The market for emissions of greenhouse gases has tripled in 2006
The carbon market is booming: it has tripled between 2005 and 2006, reaching, according to the World Bank, 23 billion euros. This market in emissions of greenhouse gases has become mature enough to warrant its own trade show, Carbon Expo in Cologne. It was during his holding that the Bank presented Wednesday, May 2, the market statistics.
The principle of a market in emissions of greenhouse gases is to allow companies who can not reduce their emissions to buy "permits" to other operators, who are reducing their emissions. This registration permits and market rules are arbitrated by a supervisory authority. The idea is the only way we can reduce cheaply these emissions that drive climate change.
The global market consists essentially of the system introduced by the European Union, the Community System emissions trading (ETS) and the Clean Development Mechanism (CDM) managed by the Convention on Climate Change. The ETS was, in 2006, 19 billion euros, 1.1 billion tons of CO2 (carbon dioxide). The MDP, for their part, have mobilized commitments of 3.8 billion euros for 470 million tonnes of CO2, according to World Bank statistics.
In addition, voluntary commitments to reduce emissions are implemented in an anarchic fashion by private companies. Presented as "compensation" for making "neutral" in issuing any activity (such as a conference on climate ... or air travel), they represent a low volume.
The dynamism of the market is not official not immune to the weaknesses of youth: The ETS has seen its price collapse of twenty euros in 2006 to less than 1 euro now. "This can be explained by the very mild winter we experienced, which limited heating therefore emissions from power companies," says Christian de Perthuis, Caisse des Depots et Consignations. Above all by the fact that arrives at the end of the first phase of the system. For the next phase, which begins in 2008, the price per tonne of CO2 are at 18 euros. " Problem: if the price reaches a high level, encouraging them to control emissions of greenhouse gases, we must set stringent emission quotas, which is poorly accepted by the industrial sectors, who consider their disproportionate effort compared to the rest of society.
The CDM creates less controversy: it is a way of transferring funds and newer technologies to the South. For example, a European firm will finance a project for recovery and conversion of gas a steelworks in China, and recover credits tons of CO2 not emitted. Emerging economies have quickly realized the value of the system, and India, Brazil, Mexico and China are the four biggest beneficiaries. The experts also consider the connection between what CDM market and the European market. It might also expand across the Atlantic, with the likely introduction of a market in the United States in the coming years.
Key countries include the global market for emissions, even if it is still immature in their strategy. For example, according to Paula DiPerna, the Chicago Climate Exchange, the American Stock Exchange of greenhouse gases, "China maintains a precise account of its progress in energy efficiency, and when his cap emissions will be discussed, it will declare gains achieved. "
Market growth of emissions, however, is undermined by the proliferation of "compensation" that do not follow the rules as stringent as the European system or the Convention climate. "We must make a clear distinction between CDM strictly regulated and unofficial devices," said Ivo de Boer, secretary of the Convention, in Cologne. Confusion That could limit the potential of the CDM. "
The actual emission reductions proposed by the "compensation" is not always verified, and some traders sell several times reductions of the same project. The finding of numerous frauds of this type has even led the very liberal Financial Times to take a stand, April 26, for taxes on CO2 preferably market! A paradox, while arrangements for the exchange have been implemented specifically to avoid the use tax. But it is also advocated by France in the programme of Nicolas Sarkozy, in the form of a carbon tax imported, ie content in the products of countries not complying with the Kyoto Protocol. Even in terms of ideology, the emissions market has not yet won the game
The carbon market is booming: it has tripled between 2005 and 2006, reaching, according to the World Bank, 23 billion euros. This market in emissions of greenhouse gases has become mature enough to warrant its own trade show, Carbon Expo in Cologne. It was during his holding that the Bank presented Wednesday, May 2, the market statistics.
The principle of a market in emissions of greenhouse gases is to allow companies who can not reduce their emissions to buy "permits" to other operators, who are reducing their emissions. This registration permits and market rules are arbitrated by a supervisory authority. The idea is the only way we can reduce cheaply these emissions that drive climate change.
The global market consists essentially of the system introduced by the European Union, the Community System emissions trading (ETS) and the Clean Development Mechanism (CDM) managed by the Convention on Climate Change. The ETS was, in 2006, 19 billion euros, 1.1 billion tons of CO2 (carbon dioxide). The MDP, for their part, have mobilized commitments of 3.8 billion euros for 470 million tonnes of CO2, according to World Bank statistics.
In addition, voluntary commitments to reduce emissions are implemented in an anarchic fashion by private companies. Presented as "compensation" for making "neutral" in issuing any activity (such as a conference on climate ... or air travel), they represent a low volume.
The dynamism of the market is not official not immune to the weaknesses of youth: The ETS has seen its price collapse of twenty euros in 2006 to less than 1 euro now. "This can be explained by the very mild winter we experienced, which limited heating therefore emissions from power companies," says Christian de Perthuis, Caisse des Depots et Consignations. Above all by the fact that arrives at the end of the first phase of the system. For the next phase, which begins in 2008, the price per tonne of CO2 are at 18 euros. " Problem: if the price reaches a high level, encouraging them to control emissions of greenhouse gases, we must set stringent emission quotas, which is poorly accepted by the industrial sectors, who consider their disproportionate effort compared to the rest of society.
The CDM creates less controversy: it is a way of transferring funds and newer technologies to the South. For example, a European firm will finance a project for recovery and conversion of gas a steelworks in China, and recover credits tons of CO2 not emitted. Emerging economies have quickly realized the value of the system, and India, Brazil, Mexico and China are the four biggest beneficiaries. The experts also consider the connection between what CDM market and the European market. It might also expand across the Atlantic, with the likely introduction of a market in the United States in the coming years.
Key countries include the global market for emissions, even if it is still immature in their strategy. For example, according to Paula DiPerna, the Chicago Climate Exchange, the American Stock Exchange of greenhouse gases, "China maintains a precise account of its progress in energy efficiency, and when his cap emissions will be discussed, it will declare gains achieved. "
Market growth of emissions, however, is undermined by the proliferation of "compensation" that do not follow the rules as stringent as the European system or the Convention climate. "We must make a clear distinction between CDM strictly regulated and unofficial devices," said Ivo de Boer, secretary of the Convention, in Cologne. Confusion That could limit the potential of the CDM. "
The actual emission reductions proposed by the "compensation" is not always verified, and some traders sell several times reductions of the same project. The finding of numerous frauds of this type has even led the very liberal Financial Times to take a stand, April 26, for taxes on CO2 preferably market! A paradox, while arrangements for the exchange have been implemented specifically to avoid the use tax. But it is also advocated by France in the programme of Nicolas Sarkozy, in the form of a carbon tax imported, ie content in the products of countries not complying with the Kyoto Protocol. Even in terms of ideology, the emissions market has not yet won the game
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