The EU emissions trading system (EU ETS) is a cornerstone of the European Union's policy to combat climate change and its key tool for reducing industrial greenhouse gas emissions cost-effectively. Find out how it does so http://ec.europa.eu/clima/policies/ets
Views: 50871 European Commission
Take 4 minutes to understand how does the European Union carbon emissions trading scheme work.
Views: 13895 ademe
You want to dive deep into the world of finance and management? Visit us: http://www.frankfurt-school.de/en/home/programmes.html?utm_source=youtube&utm_medium=ACQUISITION Burning fossil fuels like coal, oil or natural gas moves cars, produces electricity or heat. Unfortunately, it also generates carbon dioxide emissions, and drives climate change. The European Union has decided to strongly reduce emissions. Obviously this should be done at the lowest costs to the firms and the people. That is where the Emissions Trading comes into play: The European Union fixes a carbon emissions target, then divides it into allowances, that each allow to emit one ton of CO2. These are now distributed to the firms. Now, for every ton of emissions, the firm needs to turn in one allowance. If it needs more or less, it can buy or sell them. So there will be a market for allowances. A firm will now think twice before it emits carbon dioxide: - If it is cheaper to avoid a ton of emissions and sell an allowance then the firm will do that. - But also: The firm may choose to emit more and just buy an allowance if that increases profit. Therefore, the firms will end up in a situation where they all face the same costs if they would want to avoid an additional ton of CO2. That means: The cheap abatement options are used – and at the same time no firm is forced to use particularly expensive ways to reduce emissions as it can always buy allowances. In other words: the economy has reached the emissions target in the cheapest way.
Views: 19130 Frankfurt School of Finance & Management
Fabien Roques, professor at University Paris Dauphine and senior vice president at Compass Lexecon, describes the European Union Emission Trading Scheme and its evolution since its inception in 2005 (GHG covered, countries and sectors involved, prices, etc.). The significant oversupply emerged since 2009-10 led to a reform of the scheme, first with the introduction of back-loading and then with the establishment of a market stability reserve.
Views: 516 Florence School of Regulation
In an effort to reduce pollution, the government tried two policy prescriptions under the Clean Air Act Amendments of 1990. The first—command and control—mandated that each power plant lower its pollution by a determined amount. However, different firms face different cost curves and, because information is dispersed, policymakers don’t always know those costs. The second policy prescription—tradable pollution permits—empowered firms to use knowledge of their cost curves to buy or sell pollution permits as needed. Under this policy, the invisible hand of the market helped discover the lowest cost way of reducing pollution. Microeconomics Course: http://bit.ly/20VablY Ask a question about the video: http://bit.ly/1p5hfkn Next video: http://bit.ly/1R24Bch Help us caption & translate this video! http://amara.org/v/GSnT/
Views: 150145 Marginal Revolution University
What is EMISSIONS TRADING? What does EMISSIONS TRADING mean? EMISSIONS TRADING meaning - EMISSIONS TRADING definition - EMISSIONS TRADING explanation. Source: Wikipedia.org article, adapted under https://creativecommons.org/licenses/by-sa/3.0/ license. Emissions trading or cap and trade is a government-mandated, market-based approach to controlling pollution by providing economic incentives for achieving reductions in the emissions of pollutants. Various countries, states and groups of companies have adopted such trading systems, notably for mitigating climate change. A central authority (usually a governmental body) allocates or sells a limited number of permits to discharge specific quantities of a specific pollutant per time period. Polluters are required to hold permits in amount equal to their emissions. Polluters that want to increase their emissions must buy permits from others willing to sell them. Financial derivatives of permits can also be traded on secondary markets. In theory, polluters who can reduce emissions most cheaply will do so, achieving the emission reduction at the lowest cost to society. Cap and trade is meant to provide the private sector with the flexibility required to reduce emissions while stimulating technological innovation and economic growth. There are active trading programs in several air pollutants. For greenhouse gases, which may cause dangerous climate change, permit units are often called carbon credits. The largest greenhouse gases trading program is the European Union Emission Trading Scheme, which trades primarily in European Union Allowances (EUAs); the Californian scheme trades in California Carbon Allowances, the New Zealand scheme in New Zealand Units and the Australian scheme in Australian Units. The United States has a national market to reduce acid rain and several regional markets in nitrogen oxides.
