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| News February 2000 |
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| Dutch turn to Natsource, Rand |
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| The Dutch government
has commissioned Natsource, a New York-based broker, and the Rand
Corporation, a California-based think tank, to prepare a review of
emissions trading systems. The project, due to be completed in April,
will provide the government with an "ingredients list" of best practice
for use in the design of emissions trading systems in the Netherlands.
"We wanted to see what lessons can be learnt from trading systems in the US, and from proposed schemes, such as in the UK," says Joost Kanen, energy policy officer at the Ministry of Economic Affairs in the Hague. The review will encompass potential carbon dioxide (CO2), sulphur dioxide (SO2) and nitrous oxide (NOx) trading. |
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| UBS tops environmental rankings |
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| Swiss banks UBS
and Credit Suisse lead the field among European banks in terms of
environmental awareness, according to new research from German eco-rating
company Oekom Research. Both were awarded an overall rating of C+
in a scale which runs from A+ to D-, as was third-placed HypoVereinsbank
of Germany. UBS was declared the overall winner thanks to the consistency
of its environmental efforts. Commerzbank and National Westminster, in that order, complete the top five positions. Both were given ratings of C. |
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| Data boost for Europe's weather traders |
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| The UK's Meterological Office is to provide weather datasets for European sites from February. Maximum and minimum temperature information from Paris, Stockholm, and a site in the Low Countries - probably Brussels - is to be available on the Met Office's Weather Derivatives Online website. There are also plans to increase the amount of UK weather forecast data available. |
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| Carbon fund attracts Japanese |
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| The World Bank's
Prototype Carbon Fund had raised $85 million by mid-January, the
Bank says. Four governments and nine companies, of which eight are
Japanese, are committed to invest in the fund. The controversial fund, which is capped at $150 million, aims to channel public and private capital into projects in developing countries and economies in transition which reduce emissions of greenhouse gases and thus help to combat global warming (Environmental Finance October 1999). Developing countries will suffer disproportionately if global warming continues, the Bank believes. The emission reductions produced by these projects will be independently verified and then transferred to investors as "emission reduction certificates" rather than cash. |
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| Norway unveils emissions report |
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| A parliamentary
commission into Norway's proposed emissions trading scheme is causing
controversy by recommending that the government auctions carbon dioxide
permits. Industry - backed by Norway's two largest political parties
- favours the free allocation of permits, and is accusing the commission
of introducing a carbon tax in disguise. The commission also recommends that a trading scheme should begin in 2008, and that it should be fully open to international trading mechanisms. It says that at least 90% of Norway's GHG emissions should be covered by the scheme. |
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| UK pension giants announce SRI plans |
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| The UK's largest pension fund - the BT Pension Scheme (BTPS) - has set out a policy on socially responsible investment (SRI) that has been welcomed by green lobbyists. And the University Superannuation Scheme has announced that it is to "take a more active role" in promoting social and environmental issues among companies it invests in. The funds have assets under management of around £30 billion ($49.5 billion) and £19 billion respectively. |
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| European emissions trading goes to round two |
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| Up to 50 European
companies from a range of industry sectors are to participate in a
second round of simulated emissions trading from February. The simulation
- organised by Unipede and Eurelectric, two European electricity industry
associations - is a considerably more ambitious follow-up to a similar
exercise carried out last year (see Environmental Finance, November
1999, page 9). Last year's simulation - called GETS1 (Greenhouse gas Emissions Trading Simulation) - was restricted to the electricity sector, and included simulated markets in carbon dioxide permits and electricity. GETS2 is to involve other energy sectors, such as oil and gas companies, and large energy users, says John Scowcroft, head of Unipede and Eurelectric's joint environment and sustainability unit, in Brussels. FOR THE FULL STORY EVERY MONTH, SUBSCRIBE TO ENVIRONMENTAL FINANCE, OR CONTACT info@environmental-finance.com FOR OUR BACK ISSUES SERVICE |
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