Chinese to increase spending on emission reduction

China will increase spending on energy efficiency and greenhouse gas emissions reduction programs by 78% in 2008, according to Chinese news reports. Chinese news agency Xinhua cited an announcement by the Finance Ministry that it would spend 元41.8 billion (A$6.5 billion) on efforts to promote greenhouse gas emissions-reduction schemes and energy efficiency programs, up from […]

Kyoto benchmark unfair?

Nations working out a new global climate treaty should use 2005 as the year from which greenhouse gas emissions cuts are measured, rather than the Kyoto Protocol’s 1990 benchmark, according to a senior Japanese official. “Comparisons with 1990 (emissions) levels are extremely unfair. That is the Japanese Government’s stance,” Japanese Vice Trade Minister Takao Kitabata […]

Energy efficient buildings: cost-effective emission reduction

Making buildings more energy efficient is a cost-effective way to reduce greenhouse gas emissions, particularly since existing buildings account for 24% of world CO2 emissions, according to a new report published by the International Energy Agency. “With surging energy consumption, high energy prices and raising CO2 emissions, the imperative to improve energy efficiency is stronger […]

Discussion paper on an Australian emissions released

Professor Ross Garnaut has released a discussion paper on an Australian emissions trading scheme model, stating that the introduction of an ETS signals the opportunity for profound, long-term structural change for Australia. The paper argues for the need to design the scheme on the basis that it will ultimately be part of a global agreement […]

Key challenges: energy security and climate change

Federal Energy Minister Martin Ferguson says there is no doubt the two major themes of energy policy for the next few years are energy security and climate change. “Responding meaningfully and effectively to climate change while maintaining adequate, reliable and affordable energy remains a key challenge for the Government and the energy sector,” says Ferguson. […]

Wong releases detailed emissions trading timetable

Federal Climate Change Minister Penny Wong has announced the Australian Government’s detailed timetable for introduction of emissions trading. “The introduction of emissions trading will constitute the most significant economic and structural reform undertaken in Australia since the trade liberalisation of the 1980s,” Senator Wong says. “The Rudd Government will take a careful and methodical approach […]

Prof Garnaut proposes emissions trading scheme design

Professor Ross Garnaut has released a discussion paper on an Australian emissions trading scheme, stating that the introduction of an ETS signals the opportunity for profound, long-term structural change for Australia. The paper argues for the need to design the scheme on the basis that it will ultimately be part of a global agreement on […]

Mandatory caps on CO2 to stimulate the carbon capture technology

The US Government needs mandatory caps on CO2 to stimulate the deployment of carbon capture and storage technology, according to the US Senate Energy Committee Chair. Even though the US power sector and government are looking into CCS technologies, the policy to stimulate deployment needs work, Senator Jeff Bingaman said. “The first and most important […]

NZ absolutely delighted that Australia has ratified Kyoto

Prime Minister Kevin Rudd and visiting New Zealand Prime Minister Helen Clark have outlined a joint effort between their countries directed at climate change. “On climate change, the fact that both Australia and New Zealand now are full ratification states in relation to the Kyoto Protocol means that we have an unprecedented opportunity to work […]

Carbon futures and options contracts available

The New York Mercantile Exchange (Nymex) has announced that it will introduce the first batch of carbon futures and options contracts in March as part of its Green Exchange initiative. The first slate of contracts, which will be launched on 16 March for trade the next day, will include EUA futures and options, as well […]