DAVID EBNER
From Thursday's Globe and Mail
March 5, 2008 at 7:32 PM EST
CALGARY — Oil sands projects could face tougher regulatory scrutiny after a federal court judge yesterday found the approval of Imperial Oil Ltd.'s $8-billion oil sands mine insufficient on climate change and greenhouse gas emissions.
A federal-Alberta review panel approved Imperial's Kearl mine last year, saying it was in the public interest, although it worried about “critical challenges” on environmental issues and local problems in Fort McMurray. Alta.
The panel didn't explain why it decided that 3.7 million tonnes of greenhouse gas emissions each year – equivalent of 800,000 cars on the road – wouldn't be significant, Federal Court of Canada Judge Danièle Tremblay-Lamer said in a judgment published yesterday.
“The panel dismissed as insignificant the greenhouse gas emissions without any rationale,” Judge Tremblay-Lamer wrote, calling on the panel to revisit the specific question.
The court victory by environmental groups, four of which had appealed the panel ruling, signals that the spotlight and assessment of oil sands projects will become ever-more intense.
While the decision focuses on the panel's decision to approve the mine rather than evidence presented by Imperial and its parent company, Exxon Mobil Corp. of Texas, it was hailed as a “landmark” in the oil sands by environmental groups.
Shawn Denstedt, a partner at law firm Osler Hoskin & Harcourt LLP in Calgary who works on many oil sands regulatory applications, said companies are ready to deal with tougher assessments. “The scrutiny of projects is becoming more and more stringent,” he said.
“This is another speed bump in the regulatory approval process, not a roadblock,” he said, adding that expected regulations on greenhouse gases from the federal government will provide further clarity.
Numerous large proposals are in the regulatory system right now, including major mines by Total SA of France, Anglo-Dutch Royal Dutch Shell PLC and Petro-Canada, as well as steam-injection projects by EnCana Corp. of Calgary.
The Federal Court judgment sided with Imperial on issues such as land management and endangered species, a win for industry, Mr. Denstedt said, but the spotlight on climate change and greenhouse gases is a challenge.
Imperial didn't return calls for comment. The Calgary-based company has said it plans to build a 300,000-barrel-a-day bitumen mine in three stages. Because of the court case and hyper-competition to build such projects, it hadn't yet decided whether to proceed.
Imperial has one month to initiate an appeal.
Sean Nixon, a lawyer at Ecojustice who represented the environmental groups, including Pembina Institute, said the decision's broader significance will be determined by what the regulatory review panel says in its amended approval.
Mr. Nixon also said it raises the question of whether reducing emissions per barrel, rather than cutting total greenhouse gases, is the right direction for governments in Canada to move.
“This will put some pressure on the federal and Alberta governments whether an intensity-based target is the right solution,” Mr. Nixon said.
Stephen Hazell, executive director of the Sierra Club Canada, said: “In effect, the Federal Court is saying that this hypocrisy has to stop.”
Showing posts with label Forest Carbon Credits and Investment. Show all posts
Showing posts with label Forest Carbon Credits and Investment. Show all posts
Wednesday, March 5, 2008
Real good discussion' in Hawaii, but no agreement
Greenwire, 1 February 2008 - Diplomats from the world's biggest economies ended a two-day climate conference in Honolulu last night in disagreement over specific emission reduction goals but praise for the Bush administration's efforts to help craft a new international global warming treaty.
"We are happy that the position of the United States is changing, and we welcome this and we welcome this meeting because it's a sign that the position has changed," Brice LaLonde, a top climate adviser to French President Nicolas Sarkozy, told reporters at the conclusion of the meetings. "Of course, we want more. We want more and we hope in the next weeks after these discussions we will be able to deliver more, but it's a good start."
The U.S.-led talks brought together the 17 major economies responsible for about 80 percent of the world's emissions. They didn't come to any conclusions on items considered critical for a climate agreement that would replace the Kyoto Protocol in 2013, such as emission targets, technology, financing, adaptation and deforestation.
At the closed-door talks, Europe pressed for a global pledge to cut heat-trapping emissions by midcentury by 50 percent compared with 1990 levels. U.S. officials responded that they would "seriously consider" such a goal. China raised its own concerns.
"We had a real good discussion, a real discussion face to face," LaLonde added. "Why don't you do that? Or could you do it this way?"
South Africa's climate representative, Shaun Vorster, said the post-Kyoto agreement should "strike a key balance" on emission cuts, adaptation and the other items. "Though in some issues we do not yet see eye to eye, I think we leave here with a much improved understanding, not only of each other's national positions, but also of underlying concerns and aspirations," he said.
The United Nations holds the reigns on the international climate negotiation process. Next up is a General Assembly meeting Feb. 11-12 in New York. Formal U.N. talks resume at the end of March, with end-of-the-year conference planned in Poznan, Poland.
Diplomats hope to reach a post-Kyoto agreement in December 2009 in Copenhagen.
No 'sexy headlines'
"This is a frustrating process for journalists," said Phil Woolas, the United Kingdom's minister for the environment. "It is not giving sexy headlines day by day, but ... this is not an edition of "24." This is the process to organize the second industrial revolution, and I thank the United States for providing the platform to do that."
Jim Connaughton, chairman of the White House Council on Environmental Quality, hosted the Hawaii meeting a few days after Bush lent the international process a boost in his seventh and presumably final State of the Union address.
"President Bush made very clear that the United States is prepared to enter into an international agreement that includes binding commitments as long as the other major economies are prepared to do so as well," Connaughton said yesterday. "Because such an agreement can only being effective if we all take such action together, but then we are doing a whole cascading series of domestic, mandatory programs."
The U.S-led major economy climate talks continue in April in France.
"We are happy that the position of the United States is changing, and we welcome this and we welcome this meeting because it's a sign that the position has changed," Brice LaLonde, a top climate adviser to French President Nicolas Sarkozy, told reporters at the conclusion of the meetings. "Of course, we want more. We want more and we hope in the next weeks after these discussions we will be able to deliver more, but it's a good start."
The U.S.-led talks brought together the 17 major economies responsible for about 80 percent of the world's emissions. They didn't come to any conclusions on items considered critical for a climate agreement that would replace the Kyoto Protocol in 2013, such as emission targets, technology, financing, adaptation and deforestation.
At the closed-door talks, Europe pressed for a global pledge to cut heat-trapping emissions by midcentury by 50 percent compared with 1990 levels. U.S. officials responded that they would "seriously consider" such a goal. China raised its own concerns.
"We had a real good discussion, a real discussion face to face," LaLonde added. "Why don't you do that? Or could you do it this way?"
South Africa's climate representative, Shaun Vorster, said the post-Kyoto agreement should "strike a key balance" on emission cuts, adaptation and the other items. "Though in some issues we do not yet see eye to eye, I think we leave here with a much improved understanding, not only of each other's national positions, but also of underlying concerns and aspirations," he said.
The United Nations holds the reigns on the international climate negotiation process. Next up is a General Assembly meeting Feb. 11-12 in New York. Formal U.N. talks resume at the end of March, with end-of-the-year conference planned in Poznan, Poland.
Diplomats hope to reach a post-Kyoto agreement in December 2009 in Copenhagen.
No 'sexy headlines'
"This is a frustrating process for journalists," said Phil Woolas, the United Kingdom's minister for the environment. "It is not giving sexy headlines day by day, but ... this is not an edition of "24." This is the process to organize the second industrial revolution, and I thank the United States for providing the platform to do that."
Jim Connaughton, chairman of the White House Council on Environmental Quality, hosted the Hawaii meeting a few days after Bush lent the international process a boost in his seventh and presumably final State of the Union address.
"President Bush made very clear that the United States is prepared to enter into an international agreement that includes binding commitments as long as the other major economies are prepared to do so as well," Connaughton said yesterday. "Because such an agreement can only being effective if we all take such action together, but then we are doing a whole cascading series of domestic, mandatory programs."
The U.S-led major economy climate talks continue in April in France.
Obama says stronger than McCain on climate change
Reuters, 8 February 2008 - U.S. presidential hopeful Barack Obama promised on Friday to start working on an international pact to reduce global warming if he becomes the Democratic nominee, touting his plan to reduce U.S. emissions as stronger than that of Republican front-runner John McCain.
Global warming has become a key issue in the race for the White House, with the top candidates in both political parties seeking to put a cap on greenhouse gases blamed for rising global temperatures.
Obama, an Illinois senator who is battling New York Senator Hillary Clinton to become their party's presidential nominee, said he would start developing the U.S. position on a pact to replace the Kyoto Protocol before the general election in November.
"I've been in conversations with former Vice President (Al) Gore repeatedly, and his recommendation, which I think is sound, is that you can't wait until you are sworn into office to get started," Obama told a news conference in Seattle.
"I think we need to start reaching out to other countries ahead of time, not because I'm presumptuous, but because there's such a sense of urgency about this."
Nearly 200 nations, including the United States, agreed at U.N.-led talks in December to launch negotiations on a new pact to fight global warming. But many environmentalists say real progress will only be made once President George W. Bush, who was long a global warming skeptic, leaves office.
Obama said he would not wait until January 2009, when the new president takes office, to get started.
"The moment I secure the nomination, I want to bring together experts in this area to start putting together the U.S. position ... what we're going to be doing internally, what we can agree to with other countries," he said.
"I know that my climate change plan is stronger than John McCain's," Obama said, citing his intention to make industrial polluters pay for the right to emit greenhouse gases.
McCain told reporters on his campaign plane that he had not seen Obama's plan so could not properly judge it.
"The debate is between the carbon tax and cap and trade," he said. "I will do whatever I can to get consensus on cap and trade legislation."
Obama, Clinton, and McCain all support building a so-called "cap and trade" system that would issue big polluters such as oil companies and power producers permits to emit carbon dioxide (CO2), the main gas blamed for global warming.
Global warming has become a key issue in the race for the White House, with the top candidates in both political parties seeking to put a cap on greenhouse gases blamed for rising global temperatures.
Obama, an Illinois senator who is battling New York Senator Hillary Clinton to become their party's presidential nominee, said he would start developing the U.S. position on a pact to replace the Kyoto Protocol before the general election in November.
"I've been in conversations with former Vice President (Al) Gore repeatedly, and his recommendation, which I think is sound, is that you can't wait until you are sworn into office to get started," Obama told a news conference in Seattle.
"I think we need to start reaching out to other countries ahead of time, not because I'm presumptuous, but because there's such a sense of urgency about this."
Nearly 200 nations, including the United States, agreed at U.N.-led talks in December to launch negotiations on a new pact to fight global warming. But many environmentalists say real progress will only be made once President George W. Bush, who was long a global warming skeptic, leaves office.
Obama said he would not wait until January 2009, when the new president takes office, to get started.
"The moment I secure the nomination, I want to bring together experts in this area to start putting together the U.S. position ... what we're going to be doing internally, what we can agree to with other countries," he said.
