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Government and Business SA will work together to help individual firms or industries draw up an emissions agreements

Posted by gmarkets on 19 September, 2007

Business leaders and the South Australian State Government have signed a groundbreaking climate change agreement aimed at limiting greenhouse gas emissions, reported The Advertiser (6/9/07, p. 9).

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Posted in Accounting, Credits, Emissions, Emissions Trading, Green Markets 0919, Lobby Groups, Regulation, South Australia | Leave a Comment »

Under avoided fugitive methane rule: NSW NGACs for waste coal mine gas, but not for coal seam gas, but special case made for waste coal mine gas project

Posted by gmarkets on 18 September, 2007

The NSW Greenhouse Scheme Administrator has recently accredited a power station project that will be supplied via a common fuel network. The network transports waste coal mine gas (WCMG) and coal seam gas (CSG)). The applicant assumed in its calculations that the power station would use 100per cent WCMG on the basis of contractual arrangements for the supply (via the common fuel network) of sufficient WCMG to meet the power station’s requirements, reported GGAS Newsletter, Issue 5, September 2007. It said the decision was made under:

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Posted in Credits, Green Markets 0919, NSW | Leave a Comment »

NSW planners prepare to close NGACs system; prepare for transition to national emissions trading

Posted by gmarkets on 17 September, 2007

The announcement by the Prime Minister in early June that the Commonwealth Government will introduce a national emissions trading scheme follows the announcement in February by all state and territory leaders that their governments would, in the absence of a Commonwealth commitment, implement a national emissions trading scheme by the end of 2010, reported GGAS Newsletter, Issue 5 (10/9/2007).

Transition to national scheme: “Clearly it is now highly likely that Australia will, one way or the other, have a national cap and trade emissions trading scheme within the next five years. Both proposals make clear that the ongoing operation of GGAS would be inconsistent with a national scheme and that transition arrangements will be necessary. The GGAS Scheme Administrator will work with relevant policy agencies as required in assisting with the development of transition proposals,” the newsletter said.

13.8m certificates surrendered: “During 2006 there was a very high level of compliance with Scheme requirements by both benchmark participants and accredited certificate providers,” reported the newsletter. “All benchmark participants have reduced or offset their emissions to their benchmark levels in 2006 or have carried forward a small shortfall. These offset obligations were met through the surrender of 13,802,181 abatement certificates (or their equivalent in Renewable Energy Certificates) representing abatement of an equivalent number of tonnes of carbon dioxide equivalent. …At the end of 2006, there were 167 accredited abatement certificate providers eligible to create abatement certificates, an increase from 146 providers accredited at the end of 2005. This represents a growth in participation in the Scheme by organisations undertaking activities to reduce emissions or enhance the removal of greenhouse gases.”

Numbers of certificates almost double: “These projects created almost 20 million abatement certificates during 2006, which is almost double the 10 million created in 2005. In 2006, the NSW Government extended the Scheme to 2021 or until the establishment of a national emissions trading scheme.” An electronic copy of the report can be downloaded from the Scheme website at http://www.greenhousegas.nsw.gov.au/documents/syn59.asp.

Reference: GGAS Newsletter, Issue 5, September 2007
http://www.greenhousegas.nsw.gov.au/documents/Newsletter_Issue5_September07.pdf

Erisk Net, 10/9/2007

Posted in Credits, NSW | Leave a Comment »

Buyer beware: “Voluntary” credit NGAC buyers warned NSW government does not verify the green-accounting, of the seller

Posted by gmarkets on 17 September, 2007

Over the past two years, the level of interest in using NSW Greenhouse Abatement Certificates (NGACs) to voluntarily offset greenhouse gas emissions had increased significantly, according to the GGAS Newsletter, of the NSW government, Issue 5, (10/9/2007). “Much of this interest comes from increasing desire to achieve a ‘carbon neutral’ status by individuals and organisations,” the newsletter said.

Summary of the year: “Evidence suggests NGACs are considered to have broad appeal as a standard instrument traded on the open market representing one tCO2-e of abatement. For the 2006 calendar year;

• 2,660 NGACs were voluntarily surrendered and this year to date;

• over 6,100 NGACs have been voluntarily surrendered.

To facilitate this ‘voluntary’ market participation, the GGAS Registry was upgraded in 2006 to allow organisations other than benchmark participants (the liable parties) to surrender NGACs. It should be noted that while the Scheme Administrator accepts voluntary surrenders through the Registry, it does not provide any verification as to whether the volume of NGACs surrendered equates to the participant achieving carbon neutrality.”

Surrendered certificates cannot be reused: “To voluntarily surrender (also known as retire) NGACs, an account on the Registry must be opened and NGACs transferred into that account. Certificates can then be surrendered on the Registry.

Not an offset: Purchasing and holding NGACs in a Registry account does not equate to achieving an offset. NGACs must be surrendered to be effective in offsetting a participant’s carbon footprint. There are important deadlines that voluntary participants need to consider when deciding to surrender NGACs. Individuals can voluntarily surrender NGACs at any time between 1 July and 20 June of each financial year.