Views: 228 The Audiopedia
Emission trading scheme (EU ETS) is Europe's effort to develop a market based solution to reduce emission of greenhouse gases that are cited to be major cause for global warming. The jury is still out there on whether the scheme has been a success or not, but certainly the volume of trading in carbon credits have exploded in recent years
Views: 842 TheMiddleGround
The European Commision presented on 23 January 2008 a major package to combat climate change and improve the EU´s energy security and competitiveness. It includes a proposal to broaden and strengthen the Emissions Trading Scheme (EU ETS), with a view to improve its functioning and extending the scope of the third trading period starting in 2013.
Views: 506 expozaragoza2008eu
With the U.S. backing away from a cap-and-trade system, the EU Emissions Trading System (ETS) stands as a solitary, iconic, and often-criticized outpost for market-based approaches for limiting green house gas emissions. A. Denny Ellerman evaluates the performance and prospects of the EU ETS and consider whether it, and the global trading vision embodied in the Kyoto Protocol, is at a dead end or, despite all the difficulties, is still the way to an effective global climate policy. [10/2011] [Public Affairs] [Show ID: 22632]
Views: 1626 University of California Television (UCTV)
See more videos at: http://talkboard.com.au/ In this video, we look at the basic role of an emissions trading scheme. We consider the role of a CPRS in limiting carbon emissions. The emissions trading scheme has been implemented in many countries around the globe. We want to consider the effectiveness of emissions trading, and an emissions trading scheme. We also look at what impact an emissions trading scheme and emissions trading has on market demand and supply.
Views: 1250 talkboard.com.au
Watch this entertaining video to understand how the cap n trade bill, the carbon offset etc. works. Its all a big scam that makes the poor and those who pollute LESS, pay MORE!
Views: 68159 brainphreak
Introduced eight years ago, the carbon emissions trading scheme in Europe is now faltering. The price of carbon permits has plummeted. Made in Germany explains how emissions trading works. Read more: http://www.dw.de/program/made-in-germany/s-3066-9798
Views: 4053 DW News
Dr. Manishika Jain in this video explains the concept of carbon trading and Kyoto Protocol. Details are given below: Kyoto Protocol & Carbon Trading Kyoto Protocol Adopted on 11 December 1997 Came in force on 16 February 2005 COP7 at Marrakesh - Rules for implementation were adopted & called "Marrakesh Accords." 1st commitment period started in 2008 and ended in 2012 - GHG ↓5% against 1990 level Aim to reduce emissions 2012- Doha Amendments – 2nd Commitment period 2013 to 2020 - GHG ↓18% against 1990 level Carbon Trading / Cap & Trade 1 𝐶𝑎𝑟𝑏𝑜𝑛 𝑈𝑛𝑖𝑡=1 𝑡𝑜𝑛 𝑜𝑓 𝐶𝑂2 𝑒𝑞. Kyoto Protocol @0:20 Carbon Trading / Cap & Trade @6:02 Mechanism @9:52 Carbon Offsets @19:25 #Reduction #Development #Emission #Mechanism #Pollute #Rewarded #Trading #Financially #Emissions #Amendments #Manishika #Examrace Mechanism Annex B – Targets to limit emissions as “Assigned Amount Units (AAU)” Removal Unit (RMU): Based on land use, land-use change and forestry (LULUCF) activities like reforestation Emission Reduction Unit (ERU): By joint implementation Certified Emission Reduction (CER): By clean development mechanism Carbon Offsets Are form of trade. If buy - ↓ GHG emissions Restore forests Update power plants and factories Increase energy efficiency of buildings and transportation Let you pay to reduce the global GHG total Register: http://www.examrace.com/Updates/UpdateRegister.html For NET Paper 1 Study material refer - http://www.examrace.com/CBSE-UGC-NET/CBSE-UGC-NET-FlexiPrep-Program/Postal-Courses/Examrace-CBSE-UGC-NET-Paper-I-Series.htm
Views: 62463 Examrace
Summary haiku: Limits emissions / Lets the market find the price / Drives behaviour change. Video 1/7 A short video explaining emissions trading in New Zealand and why it works from Motu Research. More info at http://motu.nz/our-work/environment-and-resources/emission-mitigation/emissions-trading/tackling-climate-change-with-an-emissions-trading-scheme An emissions trading system (ETS) enforces an emission reduction target and increases the cost of high emitting activities driving investment and behavioural change. The government issues a limited number of emission units, which are allowances to emit greenhouse gases. Every tonne of emissions has to be matched by an emission unit. The number of emission units limit the amount of greenhouse gases emitted into the atmosphere and gives them a market value, the emissions price. This encourages New Zealanders to figure out where emissions can be reduced at the lowest cost. The number of units issued shrinks over time, allowing New Zealand to gradually transition to a low-emission economy.
