Today’s Stories

Outgoing IETA President Henry Derwent gives his parting shots in a Bloomberg interview. Perhaps testament to IETA’s impact (and/or the big nations’ shortfalls), small(ish) countries lately dominate trading-scheme headlines. The latest: Vietnam. As for the big markets, the EU’s banned carbon credit supply may fall short, according to New Energy. And, California markets remain volatile ahead of a key regulatory meeting this week. In Washington, attention was on different new regs as President Obama proposes fracking rules.

Quote of the Day

“The political environment has been dominated by an ebb tide. The European Union emissions trading system is still there, though it’s bleeding from a few wounds, some self-inflicted.”

Henry Derwent, outgoing chief executive of the International Emissions Trading Association in Bloomberg’s “Carbon Market Lobbyist Criticizes ‘Whopping Falsehoods’”

Lead Stories 

Carbon Market Lobbyist Criticizes ‘Whopping Falsehoods’
The carbon market has been damaged by three “whopping falsehoods” that slowed its growth and caused European lawmakers to question their belief in the system, said the retiring head of a carbon market lobby group.
**RKB — In this must-read Bloomberg piece, Henry Derwent, who weathered some of the steepest carbon market highs and lows, has a few words of advice for the industry and incoming IETA president Dirk Forrister, former U.S. White House official and carbon fund manager. Best of luck, Henry, in your next endeavors. Henry easily earned the quote spotlight above. Perhaps only an outgoing lobbyist has the liberty to really tell it like it is, but here, summed up, the three “whopping falsehoods” that aggravate this climate market champion: 1. Climate science is exaggerated and unimportant. 2. Nations shouldn’t protect the climate because others aren’t. 3. Markets are not the best solution.

EU green power needs market access to thrive – draft
Free access to emerging renewable energy markets such as Brazil, China and India will be a major factor in helping the European Union maintain its lead in green energy, according to draft documents seen by Reuters. 

Banned Carbon Credit Supply May Fall Short, New Energy Says
Supply of soon-to-be banned emission credits in the European Union’s carbon market may fall short of expectations, boosting this year’s prices relative to 2013, according to Bloomberg New Energy Finance.

Vietnam plans CO2 target, mulls ETS: report
Point Carbon
Vietnam will later this month announce a 20 percent carbon emission reduction target in its forest and agriculture sectors, and it is also contemplating the launch of a domestic emissions trading scheme, local media reported Friday.
**Repeats in Asia

Economy, bureaucracy may delay plans to amend EU CO2 law until 2015
Point Carbon
The prospect of a Europe-wide double-dip recession and the bureaucratic nature of EU lawmaking means Europe’s Climate Commissioner Connie Hedegaard could leave office in 2014 having completed just half the job of repairing the bloc’s Emissions Trading Scheme.

Carbon, energy and clean tech market actors meet at CARBON EXPO in cologne
Press Release
With questions surrounding carbon markets and climate finance needing answers, there is an opportunity to participate in the leading Global Trade Fair and Conference for Carbon, Energy and Clean Tech Markets taking place in Cologne, May 30-June 1. 

California carbon down 3 pct ahead of electricity meeting
Reuters Point Carbon
California carbon allowances (CCAs) for delivery in 2013 closed at $15.50/tonne on Thursday, down 50 cents from a week ago, as market players held back on trading ahead of a key regulatory meeting on Friday that they hope will give new market players more clarity about their obligation in the cap-and-trade scheme.

UN’s Ban Ki-moon urges firms to go green in run-up to Rio
Business Green
United Nations Secretary General Ban Ki-moon has urged companies to step up their commitment to sustainability in the run-up to the Rio+20 Earth summit in Brazil next month. 

UN Peacekeepers open new fronts in war on carbon
Business Green
Using alternative energy, natural building materials, and water efficient technology has helped the UN tackle emissions from its sizeable peacekeeping operation, according to a major new report.


Obama Officials Propose Fracking Rules
Investors Business Daily
The Obama administration short- circuited its “all of the above” energy policy Friday by proposing regulations for the natural gas drilling process called fracking. Industry groups said the rules were redundant because the process is already managed at the state level and would only delay new projects. Environmentalists were frustrated that fracking is being allowed at all.
**RKB – More coverage continues in US

As Japan shuts down nuclear power, emissions rise
The Fukushima crisis is eroding years of Japanese efforts to reduce greenhouse gas emissions blamed for global warming, as power plants running on oil and natural gas fill the electricity gap left by now-shuttered nuclear reactors.

