Carbon Markets
At a well-attended 2013 MIT Energy Conference, an expert panel explored the “big picture” questions surrounding climate change, providing updated insights on pros and cons of available actions. While Sandy has made clear the critical state of the environment – more so than 4 years worth of IPCC reports, notes Dr. Kerry Emanuel (Professor of…...
Results of California’s second carbon allowance auction signal marked success for the landmark cap-and-trade program, owing to strong market participation and a higher than expected settlement price. On February 19, 2013, California Air Resources Board (CARB) held its second auction for 2013 vintage allowances (Current Auction) and 2016 vintage allowances (Advanced Auction). The results of…...
A new Senate bill introduces a national carbon tax that aims at cutting carbon emissions to 80% below 2005 levels by 2020. The bill comes days after President Obama’s State of the Union speech set the stage for bold climate change action. On February 14, 2013, two U.S. Senators introduced a carbon emissions tax bill to achieve an…...
California Governor Jerry Brown’s 2013-2014 budget proposal lays out the spending plan for $600 million in cap-and-trade. The budget estimates total program revenue of $200 million in 2013, a far miss from the $1 billion revenue forecast one year ago, reflecting weaker-than-expected demand in the November auction. On January 10, 2013, California Governor Brown released…...
New York Governor Andrew M. Cuomo, in his State of the State address, proposed a tougher carbon cap for states covered under the Regional Greenhouse Gas Initiative (RGGI) cap-and-trade program. The proposal underscores RGGI’s opportunity for achieving even greater emissions reductions in future years, as its current carbon cap remains significantly higher than actual emissions produced in…...
California regulators will direct the state’s largest utilities to return 85% of cap-and-trade proceeds to ratepayers. The move, which comes about a month after the successful completion of California’s first carbon allowance auction, aims at offsetting higher electricity costs resulting from the cap-and-trade program, by providing a “climate dividend” on utility bills. On December 20, 1012,…...
by Angelique Mercurio, Energy Solutions Forum California regulators have named two major carbon offset registries, American Carbon Registry and Climate Action Reserve, as approved participants under the state’s cap-and-trade program. The approval authorizes permanent carbon offsets from sectors that are not covered under cap-and-trade, and allows regulated entities to reduce compliance costs by using tradable offset credits…...
Quebec has adopted a regulatory amendment to its cap-and-trade program, proposing to link its emissions trading system with the California AB32 program. The move marks a major step towards establishing potentially wider carbon markets in North America. The Quebec Cabinet announced an amendment to its cap-and-trade regulations on December 13, 2012, proposing linkage with California’s AB32…...
According to a report released by Massachusetts Institute of Technology (MIT) on August 27, 2012, applying a carbon tax at the rate of $20 per ton in 2013 and increasing it by four percent per year can raise $1.5 trillion over a span of 10 years. The report, which comes at a time when Congress…...
On May 12, Senators John Kerry (D-Mass) and Joe Lieberman (I-Conn) introduced the discussion draft of the American Power Act—their long-awaited energy and climate change legislation. The bill’s stated goal is to “secure the energy future of the United States, to provide incentives for the domestic production of clean energy technology, to achieve meaningful…...