Views: 477 Motu Research
Europe's Emissions Trading Scheme is about to get a major reboot. Carbon prices are expected to rise, with significant implications for the power industry and other carbon-intensive industrial sectors. But will the new revamped system really work? S&P Global Platts senior carbon market analyst Frank Watson and Energy Economist managing editor Ross McCracken take a look at the ETS 2.0 to see if this time round, it really will deliver. * EU ETS CO2 emissions and annual cap vs EUA price * Thermal squeeze: power generation in the EU (TWh) * EUA price forecast tracker --------------------------------------- Subscribe for more #PlattsCP updates: http://plts.co/cgEW30f5ICp --------------------------------------- Keep up to date with all the latest S&P Global Platts emissions news and analysis at @PlattsPower and by using the hashtag #PlattsCP --------------------------------------- You can also follow all our latest updates via: --------------------------------------- Website: http://plts.co/5NHK30e3RTG Facebook: http://plts.co/1Vce30e3RV4 Twitter: http://plts.co/mKuB30hIhCK LinkedIn: http://plts.co/iLol30e3RXA
Views: 408 S&P Global Platts
Register for this course at http://www.leonardo-academy.org/course/details.php?id=275 Emissions Trading Schemes started to gain popularity in the US in the 1990s with trading of traditional air pollutants such as oxides of nitrogen (NOx) and sulphur (SOx). Europe was the first region to begin a mandatory CO2 cap-and-trade scheme, known as the Eurpean Union (EU) ETS. The EU ETS has been operating since 2005 and is now the largest multi-country, multi-sector GHG emission trading scheme in the world. Phase I (2005–07) was ended and Phase II (2008-2012) was finalized two years ago. The Phase III (2013-2020) is now operating among the EU Institutions. Therefore, Europe holds an important experience in this schemes that will revised during this lesson. We discussed about grandfathering and benchmarking methods for estimating emissions. At the same time, both emission allowance auctioning and free allocation of allowance will be revised. Finally, using the EU ETS experience from the first period, some learned lessons will be mentioned.
Views: 763 Leonardo ENERGY
Dr. Akihisa Mori presents on "Carbon Emission Trading Scheme and Energy Transition: The Case of China" at the Conference on "Governance for Sustainable Energy Transitions: The perspectives of the Asian Region" at Hong Kong Baptist University on 17 July 2017. Abstract: China launched the pilot carbon emissions trading scheme (ETS) in five cities and two provinces in 2013. Their efficiency is, however, suspected for inadequate domestic demand; limited involvement by private finance; incomplete regulator infrastructure; and excessive state intervention including price control. An increase in renewable energy and the use of offset credit could spur excess supply of carbon credit. Against this backdrop, this presentation explores how China’s pilot ETS works for carbon emission reduction and energy transition, taking the ETS in Guangdong as a case. It employs mixed research method that consists of extensive review of documents and publications, statistical analysis and semi-structured interview. There are two implications. First, it is not ETS, but other regulations such as coal consumption cap, carbon intensity target and approval of new power generation projects that are binding. Second, Guangdong province is causing carbon leakage by “supporting” coal power expansion in other provinces, rather than by purchasing offset credit generated there. Profile: Dr. Mori has conducted research on environmental, energy and climate policy, governance, and fiscal reform in East and Southeast Asia. He published several edited books, including Environmental Fiscal Mechanism and Reform: East Asia and Europe and Green Growth and Low Carbon Development in East Asia from Routledge.
