Upload
brunogerrits
View
515
Download
1
Tags:
Embed Size (px)
DESCRIPTION
Comparison of the Californian, Australian and EU ETS
Citation preview
CARBON EMISSIONS TRADING SYSTEMS A comparative study: CEF - AB32 - EU ETS
MACRO DATA COMPARISON
AUSTRALIA CALIFORNIA EUROPEAN UNION
CEF AB 32 EU ETS
Population 22.5 million (2011)
GDP US$ 1,507 billion (2011)
Nat. GHG inventory 543 million tCo2e (2010 ex LULUCF) (pg. 4)600 million -2009 incl LULUCF
Co2e per capita 27.3 tCO2e p.c / year (2009 incl LULUCF))
Energy production in Petajoule 17,769 PJ (2008-09)= 2.4% of world production
Energy consumption in Petajoule 5773 PJ (2009-09) (=32% of total production)
Exported energy value / Total Exports
A$68.5 bio / A$244.5 bio = 28% (2010) (page 18)
GHG intensity of economy 841 t Co2e incl LULUCF / US $1 million (2005)
Carbon intensity of electricity production
863.1 g Co2e / kWh (2005)
AUSTRALIA’S EMISSIONS PROFILE 2009
Electricity Generation 37%
Waste 3%Deforestation & Forestry 3%
Fugitive Emissions 7%
Industrial Processes 3%
Transport 15%
Agriculture 15% Direct fuel
combustion 15%
CALIFORNIA’S EMISSIONS PROFILE 2008
Transportation 36%
Not specified 3%Commercial 3%
Residential 6%
Agriculture & Forestry 6%
Electricity Generation (Imports)
12%
Industrial 21%
Electricity Generation (In State)
12%
Year 2008Total Gross emissions:
477.7MMT CO2e
EU27 EMISSIONS PROFILE 2008
Energy Supply 32.6%
Other 0.2%Waste 2.8%
Agriculture 9.6%
Transport 19.5%
Stationary Energy 27%
Industrial Processes 8.3%
ETS COMPARISONAUSTRALIA CALIFORNIA EUROPEAN UNION
CEF AB 32 EU ETS
General Focus Focus: electricity + transport
2020 target Reach 1990 level (=427 million tCo2e)
2050 target 80% on 1990 level
Covered GHG inventory Reporting: 6 GH Gasses Cap and trade: 6 Kyoto GHGs + NF3 = 85% of state inventory
Reporting threshold Registration, reporting (Scope 1 +indirect energy purchases) and verification compulsory25,000 MTCO2/yr except for electricity (co)generation (2,500 MTCO2/yr)
ETS COMPARISON II
AUSTRALIA CALIFORNIA EUROPEAN UNION
CEF AB 32 EU ETS
Nr of entities reporting 777 (2010) 2011: 11,000
Trading threshold In general 25,000 tCO2e scope 1 but 10,000 tCO2e for certain landfills (page 105)
Thermal input > 20MW or activity specific capacity thresholds
Nr of entities trading 294 facilities 2011: 11,000
Start date 1st July, 2012 Period I: 01/01/2005Period II: 01/01/200801/01/12: Aviation Period III: 01/01/13
Phases 1st: July12 - June152nd: July15 - June183d: July18 - …
1st: 2005 - 20072nd: 2008 - 20123d: 2013 – 2020
Allowances issuance Caps May14: announce 2015-19 capsJune16: announce 2020 capJune17: announce 2021 capAT MINIMUM meet 5% target
2008-2012 = 2,086 Mio t2013-2020 = 2,039 Mio t - 37 Mio t per annum
ETS COMPARISON IIIAUSTRALIA CALIFORNIA EUROPEAN UNION
CEF AB 32 EU ETS
Carbon Unit denomination
Price (Px)
Cap / Floor Price
Domestic Offsets/ credits FIXED px period: can only use compliance ACCUs for up to 5% of liabilityFLEX px period: Min 50%up to max 100% of compliance must be met with domestic credits or permits
Max 8% per facility, initially NAFTA ONLY w/ quant. and qualitative restrictions:ARB offsetsSector offsets (incl forestry)Early action credits
(Theoretically): credits from projects reducing emissions not covered by the ETS (Q22)
Importing international units
CERs, ERUs and RMU’s will be acceptable subject to qualitative and quantitative restrictions (like EU ETS).
The possibility for linkage to external ETS’ and their approved offsets has been left open.
JI / CDM credits but (increasing) qualitative and quantitative restrictions
ETS COMPARISON IV
AUSTRALIA CALIFORNIA EUROPEAN UNION
CEF AB 32 EU ETS
Exporting domestic units/allowances
Banking/borrowing
Cycle
ETS COMPARISON V
AUSTRALIA CALIFORNIA EUROPEAN UNION
CEF AB 32 EU ETS
Auctions
Free allowances
ETS COMPARISON VI
AUSTRALIA CALIFORNIA EUROPEAN UNION
CEF AB 32 EU ETS
Penalties
Tax
Treatment of Fuel
ETS COVERED SECTORS/ACTIVITIESCEF AB 32 EU ETS
Combustion installations
Mineral oil refineries
Coke ovens
Metal ore roasting/sintering
Pig iron/steel
Cement clinker or lime
Glass including glass fibre
Ceramic products by firing
Pulp, paper and board
Agriculture
Land use sector
Transport sector
Carbon Dioxide suppliers
Cogeneration
Electricity - first deliverers
Electricity - Importers
Electricity self-generation
Hydrogen production
Nitric Acid production
Petroleum and Natural gas systems
Suppliers of liquefied petroleum gas -LPG
Suppliers of Natural gas
Suppliers of RBOB and distillate fuel oil
RATIONALE
We started this exercise to understand the upcoming Californian scheme and naturally compared it to the Australian scheme since that is our “home” scheme. However the decision to add the EU ETS was quickly made because of its importance. xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
xxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
RATIONALE
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
DISCLAIMERThis document is intended to provide general information only and has been prepared by PricesCarbon, a trading name of Rubran Pty Ltd, ABN 808.1864.6940 and by CarbonIntel Pty Ltd, ABN 271.3411.5183. Rubran Pty Ltd is registered with ASIC under Regulation 7.6.02AGA of the Cor-porations Regulations 2001.
General Advice Warning This document has been prepared without taking into account any particular person’s objectives, financial situation or needs. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain financial advice specific to their situation before making any financial investment or insurance decision.
Accuracy & Reliability of InformationAlthough every effort has been made to verify the accuracy of the information contained in this web site, PricesCarbon and CarbonIntel, their officers, employees and agents disclaim all liability (except for any liability which by law cannot be excluded), for any error, inaccuracy in, or omission from the information contained in this document or any loss or damage suffered by any person directly or indirectly through relying on this information.
CopyrightPricesCarbon and CarbonIntel own copyright in the information contained on this website. Information may be printed or downloaded for personal use only. The information may not otherwise be reproduced and must not be distributed or transmitted to any other person or used in any way without the express approval of PricesCarbon or CarbonIntel
Links to Other SitesPricesCarbon and CarbonIntel are not responsible for the content of any site owned by a third party that may be linked to this document. These links are provided as a courtesy service and no judgement or warranty is made by us concerning the suitability, accuracy or timeliness of the content of any site that may be linked to this document. By providing access to other websites, we are not recommending or endorsing any brand, products or services offered by the organisation sponsoring or owning the linked website.
Governing LawThe use of this document and the provision of such facilities, products and services will be governed by the laws of Victoria.