COLUMN-Peak oil move over – now solve CO2: Gerard Wynn
Trends in global economic growth and rising CO2 emissions rule out optimism that climate targets can be met, even while the world gets to grip with energy security.

Barclays loses commodities trading chief Jones to Mercuria
Barclays (BARC.L) has lost its commodities trading chief Roger Jones to Swiss trader Mercuria, one of the biggest in a series of moves by commodities traders from banks to less-regulated trading operations. 

Tropical countries struggle to engage with REDD+
Most tropical developing countries are struggling to monitor and report their greenhouse gas emissions from forest loss, and will need international support to implement the UN REDD+ scheme, according to a study.

Earth observations for estimating greenhouse gas emissions from deforestation in developing countries

U.S. proposes new rules for fracking on federal lands
The Obama administration unveiled long-awaited rules on Friday to bolster oversight on public lands of oil and natural gas drilling using fracking technology that has ushered in a boom in drilling but also triggered environmental protests.

Obama administration tightens fracking rules
CNN Money
The Obama administration tightened rules on hydraulic fracturing Friday, requiring the disclosure of chemicals used in the process when done on federal and American Indian lands.

Republicans say Obama is running out of excuses to delay Keystone pipeline
The Hill’s E2 Wire
Republicans on Friday ramped up pressure on President Obama to quickly approve the Keystone XL oil pipeline after developer TransCanada Corp. formally reapplied for a key federal permit.
**repeats in Canada

Chesapeake Seen Offering Biggest Gain in U.S. Shale Boom: Energy
Chesapeake Energy Corp. (CHK), battered by a glut-driven collapse in natural-gas prices and growing investor distrust of its management, still is the cheapest way of buying into the U.S. shale revolution.

Oil sands company raising money for Utah project
A tiny company with approval to mine tar sands in Utah is raising money for a first-of-its kind project in the U.S. that some fear could lead to widespread destruction of public lands in the Rocky Mountain region.

AP Exclusive: Wyo. got EPA to delay frack finding
Wyoming’s governor persuaded the head of the U.S. Environmental Protection Agency to postpone an announcement linking hydraulic fracturing to groundwater contamination, giving state officials — whom the EPA had privately briefed on the study — time to attempt to debunk the finding before it rocked the oil and gas industry more than a month later, an investigation by The Associated Press has found. 

Philadelphia Uses Stormwater Fees to Finance Green Infrastructure
Ecosystem Marketplace
Hundreds of cities across the United States are struggling to deal with storm water runoff that backs up sewers and endangers water supplies. Absorbant “green” sidewalks, roofs, and parking lots can take the load of aging sewage systems, but those cost money. The city of Philadelphia is experimenting with an innovative financing mechanism that can make the transition easier for all of us — and lucrative for ecosystem entrepreneurs.

First Solar Falls After Reporting $401 Million Charge
First Solar Inc. (FSLR), the world’s largest maker of thin-film solar panels, fell to a record low after reporting a $401 million restructuring charge yesterday related to firing 30 percent of its workforce. 

Green group marshals top K Street lobbyists to do battle on farm bill
The Hill’s E2 Wire
An ardent critic of federal agriculture subsidies has enlisted one of K Street’s premier firms to do battle on this year’s farm bill.

Heartland Institute yanks Unabomber climate billboard
The Hill’s E2 Wire
A conservative think tank is dropping a controversial billboard campaign that linked belief in climate change with the murderous views of the Unabomber and Charles Manson, acknowledging it “angered and disappointed” many of the group’s supporters.


Supporting Canada’s Coasts Can Benefit Climate and Economy
Reversing the degradation of coastal ecosystems in Canada and elsewhere can play an important role in tackling climate change, while bringing additional benefits to biodiversity and the economies of coastal communities.

Canadian budget risks weakening climate policy: green groups
Point Carbon
A federal bill in Canada to implement major facets of the country’s 2012 budget threatens to hamper the country’s ability to report its greenhouse gas emissions and accountability on its climate policy, green groups warned.