Views: 82 Asian Energy Studies Centre
http://www.iiea.com/blogosphere/the-eu-emissions-trading-scheme-explained The EU Emissions Trading Scheme is currently in turmoil, as carbon prices continue to fluctuate due to oversupply in the market. A vote by the European Parliament's ITRE Committee to reject the European Commission's plan to bloster the market sent prices tumbling below €3/tonne in January but ENVI, the lead Parliament Committee voted on Tuesday, 19 January 2013, to support the European Commission's plan to backload allowances. Nevertheless, prices fell by 20% following the vote, given persistant doubts that that enough political will exists to rescue the ailing market. This video explains how the EU ETS works and forms part of the Environment Nexus project that can be found here http://www.iiea.com/environmentnexus
Views: 11722 IIEA1
Emission trading scheme? Cap and trade? What do these words mean? And how does it all contribute to reduced emissions of greenhouse gases? This animation shows how the scheme works.
Views: 57474 EuropeanTelevision1
On 25 September 2018, the New Zealand Emissions Trading Scheme (NZ ETS) marked its first decade since entry into law. A new video “The NZ ETS: Beyond the Barricade” has been released in honour of this milestone. The short musically inspired video was produced by Catherine Leining, a Policy Fellow at Motu Economic and Public Policy Research. Ms Leining was among the core group of New Zealand government officials who designed the NZ ETS over 2007-2008. “In its own way, the NZ ETS was quite revolutionary, although it has faced some barricades to progress. Of course, it is hard to tell that whole story in under five minutes,” said Ms Leining. “I felt that a fresh voice was needed to do justice to the dramatic account of how the NZ ETS has evolved over time.” Ms Leining has written extensively about the history, evaluation and reform of the NZ ETS. Her work has been documented in a series of Motu Working Papers and a recent Guide to the New Zealand Emissions Trading Scheme. Her analyses have been included in publications by the World Bank Partnership for Market Readiness and International Carbon Action Partnership, International Emissions Trading Association and Environmental Defense Fund, ICIS, and others. In the past, she has also been an occasional member of the New Zealand Opera Chorus. “While the video covers the turbulent period when low emission prices undermined the system’s effectiveness, it also carries a message of hope for the future. With strategic reforms backed by cross-party support, the NZ ETS can be a powerful tool for shaping New Zealand’s transition to a successful net-zero-emission economy,” said Ms Leining. No NZUs were harmed in the making of this video.
Views: 2069 Motu Research
European Commission production: "The EU Emissions Trading Scheme (ETS) is a world first and a major weapon in Europe's fight against climate change. The innovative system has turned carbon dioxide emissions into a tradeable commodity. They can now be bought and sold like any other of the thousands of products traded on world markets today. The scheme works by placing a limit or a 'cap' on the amount of carbon dioxide participating installations - currently around 10,500 across the European Union - can emit every year. If an installation emits more than its allowance, it must either pay a very hefty fine or buy surplus allowances from companies that have managed to stay below their limit. The system ensures that overall CO2 emissions from the plants covered are cut in the most cost effective way. The video report shows: Factories and sources of CO2 emissions Renewable energies' systems ABN-Amro trading floor Pernis' Shell oil refinery (Europe's biggest oil refinery) DSM chemical plant Interviews with key figures including: Tomas Wyns, Climate Action Network Europe Jos Delbeke, Director for Climate Change & Air, DG Environment, European Commission Sara Ståhl, European Climate Exchange Gerhard Mulder, ABN-Amro Annemarie van der Rest, Shell Marc van Doorn, DSM Julia Williams-Jacobse, Dutch Environment Ministry Dr. Bert Metz, Intergovernmental Panel on Climate Change."
