Carbon Library

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WRI - Bottom Line On - GHG Emissions Registries

By mid-2008, the U.S. Environmental Protection Agency must develop a national greenhouse gas (GHG) registry. This is not part of ongoing climate policy discussions, it is already law. This fact sheet answers the questions many are asking about GHG registries and the role of a mandatory GHG reporting program in the United States.

WRI - Bottom Line On - Corporate GHG Inventories

Measurement is critical to effective greenhouse gas (GHG) management. As the United States moves toward a low-carbon economy, companies find it imperative that they keep track of their GHG emissions. This fact sheet answers key questions about corporate GHG inventories and how they relate to other GHG measurement initiatives.

WWF: Making Sense of the Voluntary Carbon Market: A Comparison of Carbon Offset Standards

This report discusses the role of the voluntary carbon market and provides an overview of the most important currently available carbon offset standards. It compares the following standards side-byside, outlining the most pertinent aspects of each: • Clean Development Mechanism (CDM) • Gold Standard (GS) • Voluntary Carbon Standard (VCS) • VER+ • The Voluntary Offset Standard (VOS) • Chicago Climate Exchange (CCX) • The Climate, Community & Biodiversity Standards (CCBS) • Plan Vivo System • ISO 14064-2 • WRI/WBCSD GHG Protocol for Project Accounting It was written by Anja Kollmuss (SEI-US), Helge Zink (Tricorona), Clifford Polycarp (SEI-US)

Misys introduces OCW

Press Release, September 22

Retrospective on Phase 1 of the European Union Emissions Trading Scheme (EU-ETS) - Lessons Learnt.

The EU ETS has already caused emissions reduction through internal abatement despite somewhat over-allocating allowances in Phase 1, which has just concluded. There has been much reflection on the lessons learned this initial phase. The focus of this paper is to summarize a cross section of those discussions, representing the perspectives of policy makers, economists, traders, business executives, and environmentalists. Where there is consensus, to identify it. Where there are competing perspectives, to present them fairly. It should be noted however, that virtually every lessons-learned discussion has been presented by proponents of market-based solutions for emissions control, in the hope that they will help the carbon market to more successfully evolve. Sources are listed at the end and referenced parenthetically throughout. This white paper has been written by Don Sunderland V.P. Open Source Solutions, Misys plc.

The Carbon Rating Agency - Performance of CDM and Offset Projects

The Carbon Rating Agency’s ratings analysis shows that the call for better risk information is justified. Carbon projects are risky and until recently these risks have often been underestimated. But the analysis also highlights the enormous potential in the carbon market. Well-designed projects are delivering genuine emission reductions at an increasing scale. Project-based credits have an important contribution to make to the international fight against climate change. The market potential is also of a scale that makes it attractive to project developers and financial institutions worldwide. An IDEAcarbon special paper www.carbonratingsagency.com.

The Carbon Rating Agency - Why carbon markets need to grow up

Carbon markets have a vital role to play in the global response to the threat of catastrophic climate change. If they are to play this role, they need to mature into the sort of markets that major financial players can invest in with confidence. Ratings will play a key role in helping carbon to become an asset with which we can invest in the future with confidence. Written by Ian Johnson, Chairman IDEAcarbon.

The Carbon Rating Agency - Ratings Compass - Volume 1 - Issue 1

Rating Update - The Carbon Rating Agency has rated two Joint Implementation projects as a part of its Market Initiated Ratings Initiative, thus adding to the portfolio of rated projects which so far included projects from the CDM and Voluntary markets. The two projects, a wind power plant and a cement plant, are both located in Ukraine and are the first JI projects to be rated. In addition to the above, the Agency has added two more voluntary projects to the rated portfolio - an energy efficiency project in Peru and a biogas project in Nepal.

The Carbon Rating Agency - Ratings Compass - Volume 1 - Issue 2

Ratings Update - Following the rating of two JI projects earlier this month, The Carbon Rating Agency (CRA) rated two more Joint Implementation projects as part of its Market Initiated Ratings Initiative. With this, the Agency has so far rated four JI projects in addition to several other projects mainly from the CDM domain. The two JI projects this week are a hydro power and a gas flaring project located in Bulgaria and Russia respectively. In addition to the above, the Agency has added one more CDM project to the rated portfolio - a hydro power project in Chile.