Republicans say Obama is running out of excuses to delay Keystone pipeline
The Hill’s E2 Wire
Republicans on Friday ramped up pressure on President Obama to quickly approve the Keystone XL oil pipeline after developer TransCanada Corp. formally reapplied for a key federal permit.
**repeats in US

TransCanada tries again for controversial Keystone XL pipeline
Toronto Star
Cheered on by the Canadian government and assailed by critics, TransCanada Corp. has asked the U.S. government for a new permit for the Keystone XL oil pipeline.

Some provinces suffering because of oil sands prosperity: NDP’s Thomas Mulcair
National Post
NDP leader Thomas Mulcair said Saturday that, because of the way it raises the value of the Canadian dollar, other parts of the country are paying a price for the prosperity enjoyed by natural resource sectors such as the oil sands in Alberta.

Pipeline delays won’t slow China investment in oil sands
Financial Post
Delays in building pipelines to carry oil from the oil sands of Alberta to Canada’s West Coast for shipment to Asia should not squelch a boom in investments in the country’s energy resources by Chinese companies, China’s ambassador to Canada said on Friday. 

Jack Mintz: National energy strategy would be highly dangerous
Financial Post
In the past few years, provincial leaders have been seeking the Holy Grail of a Canadian energy strategy. Spurred on by some think-tanks, Alberta has especially grabbed the mantle seeking some sort of national consensus on an energy policy. Governments are well intentioned in trying to seek some common ground for the disparate views to maximize the value of energy to the Canada. As Prime Minister Stephen Harper has stated, Canada is an energy superpower, providing us both economic and political strength in a highly competitive world dominated by large economies.


European climate change to hit Scandinavia and south hardest
Global warming in Europe this century will mostly affect Scandinavia and the Mediterranean basin, the European Environment Agency warned on Thursday. 

Germany May Fund More Solar Research Amid Subsidy Cuts, FTD Says
Financial Times Deutschland/Bloomberg
Germany may fund more solar-energy research to soften the impact of subsidy cuts this year, Financial Times Deutschland reported, citing Deputy Environment Minister Katherina Reiche.

Could wind farm developers benefit from Tory council losses?
Business Green
As the results of yesterday’s council elections continue to stream in, early figures showed strong gains for Labour and the Green Party, providing a potential boost to green businesses.


Thousands march in Japan against nuclear power as final reactor switches off
Thousands of Japanese marched to celebrate the last of this nation’s 50 nuclear reactors switching off Saturday, shaking banners shaped as giant fish that have become a potent anti-nuclear symbol.

Japan counts down to end of nuclear power
In the northern Japanese coastal village of Tomari it is always big news when one of the reactors at the local nuclear power station goes offline. Reactor safety checks and routine maintenance bring an influx of workers and a much-needed boost to an area in deep economic decline.

Green groups say Indonesia deforestation ban ‘weak’
A coalition of green groups in Indonesia on Thursday criticised a moratorium on deforestation as “weak”, saying the year-long ban still excludes large tracts of the country’s carbon-rich forests.

Vietnam plans CO2 target, mulls ETS: report
Point Carbon
Vietnam will later this month announce a 20 percent carbon emission reduction target in its forest and agriculture sectors, and it is also contemplating the launch of a domestic emissions trading scheme, local media reported Friday.
**Repeats in Leads

Australian MP threatens to block nation’s CO2 price floor
Point Carbon
An Australian MP has threatened to block regulation that would set a A$15 ($15.40) floor price on international carbon credits companies buy for use in the nation’s emissions trading scheme, a move that could see demand for offsets surge.

Australia publishes list of firms facing CO2 tax
Point Carbon
Australia on Friday published an online database containing the names of 248 of the facilities that will face a A$23 ($23.60) tax on their CO2 emissions from July 1 this year.

China energy firms to get renewable targets: report
Point Carbon
China’s biggest energy producers and grid companies will be given minimum requirements for use of renewable sources that will equal 6.5 percent of China’s total electricity supply, national media reported Friday.

Latin America

Chevron seeks bank records in Ecuador environmental suit
Chevron Corp went to federal court in Miami on Friday seeking to force an Ecuadorean bank to release records of alleged bribes the company says were paid to an independent expert in a multi-billion dollar environmental lawsuit against the oil company. 

Brazil Seeks Biofuel Exports to Spain as Argentina Barred
Brazilian biodiesel producers are seeking export agreements with Spanish oil companies after the European country moved to cut off imports of the renewable fuel from Argentina.

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