In this edition, Bloomberg covers a WWF/Greenpeace report that says the EU Risks 12 Years of Oversupply in CO2 Market, while a New York Times’ blog digs in to On Not Reaching Carbon Goals, responding to the IEA’s report on energy technology perspectives. Grist/Guardian interviews the EPA’s Lisa Jackson on coal and the economy.

Quote of the Day:

“Without intervention, the effectiveness of the ETS would suffer from a lack of scarcity until 2024. This report proves we simply need deeper emission cuts, not just a short-term fix, if we want to keep rewarding green investments in Europe.”

–Joris den Blanken, emissions expert at the Greenpeace European unit in Brussels, in Bloomberg’s “EU Risks 12 Years of Oversupply in CO2 Market: Report”

Lead Stories

EU Risks 12 Years of Oversupply in CO2 Market: Report
Bloomberg
The European Union’s emissions trading system will be oversupplied for the next 12 years unless policy makers intervene to withhold carbon allowances from the market and tighten climate targets, a study showed.
http://jlne.ws/LjnrL6

THE REPORT:
Strengthening the European Union Emissions Trading Scheme and Raising Climate Ambition
WWF/Greenpeace/Oko Institut
http://jlne.ws/LjodaU  

EU Report on Carbon Market Due Before August: Hedegaard
Bloomberg
The European Union will present a report on its emissions trading system and a proposal to delay auctions of some carbon permits before the summer recess that starts in August, EU climate Commissioner Connie Hedegaard said.
http://jlne.ws/KO5R6U  

Carbon Offset Prices Vary Widely By Standard And Project Type: Study
Ecosystem Marketplace
More than two dozen voluntary carbon standards have emerged in the last five years, and the prices those standards garner vary widely, according to the latest State of the Voluntary Carbon Markets Report, which was released last week in Cologne.
http://jlne.ws/LXMLax

IEA Calls for More Funds to Support Carbon Capture Technology
Bloomberg
Governments must increase funds to support carbon capture and storage technology and ramp up efforts to improve energy efficiency or risk missing climate change targets, the International Energy Agency warned.
http://jlne.ws/Kzmc9r  

THE REPORT:
Energy Technology Perspectives 2012
IEA
http://jlne.ws/Kzt8mX  

On Not Reaching Carbon Goals
The New York Times Green blog
Reducing carbon dioxide emissions by enough to prevent global temperatures from rising more than 2 degrees Celsius (3.6 degrees Fahrenheit) is “still within reach,’’ the International Energy Agency reported on Monday, but at the moment, trends in energy use are running in the wrong direction.
http://jlne.ws/KxC2TR

China launches climate change think tank
China Daily/Europe
China’s newly established national think tank for climate change has put the “top level design” of China’s carbon trading system top of its agenda agenda.
http://jlne.ws/KO7NMY  

U.S. still lags behind other nations in share of renewable energy
Los Angeles Times
The U.S. still lagged behind other nations in 2011 in the share of energy it gets from renewable sources, in spite of a more than 300% increase in funding for green power projects over the last decade.
http://jlne.ws/MFLzLs

First-Ever REDD Project in Amazon Rainforest Receives Registration Under the Verified Carbon Standard
Press Release
33 Forest Capital, working in cooperation with Brazilian company CKBV Florestal, part of Grupo Cikel, announced today that it has been awarded Registration under the Verified Carbon Standard (VCS) for the first-ever REDD (Reducing Emissions from Deforestation and Degradation) project in the Amazon Rainforest.
http://jlne.ws/LxByyy  

‘The problem for coal right now is entirely economic’ – EPA’s Lisa Jackson
Grist/Guardian
It’s been a bumpy road for Lisa Jackson through three and a half years as chief administrator of the Environmental Protection Agency. But the 50-year-old chemical engineer doesn’t look fazed or fed up. A scientist-turned-insider who has learned that the levers of power don’t always budge without a fight, she shows a little steel in her eyes as she ticks off achievements and notes setbacks. But she also lets mischief color her laugh as she acknowledges what she calls the “toxic attitude of absolute certainty” that paralyzes progress on climate and other issues.
http://jlne.ws/MFHMxJ  