The Carbon Rating Agency - Ratings Compass - Volume 1 - Issue 3

Ratings Update - The Carbon Rating Agency (CRA) added seven more projects to its MIR portfolio this month of which three are JI projects. With this, the Agency has so far rated a total of six JI projects in addition to several other projects mainly from the CDM domain. The two latest JI projects are fuel switch projects implemented at cement plants located in Russia and the Ukraine. In addition to the above, the Agency has added four more CDM project to the rated portfolio - a hydro power project in Bhutan, two biogas projects in Ecuador and Indonesia, and a gas recovery project in Qatar.

The Climate Institute - Emissions Intensive Trade Exposed Assistance Policy

The Climate Pollution Reduction Scheme uses a cap and trade (or emissions trading) scheme as the cornerstone to achieve emissions reductions in Australia. However, emissions trading is not perfect and there are a number of justifications for complementary measures to address some key shortcomings. These shortcomings provide a strong prima facie case for government interventions to complement emissions trading. Such interventions may include various research, development and deployment measures for low emissions technologies, energy efficiency measures, assistance to low income households, structural adjustment assistance and assistance to trade exposed emissions intensive industries. This report focuses on ‘emissions leakage’ as a rationale for government intervention and measures designed to address this problem. It does not assess the costs and benefits of providing EITE assistance for the purpose of transitional support.

The Climate Institute - A comparison of emission pathways and policy mixes to achieve major reductions in Australia’s electricity sector greenhouse emissions

The Australian government is set to introduce an emission trading scheme (ETS) which it plans to commence in 2010. Although the government has released a Green Paper outlining the parameters for the design of an emission trading scheme, one of the key debating points is around the caps on emissions, particularly over the medium term. On the one hand, there are calls for a soft start to provide appropriate investment signals for low emission technologies, but not put Australia too far ahead of global action. On the other hand, there are calls for decisive action to drive absolute reductions in emissions and for the national target to be calibrated towards driving an ambitious global response. A second debating point is about the role for complementary measures such as energy efficiency targets and an expanded renewable energy target. Some argue that such measures will be superfluous once an emission trading scheme is in place, whilst others argue that emissions trading would, of itself, not overcome the many market failures that inhibit uptake of low emission technologies, and that removing the complementary measures will increase the cost of abatement on the economy. The Climate Institute commissioned MMA to examine these debating points. Using a simulation model of Australia’s electricity markets, MMA estimated the benefits and costs of alternative trajectories, or pathways, for emission caps and for a range of complementary measures. The “benefits” mainly related to the level of abatement of greenhouse emissions and accelerated technological development. The “costs” covered the additional capital, fuel and operating costs involved in bringing on low emission technologies and in altering the natural merit order in the dispatch of generating plant.

WRI - A Climate Of Innovation, Northeast Business Action to Reduce Greenhouse Gases

In A Climate of Innovation: Northeast Business Action to Reduce Greenhouse Gases, the World Resources Institute draws on the combined experiences of the partners and the activities taken under the Climate Northeast initiative to provide a framework for corporate action on climate change. We hope it will be useful for other businesses getting started with greenhouse-gas management programs and will help inform policy makers about the opportunities and constraints businesses face in moving forward with climate change solutions.

WRI - Climate Policy Terminology

The following provides quick definitions for terms often used in climate policy debates. It is an introduction to the key climate change concepts and issues, which will be explained further in subsequent issues in WRI’s “Bottom Line” series on climate and energy policy.

WRI - The Bottom line on Cap-And-Trade

Cap-and-trade programs are the foundation of many climate policy proposals and have been a focus of debate in state, regional, and national legislatures. This fact sheet provides answers to some of the basic questions about cap-and-trade programs and reviews how such a system might work in the United States.

