Mar

5

Congress to Vote on ‘Cap-and-Trade’ Legislation by Summer

Filed Under CO2, CO2 Emissions, Cap and Trade Legislation, Climate Legislation, Obama | Comments Off

Two weeks after President Obama challenged Congress to send him a bill that “places a market-based cap on carbon pollution and drives the production of more renewable energy,” House and Senate leaders responded with an ambitious timetable for new “cap-and-trade” legislation, including a final Senate vote by the end of summer.  Read more

Mar

3

Obama Wants to Pay for Developing Countries Carbon Control

Filed Under Obama, United States Cap and Trade | Comments Off

Todd Stern, President Barack Obama’s special envoy for climate change, urged Congress today to pass carbon emissions cap and trade legislation before a global meeting in December.  In his comments, he made it clear that the United States will provide funds to help developing countries reduce their carbon emissions.  Recall this was the main issue the United States had with Kyoto under the Bush administration:  Read more

Feb

25

Turning carbon allowances into cash

Filed Under Cap and Trade, EU ETS, Obama, US Carbon Allowances, US Carbon Credits | Comments Off

Businessweek has an article out describing a well known glitch in the EU Emissions Trading Scheme (EU ETS) that basically gave the European companies free valuable assets (carbon allowances) that they are now selling for cold hard cash.

Dont get your hopes up though US.  Obama wont make the same mistake the Europeans made.

“They are using [carbon] allowances to raise cash because it’s so hard to get capital from banks,” says one market analyst, who declined to be named. “The lower demand for manufactured products means companies will have no trouble meeting their own offsetting obligations, so can sell excess allowances for a tidy profit.”

Feb

24

Obama may break campaign promise on climate legislation

Filed Under Carbon Market, Climate Legislation, Obama, US Carbon Market | Comments Off

Guardian reports:

Barack Obama has been forced to slow down a key green objective of his presidency: early legislation to reduce the carbon dioxide emissions that cause global warming.

Officials now concede that Congress is unlikely to pass such legislation by the end of 2009, a delay that could hurt efforts to reach a global treaty at the climate change conference in Copenhagen this December. It also frustrates hopes that last week’s huge infusion of green investment in the $787 bn economic rescue plan would give momentum to efforts to cut greenhouse gas emissions.

Presidential staff say America remains determined to play a leadership role at the climate talks in Copenhagen, but downplay prospects of taking steps to curb its own carbon emissions first.

“What is necessary is for us to demonstrate some leadership,” Nancy Sutley, the chair of the White House Council on Environmental Quality said. She brushed aside the idea that climate change legislation would be seen as evidence of leadership. “I wouldn’t comment on whether that is the only thing that would show leadership. It is still early on, and we just have to see how it all unfolds,” she said.

Feb

24

Obama’s budget includes emissions trading revenue

Filed Under Carbon Trading, Obama, US Carbon Market | Comments Off

2012?  Why not 2011, or 2010?  At least he’s realistic.  Here’s a question - where will the revenue come from?  There has been some debate on whether or not Obama would auction off the permits or hand them out like the EU ETS initially did, so this probably sheds some light on that debate.

From Reuters:

U.S. President Barack Obama’s budget accounts for revenues from an emissions trading system in 2012, White House spokesman Robert Gibbs said on Tuesday.

“That’s true,” Gibbs said when asked whether a cap and trade system for carbon dioxide (CO2) would be in place in time for revenues to be generated by 2012.

Feb

23

EPA to soon issue CO2 regulation rule

Filed Under Carol Browner, EPA, Obama, US Carbon Cap and Trade | Comments Off

MoneyCNN.com reports that President Barack Obama’s climate czar Carol Browner said on Sunday that the EPA is ready to issue regulation rules for carbon dioxide:

“EPA’s going to look at Mass. Vs. EPA and will make an endangerment finding,” Browner told Dow Jones Newswires in an interview. The Supreme Court ordered the EPA in the Mass. Vs. EPA case to determine if carbon dioxide endangered public health or welfare.

“The next step is a notice of proposed rulemaking” for new regulations on CO2 emissions, Browner said on the sidelines of the National Governors Association meeting, one of her first public appearances since the inauguration.  Read more

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