"I know that my climate change plan is stronger than John McCain's," Obama said, citing his intention to make industrial polluters pay for the right to emit greenhouse gases.
McCain told reporters on his campaign plane that he had not seen Obama's plan so could not properly judge it.
"The debate is between the carbon tax and cap and trade," he said. "I will do whatever I can to get consensus on cap and trade legislation."
Obama, Clinton, and McCain all support building a so-called "cap and trade" system that would issue big polluters such as oil companies and power producers permits to emit carbon dioxide (CO2), the main gas blamed for global warming.
Canadian Province Enlists Trees In Climate Fight
VANCOUVER, British Columbia - Canada's westernmost province plans to recruit its vast forests to help in the battle against climate change, with the goal of no net deforestation by 2015, British Columbia said Tuesday.
The province will also use its planned Pacific Carbon Trust to offer carbon offsets for purchase by private citizens, companies or other governments, the Liberal government government of Premier Gordon Campbell told the legislature in its annual policy speech.
It marked the second consecutive year the government had used the Speech from the Throne to focus on climate change. Last year Campbell promised the province would but emissions of greenhouse gasses 33 percent by 2020.
British Columbia's huge forest regions produce about half of Canada's softwood lumber exports, but the province also has to increase the number of trees it plants annually in urban areas such as Vancouver, the speech said.
The trees, which naturally trap carbon dioxide, would be planted in schoolyards, parks and other public spaces.
"Those new trees will help clean out air and lock away carbon dioxide that would otherwise contribute to global warming," the government said.
British Columbia also renewed its pledge to join a regional cap and trade system on carbon emissions with US states and other Canadian provinces, but did not say if it plans to enact a carbon tax.
More information on a carbon tax may be release next week, when the provincial budget for the 2008-2009 fiscal year is unveiled.
(Reporting Allan Dowd, Editing by Rob Wilson)
The province will also use its planned Pacific Carbon Trust to offer carbon offsets for purchase by private citizens, companies or other governments, the Liberal government government of Premier Gordon Campbell told the legislature in its annual policy speech.
It marked the second consecutive year the government had used the Speech from the Throne to focus on climate change. Last year Campbell promised the province would but emissions of greenhouse gasses 33 percent by 2020.
British Columbia's huge forest regions produce about half of Canada's softwood lumber exports, but the province also has to increase the number of trees it plants annually in urban areas such as Vancouver, the speech said.
The trees, which naturally trap carbon dioxide, would be planted in schoolyards, parks and other public spaces.
"Those new trees will help clean out air and lock away carbon dioxide that would otherwise contribute to global warming," the government said.
British Columbia also renewed its pledge to join a regional cap and trade system on carbon emissions with US states and other Canadian provinces, but did not say if it plans to enact a carbon tax.
More information on a carbon tax may be release next week, when the provincial budget for the 2008-2009 fiscal year is unveiled.
(Reporting Allan Dowd, Editing by Rob Wilson)
US Pacific Forest Trust and Natsource 2008
The Pacific Forest Trust and Natsource Announce
New York, NY and San Francisco, CA—The Pacific Forest Trust (PFT) and Natsource Asset Management
LLC (Natsource) announced today the completion of a landmark transaction of certified forest carbon
dioxide (CO2) emissions reductions. Natsource, a leading emissions and renewable energy asset manager,
bought 60,000 tons of carbon emissions reductions on behalf of its clients from a private forest owner
represented by PFT. The emissions reductions were created through sustainable forestry on a permanently
conserved property in California. This deal illustrates the significant role that management of existing
forests can play in addressing climate change. The transaction is the first commercial delivery of certified
emissions reductions under the Forest Protocols adopted last fall by the California Air Resources Board
(CARB). The Protocols are the first rigorous governmental accounting standards in the U.S. for climate
projects embracing forest management and avoided deforestation, while ensuring emissions reductions are
real, permanent, additional and verifiable.
“Today marks a significant milestone for the recognition of the real benefits of conserving and managing
U.S. forests to enhance their climate contributions,” announced PFT president Laurie Wayburn. “Investing
in the power of forests to protect our climate is a practical action that can and should be taken now to
reduce CO2 in our atmosphere. We are hoping that deals like this will provide policymakers around the
world with the confidence they need to ensure that forestry becomes part of the solution to address climate
change.”
CARB’s leadership in adopting the Forest Protocols is helping to stimulate a new asset class in global GHG
emissions markets, validating forests as a cost-effective means to achieve real GHG reductions. The Forest
Protocols, which are administered by the non-profit California Climate Action Registry (CCAR), can be
used as a model to ensure that forests be used to achieve enduring benefits and become a solution in the
fight against climate change.
“Until now, forest sequestration has been an untapped asset in the effort to address climate change,” said
Jack Cogen, Chief Executive Officer of Natsource. “Forestry can and should be an important part of the
portfolio of climate change solutions moving forward. This deal illustrates that when rigorous, clear rules
are adopted, these investments can reduce costs for our compliance customers and provide what we believe
are attractive investment opportunities. Natsource participated in this transaction because it complied with
Helen Pelzman
Public Affairs Director
Voice: 415-561-0700 x17
Mobile: 415-425-4136
Laurie Wayburn
President
Voice: 415-561-0700 x14
Richard Rosenzweig
Chief Operating Officer
Voice: 202-496-1423 x230
Mobile: 202-841-7276
Sharron Silvers
Gavin Anderson & Company
Voice: 212-515-1931
- more -
FOR IMMEDIATE RELEASE – MONDAY, FEBRUARY 11, 2008
California’s rigorous standards, and we believe that this will ensure that the sequestration will provide
enduring environmental and economic benefits.”
The CO2 emissions reductions purchased by Natsource clients were created by PFT’s Van Eck Forest
Project, in Humboldt County, CA, that uses the CO2 storage capabilities of a working redwood forest.
Owned by the Fred M. van Eck Forest Foundation, the 2,200acre forest is permanently protected by
a conservation easement. It is managed by the Pacific Forest Trust to increase carbon stores, restore
biodiversity and produce sustainable timber supplies.
The revenue from the purchase of some of the emissions reductions already generated by this project will
help finance the ongoing forest stewardship activities that will enable the forest to remove an estimated
500,000 more tons of CO2 from the atmosphere than would otherwise occur over the next 100 years – all
while still supplying substantially the same volume of wood products from the property that would have
been harvested under conventional management. Carbon sequestration is enhanced on the Van Eck Forest
by preventing business-as-usual logging of all the substantial volume of standing timber on the property
and by ensuring that selective harvest practices remove less timber volume than is grown, allowing carbon
stores to permanently increase.
The project’s emissions reductions are calculated using the scientific accounting standards of the Forest
Protocols, based on a detailed inventory of the forest and the effects of management parameters secured
by the permanent conservation easement. These calculations have been registered with CCAR after
independent third party certification by SGS, the world’s leading inspection, verification, testing and
certification company, working with Scientific Certification Systems, the leading U.S. forestry certification
company. Project data is available to the public from CCAR.
“Dangerous levels of CO2 in our atmosphere are the result of fossil fuel combustion and forest loss,”
continued Wayburn. “To successfully stabilize our climate, we must address both sources. Preventing
forest loss and increasing net sequestration through projects that meet rigorous standards, such as those in
California, can secure lasting emissions reductions.”
As the first asset manager to purchase Van Eck Forest emissions reductions, Natsource joins an impressive
group of climate leaders that have invested in the power of working forests through the Van Eck Forest
Project, including U. S. House Speaker Nancy Pelosi, California Governor Arnold Schwarzenegger,
California Assembly Speaker Fabian Nuñez (D) and California Environmental Protection Agency Secretary
Linda Adams.
“I applaud Natsource for investing in the long-term climate benefits of California’s forests. Natsource’s
leadership shows that global capital will flow to projects that meet rigorous international standards reducing
emissions of CO2,” commented Mary Nichols, Chairman of the California Air Resources Board, the lead
agency for implementing the state’s Global Warming Solutions Act.
- # # # -
About the Pacific Forest Trust
The Pacific Forest Trust (PFT) is the nation’s leading non-profit organization dedicated to protecting
America’s private working forests for their many public benefits, including climate stabilization. In
California, PFT has been instrumental in advancing the role of forests in the state’s climate change
programs, including the development of the Forest Protocols. Nationally, PFT published two landmark
reports: “America’s Private Forests: Status and Stewardship” (Island Press 2001) and “Forest Carbon in the
United States.” Through its Working Forests, Winning Climate initiative, PFT is advising state governments
and federal leaders about the inclusion of forest conservation and sustainable management in climate
policies, markets and best-practices.
To learn more about the Pacific Forest Trust, please visit: www.pacificforest.org
About Natsource LLC
With $1.2 billion in assets under management, Natsource is a leading provider of asset management,
origination, and advisory and research services in global emissions and renewable energy markets.
Natsource manages the Greenhouse Gas Credit Aggregation Pool (“GG-CAP”) which has approximately
US $800 million (€560 million) in committed capital. GG-CAP purchases greenhouse gas compliance
instruments created by projects that its participants can use to comply with emission reduction targets
from 2005-2012. Natsource Asset Management LLC manages approximately $400 million in private
investment vehicles and managed accounts. It attempts to use its regulatory, market and trading expertise
to opportunistically develop, hold and resell a portfolio of environmental assets with the goal of providing
superior returns to clients.
To learn more about Natsource Asset Management, please visit: www.natsource.com
New York, NY and San Francisco, CA—The Pacific Forest Trust (PFT) and Natsource Asset Management
LLC (Natsource) announced today the completion of a landmark transaction of certified forest carbon
dioxide (CO2) emissions reductions. Natsource, a leading emissions and renewable energy asset manager,
bought 60,000 tons of carbon emissions reductions on behalf of its clients from a private forest owner
represented by PFT. The emissions reductions were created through sustainable forestry on a permanently
conserved property in California. This deal illustrates the significant role that management of existing
forests can play in addressing climate change. The transaction is the first commercial delivery of certified
emissions reductions under the Forest Protocols adopted last fall by the California Air Resources Board
(CARB). The Protocols are the first rigorous governmental accounting standards in the U.S. for climate
projects embracing forest management and avoided deforestation, while ensuring emissions reductions are
real, permanent, additional and verifiable.
“Today marks a significant milestone for the recognition of the real benefits of conserving and managing
U.S. forests to enhance their climate contributions,” announced PFT president Laurie Wayburn. “Investing
in the power of forests to protect our climate is a practical action that can and should be taken now to
reduce CO2 in our atmosphere. We are hoping that deals like this will provide policymakers around the
world with the confidence they need to ensure that forestry becomes part of the solution to address climate
change.”
CARB’s leadership in adopting the Forest Protocols is helping to stimulate a new asset class in global GHG
emissions markets, validating forests as a cost-effective means to achieve real GHG reductions. The Forest
Protocols, which are administered by the non-profit California Climate Action Registry (CCAR), can be
used as a model to ensure that forests be used to achieve enduring benefits and become a solution in the
fight against climate change.
