World Video | Defence | Foreign Affairs | Natural Events | Trade | NZ in World News | NZ National News Video | NZ Regional News | Search

 


Transparency in ETS has been unnecessarily reduced

Transparency in the EU Emissions Trading Scheme has been unnecessarily reduced – Crucial data hidden from Investors and Civil Society


The number of carbon offsets used in 2013 by companies in the EU Emissions Trading Scheme (ETS) was publicly released today but a dramatic reduction in the data made available was condemned by Sandbag Climate Campaign, the Climate Market & Investment Association (CMIA), and Carbon Market Watch.

Unlike previous years, the EU Commission today only released aggregate offsets data meaning it is no longer possible to see what type of credits participants in the scheme have used to comply with their obligations. Understanding the provenance of Carbon Credits as they are used for compliance in the ETS has been an important feature to date.

The changes to the information provided under a new system happened without public consultation, and significantly reduces civil society’s ability to scrutinise how the scheme is working, as well as reducing investors ability to analyse the compliance strategies used by emitters within the EU.

The ETS continues to labour under an enormous surplus of European Allowances (EUAs), which Sandbag calculates at approximately 1.9 billion tonnes in 2013. As Sandbag and the CMIA have previously independently shown, without reform the ETS will dramatically undermine the EU’s carbon reduction efforts in the future, and could see the EU lose any claim to international leadership in the fight against climate change.

There was a steep drop in the offset use (74% fewer than last year),[1] leaving approximately 400 million offsets available to be used before 2020.

Sandbag’s Director Bryony Worthington said: “The EU must act now to reform the scheme, but to get the reforms right, it’s crucial that investors and civil society have access to the full information. Waiting until 2020 for reform, as the Commission has proposed, will mean we have low prices for most of the remainder of this decade, contributing to a rise in emissions from coal across Europe.

Reform of the ETS must include cancellation of the surplus and the introduction of other measures to restore the scheme to good health well before 2020. Only then can the ETS be referred to as the EU’s flagship climate policy, if early reform is not introduced other policies to constrain EU emissions will be needed.”

CMIA’s Executive Director Miles Austin said: “The surplus of EUAs is strangling the market, the EUA price is supposed to reflect the cost of reducing emissions instead it is reflecting people's assessment of the likelihood that it might one day reflect the ongoing cost of abatement. The current white paper from DG CLIMA has many excellent features but works to slowly meaning that the EU ETS will only be functioning as intended in a decade and half’s time. We simply cannot afford 15 years of lost time, either environmentally or economically. Radical reform of the ETS is urgently needed before 2020.

Carbon Market Watch’s Director Eva Filzmoser said: “The lack of transparency makes it impossible to check the origin of the 133 million offsets that entered the EU ETS in 2013. The Commission misleadingly claims that only carbon offsets from Least Developed Countries are eligible from 2013 while in practice, business-as-usual projects from China are still allowed and probably constitute the majority of international credits used, further undermining EU’s climate legislation.”

ENDS

© Scoop Media

 
 
 
 
 
World Headlines

 


Signs Of Ebola Decline In Liberia Offer ‘Glimmer Of Hope’

Equipped with UNICEF-developed and Government-approved awareness materials, these girls go door-to-door in West Point, Monrovia, to educate their parents, family members and friends about Ebola and how it can be prevented. Photo: UNICEF/UNI171713/Griggers More>>

ALSO:

Allegations Of Misreporting By Joint Darfur Mission

Ban ‘Deeply Troubled’ by Findings of Review of Allegations of Misreporting by Joint Darfur Mission More>>

Status Quo Not Viable Option’ In Jerusalem

Under-Secretary-General for Political Affairs Jeffrey Feltman briefs the Security Council at its meeting on the situation in the Middle East, including the Palestinian question. UN Photo/Eskinder Debebe More>>

ALSO:

  • ITUC - Israel’s Settlement Expansion is an Outrage
  • World News: No To TPP Trade-Offs

    No to TPP Trade-Offs, Say Public Health, Fair Trade Activists at Sydney TPP Ministers’ Meeting More>>

    ALSO:

  • AFTINET - Fair Trade Group Calls for Release of TPP Text
  • Al Jazeera Interpol Rejects Egypt Request For Red Notice On Journalist

    Interpol, the international organisation for police cooperation, has rejected a request from Egypt to issue one of its red notices against Ahmed Mansour, an Al Jazeera journalist. More>>

    UN-Backed Study: Fruit Flies To Prompt Better Pest Controls

    Bactrocera dorsalis is causing “incalculable damage to horticultural industries and food security” across a swathe of countries in Asia, Africa, the Pacific and parts of South America. Photo: IAEA/Viwat Wornoayporn More>>


    ‘The Only Way To Stop Ebola Is At Its Source’ – UN Chief

    Girls in the city of Voinjama look at a poster that displays information and illustrations about how to prevent the spread of Ebola. Photo: UNICEF/2014/Liberia/Jallanzo More>>

    ALSO:

  • Christian World Service - CWS appeals for help to Stop Ebola
  • UN: Multi-Billion Dollar Horn Of Africa Pledge

    UN’s Ban, Global Leaders Join Forces in Multi-Billion Dollar Horn of Africa Pledge More>>


     
     
     
     
     
    World
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news