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For Carbon Trading  News Stories from around the world

Standard Bank Group : Africa partnership uses carbon credits to fund 14 development projects

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Standard Bank Group is facilitating grants to numerous projects across Africa. Projects range from providing poor women in Burkina Faso with non-fossil fuelled cooking stoves, setting up urban composting in Mozambique, rolling out solar heaters in Mauritius to financing a small hydro-electric scheme and a wind energy facility in Kenya.
Standard Bank Group and the German government are funding the African Carbon Asset Development (ACAD) facility. This public private partnership led by the United Nations Environment Programme (UNEP), has completed the first phase of grants to 14 low carbon projects in several African countries.

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Ireland's top polluters made €90m selling unused carbon credits in 2010 claims F.o.E

Ireland’s biggest polluters made a profit of €90m in 2010 from selling unused carbon credits they received from the Government, according to analysis by Friends of the Earth, which said taxpayers had spent over €86m buying overseas offset credits because the country’s emissions are still above its Kyoto target.

The environmental group has based this conclusion on figures in the EPA report Ireland's Greenhouse Gas Emissions in 2010.

Friends of the Earth director, Oisín Coghlan, said the emissions figures “show once again how Irish climate policy is skewed in favour of vested interests and big polluters, with ordinary taxpayers left to foot the bill”.

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Barclays Cuts Carbon Forecasts as Carbon Credits Market is ‘Awash With Supply’

Barclays Plc  cut its forecast for carbon prices because the market is “awash with supply” of permits and credits, said London-based analyst Trevor Sikorski.

European Union carbon permits will average 12 euros ($16.39) a metric ton next year, 20 per cent less than a Sept. 29 estimate, while the United Nations offset price was cut 23 per cent to 7.75 euros, Sikorski said today in an e-mailed research note.

“The market is in a dark place, being awash with supply and facing big European macro-economic risks,” he said. “With Italy quickly moving into difficulties as its borrowing costs approach 7 per cent, the outlook for the broader European economy has continued to deteriorate.”

Nations in the EU program will boost sales from new-entrant reserves, set aside for new factories and power stations expected to start operating in the five years through 2012, by 9.2 per cent to 107 million tons next year from 98 million tons this year, Sikorski said.

There will be an additional 20 million tons sold this year from the reserve for the eight years through 2020, followed by 250 million tons next year and 50 million tons in the first quarter of 2013, he said. This year’s volumes will be the first for the program’s phase three, which begins in 2013.

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Carbon Trading May Be Ready for Its Next Act

Gone are the days when carbon trade was seen as a vital policy tool to cut emissions at the cheapest cost, and not many people talk about its prospects for overtaking the oil market in terms of traded value anymore.

Its reputation has been battered by a €50 million, or $69 million, scandal over permit thefts and a €5 billion fraud in the European Union’s emissions trading program, the world’s largest.

The United Nations’ main carbon offset market, the Clean Development Mechanism, has also been tainted by an association with land grabs and human rights abuses in poor nations.

The prospect of a second European recession in four years has compounded these woes, slamming the price of carbon emissions permits to near three-year lows.

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Pig Producers First to Farm Carbon Credits

PIG farmers will have little to kick up a stink about, after they were named to be the first to benefit under the Carbon Farming Initiative by reducing methane emissions from manure.

Visiting the Grantham Piggery west of Brisbane, the Minister for Agriculture, Joe Ludwig, and Parliamentary Secretary for Climate Change and Energy Efficiency, Mark Dreyfus, said more than 680 commercial piggery operations in Australia stood to benefit.

“This is one of many ways Australian farmers will soon be able to benefit from the Carbon Farming Initiative,” Minister Ludwig said.

“Under the ‘Methodology for the Destruction of Methane Generated from Manure in Piggeries’, farmers capture harmful methane emissions produced by manure and destroy the gas by flaring to prevent it entering the atmosphere or alternatively use the methane to generate heat and electricity,” Minister Ludwig said.

“Farmers can trade the offsets they generate for carbon credits, which they can then sell to generate income.

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