“Until now, forest sequestration has been an untapped asset in the effort to address climate change,” said
Jack Cogen, Chief Executive Officer of Natsource. “Forestry can and should be an important part of the
portfolio of climate change solutions moving forward. This deal illustrates that when rigorous, clear rules
are adopted, these investments can reduce costs for our compliance customers and provide what we believe
are attractive investment opportunities. Natsource participated in this transaction because it complied with
Helen Pelzman
Public Affairs Director
Voice: 415-561-0700 x17
Mobile: 415-425-4136
Laurie Wayburn
President
Voice: 415-561-0700 x14
Richard Rosenzweig
Chief Operating Officer
Voice: 202-496-1423 x230
Mobile: 202-841-7276
Sharron Silvers
Gavin Anderson & Company
Voice: 212-515-1931
- more -
FOR IMMEDIATE RELEASE – MONDAY, FEBRUARY 11, 2008
California’s rigorous standards, and we believe that this will ensure that the sequestration will provide
enduring environmental and economic benefits.”
The CO2 emissions reductions purchased by Natsource clients were created by PFT’s Van Eck Forest
Project, in Humboldt County, CA, that uses the CO2 storage capabilities of a working redwood forest.
Owned by the Fred M. van Eck Forest Foundation, the 2,200acre forest is permanently protected by
a conservation easement. It is managed by the Pacific Forest Trust to increase carbon stores, restore
biodiversity and produce sustainable timber supplies.
The revenue from the purchase of some of the emissions reductions already generated by this project will
help finance the ongoing forest stewardship activities that will enable the forest to remove an estimated
500,000 more tons of CO2 from the atmosphere than would otherwise occur over the next 100 years – all
while still supplying substantially the same volume of wood products from the property that would have
been harvested under conventional management. Carbon sequestration is enhanced on the Van Eck Forest
by preventing business-as-usual logging of all the substantial volume of standing timber on the property
and by ensuring that selective harvest practices remove less timber volume than is grown, allowing carbon
stores to permanently increase.
The project’s emissions reductions are calculated using the scientific accounting standards of the Forest
Protocols, based on a detailed inventory of the forest and the effects of management parameters secured
by the permanent conservation easement. These calculations have been registered with CCAR after
independent third party certification by SGS, the world’s leading inspection, verification, testing and
certification company, working with Scientific Certification Systems, the leading U.S. forestry certification
company. Project data is available to the public from CCAR.
“Dangerous levels of CO2 in our atmosphere are the result of fossil fuel combustion and forest loss,”
continued Wayburn. “To successfully stabilize our climate, we must address both sources. Preventing
forest loss and increasing net sequestration through projects that meet rigorous standards, such as those in
California, can secure lasting emissions reductions.”
As the first asset manager to purchase Van Eck Forest emissions reductions, Natsource joins an impressive
group of climate leaders that have invested in the power of working forests through the Van Eck Forest
Project, including U. S. House Speaker Nancy Pelosi, California Governor Arnold Schwarzenegger,
California Assembly Speaker Fabian Nuñez (D) and California Environmental Protection Agency Secretary
Linda Adams.
“I applaud Natsource for investing in the long-term climate benefits of California’s forests. Natsource’s
leadership shows that global capital will flow to projects that meet rigorous international standards reducing
emissions of CO2,” commented Mary Nichols, Chairman of the California Air Resources Board, the lead
agency for implementing the state’s Global Warming Solutions Act.
- # # # -
About the Pacific Forest Trust
The Pacific Forest Trust (PFT) is the nation’s leading non-profit organization dedicated to protecting
America’s private working forests for their many public benefits, including climate stabilization. In
California, PFT has been instrumental in advancing the role of forests in the state’s climate change
programs, including the development of the Forest Protocols. Nationally, PFT published two landmark
reports: “America’s Private Forests: Status and Stewardship” (Island Press 2001) and “Forest Carbon in the
United States.” Through its Working Forests, Winning Climate initiative, PFT is advising state governments
and federal leaders about the inclusion of forest conservation and sustainable management in climate
policies, markets and best-practices.
To learn more about the Pacific Forest Trust, please visit: www.pacificforest.org
About Natsource LLC
With $1.2 billion in assets under management, Natsource is a leading provider of asset management,
origination, and advisory and research services in global emissions and renewable energy markets.
Natsource manages the Greenhouse Gas Credit Aggregation Pool (“GG-CAP”) which has approximately
US $800 million (€560 million) in committed capital. GG-CAP purchases greenhouse gas compliance
instruments created by projects that its participants can use to comply with emission reduction targets
from 2005-2012. Natsource Asset Management LLC manages approximately $400 million in private
investment vehicles and managed accounts. It attempts to use its regulatory, market and trading expertise
to opportunistically develop, hold and resell a portfolio of environmental assets with the goal of providing
superior returns to clients.
To learn more about Natsource Asset Management, please visit: www.natsource.com
British Columbia Throne Speech 2008 - Carbon Plans
NEWS RELEASE
For Immediate Release
2008OTP0031-000196
Feb. 12, 2008
Office of the Premier
THRONE SPEECH LAYS GROUNDWORK FOR NEXT GENERATIONS
VICTORIA – The fourth session of the 38th parliament was launched today with a speech from the
throne that lays out new measures to create safe, secure communities, build excellence in education,
further strengthen the New Relationship with First Nations, and give British Columbians options to
become personally involved in combating climate change.
“Many members of this legislature will not be alive in 2050, but most have or will have
children and grandchildren who will be. It is for them that today’s decision makers must take action,”
said Premier Gordon Campbell. “By living smarter, we can save energy, water, fuel consumption, time
and money. We can reduce waste and get better value from our land, our limited natural resources and
our tax dollars.”
A healthy environment and educated populace are essential to healthy human development and
a globally competitive economy. A safe, humane society is the object and outcome of an enlightened,
prosperous and caring community. The bedrock of each goal is a strong economy.
Government outlines new LiveSmart BC strategy:
• LiveSmart BC will reward smart choices that will save energy, water, fuel, time and money.
• The new LiveSmart BC initiative will help to contain urban sprawl and reward development
that creates more affordable housing, new green spaces and more people-friendly
neighbourhoods.
• Consumers will be given new tools to help conserve energy and save money on their power
bills, such as Power Smart meters that will be installed in every home in British Columbia by
2012. That will give families new information and control over their power consumption.
• New “inclining block” rate structures will also allow families to choose and save by making
Power Smart choices.
• These changes and the BC Energy Plan will be supported by a new legislated direction for the
BC Utilities Commission.
• Green developments waiting for provincial environmental approvals will be fast-tracked and
given priority.
• The new Green Building Code will be finalized and implemented to save energy and water.
• All new provincial public buildings will be constructed to LEED Gold or equivalent standards.
Existing buildings will be retrofitted to make them more energy efficient, climate friendly and
healthier for public servants.
• Higher densities will be encouraged around new transit routes to help make them more
affordable and create affordable housing.
• Legislation will require local governments to incorporate greenhouse gas reduction targets and
supporting strategies in their Official Community Plans and Regional Growth Strategies.
- 2 -
• Legislation will be introduced this session to facilitate British Columbia’s participation in a
regional “cap and trade” system that is being developed under the Western Climate Initiative.
The framework for that system is scheduled for completion this year.
• A new Citizens’ Conservation Council will support B.C.’s mitigation efforts with public
education campaigns that will give citizens the tools and information they need to make
informed choices.
• A new Youth Climate Leadership Alliance will be formed that will comprise students and other
young people from across B.C. It will undertake paid government-sponsored field research,
mitigation work, afforestation projects and adaptation efforts.
• A new Youth LiveSmart outreach campaign will encourage young British Columbians to make
carbon-smart lifestyle choices that are good for the environment, their health, their pocketbooks
and our planet.
• The Scrap-It program will be expanded to get older vehicles with higher emissions off the road.
• Other LiveSmart BC education and outreach initiatives will be launched by the government and
the Pacific Institute for Climate Solutions.
Other initiatives to safeguard the environment and tackle climate change include:
• The Province will pursue a goal of zero net deforestation, and work with First Nations, industry
and communities to put that goal into law by 2010 and establish a viable strategy for realizing
that vision by 2015.
• A new Trees for Tomorrow program will launch a large, urban afforestation initiative. Millions
of trees will be planted in backyards, schoolyards, hospital grounds, civic parks, campuses,
parking lots and other public spaces across B.C.
• Major investments in tree nurseries will be made to assist this initiative.
• All forest land currently identified as not sufficiently restocked will be replanted and no “NSR”
backlogs will be allowed to develop in ensuing years.
• The Forests for Tomorrow program will plant an additional 60 million seedlings over the next
four years.
• The discharge of landfill gas will be regulated to foster the capture and conversion of emissions
into clean energy.
• A new “Brownfields to Greenfields” redevelopment strategy will target existing “dirty” sites
for the creation of well-treed, green, liveable communities.
• Standards for low-carbon fuel content will be adopted to reduce the carbon intensity of motor
vehicle fuels by 10 per cent by 2020, and new incentives will be created to encourage the
purchase of fuel efficient vehicles.
• The new BC Bioenergy Strategy will create new opportunities in clean technology for rural
communities, for independent power producers, and for our forest and agriculture industries.
• New investments will be made in plug-in hybrid electric vehicles, hydrogen-powered buses,
clean retrofits of dirty diesel trucks and the electrification of truck stops.
• The Innovative Clean Energy Fund will help create 100,000 solar roofs in British Columbia
and build on B.C.’s expertise in solar technology.
• A new Pacific Carbon Trust will foster economic growth from new opportunities in carbon
credit trading and carbon offsets. The Trust will invest in made-in-B.C. offset projects that
produce emissions reductions that are permanent, measurable, verifiable, and additional, and
that are regulated by government. Projects in energy efficiency, renewable energy, carbon
capture and sequestration – including incremental tree planting – will all be eligible.
• The Trust will manage the revenues generated from government’s plan to become carbon
neutral by 2010. It will be open to offset purchases from private citizens, companies and other
governments alike.
- 3 -
• The Province will expand British Columbia’s hydrometric and other climate-related networks
to improve our ability to monitor, predict and adapt to these conditions.
• The legislature will be asked to adopt new California-equivalent vehicle tailpipe emission
standards, in tandem with California and a number of other states and provinces.
• Amendments to the Wildlife Act will build on the Mountain Caribou Recovery Plan, the
Vancouver Island Marmot Recovery Project and the Kitasoo Spirit Bear Conservancy.
• Tough new penalties will prevent and punish poaching and killing endangered species.
• Comprehensive air and water stewardship strategies will be released this spring, as new steps
are taken to combat global warming.
• This session, all members will be asked to build on the record of environmental stewardship
with new conservancies and parks envisioned in approved land use plans.