Certificates that have been surrendered before 20 June of each financial year will be accepted by the Scheme Administrator and on 30 June of each year all surrendered certificates will be cancelled by the Registry and the certificates cannot be un-surrendered or reused. As a tradeable commodity with a market value, voluntary participants should carefully consider the volume of NGACs they wish to surrender to offset their carbon footprint, as once surrendered, the commodity cannot be retrieved.”

Reference: For further information regarding opening and managing an account on the Registry see the Registry FAQs on our website at http://www.greenhousegas.nsw.gov.au/registry/tips.asp
For further information regarding the process for voluntary surrender on the Registry, see the fact sheet on our website at http://www.greenhousegas.nsw.gov.au/documents/syn98.asp
GGAS Newsletter, Issue 5, September 2007,

http://www.greenhousegas.nsw.gov.au/documents/Newsletter_Issue5_September07.pdf

Erisk Net, 10/9/2007

Posted in Credits, NSW | Leave a Comment »

New NSW NGAC rules cut-back give-away light bulb, showerhead trades after trades spiked to 2.8 million CFLs, 60,000 showerheads, in June 2007 quarter

Posted by gmarkets on 17 September, 2007

 Changes to the Demand Side Abatement (DSA) Rule, implemented in October 2006, had resulted in an increase in the proportion of compact fluorescent lamps (CFLs) and water-efficient showerheads directly installed, reported NSW government greenhouse registry GGAS Newsletter, Issue 5 (10/9/2007).

Fewer giveaway programs: “In the quarter to June 2007, over 80 per cent of CFLs and 70 per cent of showerheads distributed by GGAS accredited Abatement Certificate Providers (ACPs) were installed rather than given away. Only two ACPs are now conducting giveaway programs,” the newsletter reported. “2.8 million CFLs were distributed in the quarter to June 2007, double the number distributed in the March quarter. In total, over 16 million CFLs have been distributed since the Scheme commenced. Over 60,000 showerheads were distributed in the same period, bringing the total number of showerheads distributed under the Scheme to 1.3 million.”

Varied business models: “There are now 10 ACPs accredited for projects distributing CFLs and showerheads, with nine applications currently under consideration by the Scheme Administrator,” the newsletter said. “In response to the growing variety of business models used by ACPs and applicants, the Scheme Administrator recently circulated for comment proposed minimum requirements for Default Abatement Factor (DAF) installation programs. These seek to achieve consistency across the Scheme with respect to legal relationships between ACPs and installers, installer training, and customer service. Currently, the Scheme Administrator is evaluating the feedback received. Accredited ACPs will have a two month period to adjust their programs before the minimum requirements are introduced. The Scheme Administrator would like to thank all those who provided feedback on the proposal.”

Reference: GGAS Newsletter, Issue 5, September 2007
http://www.greenhousegas.nsw.gov.au/documents/Newsletter_Issue5_September07.pdf

Erisk Net, 10/9/2007

Posted in Credits, NSW | Leave a Comment »

Queensland vegetation management policy results in 20 megaton annual reduction of greenhouse gas emissions

Posted by gmarkets on 15 September, 2007

A reduction of up to 20 megatons of greenhouse gas emissions per year through the implementation of the government’s vegetation management policy was the single biggest contribution to Australia’s climate change to date, said Queensland’s Minister for Natural Resources and Water, C A Wallace, in the Queensland Parliament on 22 August 2007.

Regulation amends fees: “This regulation,” Wallace said, “which the opposition has requested be not supported, amends fees made under 11 acts that are administered by my portfolio. These are the:

• Acquisition of Land Act 1967;

• Building Units and Group Titles Act 1980;

• Foreign Ownership of Land Register Act 1988;

• Land Act 1994;

• Land Protection (Pest and Stock Route Management) Act 2002;

• Land Title Act 1994;

• Surveyors Act 2003;

• Valuation of Land Act 1944;

• Valuers Registration Act 1992;

• Vegetation Management Act 1999; and

• Water Act 2000.”

Queensland a leader in climate change management: Wallace said that his department’s implementation of the government’s vegetation management policy, including the end of broadscale land clearing in Queensland on 31 December 2006, had resulted in a reduction of up to 20 megatons of greenhouse gas emissions per year in the first target period to 2012 of global greenhouse emissions accounting. “This is the single biggest contribution to Australia’s climate change to date and places Queensland at the front of the field in response to climate change. It is a shame,” lamented the Minister, “that the begrudging present tenant of The Lodge in Canberra could not even acknowledge this major contribution by Queensland to Australia’s achievement of greenhouse gas reductions in line with Kyoto.”

Reference: CA Wallace, Minister for Natural Resources and Water and Minister Assisting the Premier in North Queensland, Member for Thuringowa, Records of Proceedings, First session of the Fifty-Second Parliament, Queensland, 22 August 2007.