Views: 38636 EURACTIV
About the Speech: This seminar focused on the future of the ailing EU Emissions Trading Scheme and proposals for reform. A draft proposal to revive the EU-ETS was announced by EU Climate Action Commissioner, Connie Hedegaard, in July and is currently the subject of intense debate. The proposal aims to address the major oversupply of emissions allowances in the ETS system in the short-term, which has led to weak carbon prices. The bigger question of how credibility will be restored in the market over the longer-term remains unanswered, however, with a report on structural reform due in the coming months. In this context, Dr. Barbara Buchner, Director of Climate Policy Initiative Europe, and Prof. Frank Convery, Professor Emeritus at UCD, considered the future of the EU-ETS. Sanjeev Kumar of E3G -- Third Generation Environmentalism -- and Dr. Neil Walker of IBEC, then discussed the political and industry responses. This event is kindly sponsored by Shell. Sanjeev Kumar is a Senior Associate at E3G's Brussels Office. His works focuses on European climate and energy policy with particular emphasis on the design of carbon markets and driving low carbon infrastructure. Prior to joining E3G, Sanjeev spent three years with the Brussels office of the environmental organisation WWF where he coordinated their high-profile campaign on the reform of the EU Emissions Trading Scheme. He spent 7 years in the UK with the Royal Charter professional body The Energy Institute where he was responsible for constructing professional development services for energy experts and products to support energy companies.
Views: 362 IIEA1
Larry Lohmann critiques cap-and-trade (1 of 3) Saturday January 26th, 2008 Larry Lohmann is the editor of Carbon Trading: A Critical Conversation on Climate Change . He also works with The Corner House, a research and solidarity NGO in the UK and is a member of the Durban Group for Climate Justice
Views: 21762 The Real News Network
For more information see http://www.parryfieldblog.com or http://parryfield.com
Views: 120 Newzealandlawyers
9. Hon RODNEY HIDE (Leader—ACT) to the Minister for Climate Change Issues: How much lower would New Zealands net carbon dioxide equivalent emissions be in 2020 as a result of the emissions trading scheme as currently legislated, compared with the business-as-usual case represented by the green line in figure 5 in his ministrys document New Zealands 2020 Emissions Target? Hon TIM GROSER (Associate Minister for Climate Change Issues (International Negotiations)) on behalf of theMinister for Climate Change Issues:Perhaps I should say that this answer is also on behalf of the previous Labour Government, as it is its scheme to which the member is referring. Clearly, a number of factors need to be taken into account. There is the issue of the price. Of course, the previous Labour Governments scheme has no cap on the price, so it is an extreme market solution—let the price clear at whatever the economic and social cost may be. There are uncertainties about the extent to which the scheme would stimulate planting, and uncertainties over the harvesting. But if the price were, as the New Zealand Institute of Economic Research and Infometrics study indicates, $100 a tonne, it has been estimated that it could reduce emissions by 15 million tonnes of carbon dioxide equivalents. It could also possibly put forward a further 50,000 hectares of planting, which might add a further 10 million tonnes, and, arguably, it might decrease the very rapid deforestation that occurred in the last few years of the previous Labour Government. Mr SPEAKER: I am on my feet, in case members had not noticed. Before I call the Hon Rodney Hide, I want to say that the question that was asked was a perfectly serious question, and the House deserved to hear the answer. It was a straightforward question. Obviously, the answer was quite complicated. I want the House to be able to hear the answer. I am serious about that. The House deserves to hear the answer.
Views: 198 ofInterestNZ
For the European Union to achieve its ambitious climate and energy objectives, its Emissions Trading Scheme (ETS) is being reformed to reduce greenhouse gas emissions in a more cost-effective way. The purpose of this online event is to examine which short and long-term measures are being deployed and considered to address the surplus of emission allowances that undermine the functionality of the world's largest carbon market. In particular, the webinar will provide an assessment of reform options that can help increase and stabilise the EU's carbon prices and incentivise industries within the ETS to reduce their emissions.