E.P.A. Soot Rules Expected This Week
The New York Times
The federal Environmental Protection Agency plans to propose new air quality standards for soot by Thursday and issue final standards by Dec. 14 under a tentative agreement with 11 states that sued the agency earlier this year.
http://jlne.ws/MysSG4

Events

Responsible Business Summit
Asherleaf
June 27 -28, 2012, New York
http://jlne.ws/I9JaGh

Carbon Forum North America
October 1-2, 2012
Washington, DC
http://jlne.ws/zDe43B

Sustainability Summit – Innovation Challenge
October 9, 2012
New York
http://jlne.ws/wKbX7U

Carbon

European airlines’ losses put at $1.1bn
Financial Times
Global airlines are flying into increasing turbulence this year with losses at European carriers set to be nearly twice as big as expected and China’s economic slowdown adding to the headwinds, says the main industry body.
http://jlne.ws/LPzosF

New projects to ease the way for carbon emission cuts
Business Day (South Africa)
CARBON trade advisory company Prometheum Carbon has launched an initiative to bring together four projects that reduce greenhouse gas emissions, and diminish red tape for those running them, it was announced on Friday.
http://jlne.ws/JYCdG8

Great Bear Forest to Be Massive Carbon Offset Project
The Tyee
Cameron Hill was barely a teenager when loggers descended onto Gitga’at First Nation territory in the early ’80s, clear-cutting vast stands of old-growth cedar in the midst of what is now known internationally as the Great Bear rainforest.
http://jlne.ws/MoTNHa

Natural Gas/Coal

China CNPC to expand LNG sales, spur cleaner fuel use
Reuters
Top Chinese oil and gas producer China National Petroleum Corp (CNPC) plans to step up sales of liquefied natural gas (LNG) and encourage use of LNG-powered vehicles in the next three years, in line with a government push for cleaner energy.
http://jlne.ws/MzpaeL

Global LNG supplies to remain tight through 2015
Reuters
Global liquefied natural gas markets will tighten and prices likely increase over the next two to three years as supplies rise more slowly than appetite from a growing number of importers, industry leaders said at an event this week.
http://jlne.ws/Lhd4Ja

Goldman sees UK gas prices rising despite downturn
Reuters
Goldman Sachs bucked the trend of bearish natural gas price outlooks on Monday by issuing a recommendation to buy UK gas for delivery next quarter, saying it expected prices to rise by 20 percent from current levels.
http://jlne.ws/KzouoO  

Thermal coal prices hit two-year low
Financial Times
Thermal coal prices fell to a two-year low on Monday as surging exports from Indonesia, the world’s largest producer of the commodity used to fire power stations, and the US continue to overwhelm demand from Asian countries.
http://jlne.ws/MoT1db

Power

Renewable Power in Development Phase, Leading to Producer Slump
Bloomberg
The solar and wind-power equipment business is in a development phase that, like the car industry of the 1900s, is leading to a slump in numbers of manufacturers before it can mature, according to Bloomberg New Energy Finance.
http://jlne.ws/KjED76  

Germany May Pass Solar Subsidy Cuts by July 7 After Bill Blocked
Bloomberg
Germany may pass legislation to cut solar-power subsidies before July 7 should the government and regional leaders reach a compromise this week, according to an official at the Federal Environment Agency.
http://jlne.ws/LpMdMQ

BrightSource to Bid for Solar Trust 500-Megawatt Project
Bloomberg
BrightSource Energy Inc. (BRSE), a solar- thermal developer that withdrew an initial public offering in April, is seeking to buy an unbuilt 500-megawatt power plant from the bankrupt Solar Trust of America LLC.
http://jlne.ws/LhaNOa

General Electric to Invest $900 Million in Turkey in 3 Years
Bloomberg
General Electric Co. (GE) will invest $900 million in aviation, energy, health, transportation and infrastructure in Turkey over the next three years after the government offered incentives to investors.
http://jlne.ws/KO5Z6o