• A climate action plan will be released shortly after the budget. It will be annually updated and
founded on personal responsibility, sound science and economic reality.
Live smart means safe, supportive communities. Initiatives to create safe, secure communities
include:
• A comprehensive review of sentencing practices will address why sentences in B.C. tend to be
shorter than in other provinces for crimes such as theft, homicide, property crimes, fraud,
impaired driving and drug possession. It will also assess how the federal government’s anticrime
measures might affect demands on our police, Crown prosecutors, courts and
correctional system.
• That information will contribute to a Community Safety Strategy that will be released this fall.
That strategy will include enhanced policing, new community courts and expanded correctional
capacity.
• Amendments to the Police Act will aim to implement Josiah Wood’s recommendations to
improve transparency, accountability and public confidence in the police complaints process.
• An updated 10-year mental health plan will be completed.
• Patients with severe mental illnesses who require intensive, sustained and complex medical
treatment will be provided care in new and existing facilities at Willingdon in Burnaby, which
will be retrofitted and opened this year, and at Riverview in Coquitlam.
• A new multi-year investment will be made to revitalize Vancouver’s Downtown Eastside.
Anchored by the new Woodward’s project, new public initiatives will be undertaken in
partnership with the city and the neighbourhoods to enhance the 40-block area that includes
Gastown, Chinatown, Strathcona and Japantown.
• Communities will be required to include provision for mental health and addiction service
facilities in their community plans.
• Expanded outreach programs will help lift people out of the street and offer them personalized
support.
• A “211” service, in partnership with the United Way, will be launched to give citizens new
telephone access to information about the full range of social services offered in their
communities.
• The Province will work with local governments to explore the potential to further integrate
policing and to examine the possibilities for amalgamating police forces.
• More will also be done, as government implements the Hughes recommendations on child
protection, improves programs to prevent violence against women, and increases support to
people with developmental disabilities, children with special needs and their families.
- 4 -
New initiatives to strengthen the New Relationship with B.C.’s First Nations include:
• Support for fast-tracked treaty negotiations at common tables, as suggested by the BC Treaty
Commission and First Nations.
• Pursuing “incremental treaty agreements” to help First Nations benefit earlier in the treatymaking
process.
• Aboriginal rights to harvest wood for domestic purposes on Crown land will be given new
statutory recognition.
• New investments in carbon offset projects that benefit First Nations will be an integral part of
government’s climate action plan.
• The Province will work with First Nations and the federal government to put Jordan’s Principle
into action, and to strengthen services for Aboriginal children and families. That principle says
the interests of Aboriginal children must always be paramount, and that no child, on- or offreserve,
should be put at risk due to jurisdictional disputes.
• New legislation will enable Aboriginal authorities to assume legal responsibility for the
delivery of most child and family services in their communities.
• The Province will contribute to the establishment of the Stehiyaq Healing and Wellness Village
in the Fraser Valley.
• New mechanisms will facilitate effective engagement of all parties in meaningful consultation
and help First Nations participate as equity partners in major economic development projects.
New initiatives to build educational excellence include:
• A new program leading to a certificate in leadership will be introduced for teachers.
• New powers will be given to the College of Teachers to remove the teaching certificate of any
member who is found to be incompetent.
• New steps will be taken to expand B.C.’s public university system, provide new clarity of
purpose in our post-secondary institutions and create new opportunities for higher learning.
Funding will be targeted where it is needed most, to meet skills demands with added training
capacity for skilled workers.
• The Provincial Nominee Program and the successful Skills Connect for Immigrants program
will be expanded to help meet the demand for skilled workers.
• Post-secondary students will be given new consumer protection as institutional accountability
is strengthened under the new Education Quality Assurance program.
• A major new arts endowment will provide lasting benefits to all British Columbians.
• Steps will be taken to enhance the Vancouver Art Gallery’s international reputation as a
showcase of B.C. art of all genres, cultures and regions.
• The Province will support the establishment of a National Maritime Centre for the Pacific and
the Arctic in North Vancouver.
New initiatives for B.C. children include:
• Another 316 StrongStart BC centres will be added in the next two years, for a total of 400 in
B.C. by 2010. StrongStart BC is a free, drop-in early learning program for preschool-aged
children accompanied by a parent or caregiver.
• A new Early Childhood Learning Agency will be established. It will assess the feasibility and
costs of full school day kindergarten for five-year-olds. It will also undertake a feasibility
study of providing parents with the choice of day-long kindergarten for four-year-olds by 2010,
and for three-year-olds by 2012. That report will be completed and released within the year.
- 5 -
• A new Centre for Autism Education and Research will be developed that will provide a
residential environment for children with autism and create a national hub for research and a
centre for parental supports.
• Creating new “Walking School Bus” and “Bicycle Train” programs to encourage children to
walk or bicycle to school with adult supervision.
• Enacting new legislation to ban smoking in vehicles when children are present.
• Expanded pediatric oncology research will offer new hope for cancer prevention and treatment
specifically focused on children.
• Committing to the upgrading and expansion of BC Children’s Hospital.
Next week’s budget will build on other initiatives to support B.C.’s continued economic
prosperity that include:
• Pursuing creation of a new northern energy corridor from Prince Rupert to Prince George.
• Pursue the next phase of the Port of Prince Rupert development, in co-operation with First
Nations and the federal government.
• Working with the federal government, a new integrated Pacific Ports Strategy will also be
developed to make the most of Canada’s Pacific Gateway.
• Amendments to the Employment Standards Act will improve protection for farm workers and
prohibit agricultural producers from using unlicensed farm labour contractors.
• The new Working Roundtable on Forestry will recommend new possibilities for forestry,
including new tenures; and a 90-day regulatory and process review will cut unnecessary
administrative and process costs.
• New pension bridging opportunities will be developed for older workers nearing retirement.
New training opportunities will also be offered to help forest workers who have been
temporarily laid off to upgrade skills and earning potential.
• The new BC Bioenergy Strategy will create new opportunities in cellulosic ethanol, biodiesel
and other clean, renewable fuels.
• The consultation now underway will continue to advance the potential for Site C, which could
be a major economic catalyst for rural British Columbia in years to come.
• A new British Columbia Agriculture Plan will ensure farming continues to have a bright future
in B.C.
-30-
Media
contact:
Dale Steeves
Communications Director
Office of the Premier
250 387-6605
For more information on government services or to subscribe to the Province’s news feeds using RSS,
visit the Province’s website at www.gov.bc.ca.
For Immediate Release
2008OTP0031-000196
Feb. 12, 2008
Office of the Premier
THRONE SPEECH LAYS GROUNDWORK FOR NEXT GENERATIONS
VICTORIA – The fourth session of the 38th parliament was launched today with a speech from the
throne that lays out new measures to create safe, secure communities, build excellence in education,
further strengthen the New Relationship with First Nations, and give British Columbians options to
become personally involved in combating climate change.
“Many members of this legislature will not be alive in 2050, but most have or will have
children and grandchildren who will be. It is for them that today’s decision makers must take action,”
said Premier Gordon Campbell. “By living smarter, we can save energy, water, fuel consumption, time
and money. We can reduce waste and get better value from our land, our limited natural resources and
our tax dollars.”
A healthy environment and educated populace are essential to healthy human development and
a globally competitive economy. A safe, humane society is the object and outcome of an enlightened,
prosperous and caring community. The bedrock of each goal is a strong economy.
Government outlines new LiveSmart BC strategy:
• LiveSmart BC will reward smart choices that will save energy, water, fuel, time and money.
• The new LiveSmart BC initiative will help to contain urban sprawl and reward development
that creates more affordable housing, new green spaces and more people-friendly
neighbourhoods.
• Consumers will be given new tools to help conserve energy and save money on their power
bills, such as Power Smart meters that will be installed in every home in British Columbia by
2012. That will give families new information and control over their power consumption.
• New “inclining block” rate structures will also allow families to choose and save by making
Power Smart choices.
• These changes and the BC Energy Plan will be supported by a new legislated direction for the
BC Utilities Commission.
• Green developments waiting for provincial environmental approvals will be fast-tracked and
given priority.
• The new Green Building Code will be finalized and implemented to save energy and water.
• All new provincial public buildings will be constructed to LEED Gold or equivalent standards.
Existing buildings will be retrofitted to make them more energy efficient, climate friendly and
healthier for public servants.
• Higher densities will be encouraged around new transit routes to help make them more
affordable and create affordable housing.
• Legislation will require local governments to incorporate greenhouse gas reduction targets and
supporting strategies in their Official Community Plans and Regional Growth Strategies.
- 2 -
• Legislation will be introduced this session to facilitate British Columbia’s participation in a
regional “cap and trade” system that is being developed under the Western Climate Initiative.
The framework for that system is scheduled for completion this year.
• A new Citizens’ Conservation Council will support B.C.’s mitigation efforts with public
education campaigns that will give citizens the tools and information they need to make
informed choices.
• A new Youth Climate Leadership Alliance will be formed that will comprise students and other
young people from across B.C. It will undertake paid government-sponsored field research,
mitigation work, afforestation projects and adaptation efforts.
• A new Youth LiveSmart outreach campaign will encourage young British Columbians to make
carbon-smart lifestyle choices that are good for the environment, their health, their pocketbooks
and our planet.
• The Scrap-It program will be expanded to get older vehicles with higher emissions off the road.
• Other LiveSmart BC education and outreach initiatives will be launched by the government and
the Pacific Institute for Climate Solutions.
Other initiatives to safeguard the environment and tackle climate change include:
• The Province will pursue a goal of zero net deforestation, and work with First Nations, industry
and communities to put that goal into law by 2010 and establish a viable strategy for realizing
that vision by 2015.
• A new Trees for Tomorrow program will launch a large, urban afforestation initiative. Millions
of trees will be planted in backyards, schoolyards, hospital grounds, civic parks, campuses,
parking lots and other public spaces across B.C.
• Major investments in tree nurseries will be made to assist this initiative.
• All forest land currently identified as not sufficiently restocked will be replanted and no “NSR”
backlogs will be allowed to develop in ensuing years.
• The Forests for Tomorrow program will plant an additional 60 million seedlings over the next
four years.
• The discharge of landfill gas will be regulated to foster the capture and conversion of emissions
into clean energy.
• A new “Brownfields to Greenfields” redevelopment strategy will target existing “dirty” sites
for the creation of well-treed, green, liveable communities.
• Standards for low-carbon fuel content will be adopted to reduce the carbon intensity of motor
vehicle fuels by 10 per cent by 2020, and new incentives will be created to encourage the
purchase of fuel efficient vehicles.
• The new BC Bioenergy Strategy will create new opportunities in clean technology for rural
communities, for independent power producers, and for our forest and agriculture industries.
• New investments will be made in plug-in hybrid electric vehicles, hydrogen-powered buses,
clean retrofits of dirty diesel trucks and the electrification of truck stops.
