Carbon Loses Gains as Europe Debt Crisis Outweighs Durban Deal
Carbon prices gave up gains on speculation Europe’s debt crisis will depress demand even as the world’s largest polluters back away from positions that have stymied global climate talks.
China, the world’s biggest emitter, and India agreed at the climate summit that ended yesterday in Durban, South Africa, to take part in talks starting next year that would bind them for the first time to emission reductions. The U.S., the second- biggest emitter, also signed on to plan led by Europe to reach a global agreement by 2015 to restrict greenhouse gases linked to climate change by 2020.
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Carbon scheme opens gates to farmers
Regulations that allow farmers to buy and sell carbon credits have been put in place. The new Regulations establish the Carbon Farming Initiative Administrator and open the way for landholders, farmers and landfill operators to take part in the carbon market by generating income while reducing carbon pollution.Minister for Climate Change and Energy Efficiency, Greg Combet said the Carbon Farming Initiative would provide new economic opportunities across rural Australia, better preparing landholders for the impacts of climate change and supporting productivity and innovation.
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Zimbabwe: New Programme Boon for Hurungwe Folk
Hurungwe — Being among the four districts in the country whose forests are being administered by a United Kingdom-based company under a carbon credit management programme, Hurungwe is poised to see its people’s per capita incomes and standards of living significantly rising.
This, of course, can be achieved if the community is fully supportive of this noble programme.
The same holds true for the people of Nyaminyami, Mbire and Binga whose rural district councils have also since signed the same deals with the company for the same cause.
In Hurungwe, the Guernsey-based company, Carbon Green Investments, which specialises in conservation and carbon credit management, has since signed an agreement with the Rural District Council in which the former will carry out a carbon credit management project in the district for the next 30 years.
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Torrent Power, Adani, JSW Steel May Get Boost From Climate Talks
Dec. 12 (Bloomberg) — Torrent Power Ltd., Adani Power Ltd. and JSW Steel Ltd. may be among the Indian companies most likely to benefit from climate change talks in South Africa that helped ensure the continuation of the UN carbon market past 2012.
The European Union, the world’s biggest carbon market, vowed to extend emission-reduction targets under the Kyoto Protocol that were set to expire in 2012. Those targets can partly be met through the UN carbon market, known as the Clean Development Mechanism, which awards tradable credits to companies that set up environmentally friendly projects.
“What has been most important for the markets is that at the end of 2012, the Clean Development Mechanism will continue in some form for another five to eight years,” said Jeremy Higgs, the Hong Kong-based managing director of Environmental Investment Services Asia Ltd., whose Green Dragon Fund invests in regional clean-technology companies. “That’s good news for those companies that do and could benefit from selling carbon credits.”
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Scientists to measure CO2 absorption in Chile’s old-growth forests
Initiative aims to facilitate introduction of Carbon Credits to Chile.
The Chilean Ecology and Biodiversity Institute (IEB), with funding from the Chilean National Commission for Science and Technology (Conicyt), will begin measuring the quantity of carbon dioxide absorbed by Chile’s old-growth forests.
Though the old-growth forests of southern Chile and Argentina are known to absorb a significant quantity of CO2, there is no definitive figure on total absorption. The IEB initiative aims to determine these figures by the end of 2012.
The project will use state-of-the-art equipment stationed in two Chilean national reserves. The first will be installed at the Darwin Trail Biological Station, deep in the lush, temperate rainforests of the Chiloé archipelago at the northern fringes of Chilean Patagonia.
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