Greek Blackouts Risked as Power Companies’ Cash Runs Out: Energy
Bloomberg
Greece faces the threat of rolling power blackouts as the economic crisis leaves utilities without cash to pay for natural-gas imports and operate power stations.
http://jlne.ws/LPxJTS

Renewable energy grows despite financial crisis
Reuters
Renewable energy sources supplied 16.7 percent of global energy consumption in 2011, but the $257 billion of investment in the sector was still 15 percent lower than into fossil power generation, two influential bodies reported on Monday.
http://jlne.ws/LpTbkQ  

Carbon Trust searches for bigger cables to cut offshore wind costs
Business Green
The Carbon Trust is to launch a competition to find a cable that could double the amount of power carried between offshore wind turbines as part of its flagship innovation project to cut the cost of green energy.
http://jlne.ws/LjqZNp

RECs

New Reports Show 2011 Was a Banner Year for Renewable Energy
Union of Concerned Scientists Press Release
The United Nations Environment Program (UNEP)’s Global Trends in Renewable Energy Investment 2011, and the Renewable Energy Policy Network for the 21st Century (REN21)’s Renewables 2012 Global Status Report were both released today. The reports highlight that 2011 was a very strong year for renewable energy despite the ongoing global economic crisis.
http://jlne.ws/KOaOwK 

CleanTech

Global giants team up in bio-plastic push
Business Green
Five of the world’s most high-profile companies have announced they are to work together to accelerate the development and deployment of sustainable plant-based plastics capable of replacing plastics made from fossil fuels.
http://jlne.ws/NuFdQk

N.R.C. Nomination Shines Spotlight on Waste-Disposal Issue
The New York Times
When the Senate Environment and Public Works Committee meets on Wednesday to consider President Obama’s choice to head the Nuclear Regulatory Commission, three themes are likely to dominate the questioning: waste, waste and earthquakes.
http://jlne.ws/OoPGuJ

Banks Look to Burnish Their Images by Backing Green Technology Firms
The New York Times
In the wake of a $30 billion commitment to new environmental investments by Wells Fargo in April and a $40 billion promise from Goldman Sachs this month, Bank of America will announce a 10-year, $50 billion initiative of its own on Monday.
http://jlne.ws/LPsgys

Miscellaneous

Obama’s wilderness legacy remains uncertain
Washington Post
For American presidents, protecting the country’s last wild places has long been a matter of legacy. Theodore Roosevelt declared the Grand Canyon a national monument after failing to make it a national park. Jimmy Carter forced Congress to designate more than 66 million acres in Alaska as wilderness. George W. Bush preserved 140,000 square miles of ocean in Hawaii as a national monument.
http://jlne.ws/LFGMKG

Arctic discovery: Massive algae bloom raises crucial questions
Los Angeles Times
NASA has revealed its discovery of a massive algae bloom under the slowly diminishing Arctic ice — a finding that made scientists’ eyes pop. But does this never-before-seen phenomenon change the fate of this microscopic algae?
http://jlne.ws/JYDmxy

Reports

Energy Technology Perspectives 2012 (Posted June 11, 2012)
IEA
http://jlne.ws/Kzt8mX

Strengthening the European Union Emissions Trading Scheme and Raising Climate Ambition
WWF/Greenpeace/Oko Institut (Posted June 11, 2012)
http://jlne.ws/LjodaU

Characterizing Pivotal Sources of Methane Emissions from Unconventional Natural Gas Production (Posted June 4, 2012)
API, ANGA
http://jlne.ws/M6RzMQ

Vulnerability of US and European electricity supply to climate change (Posted June 4, 2012)
Nature Climate Change
http://jlne.ws/L3Slcb

Developing Dimension: State of the Voluntary Carbon Markets 2012 (Posted May 31, 2012)
Ecosystem Marketplace
http://jlne.ws/JQ18Bv

View all reports >

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