio.  At a meeting at Copenhagen University earlier this month, John Kornerup Bang, climate chief adviser at the global shipping company AP Moller Maersk, correctly identified the biggest challenge at Rio+20: “The biggest challenge is not lack of technical solutions or lack of knowledge about the situation. The biggest challenge is the ability of countries to reach agreement,” said Kornerup Bang. He also stressed the need for companies to take initiative themselves.  In the face of the inaction of governments across the globe, companies are taking matters into their own hands and creating their own sustainability agendas. For example, starting on July 1, Microsoft will start to tax itself. For every ton of carbon dioxide that the main global offices and data centers produce, they will pay a tax that will be used to buy carbon dioxide certificates, which will make Microsoft carbon neutral. As Microsoft’s climate chief Rob Bernard, says: “While governments have an important role to play, we hope that there is an advantage to moving faster than them.”

Europe's €20bn sustainable energy budget under pressure

Environmental Finance | News | Europe's €20bn sustainable energy budget under pressure
The European Commission is planning to make more money available for sustainable energy projects over 2014-20, despite an underspend of the budget in the current period.  The EU could have about €20 billion ($25.4 billion) to spend on supporting sustainable energy projects through its structural and cohesion funds over 2014-20, with further billions available for research and development from other programmes – assuming the Commission is successful in its budgetary demands.  The proposed budget is currently under debate and the many EU countries suffering severe financial pressure are unwilling to send more funds to Brussels. The intention is to reach a decision on the proposals by the end of this year, said Fabrizio Barbaso, deputy director-general for the Commission’s energy directorate, at the EU Sustainable Energy Week conference in Brussels yesterday.  "As you can easily imagine the discussion is not an easy one," he said. Countries that are net contributors "are not only opposing any increase in spending, but are pushing for substantial cuts in the future EU budget."  Moreover, questions remain over how effectively the money can be disbursed.  From 2007 to 2013, the EU’s structural funds are expected to distribute around €9.2 billion to energy efficiency and renewable energy projects. Countries also have the option to spend up to 4% of the structural fund budget, around €8 billion, on activities in the buildings sector, such as energy efficiency retrofits.

UK mandates carbon reporting for large listed companies

Environmental Finance | News | UK mandates carbon reporting for large listed companies

All companies listed on the London Stock Exchange’s main market will have to report their greenhouse gas (GHG) emissions from April 2013, the UK government announced today at the Rio+20 sustainable development conference.  This will see the UK become the first country to make it compulsory for companies to include emissions data for their entire organisation in their annual reports, said a statement from the country’s Department for Environment, Food and Rural Affairs (Defra).  More details will be released later today. The regulations will be reviewed in 2015, before ministers decide whether to extend the approach from the approximately 1,300 listed firms to all large companies from 2016.  Reporting GHG emissions is the first step towards reductions, and Defra estimates this move could save 4 million tonnes of carbon dioxide emissions by 2021.
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