• The Innovative Clean Energy Fund will help create 100,000 solar roofs in British Columbia
and build on B.C.’s expertise in solar technology.
• A new Pacific Carbon Trust will foster economic growth from new opportunities in carbon
credit trading and carbon offsets. The Trust will invest in made-in-B.C. offset projects that
produce emissions reductions that are permanent, measurable, verifiable, and additional, and
that are regulated by government. Projects in energy efficiency, renewable energy, carbon
capture and sequestration – including incremental tree planting – will all be eligible.
• The Trust will manage the revenues generated from government’s plan to become carbon
neutral by 2010. It will be open to offset purchases from private citizens, companies and other
governments alike.
- 3 -
• The Province will expand British Columbia’s hydrometric and other climate-related networks
to improve our ability to monitor, predict and adapt to these conditions.
• The legislature will be asked to adopt new California-equivalent vehicle tailpipe emission
standards, in tandem with California and a number of other states and provinces.
• Amendments to the Wildlife Act will build on the Mountain Caribou Recovery Plan, the
Vancouver Island Marmot Recovery Project and the Kitasoo Spirit Bear Conservancy.
• Tough new penalties will prevent and punish poaching and killing endangered species.
• Comprehensive air and water stewardship strategies will be released this spring, as new steps
are taken to combat global warming.
• This session, all members will be asked to build on the record of environmental stewardship
with new conservancies and parks envisioned in approved land use plans.
• A climate action plan will be released shortly after the budget. It will be annually updated and
founded on personal responsibility, sound science and economic reality.
Live smart means safe, supportive communities. Initiatives to create safe, secure communities
include:
• A comprehensive review of sentencing practices will address why sentences in B.C. tend to be
shorter than in other provinces for crimes such as theft, homicide, property crimes, fraud,
impaired driving and drug possession. It will also assess how the federal government’s anticrime
measures might affect demands on our police, Crown prosecutors, courts and
correctional system.
• That information will contribute to a Community Safety Strategy that will be released this fall.
That strategy will include enhanced policing, new community courts and expanded correctional
capacity.
• Amendments to the Police Act will aim to implement Josiah Wood’s recommendations to
improve transparency, accountability and public confidence in the police complaints process.
• An updated 10-year mental health plan will be completed.
• Patients with severe mental illnesses who require intensive, sustained and complex medical
treatment will be provided care in new and existing facilities at Willingdon in Burnaby, which
will be retrofitted and opened this year, and at Riverview in Coquitlam.
• A new multi-year investment will be made to revitalize Vancouver’s Downtown Eastside.
Anchored by the new Woodward’s project, new public initiatives will be undertaken in
partnership with the city and the neighbourhoods to enhance the 40-block area that includes
Gastown, Chinatown, Strathcona and Japantown.
• Communities will be required to include provision for mental health and addiction service
facilities in their community plans.
• Expanded outreach programs will help lift people out of the street and offer them personalized
support.
• A “211” service, in partnership with the United Way, will be launched to give citizens new
telephone access to information about the full range of social services offered in their
communities.
• The Province will work with local governments to explore the potential to further integrate
policing and to examine the possibilities for amalgamating police forces.
• More will also be done, as government implements the Hughes recommendations on child
protection, improves programs to prevent violence against women, and increases support to
people with developmental disabilities, children with special needs and their families.
- 4 -
New initiatives to strengthen the New Relationship with B.C.’s First Nations include:
• Support for fast-tracked treaty negotiations at common tables, as suggested by the BC Treaty
Commission and First Nations.
• Pursuing “incremental treaty agreements” to help First Nations benefit earlier in the treatymaking
process.
• Aboriginal rights to harvest wood for domestic purposes on Crown land will be given new
statutory recognition.
• New investments in carbon offset projects that benefit First Nations will be an integral part of
government’s climate action plan.
• The Province will work with First Nations and the federal government to put Jordan’s Principle
into action, and to strengthen services for Aboriginal children and families. That principle says
the interests of Aboriginal children must always be paramount, and that no child, on- or offreserve,
should be put at risk due to jurisdictional disputes.
• New legislation will enable Aboriginal authorities to assume legal responsibility for the
delivery of most child and family services in their communities.
• The Province will contribute to the establishment of the Stehiyaq Healing and Wellness Village
in the Fraser Valley.
• New mechanisms will facilitate effective engagement of all parties in meaningful consultation
and help First Nations participate as equity partners in major economic development projects.
New initiatives to build educational excellence include:
• A new program leading to a certificate in leadership will be introduced for teachers.
• New powers will be given to the College of Teachers to remove the teaching certificate of any
member who is found to be incompetent.
• New steps will be taken to expand B.C.’s public university system, provide new clarity of
purpose in our post-secondary institutions and create new opportunities for higher learning.
Funding will be targeted where it is needed most, to meet skills demands with added training
capacity for skilled workers.
• The Provincial Nominee Program and the successful Skills Connect for Immigrants program
will be expanded to help meet the demand for skilled workers.
• Post-secondary students will be given new consumer protection as institutional accountability
is strengthened under the new Education Quality Assurance program.
• A major new arts endowment will provide lasting benefits to all British Columbians.
• Steps will be taken to enhance the Vancouver Art Gallery’s international reputation as a
showcase of B.C. art of all genres, cultures and regions.
• The Province will support the establishment of a National Maritime Centre for the Pacific and
the Arctic in North Vancouver.
New initiatives for B.C. children include:
• Another 316 StrongStart BC centres will be added in the next two years, for a total of 400 in
B.C. by 2010. StrongStart BC is a free, drop-in early learning program for preschool-aged
children accompanied by a parent or caregiver.
• A new Early Childhood Learning Agency will be established. It will assess the feasibility and
costs of full school day kindergarten for five-year-olds. It will also undertake a feasibility
study of providing parents with the choice of day-long kindergarten for four-year-olds by 2010,
and for three-year-olds by 2012. That report will be completed and released within the year.
- 5 -
• A new Centre for Autism Education and Research will be developed that will provide a
residential environment for children with autism and create a national hub for research and a
centre for parental supports.
• Creating new “Walking School Bus” and “Bicycle Train” programs to encourage children to
walk or bicycle to school with adult supervision.
• Enacting new legislation to ban smoking in vehicles when children are present.
• Expanded pediatric oncology research will offer new hope for cancer prevention and treatment
specifically focused on children.
• Committing to the upgrading and expansion of BC Children’s Hospital.
Next week’s budget will build on other initiatives to support B.C.’s continued economic
prosperity that include:
• Pursuing creation of a new northern energy corridor from Prince Rupert to Prince George.
• Pursue the next phase of the Port of Prince Rupert development, in co-operation with First
Nations and the federal government.
• Working with the federal government, a new integrated Pacific Ports Strategy will also be
developed to make the most of Canada’s Pacific Gateway.
• Amendments to the Employment Standards Act will improve protection for farm workers and
prohibit agricultural producers from using unlicensed farm labour contractors.
• The new Working Roundtable on Forestry will recommend new possibilities for forestry,
including new tenures; and a 90-day regulatory and process review will cut unnecessary
administrative and process costs.
• New pension bridging opportunities will be developed for older workers nearing retirement.
New training opportunities will also be offered to help forest workers who have been
temporarily laid off to upgrade skills and earning potential.
• The new BC Bioenergy Strategy will create new opportunities in cellulosic ethanol, biodiesel
and other clean, renewable fuels.
• The consultation now underway will continue to advance the potential for Site C, which could
be a major economic catalyst for rural British Columbia in years to come.
• A new British Columbia Agriculture Plan will ensure farming continues to have a bright future
in B.C.
-30-
Media
contact:
Dale Steeves
Communications Director
Office of the Premier
250 387-6605
For more information on government services or to subscribe to the Province’s news feeds using RSS,
visit the Province’s website at www.gov.bc.ca.
Canada's Turning the Corner Plan
Canada's New Government Announces Mandatory Industrial Targets to Tackle Climate Change and Reduce Air Pollution
TORONTO, Ontario, April 26, 2007 - The Honourable John Baird, Minister of the Environment, today unveiled Turning the Corner: An Action Plan to Reduce Greenhouse Gases and Air Pollution, which will see the federal government for the first-time ever force industry to reduce greenhouse gases and air pollution.
Canada's New Government will impose mandatory targets on industry, so that greenhouse gases come down and we achieve our goal of an absolute reduction of 150 megatonnes by 2020. As well, we will impose targets on industry so that air pollution from industry is cut in half by 2015.
"Canada needs to do a U-Turn, because we are going in the wrong direction. Since the Liberals promised to reduce greenhouse gases in 1997, they have only gone up," said Minister Baird. "Canadians want action, they want it now and our government is delivering. We are serving notice that beginning today, industry will need to make real reductions."
Industry produces about half of Canada's greenhouse gas and air pollution. The Government is setting targets that begin immediately for reducing industrial greenhouse gas emissions and air pollution.
These industrial targets, combined with the other actions announced to date to tackle climate change, will turn things around. Under the previous government, greenhouse gas emissions went up year after year. Canada's New Government's Turning the Corner Plan, by contrast, will cut 150 megatonnes by 2020.
"In as little as three years, greenhouse gases could be going down, instead of up," said Minister Baird. "After years of inaction, Canada now has one of the most aggressive plans to tackle greenhouse gases and air pollution in the world."
Companies will be able to choose the most cost-effective way to meet their targets from a range of options: in-house reductions, contributions to a capped technology fund, domestic emissions trading and offsets and access to the Kyoto Protocol's Clean Development Mechanism. Companies that have already reduced their greenhouse gas emissions prior to 2006 will be rewarded with a limited one-time credit for early action.
These tough industrial regulations will have real, tangible health and environmental benefits for Canadians, and these, in turn, will have many positive economic effects. The Government's Turning the Corner Plan will promote investment in technology and innovation in Canada, yielding long-term economic benefits from enhanced productivity, improved energy efficiency, greater competitiveness, more opportunity to sell Canadian environmental products and know-how abroad, and more jobs for Canadians.
In addition to measures to reduce air emissions from industry, this Government is committed to addressing emissions from transportation by regulating for the first time the fuel efficiency of cars and light duty trucks, beginning with the 2011 model year. We will also strengthen energy efficiency standards for a number of energy-using products, including light bulbs, and for the first time ever, the Government has recognized the urgent need to take action to improve indoor air quality and committed to implement measures to do so.
For more information on what the Government is doing to tackle climate change and reduce air pollution, visit www.ecoaction.gc.ca or call 1 800 O-Canada ( 1 800 622-6232 , or TTY 1-800-926-9105 ).
TORONTO, Ontario, April 26, 2007 - The Honourable John Baird, Minister of the Environment, today unveiled Turning the Corner: An Action Plan to Reduce Greenhouse Gases and Air Pollution, which will see the federal government for the first-time ever force industry to reduce greenhouse gases and air pollution.
