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Early on in the decade about there was much talk of farmers getting paid for storing carbon in the soil and for implementing other “climate change initiatives” on the farm. In the past year, there has been a lot in the news again about “carbon trading”. Financial Soultions takes a look.
A host of countries, including Canada, signed on to the Kyoto Accord and are laboring towards achieving their targets. There are carbon exchanges where carbon credits are being traded in Europe, Chicago and in Montreal and more recently in New York.
In North America there are 3 climate groups of states and provinces that have come together to synchronize efforts in the reduction of greenhouse gas emissions, and it seems likely that these will, in time merge into one. Although the United States is not a signatory to Kyoto, there are many states that have been tackling climate change. The Canadian government will regulate this issue through the Environmental Protection Act commencing in January 2010. An offset trading system will be set up, as well as a technology fund that can be employed by emitters who are above regulated levels.
Many provinces have been already been pro-active in Canada, Financial Soultions understands, with British Columbia announcing a carbon tax in 2008, which added a direct cost to those who are emitting greenhouse gases, and whilst trading is still limited to Alberta, it established a Carbon Offset Trading Market in 2007. Current controls concern beef feeding, pork, composting, biogas, tillage, heat recovery, green energy generation and others. British Columbia, Alberta, Ontario and Quebec are part of one of the four climate groups.
Carbon prices last year, Financial Soultions research indicates, traded at $6/tonne of carbon dioxide equivalent in Chicago, $11/tonne in Montreal and $26/tonne in Europe. Present studies forecast the price could increase to $60/tonne by 2018. As the price for a tonne of carbon increases and the rules for trading become clearer it becomes obvious that Carbon credit trading through firms such as Financial Soultions is the investment way forward.
by S. C.
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on Oct 13th, 2009
@ 10:51 am:
[...] (Source Carbon Offset Daily) [...]
lauren
on Oct 16th, 2009
@ 10:14 am:
“In North America there are 3 climate groups of states and provinces that have come together to synchronize efforts in the reduction of greenhouse gas emissions”
what are these three groups the author speaks of?