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Tue07172018

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Climate Change

Emissions trading scheme: EU committee passes 'rescue' reforms

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altReforms aimed at rescuing the European Union's landmark carbon-cutting mechanism, the emissions trading scheme (ETS), are back on track after attacks from business lobbyists and Conservatives.

A key committee of the European parliament judged in favour of the reforms on Tuesday, meaning that they will move on to be debated by the whole parliament, probably in April. However, it was unclear on Tuesday whether there would be an additional stage of scrutiny before the parliamentary vote, during which time the measures could be watered down.

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EU urged to revive flagging emissions trading scheme

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altInvestors and a group of large businesses have urged the EU to revive its flagging emissions trading scheme (ETS), ahead of a key vote in the European parliament next week.

Shell, General Electric, Kingfisher, Unilever and EDF were among more than 30 large companies signing up to call for reforms that would raise carbon prices and restore confidence in the scheme, which is meant to cut the EU's carbon output. The Institutional Investors Group on Climate Change (IIGCC), which represents investors and asset managers worth €7.5 trillion, also joined the call for reform.

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University of Oxford to identify 'stranded' high carbon assets

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altOne of the UK's leading universities will on Monday launch a new research programme aiming to help investors identify assets that could be left "stranded" by climate change, declining resources and the emergence of new green technologies.

Backed by HSBC, Aviva, WWF-UK and Climate Change Capital, the four-year University of Oxford research programme is attempting to flag up high-carbon sectors and assets that could be dramatically devalued or written off by the continuing shift towards a greener economy.

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John Kerry's confirmation as secretary of state delights climate campaigners

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altJohn Kerry's confirmation as secretary of state on Tuesday installs a veteran climate champion in a pole position for Barack Obama's second term.

Kerry, who describes himself as a "passionate advocate", sailed through his confirmation on Tuesday afternoon, a legacy of his nearly three decades in the Senate.

Now campaigners hope Kerry will help deliver a win on their signature issue: blocking the Keystone XL pipeline from the Alberta tar sands.

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Nicholas Stern: 'I got it wrong on climate change – it's far, far worse'

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altLord Stern, author of the government-commissioned review on climate change that became the reference work for politicians and green campaigners, now says he underestimated the risks, and should have been more "blunt" about the threat posed to the economy by rising temperatures.

In an interview at the World Economic Forum in Davos, Stern, who is now a crossbench peer, said: "Looking back, I underestimated the risks. The planet and the atmosphere seem to be absorbing less carbon than we expected, and emissions are rising pretty strongly. Some of the effects are coming through more quickly than we thought then."

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