Canada's New Government will impose mandatory targets on industry, so that greenhouse gases come down and we achieve our goal of an absolute reduction of 150 megatonnes by 2020. As well, we will impose targets on industry so that air pollution from industry is cut in half by 2015.
"Canada needs to do a U-Turn, because we are going in the wrong direction. Since the Liberals promised to reduce greenhouse gases in 1997, they have only gone up," said Minister Baird. "Canadians want action, they want it now and our government is delivering. We are serving notice that beginning today, industry will need to make real reductions."
Industry produces about half of Canada's greenhouse gas and air pollution. The Government is setting targets that begin immediately for reducing industrial greenhouse gas emissions and air pollution.
These industrial targets, combined with the other actions announced to date to tackle climate change, will turn things around. Under the previous government, greenhouse gas emissions went up year after year. Canada's New Government's Turning the Corner Plan, by contrast, will cut 150 megatonnes by 2020.
"In as little as three years, greenhouse gases could be going down, instead of up," said Minister Baird. "After years of inaction, Canada now has one of the most aggressive plans to tackle greenhouse gases and air pollution in the world."
Companies will be able to choose the most cost-effective way to meet their targets from a range of options: in-house reductions, contributions to a capped technology fund, domestic emissions trading and offsets and access to the Kyoto Protocol's Clean Development Mechanism. Companies that have already reduced their greenhouse gas emissions prior to 2006 will be rewarded with a limited one-time credit for early action.
These tough industrial regulations will have real, tangible health and environmental benefits for Canadians, and these, in turn, will have many positive economic effects. The Government's Turning the Corner Plan will promote investment in technology and innovation in Canada, yielding long-term economic benefits from enhanced productivity, improved energy efficiency, greater competitiveness, more opportunity to sell Canadian environmental products and know-how abroad, and more jobs for Canadians.
In addition to measures to reduce air emissions from industry, this Government is committed to addressing emissions from transportation by regulating for the first time the fuel efficiency of cars and light duty trucks, beginning with the 2011 model year. We will also strengthen energy efficiency standards for a number of energy-using products, including light bulbs, and for the first time ever, the Government has recognized the urgent need to take action to improve indoor air quality and committed to implement measures to do so.
For more information on what the Government is doing to tackle climate change and reduce air pollution, visit www.ecoaction.gc.ca or call 1 800 O-Canada ( 1 800 622-6232 , or TTY 1-800-926-9105 ).
US ready for 'binding' reductions of greenhouse gases
US ready for 'binding' reductions of greenhouse gases: official
AFP, 25 February 2008 - The United States is ready to accept "binding international obligations" to reduce greenhouse gases, which could be announced as soon as July, a senior White House official said here Monday.
Daniel Price, assistant to President George W. Bush for International Economic Affairs, said the undertaking would have to be made as part of a "global agreement" in which all major economies would make the same commitment.
The agreement could be announced "in conjunction" with the G8 summit of the world's most industrialised nations in Japan in July, Price told journalists, without fixing a date.
"We would like to reach an agreement on a long term global reduction goal -- this is a collective goal," Price said.
Price, accompanied by James Connaughton, chairman of the White House's Council on Environmental Quality, was in Paris to lay the groundwork for a meeting here of "major economies" that account for 80 percent of the greenhouse gases that drive climate change, expected for mid-April.
The group of 17 -- including the G8 nations, the EU and major developing economies such as China and India -- met at Bush's behest last September in Washington, and then again in January, in Hawaii.
The United States refused to ratify the Kyoto Protocol, the UN agreement mandating emissions reductions for industrialised nations through 2012, because it did not cover developing nations.
"An effective framework requires the participation of all major economies, developed and developing alike," Price said. "Europe and the US could turn out the lights today and come 2030, come 2050 we would not have addressed the problem of climate change."
China is poised to surpass the United States as the world's top emitter of greenhouse gases. It already uses twice as much coal -- the most polluting of all carbon-based fuels -- and is projected to use five times as much by 2020.
There are currently some 26 million cars and trucks in China, and that number could increase 10-fold within decades, experts say.
But critics of the US position say that trying to force China and India into accepting binding commitments of greenhouse gases is neither realistic or fair.
"It isn't going to happen," said Stephan Singer, a climate change expert at the World Wildlife Fund.
He points to the fact that China's per capita output of greenhouse gases is far below either the United States, which has the highest levels in the world, or Europe.
"Why should they (China and India) do something when the United States has done nothing for the last eight years?", he said.
UN-brokered negotiations in Bali in December set a deadline for a new post-2012 global agreement on how to fight climate change for the end of 2009.
Price said he was "frustrated" at repeated criticisms that the United States had launched their initiative -- which focuses on technology-driven solutions to climate change -- to compete with UN-sponsored negotiations.
"The major economies process is intended to supplement, compliment and support the UN negotiations. It is not an alternative to those negotiations," he said.
He said the United States has already shown its willingness to engage in binding agreements, pointing to a handful of national programmes implemented since 2001 to reduce greenhouse gas emissions and improve energy efficiency.
A mandate to increase production of renewable fuels by 500 percent before 2022, for example, would replace 15 percent of current oil fossil fuel consumption with renewable alternatives, he said.
Other national measures mandate a 70 percent increase in lighting efficiency, more stringent energy standards for dozens of appliances, and a 30 percent improvement in energy efficiency for the US government, which accounts for one-sixth of the domestic economy.
"It is constantly suggested that the US favours only aspirational goals, non-binding goals, voluntary measures," he told journalists. "That is simply not true."
AFP, 25 February 2008 - The United States is ready to accept "binding international obligations" to reduce greenhouse gases, which could be announced as soon as July, a senior White House official said here Monday.
Daniel Price, assistant to President George W. Bush for International Economic Affairs, said the undertaking would have to be made as part of a "global agreement" in which all major economies would make the same commitment.
The agreement could be announced "in conjunction" with the G8 summit of the world's most industrialised nations in Japan in July, Price told journalists, without fixing a date.
"We would like to reach an agreement on a long term global reduction goal -- this is a collective goal," Price said.
Price, accompanied by James Connaughton, chairman of the White House's Council on Environmental Quality, was in Paris to lay the groundwork for a meeting here of "major economies" that account for 80 percent of the greenhouse gases that drive climate change, expected for mid-April.
The group of 17 -- including the G8 nations, the EU and major developing economies such as China and India -- met at Bush's behest last September in Washington, and then again in January, in Hawaii.
The United States refused to ratify the Kyoto Protocol, the UN agreement mandating emissions reductions for industrialised nations through 2012, because it did not cover developing nations.
"An effective framework requires the participation of all major economies, developed and developing alike," Price said. "Europe and the US could turn out the lights today and come 2030, come 2050 we would not have addressed the problem of climate change."
China is poised to surpass the United States as the world's top emitter of greenhouse gases. It already uses twice as much coal -- the most polluting of all carbon-based fuels -- and is projected to use five times as much by 2020.
There are currently some 26 million cars and trucks in China, and that number could increase 10-fold within decades, experts say.
But critics of the US position say that trying to force China and India into accepting binding commitments of greenhouse gases is neither realistic or fair.
"It isn't going to happen," said Stephan Singer, a climate change expert at the World Wildlife Fund.
He points to the fact that China's per capita output of greenhouse gases is far below either the United States, which has the highest levels in the world, or Europe.
"Why should they (China and India) do something when the United States has done nothing for the last eight years?", he said.
UN-brokered negotiations in Bali in December set a deadline for a new post-2012 global agreement on how to fight climate change for the end of 2009.
Price said he was "frustrated" at repeated criticisms that the United States had launched their initiative -- which focuses on technology-driven solutions to climate change -- to compete with UN-sponsored negotiations.
"The major economies process is intended to supplement, compliment and support the UN negotiations. It is not an alternative to those negotiations," he said.
He said the United States has already shown its willingness to engage in binding agreements, pointing to a handful of national programmes implemented since 2001 to reduce greenhouse gas emissions and improve energy efficiency.
A mandate to increase production of renewable fuels by 500 percent before 2022, for example, would replace 15 percent of current oil fossil fuel consumption with renewable alternatives, he said.
Other national measures mandate a 70 percent increase in lighting efficiency, more stringent energy standards for dozens of appliances, and a 30 percent improvement in energy efficiency for the US government, which accounts for one-sixth of the domestic economy.
"It is constantly suggested that the US favours only aspirational goals, non-binding goals, voluntary measures," he told journalists. "That is simply not true."
Green-e Climate
Green-e to Certify Offsets for Consumers
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By ClimateBiz.com
SAN FRANCISCO, Feb. 19, 2008 -- Green-e Climate will launch a carbon offset certification program for consumers next week. The offsets will be sold at the retail level. Green-e, the country's first certification program for carbon offsets, will ensure that the products sold to offset activities such as flying or driving have been verified at each step. Those buying the offsets will be supplied with information about the projects behind the offsets, which will be retired on behalf od the purchaser. "We believe the market needs independent oversight in order to grow," said Green-e Climate Manager Lars Kvale. "The level of transparency Green-e Climate certification requires means that consumers will know where their offsets came from and have confidence that they are getting what they pay for. Building a credible voluntary offset market is an important instrument for combating climate change." Green-e has three two other certification programs. Green-e Energy certifies and verifies renewable energy while Green-e Marketplace allows companies to use its Green-e logo if they pass the group's verification standards or buy a qualifying amount of renewable energy.
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By ClimateBiz.com
SAN FRANCISCO, Feb. 19, 2008 -- Green-e Climate will launch a carbon offset certification program for consumers next week. The offsets will be sold at the retail level. Green-e, the country's first certification program for carbon offsets, will ensure that the products sold to offset activities such as flying or driving have been verified at each step. Those buying the offsets will be supplied with information about the projects behind the offsets, which will be retired on behalf od the purchaser. "We believe the market needs independent oversight in order to grow," said Green-e Climate Manager Lars Kvale. "The level of transparency Green-e Climate certification requires means that consumers will know where their offsets came from and have confidence that they are getting what they pay for. Building a credible voluntary offset market is an important instrument for combating climate change." Green-e has three two other certification programs. Green-e Energy certifies and verifies renewable energy while Green-e Marketplace allows companies to use its Green-e logo if they pass the group's verification standards or buy a qualifying amount of renewable energy.
Canadian Federal Conservative Gov't Climate Change Plan 2008
UPDATE 2- OTTAWA, Feb 26 (Reuters) - Canada's Conservative government threw more than C$815 million ($830 million) in its budget to initiatives aimed at curbing global warming, including carbon capture, storage and trading, as well as investments in public transit.
But it stopped well short of tightening its commitments to reduce emissions.
Among the measures, the government said it will spend C$250 million on carbon capture and storage technology, most of it on projects in Saskatchewan. It also earmarked C$66 million over two years for setting up a carbon trading system.
The Pembina Institute, an environmental think-tank, panned the government's plans for not going far enough.