Views: 59 Louise Coffineau
China's economic planner, the National Development and Reform Commission, recently launched a carbon emissions trading system. Under this mechanism, companies can trade carbon emission permits like they are commodities, in the hope that it will reduce carbon emissions. Under the Paris Agreement, China has promised to cut carbon emissions by 60 to 65 percent per unit of GDP by 2030, compared with 2005 levels. In the meantime, it would boost its use of non-fossil fuels, making them account for 20 percent of China's energy consumption. While other countries' carbon markets struggled, can China's system buck the trend? Wu Changhua, China/Asia Director, Office of Jeremy Rifkin, and former Greater China Director of the Climate Group; Michael K. Dorsey, co-founder and vice president of Strategy-US Climate Plan; and Isabel Hilton, CEO and Editor of chinadialogue.net, share their views. Subscribe to us on YouTube: https://goo.gl/lP12gA Download our APP on Apple Store (iOS): https://itunes.apple.com/us/app/cctvnews-app/id922456579?l=zh&ls=1&mt=8 Download our APP on Google Play (Android): https://play.google.com/store/apps/details?id=com.imib.cctv Follow us on: Facebook: https://www.facebook.com/ChinaGlobalTVNetwork/ Instagram: https://www.instagram.com/cgtn/?hl=zh-cn Twitter: https://twitter.com/CGTNOfficial Pinterest: https://www.pinterest.com/CGTNOfficial/ Tumblr: http://cctvnews.tumblr.com/ Weibo: http://weibo.com/cctvnewsbeijing
Views: 692 CGTN
The international community was tasked with reducing carbon emissions at the Paris Climate agreement in November. Korea, for one, aims to reduce emissions by 37 percent by 2030. It adopted an emission trading program a year ago,... and our Kim Min-ji takes a look at whether it's going to help Korea achieve that goal. Korea's emission trading scheme got off to a sluggish start. After a year of the system being adopted,... the trading volume came to a mere four-point-four million tons. To give that figure some context,... it makes up less than one percent of Korea's emissions cap for the year -- or some 5-hundred-40 million tons. "It's still the beginning stage so it's very hard to tell right now. The emissions trading system is a new mechanism in Korea. We need an adjustment period of about three years." So how does the system work? The scheme gives companies an allowance and if they surpass the cap,... they can buy credits from others. If they don't hit the cap, they can sell leftover credits. The market-based environment policy is currently being implemented in 34 countries worldwide, including EU members, New Zealand and Switzerland. In Korea, 525 companies,... including Samsung Electronics and POSCO,... are taking part,... with one ton traded at around 10 U.S. dollars. Come June, the first evaluation period will take place,... and it will provide a glimpse into whether the system is working or not. But some experts say structural changes are needed if Korea really wants to reduce emissions. "The cheap trading price is diverting companies from reducing carbon emissions,... as its more profitable to buy credit,... rather than sell. Another downside is cheap energy prices in Korea. Due to the cheap prices of energy sources in Korea, such as fossil fuels or electricity,... companies find no reason to invest in renewable energy sources." Korea has pledged to cut carbon emissions by 37 percent by 2030. While it may not be an easy task,... experts say Korea is far behind global standards. They say local companies should not think of reducing carbon emissions as a burden,... but as new business opportunities and as a benefit for the economy as a whole. Kim Min-ji, Arirang News. Visit ‘Arirang News’ Official Pages Facebook(NEWS): http://www.facebook.com/newsarirang Homepage: http://www.arirang.com Facebook: http://www.facebook.com/arirangtv Twitter: http://twitter.com/arirangworld Instagram: http://instagram.com/arirangworld
Views: 83 ARIRANG NEWS
Both a carbon tax and a system of cap and trade can be used to achieve the socially efficient level of carbon emissions. However, these two methods differ based on a number of factors. This video discusses the pro's and con's of both the carbon tax and cap and trade. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like Edspira on Facebook, visit https://www.facebook.com/Edspira To sign up for the newsletter, visit http://Edspira.com/register-for-newsletter Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin To follow Michael on Facebook, visit https://www.facebook.com/Prof.Michael.McLaughlin This video was funded by a Civic Engagement Fund grant from the Gephardt Institute for Civic and Community Engagement at Washington University in St. Louis.