MIT - The European Carbon Market In Action: Lessons From The First Trading Period. Interim Report

The European Union Emissions Trading Scheme (EU ETS) is the largest greenhouse gas market ever established. The European Union is leading the world’s first effort to mobilize market forces to tackle climate change. A precise analysis of the EU ETS’s performance is essential to its success, as well as to that of future trading programs. The research program “The European Carbon Market in Action: Lessons from the First Trading Period,” aims to provide such an analysis. It was launched at the end of 2006 by an international team led by Frank CONVERY, Christian DE PERTHUIS and Denny ELLERMAN. This interim report presents the researchers’ findings to date. It was prepared after the research program’s second workshop, held in Washington DC in January 2008. The first workshop was held in Paris in April 2007. Two additional workshops will be held in Prague in June 2008 and in Paris in September 2008. The researchers’ complete analysis will be published at the beginning of 2009.

MIT - The Effects of Interactions between Federal and State Climate Policies

In the absence of a federal policy to cap carbon emissions many states are moving forward with their own initiatives, which currently range from announcements of commitments to reduce greenhouse gases to a regional multi-state cap-and-trade program slated to begin in 2009. While federal legislation is expected in the next few years, it is unclear how such legislation will define the relationship between a federal cap and trade program and other state regulations. Assuming the introduction of a cap-andtrade program at the federal level, this paper analyzes the economic and environmental impacts of the range of possible interactions between the federal program and state programs. We find that the impacts of interaction depend on relative stringency of the federal and state program and overlap in source coverage. Where state programs are both duplicative of and more demanding than the federal cap, the effect is entirely redistributive of costs and emissions, with in-state sources facing higher marginal abatement costs. Also, differing marginal abatement costs among states create economic inefficiencies that make achievement of the climate goal more costly than it need be. These redistributive effects and the associated economic inefficiency are avoided under either federal preemption of duplicative state programs or a ‘carve out’ of state programs from the federal cap with linkage to the federal allowance market.

MIT - CO2 Abatement in the UK Power Sector: Evidence from the EU ETS Trial Period

This paper provides an empirical assessment of CO2 emissions abatement in the UK power sector during the trial period of the EU ETS. Using an econometrically estimated model of fuel switching, it separates the impacts of changes in relative fuel prices and changes in the EUA price on the utilization and emissions of coal and natural gas-fired generating units. We find clear statistical evidence that the CO2 price did impact dispatch decisions, resulting in natural gas utilization that was from 19% to 24% higher and coal utilization that was 16% to 18% lower than would have otherwise occurred in 2005 and 2006. Abatement as a result of fuel switching in the power sector is estimated to have been between 13 million and 21 million tons of CO2 in 2005 and 14 and 21 million tons in 2006.

MIT - Compliance Behavior in the EU-ETS: Cross Border Trading, Banking and Borrowing

This paper exploits a little used data resource within the central registry of the European Union’s Emissions Trading System (EU ETS) to analyze cross border flows of allowances for compliance purposes during the first trading period (2005- 2007). The extent of cross border trading is small in the aggregate but remarkably frequent in matching allowance deficits and surpluses at the installation level throughout the EU. As such, these data provide evidence of the high and widespread market participation that is the precondition of efficient abatement in a capand- trade system. There is also remarkable little difference in the monetization of allowance surpluses between participants in the EU15 and those in the East European New Member States. Finally, comparison of these data with the more commonly reported data on allocations and verified emissions reveals considerable recourse to a novel feature of the EU ETS: borrowing from the next year’s allocation to satisfy current compliance requirements.

GTripleC, ECOFYS & Climate Focus - The Role Of Sector No-Lose Targets In Scaling Up Finance For Climate Change Mitigation Activities In Developing Countries.

SNLTs are not a scaling up ‘silver bullet’. But they have some characteristics which suggest that for some sectors in some key developing countries they may be the best new carbon finance mechanisms identified thus far. Moreover, in conjunction with SD-PAMs, they may be what is needed to strike the appropriate political balance (regarding mitigation) between industrialised and developing countries in the post-2012 agreement. However, to realise this potential a very large effort is needed in a very short time. This will require proactive leadership by world leaders – in industrialised and developing countries, and in governments and business. Other documents about SNLTs can be found at http://www.sectoral.org

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