"It's a missed opportunity ... I think Canadians will be disappointed," Clare Demerse, senior policy analyst with the group, said.
Demerse said spending C$66 million to set up a carbon market will do little unless the government of Prime Minister Stephen Harper also drops its opposition to mandatory caps on emissions, which are needed to set prices.
British Columbia and Manitoba are working with a coalition of U.S. states to set up a regional system with mandatory caps.
Finance Minister Jim Flaherty said in the budget that to help with public- and private-sector plans to ship carbon dioxide emissions to storage sites from major industrial plants, Ottawa will reduce the capital cost allowance rate for pipelines and compression gear that would be needed.
An official with an industry group planning such networks said such a move is an example what will be needed to get projects under way in a new market.
"It's very encouraging to see government specifically putting CO2 capture and storage at the front of the list of a budget where they didn't allocate a lot of new initiatives," said Stephen Kaufman, steering committee chairman for Integrated CO2 Network, which includes such firms as Agrium Inc, Canadian Natural Resources Ltd , Suncor Energy Inc and TransAlta Corp .
"It think it very definitely recognizes the enormous potential that (capture and storage) represents for Canada."
Meanwhile, C$500 million will go to transport projects in major cities, including the Evergreen Light Rapid Transit System in Vancouver, re-establishment of a rail link between Toronto and Peterborough, Ontario, as well as upgrades to rapid transit routes in Montreal.
Canada and its biggest greenhouse-gas emitting province, Alberta, have staked much on carbon capture and storage for reducing emissions, saying developing the technology will be key to meeting commitments.
Ottawa has said regulations for cutting emissions come into force in 2010, but Alberta's government has said its carbon levels will rise at least through 2020 amid rapid development of the massive oil sands deposits.
Projects in Saskatchewan will account for C$240 million of the money targeted at capture and storage and the Prairie province will match the funds and establish partnerships with industry, the government said.
Another C$5 million will go to studying the geology in Nova Scotia for carbon storage.
Flaherty said money for a carbon market envisions an electronic tracking system for units traded, a reporting system for industry, offsets to finance emission reduction in non-regulated sectors, and better air-quality modeling.
But it stopped well short of tightening its commitments to reduce emissions.
Among the measures, the government said it will spend C$250 million on carbon capture and storage technology, most of it on projects in Saskatchewan. It also earmarked C$66 million over two years for setting up a carbon trading system.
The Pembina Institute, an environmental think-tank, panned the government's plans for not going far enough.
"It's a missed opportunity ... I think Canadians will be disappointed," Clare Demerse, senior policy analyst with the group, said.
Demerse said spending C$66 million to set up a carbon market will do little unless the government of Prime Minister Stephen Harper also drops its opposition to mandatory caps on emissions, which are needed to set prices.
British Columbia and Manitoba are working with a coalition of U.S. states to set up a regional system with mandatory caps.
Finance Minister Jim Flaherty said in the budget that to help with public- and private-sector plans to ship carbon dioxide emissions to storage sites from major industrial plants, Ottawa will reduce the capital cost allowance rate for pipelines and compression gear that would be needed.
An official with an industry group planning such networks said such a move is an example what will be needed to get projects under way in a new market.
"It's very encouraging to see government specifically putting CO2 capture and storage at the front of the list of a budget where they didn't allocate a lot of new initiatives," said Stephen Kaufman, steering committee chairman for Integrated CO2 Network, which includes such firms as Agrium Inc
"It think it very definitely recognizes the enormous potential that (capture and storage) represents for Canada."
Meanwhile, C$500 million will go to transport projects in major cities, including the Evergreen Light Rapid Transit System in Vancouver, re-establishment of a rail link between Toronto and Peterborough, Ontario, as well as upgrades to rapid transit routes in Montreal.
Canada and its biggest greenhouse-gas emitting province, Alberta, have staked much on carbon capture and storage for reducing emissions, saying developing the technology will be key to meeting commitments.
Ottawa has said regulations for cutting emissions come into force in 2010, but Alberta's government has said its carbon levels will rise at least through 2020 amid rapid development of the massive oil sands deposits.
Projects in Saskatchewan will account for C$240 million of the money targeted at capture and storage and the Prairie province will match the funds and establish partnerships with industry, the government said.
Another C$5 million will go to studying the geology in Nova Scotia for carbon storage.
Flaherty said money for a carbon market envisions an electronic tracking system for units traded, a reporting system for industry, offsets to finance emission reduction in non-regulated sectors, and better air-quality modeling.
Global trade in carbon credits 2008
NEW YORK, Feb 26 (Reuters) - Global trade in credits representing reductions of planet-warming gas emissions should rise 56 percent this year as Europe tightens its flagship program to tackle greenhouse gases, a carbon analysis group said on Tuesday.
Greenhouse gas trade should grow to 4.2 billion tonnes from 2.7 billion tonnes last year as the EU Emissions Trading Scheme's second phase that launched this year tightens allowed emissions levels and adds new members, according to the 2008 annual carbon market outlook from Point Carbon.
"The market is shifting from a very nascent stage to a fledgling stage," Tiffany Potter, a Point Carbon senior analyst, said in a telephone interview.
The global greenhouse gas market is growing despite complaints about the quality of some of the credits representing emissions reductions, especially in voluntary markets, as governments try to tackle emissions blamed for global warming which could lead to deadly storms, droughts and floods.
The value of the trade is expected to rise to about $92 billion, or 63 billion euros, from about $59 billion, or 40 billion euros, in 2007.
Potter said the EU scheme's first phase was based on government estimates of emissions which prompted industries to exaggerate their output of the gases. That ended up stifling trade when the market discovered it was over-allocated.
The second phase is based on hard data directly from emitters, she said, which means more power plants, concrete makers and other players will need to buy credits to meet their mandatory emissions targets.
As the market tightens, it should increase speculation in the greenhouse gas market from banks and hedge funds, Potter said.
She warned, however, that turbulence in global financial markets could spur players to opt for safer havens than carbon markets, which could trim the bullish outlook slightly.
Carbon trade should also rise in the United States, by many counts the world's largest greenhouse gas polluter, as it edges toward mandatory greenhouse markets.
Ten states in the U.S. Northeast will start regulating the main greenhouse gas carbon dioxide from power plants starting next year, but forward trade has already begun.
Trade should also pick up in Australia, which last year ratified the Kyoto Protocol treaty which requires them to cut emissions by 2012, Potter said.
(Reporting by Timothy Gardner, editing by Matthew Lewis)
Greenhouse gas trade should grow to 4.2 billion tonnes from 2.7 billion tonnes last year as the EU Emissions Trading Scheme's second phase that launched this year tightens allowed emissions levels and adds new members, according to the 2008 annual carbon market outlook from Point Carbon.
"The market is shifting from a very nascent stage to a fledgling stage," Tiffany Potter, a Point Carbon senior analyst, said in a telephone interview.
The global greenhouse gas market is growing despite complaints about the quality of some of the credits representing emissions reductions, especially in voluntary markets, as governments try to tackle emissions blamed for global warming which could lead to deadly storms, droughts and floods.
The value of the trade is expected to rise to about $92 billion, or 63 billion euros, from about $59 billion, or 40 billion euros, in 2007.
Potter said the EU scheme's first phase was based on government estimates of emissions which prompted industries to exaggerate their output of the gases. That ended up stifling trade when the market discovered it was over-allocated.
The second phase is based on hard data directly from emitters, she said, which means more power plants, concrete makers and other players will need to buy credits to meet their mandatory emissions targets.
As the market tightens, it should increase speculation in the greenhouse gas market from banks and hedge funds, Potter said.
She warned, however, that turbulence in global financial markets could spur players to opt for safer havens than carbon markets, which could trim the bullish outlook slightly.
Carbon trade should also rise in the United States, by many counts the world's largest greenhouse gas polluter, as it edges toward mandatory greenhouse markets.
Ten states in the U.S. Northeast will start regulating the main greenhouse gas carbon dioxide from power plants starting next year, but forward trade has already begun.
Trade should also pick up in Australia, which last year ratified the Kyoto Protocol treaty which requires them to cut emissions by 2012, Potter said.
(Reporting by Timothy Gardner, editing by Matthew Lewis)
Global trade in carbon credits 2008
NEW YORK, Feb 26 (Reuters) - Global trade in credits representing reductions of planet-warming gas emissions should rise 56 percent this year as Europe tightens its flagship program to tackle greenhouse gases, a carbon analysis group said on Tuesday.
Greenhouse gas trade should grow to 4.2 billion tonnes from 2.7 billion tonnes last year as the EU Emissions Trading Scheme's second phase that launched this year tightens allowed emissions levels and adds new members, according to the 2008 annual carbon market outlook from Point Carbon.
"The market is shifting from a very nascent stage to a fledgling stage," Tiffany Potter, a Point Carbon senior analyst, said in a telephone interview.
The global greenhouse gas market is growing despite complaints about the quality of some of the credits representing emissions reductions, especially in voluntary markets, as governments try to tackle emissions blamed for global warming which could lead to deadly storms, droughts and floods.
The value of the trade is expected to rise to about $92 billion, or 63 billion euros, from about $59 billion, or 40 billion euros, in 2007.
Potter said the EU scheme's first phase was based on government estimates of emissions which prompted industries to exaggerate their output of the gases. That ended up stifling trade when the market discovered it was over-allocated.
The second phase is based on hard data directly from emitters, she said, which means more power plants, concrete makers and other players will need to buy credits to meet their mandatory emissions targets.
As the market tightens, it should increase speculation in the greenhouse gas market from banks and hedge funds, Potter said.
She warned, however, that turbulence in global financial markets could spur players to opt for safer havens than carbon markets, which could trim the bullish outlook slightly.
Carbon trade should also rise in the United States, by many counts the world's largest greenhouse gas polluter, as it edges toward mandatory greenhouse markets.
Ten states in the U.S. Northeast will start regulating the main greenhouse gas carbon dioxide from power plants starting next year, but forward trade has already begun.
Trade should also pick up in Australia, which last year ratified the Kyoto Protocol treaty which requires them to cut emissions by 2012, Potter said.
(Reporting by Timothy Gardner, editing by Matthew Lewis)
Greenhouse gas trade should grow to 4.2 billion tonnes from 2.7 billion tonnes last year as the EU Emissions Trading Scheme's second phase that launched this year tightens allowed emissions levels and adds new members, according to the 2008 annual carbon market outlook from Point Carbon.
"The market is shifting from a very nascent stage to a fledgling stage," Tiffany Potter, a Point Carbon senior analyst, said in a telephone interview.
The global greenhouse gas market is growing despite complaints about the quality of some of the credits representing emissions reductions, especially in voluntary markets, as governments try to tackle emissions blamed for global warming which could lead to deadly storms, droughts and floods.
The value of the trade is expected to rise to about $92 billion, or 63 billion euros, from about $59 billion, or 40 billion euros, in 2007.