Views: 7370 Edspira
Report by Raymond Frenken, EUX.TV Script: First, there was ClimateGate - the scandal with hacked emails suggesting scientists have abused data for research on global warming. Now, another international climate scandal is emerging that may have an impact on the talks in Copenhagen. Europes top police body Europol, the closest thing that European Union has to the American Fbi, has exposed a massive fraud with the unions official market in carbon credits, the Emission Trading System. The fraud is costing tax payers in a handful of European countries more than five billion euro - 7 billion dollars - and raises doubts about the effectiveness of carbon trading as a measure to curb emissions. Europol director Rob Wainwright issued the following statement: These criminal activities endanger the credibility of the European Union Emission Trading System and lead to the loss of significant tax revenue for governments. Police authorities in Belgium, Denmark, France, the Netherlands, Spain and the United Kingdom have worked together in what Europol calls a process to identify and disrupt the organised criminal structures behind these fraud schemes. Lets see if we can explain the scheme, using this graphic provided by Europol. The fraud is based on a what is tax experts and investigators call as a Carroussel fraud with missing traders. This carroussel generates money by stealing value added tax from governments. The first step of the criminals is to open a trading account with a national carbon registry, in the name of a newly registered company. From there, this company buys EU emission allowances in another country on one of the six official carbon exchanges in Europe. After that, these emission allowances are moved to another country, and subsequently sold to an unregulated broker in yet another country. This broker then charges VAT on these transactions but does not pay the collected VAT to the tax authorities. Just before the tax authorities realize that this company owes them huge amounts of VAT, basically a period of a few months, the company and its owners disappear. A new company is set up, using other front men, to repeat the carroussel. Crime rings that run such schemes can have several dozen or hundreds of companies whose real owners are difficult to trace. Basically, this type of fraud is possible because European countries continue to disagree on single market tax legislation. Carroussel fraud is a constant feature in the European cross-border market and until recently only happened with shipments of valuable goods such as iPods or flat-panel tvs, not with carbon credits. Europes tax commissioner, in an interview with EUX.TV, has estimated the damage from these carroussel frauds at more than 60 billion euro per year as Euroean finance minister continue to disagree on effective measures to fight this fraud. The Emission Trading System system was set up in 2005 as part of Europes efforts to curb emissions of greenhouse gases. That topic now is at the top of the agenda at the UN Climate summit in Copenhagen this week and next. This unprecedented and massive fraud is likely to prove a major embarrasment for EU negotiators.
Views: 29869 EURACTIV
Palmer Saves Emissions Trading Scheme The Palmer United Party has successfully negotiated with the Abbott Government to consider major amendments to carbon farming, retaining the Climate Change Authority and agreeing to a three-stage, 18-month enquiry into an Emissions Trading Scheme (ETS). Federal leader of the Palmer United Party and Member for Fairfax Clive Palmer says the enquiry into major environmental initiatives including the benefits of the Palmer United Party’s ETS would be undertaken by former governor of the Reserve Bank of Australia, Bernie Fraser in his capacity as chairman of the Climate Change Authority. In a unifying move for all Australians, Mr Palmer said the enquiry was expected to report back to parliament in June 2015 with a further advanced report in November 2015 prior to the United Nations Climate Change Conference in Paris and the final report completed by June 30, 2016. Mr Palmer said the Palmer United Party had achieved what the Greens were unable to in preserving the Climate Change Authority, retaining the Renewable Energy Target (RET) and making substantial progress towards delivering an ETS. “We would expect Green votes to flow to Palmer United Party on the back of this achievement which will deliver tangible results for the environment, not just talk,’’ Mr Palmer said. The Palmer United Party proposes an ETS which will only become effective once Australia’s main trading partners also took action to establish one. “In understanding climate change, we must remain ever vigilant and be aware of how Australia as part of the international community is doing and, more importantly, what the global community can do together to make the lives of all those who inhabit the world more secure,’’ Mr Palmer said. “I congratulate Tony Abbott and Environment Minister Greg Hunt on their political courage in supporting this proposal which will benefit all Australians and unify the nation,’’ he said. “This will be an important step forward for Australia in 2015 as we commemorate the Anzac Centenary honouring the service and sacrifice of all those who have worn the Australian uniform. “The brave men and women who have offered their service in wars, conflicts and peacekeeping missions around the world have done so for Australia, not Liberal, Labor or any one party. “This new ETS for all Australians is not the Liberal way or the Labor way but the right way,’’ Mr Palmer said. “It is an example of the Palmer United Party delivering real results for everyday Australians through a common-sense approach,’’ he said.
Views: 400 United Australia Party
The world's largest carbon emitting country has launched a program that offers companies an incentive to voluntarily cut pollution. CGTN's Li Jianhua reports.
Views: 848 CGTN America
Debate on Emission Trading Scheme Kwangyul Peck, Professor, Yonsei University Valerie Karplus, Professor, MIT Jacquelin Tao, National University of Singapore
Views: 358 Kwangyul Peck