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The European Commission is holding a meeting in June that is, on the face of it, very boring. The EU’s senior bureaucrats will be considering at what level to set a tax on carbon emissions for goods imported into the bloc. Yet the consequences will be pivotal – both to the future of the EU’s world-leading system for managing corporate carbon emissions, and for how this market develops around the world. It’s therefore an absolutely vital part of the battle for net zero global emissions. Let’s first understand what has prompted the tax. Within the EU, carbon emissions are governed by a cap-and-trade system: a cap is set on the total amount of carbon emissions that can be emitted, and power providers and other firms each get an allowance for how much they can emit themselves. ....
Read time: 12 mins By Justin Mikulka • Sunday, April 4, 2021 - 00:01 The fossil fuel industry and its investors have financially benefited from tax policies and subsidies designed to reduce the emissions from oil, gas, and coal sometimes without taking the action required to tackle climate change. Recently, claims have been surfacing of companies taking the taxpayer money offered to incentivize these actions but not following through on reducing their emissions. In March, for example, Reuters reported that Congress has opened an investigation into problems with the government’s “clean coal” tax credit. This is after Reuters revealed that financial institutions, including Goldman Sachs, were making huge profits off the program, despite it not effectively reducing emissions. ....
State lawmakers will have to approve a change in plans for how the California High-Speed Rail project will fund the ongoing work in the Central Valley. ....
June 21, 2013 Forested mountains in Menghai County, Xishuangbanna Earlier this week China held its first ever National Low Carbon Day (全国低碳日). Several of the mainland s megacities instituted cap and trade programs aimed at limiting pollution levels. Yunnan, although not required to participate by Beijing, launched a carbon sequestration program of its own. In a provincial first, the Yunnan Development and Reform Commission has brokered a deal wherein Yunnan Forestry Investment Company (YFI) sold carbon credits worth 17,800 tons of carbon dioxide (CO2) to Guangdong-based Friends of Iron and Steel (FIS). In exchange for the credits, FIS has agreed to pay 1.07 million yuan (US$174,000). ....