Potter said the EU scheme's first phase was based on government estimates of emissions which prompted industries to exaggerate their output of the gases. That ended up stifling trade when the market discovered it was over-allocated.
The second phase is based on hard data directly from emitters, she said, which means more power plants, concrete makers and other players will need to buy credits to meet their mandatory emissions targets.
As the market tightens, it should increase speculation in the greenhouse gas market from banks and hedge funds, Potter said.
She warned, however, that turbulence in global financial markets could spur players to opt for safer havens than carbon markets, which could trim the bullish outlook slightly.
Carbon trade should also rise in the United States, by many counts the world's largest greenhouse gas polluter, as it edges toward mandatory greenhouse markets.
Ten states in the U.S. Northeast will start regulating the main greenhouse gas carbon dioxide from power plants starting next year, but forward trade has already begun.
Trade should also pick up in Australia, which last year ratified the Kyoto Protocol treaty which requires them to cut emissions by 2012, Potter said.
(Reporting by Timothy Gardner, editing by Matthew Lewis)
Bank of America prices carbon at $20-40
BofA CEO calls on U.S. Congress to create cap-and-trade system; announces new team to focus on projects supporting a green economy
Feb 12, 2008 — Associated PressBy IEVA M. AUGSTUMS
Forestweb rewrites headlines for editorial clarity. The original story and headline begin below.
Original Headline: BofA CEO calls for carbon trading
RALEIGH, N.C., February 12, 2008 (Associated Press) — Private investors alone can't spur an environmentally friendly "green economy," Bank of America Corp. chief executive Ken Lewis said Tuesday, as he called on Congress to create a cap-and-trade system to help control carbon emissions.
Such a cap-and-trade system would allow businesses to buy and sell emissions credits -- selling extra allowances if they come in under a carbon emission quota, and buying them if exceed the cap. It was one of several suggestions Lewis made to policy makers in a speech at the Institute for Emerging Issues forum, held at North Carolina State University in Raleigh.
"We favor a market based mechanism to set a value for carbon allowances, and a clear, federal standard that would give investors the certainty they need to plan for the future," Lewis said.
The two-day conference, attended by General Electric Co. chairman and chief executive Jeff Immelt and Duke Energy Corp. CEO Jim Rogers, among others, focused on the development of alternative fuels and conservation efforts that will create jobs and reduce the pollution blamed for global warming.
"Like any large, important, transformative project, this one is going to require a lot of money," Lewis said. "I'm guessing that's why you invited me."
Along with the cap-and-trade system, Lewis said policy makers must determine what kind of environmental incentives and regulations work best at the state level, which would help avoid a patchwork of inconsistent regulation. The private capital market also needs "a stable and predictable regulatory environment with a bias toward clean energy and the green economy," he said.
"When innovators and financial backers are confident of government support, risk calculations change and good things happen," he said.
Last year, Bank of America joined the Chicago Climate Exchange, a private trading market for greenhouse gases and the only one operating in North America. The European Union established the first trading system under the Kyoto Protocol, the emissions-reduction agreement rejected by the U.S., and Lewis said that Europeans are "way ahead of us in developing these markets."
"We have decided, as have other banks, to start assessing the cost of carbon in our risk and underwriting processes," Lewis said.
Without federal legislation setting that cost, Lewis told the crowd of business and government leaders that Bank of America puts it at between $20 to $40 per ton of carbon dioxide.
Last March, Bank of America launched a $20 billion initiative to help its customers support the growth of environmentally friendly activities and to reduce global warming. On Tuesday, he said Bank of America had created a team whose sole focus will be to identify and finance projects that support a green economy and address the nation's environmental challenges.
"There are a lot of great ideas out there," Lewis said. "This fact creates a huge risk management challenge for banks ... as a financial backer of new technologies, the bank is in the position of picking winners and losers."
Feb 12, 2008 — Associated PressBy IEVA M. AUGSTUMS
Forestweb rewrites headlines for editorial clarity. The original story and headline begin below.
Original Headline: BofA CEO calls for carbon trading
RALEIGH, N.C., February 12, 2008 (Associated Press) — Private investors alone can't spur an environmentally friendly "green economy," Bank of America Corp. chief executive Ken Lewis said Tuesday, as he called on Congress to create a cap-and-trade system to help control carbon emissions.
Such a cap-and-trade system would allow businesses to buy and sell emissions credits -- selling extra allowances if they come in under a carbon emission quota, and buying them if exceed the cap. It was one of several suggestions Lewis made to policy makers in a speech at the Institute for Emerging Issues forum, held at North Carolina State University in Raleigh.
"We favor a market based mechanism to set a value for carbon allowances, and a clear, federal standard that would give investors the certainty they need to plan for the future," Lewis said.
The two-day conference, attended by General Electric Co. chairman and chief executive Jeff Immelt and Duke Energy Corp. CEO Jim Rogers, among others, focused on the development of alternative fuels and conservation efforts that will create jobs and reduce the pollution blamed for global warming.
"Like any large, important, transformative project, this one is going to require a lot of money," Lewis said. "I'm guessing that's why you invited me."
Along with the cap-and-trade system, Lewis said policy makers must determine what kind of environmental incentives and regulations work best at the state level, which would help avoid a patchwork of inconsistent regulation. The private capital market also needs "a stable and predictable regulatory environment with a bias toward clean energy and the green economy," he said.
"When innovators and financial backers are confident of government support, risk calculations change and good things happen," he said.
Last year, Bank of America joined the Chicago Climate Exchange, a private trading market for greenhouse gases and the only one operating in North America. The European Union established the first trading system under the Kyoto Protocol, the emissions-reduction agreement rejected by the U.S., and Lewis said that Europeans are "way ahead of us in developing these markets."
"We have decided, as have other banks, to start assessing the cost of carbon in our risk and underwriting processes," Lewis said.
Without federal legislation setting that cost, Lewis told the crowd of business and government leaders that Bank of America puts it at between $20 to $40 per ton of carbon dioxide.
Last March, Bank of America launched a $20 billion initiative to help its customers support the growth of environmentally friendly activities and to reduce global warming. On Tuesday, he said Bank of America had created a team whose sole focus will be to identify and finance projects that support a green economy and address the nation's environmental challenges.
"There are a lot of great ideas out there," Lewis said. "This fact creates a huge risk management challenge for banks ... as a financial backer of new technologies, the bank is in the position of picking winners and losers."
Timber Mart-South Forest Investments and Carbon
ATHENS, Ga., Feb 20, 2008 /PRNewswire via COMTEX/ -- Thomas G. Harris, Timber Mart-South publisher, will focus on the increasing globalization of forest investments at an executive education conference, in Munich on February 22, 2008. Both timber supply and demand are impacted by growing international trade in forest products.
Developing countries, particularly China, are driving growth in timber demand. China's roundwood imports grew 80% and sawnwood imports rose 42% between 2001 and 2006 (FAO). Many nations now compete to supply forest products globally. The U.S. remains the world's largest timber market.
Harris contrasts mature markets with emerging ones. For example, in recent years, U.S. pulp production has declined slightly (1%) while production increased in developing countries such as Indonesia (13%), Chile (8%), and Brazil (7%).
The executive education conference will provide insight from forest investment pioneers and academic leaders on the development of forest investment as an asset class, the current forest investment landscape and the drivers of forest investment performance:
-- Dr. Chris Zinkhan, The Forestland Group - History of Modern Timberland
Investment
-- Dr. Michael Kane, Plantation Management Research Cooperative -
Biological Investment Drivers
-- Dr. Jon Caulfield, RMK Timberland Group - Financial Investment Drivers
-- Bob Hagler, ForestEdge International - Forested Regions Overview
-- Doug St. John, Green Crow Management Services, LLC - Finding Real
Options to Enhance Returns
-- Thomas G. Harris, Jr., Timber Mart-South - Supply, Demand, and Trade
Trends
-- Kurt Akers, Global Forest Partners - Global Activity
-- Bill Bradley, Sutherland Asbill & Brennan, LLP - Tax Treatment of
International Forestland Investment
-- Craig Blair, Resource Management Service, LLC - Forestland ownership
Change
-- Dr. Jacek P. Siry, University of Georgia - Carbon Credits and Forest
Certification
-- Dr. Jack Lutz, Four Winds Capital Management - Bioenergy
-- Dennis Neilson, DANA, Ltd - Global Tree Farms and Forests
Timber Mart-South and the Center for Forest Business of the Warnell School of Forestry and Natural Resources, University of Georgia are hosting the conference. Bob Izlar, Director, Center for Forest Business and Dr. Mike Clutter, Dean, Warnell School will provide perspective and conclude the conference.
For more information, visit our website at
www.ugatimberlandinvestment.com.
SOURCE Timber Mart-South
http://www.timber-mart.com
Copyright © 2008 PR Newswire. All rights reserved
Developing countries, particularly China, are driving growth in timber demand. China's roundwood imports grew 80% and sawnwood imports rose 42% between 2001 and 2006 (FAO). Many nations now compete to supply forest products globally. The U.S. remains the world's largest timber market.
Harris contrasts mature markets with emerging ones. For example, in recent years, U.S. pulp production has declined slightly (1%) while production increased in developing countries such as Indonesia (13%), Chile (8%), and Brazil (7%).
The executive education conference will provide insight from forest investment pioneers and academic leaders on the development of forest investment as an asset class, the current forest investment landscape and the drivers of forest investment performance:
-- Dr. Chris Zinkhan, The Forestland Group - History of Modern Timberland
Investment
-- Dr. Michael Kane, Plantation Management Research Cooperative -
Biological Investment Drivers
-- Dr. Jon Caulfield, RMK Timberland Group - Financial Investment Drivers
-- Bob Hagler, ForestEdge International - Forested Regions Overview
-- Doug St. John, Green Crow Management Services, LLC - Finding Real
Options to Enhance Returns
-- Thomas G. Harris, Jr., Timber Mart-South - Supply, Demand, and Trade
Trends
-- Kurt Akers, Global Forest Partners - Global Activity
-- Bill Bradley, Sutherland Asbill & Brennan, LLP - Tax Treatment of
International Forestland Investment
-- Craig Blair, Resource Management Service, LLC - Forestland ownership
Change
-- Dr. Jacek P. Siry, University of Georgia - Carbon Credits and Forest
Certification
-- Dr. Jack Lutz, Four Winds Capital Management - Bioenergy
-- Dennis Neilson, DANA, Ltd - Global Tree Farms and Forests
Timber Mart-South and the Center for Forest Business of the Warnell School of Forestry and Natural Resources, University of Georgia are hosting the conference. Bob Izlar, Director, Center for Forest Business and Dr. Mike Clutter, Dean, Warnell School will provide perspective and conclude the conference.
For more information, visit our website at
www.ugatimberlandinvestment.com.
SOURCE Timber Mart-South
http://www.timber-mart.com
Copyright © 2008 PR Newswire. All rights reserved
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