Posted in Australia, Credits, Emissions, Forest, Law, Queensland, Regulation, Species | 1 Comment »

Buyer beware: “Voluntary” credit NGAC buyers warned NSW government does not verify the green-accounting, of the seller

Posted by gmarkets on 15 September, 2007

Over the past two years, the level of interest in using NSW Greenhouse Abatement Certificates (NGACs) to voluntarily offset greenhouse gas emissions had increased significantly, according to the GGAS Newsletter, of the NSW government, Issue 5, (10/9/2007). “Much of this interest comes from increasing desire to achieve a ‘carbon neutral’ status by individuals and organisations,” the newsletter said. “Evidence suggests NGACs are considered to have broad appeal as a standard instrument traded on the open market representing one tCO2-e of abatement.

For the 2006 calendar year;

• 2,660 NGACs were voluntarily surrendered and this year to date;

• over 6,100 NGACs have been voluntarily surrendered.

To facilitate this ‘voluntary’ market participation, the GGAS Registry was upgraded in 2006 to allow organisations other than benchmark participants (the liable parties) to surrender NGACs. It should be noted that while the Scheme Administrator accepts voluntary surrenders through the Registry, it does not provide any verification as to whether the volume of NGACs surrendered equates to the participant achieving carbon neutrality.”

Surrendered certificates cannot be reused: “To voluntarily surrender (also known as retire) NGACs, an account on the Registry must be opened and NGACs transferred into that account. Certificates can then be surrendered on the Registry.

Not an offset: Purchasing and holding NGACs in a Registry account does not equate to achieving an offset. NGACs must be surrendered to be effective in offsetting a participant’s carbon footprint. There are important deadlines that voluntary participants need to consider when deciding to surrender NGACs. Individuals can voluntarily surrender NGACs at any time between 1 July and 20 June of each financial year.

Certificates that have been surrendered before 20 June of each financial year will be accepted by the Scheme Administrator and on 30 June of each year all surrendered certificates will be cancelled by the Registry and the certificates cannot be un-surrendered or reused. As a tradeable commodity with a market value, voluntary participants should carefully consider the volume of NGACs they wish to surrender to offset their carbon footprint, as once surrendered, the commodity cannot be retrieved.”

Reference: For further information regarding opening and managing an account on the Registry see the Registry FAQs on our website at http://www.greenhousegas.nsw.gov.au/registry/tips.asp
For further information regarding the process for voluntary surrender on the Registry, see the fact sheet on our website at http://www.greenhousegas.nsw.gov.au/documents/syn98.asp
GGAS Newsletter, Issue 5, September 2007,

http://www.greenhousegas.nsw.gov.au/documents/Newsletter_Issue5_September07.pdf

Posted in Australia, Credits, Markets, Policy, Registry, VERs, Voluntary | Leave a Comment »

Australian government plan – carbon tax of $22.35 per tonne of CO2 and five 1,500 MW nuclear power plants by 2020

Posted by gmarkets on 15 September, 2007

An Australian Federal government nuclear agency chief, said “Looking at a positive decision to proceed with nuclear power in the near term, introduction of a fleet of five 1,500 MWe power plants by 2020 would achieve a position where nuclear power would be able to contribute 17 per cent of Australia’s projected electricity demand, thereby avoiding emission of 50 million tonnes of CO2”. That was the view of the ANSTO submission to the Owen Inquiry into Electricity Supply in NSW.

ABARE report looks at nuclear option: No detailed studies had been undertaken of the overall economic impact of introducing this amount of nuclear power into Australia. The Australian Bureau of Agricultural and Resource Economics (ABARE) had recently published a report on the economic impact of climate change policy, covering some scenarios that include a limited amount of nuclear power.

Salvage GDP loss of $1.2m by going nuclear: ABARE considers the introduction of a single nuclear power plant delivering 4 TWeh per annum from 2020, rising to 17 TWeh in 2050. (This corresponds to an installed power of 390 MWe rising to 1,650 MWe). The analysis assumes no sharing of risk with government or other stakeholders, but does assume a carbon tax of $22.35 per tonne of CO2 when nuclear power commences in 2020 (in 2005 Australian dollars). The overall findings of the study relate to the decrease in gross domestic product resulting from early action to reduce greenhouse gas emissions. However, for its final scenario, the report notes that the ability to use nuclear power at the levels indicated would moderate potential loss of GDP by $1.2 million.

Reference: The Nuclear Power Alternative For NSW, ANSTO Submission, Owen Inquiry into Electricity Supply in NSW, Dr Ian Smith, Executive Director, June 2007. Contact: Australian Nuclear Science and Technology Organisation, New Illawarra Road, Lucas heights (PMB 1, Menai NSW 2234) Phone: +61 2 9717 3702 Fax: +61 2 9543 6907 Website: http://www.ansto.gov.au

Posted in Australia, Carbon Price, Credits, NSW, Nuclear, Policy | Leave a Comment »