‘Leaving Emissions Trading Scheme presents many risks’

The UK leaving the EU’s Emissions Trading System (ETS) would present many risks to businesses on both sides. That’s according to a letter the International Emissions Trading Association (IETA) has written to Industry and Climate Change Minister Nick Hurd, to highlight the implications of Brexit on the ETS and wider climate policy. The ETS is […]

EU Emissions Trading Scheme could ‘cost steel sector £300m a year’

The EU Emissions Trading System (ETS) could cost the steel industry more than £300 million a year. That’s the warning trade body UK Steel and union Community have issued. In a joint paper the organisations said the ETS is already reducing UK steel’s competitiveness and stifling its ability to invest in innovation. The report states carbon […]

China plans national carbon trading from 2016

China intends to open a national carbon trading scheme in two years’ time according to reports. The start date of 2016 is quicker than expected, with officials suggesting it is a bigger priority for the government. Wang Shu, at the climate division of Chinese planning agency the National Development and Reform Commission told Bloomberg: “We’ve […]

Green light for negotiations on ‘backloading’ EU ETS

Negotiations between the European Parliament and Council of the European Union on ‘backloading’ the Emissions Trading Scheme (ETS) have been given the green light by the European Committee of Permanent Representatives. A surplus of emissions allowances in the ETS – partly the result of reduced economic activity during the recent downturn – has pushed down […]

China’s power capacity to more than double by 2030

Power capacity in China’s energy sector is expected to more than double by 2030 in order to keep up with a 5% growth in demand each year. Carbon emissions will peak in 2027 under the most likely model set out in the report by Bloomberg New Energy Finance (BNEF). The ‘new normal’ model predicts capacity […]

Australia scrapping carbon price early

New Australian Prime Minister Kevin Rudd is planning to scrap the country’s carbon tax and replace it with an emissions trading scheme. Weeks after reclaiming leadership of the Labor Party and Australian Government from his colleague Julia Gillard, Mr Rudd announced the change. Over the weekend, the Prime Minister told reporters: “The Cabinet is working […]

£113m in compensation for energy intensive companies

Energy intensive users can now claim up to £113 million in compensation for the extra power costs caused by the impact of European carbon pricing schemes. The UK Government has published guidance for steelmakers and ceramics companies and those firms that are eligible will be able to apply for the cash starting next month. It […]

Korea urged to reform electricity and gas market

South Korea may have committed towards green energy but the International Energy Agency (IEA) has urged the nation to work towards a detailed plan to reform the country’s electricity and gas market. In its new report, the Agency suggested the Republic of Korea (pictured) should have a secure electricity supply and a competitive energy market. It […]

UK rules world as carbon trading leader

The UK has confirmed its position as the global leader for traded carbon markets. London is now the hub for 90% of EU carbon trading and 80% of global trading, generating a £90 billion market, according to DECC. This was confirmed at the UK’s first auction for Phase III of the EU Emissions Trading Scheme […]

Carbon compensation for Norwegian firms

The Norwegian Government has announced a $90 million (£55.9 million) scheme to keep its energy-intensive users in the country. Norway’s Prime Minister Jens Stoltenberg told a news conference yesterday that the energy-intensive manufacturing industry would be compensated for higher electricity prices. He said: “The purpose is to prevent Norwegian manufacturing industry from moving their enterprises […]