CCX announces formation of California Climate Exchange

The Chicago Climate Exchange has announced that it is forming a California-specific exchange to handle any trading scheme that may develop under AB 32. Here's the press release:

http://www.chicagoclimateexchange.com/news.jsf?story=1401

Morgan

Climate Change & CEQA

The California Attorney General has urged local officials to reject the Environmental Impact Report (EIR) for the Yuba Highlands development project because the EIR failed to address greenhouse gas emissions. The Attorney General asserted that this failure constituted a violation of the California Environmental Quality Act (CEQA).

http://www.appeal-democrat.com/news/yuba_48418___article.html/county_letter.html

Chief Energy Officer?

According to a report by Hill & Knowlton, 82 percent of senior technology leaders from around the world said they "closely monitor" global warming news, but only 35 percent have an energy strategy to deal with it. The report suggests the creation of a corporate Chief Energy Officer position.

http://www.greenbiz.com/news/news_third.cfm?NewsID=35038

Morgan

More on the Climate Registry

Following up on yesterday's news, here is the Climate Registry's press release on its new members:

http://www.theclimateregistry.org/The_Climate_Registry_Press_Release.pdf

Morgan

Led by California, 31 states with over 70% of the U.S. population
announced a nearly-national greenhouse gas registry today.

http://www.latimes.com/news/local/la-me-greenhouse9may09,0,3341341.story
?coll=la-home-headlines

Morgan

Media coverage of climate change report

Today's International Panel on Climate Change (IPCC) report, "Mitigation of Climate Change," outlines ways to mitigate global warming. http://www.ipcc.ch/

Wednesday's USA Today story previewing the report is headlined "Fixing climate carries big costs." http://www.usatoday.com/tech/science/environment/2007-05-02-climate-fix-cost_N.htm. As a result, many may resist taking action to fix climate change because they believe the costs are big.

What is missing from the headline, however, is any consideration of the costs of not taking action. As the report's "Summary for Policymakers" states, "The projected mitigation costs do not take into account potential benefits of avoided climate change." http://www.ipcc.ch/SPM040507.pdf, p. 10. Moreover, available evidence, notably the Stern report, indicates that "the benefits of strong and early action far outweigh the economic costs of not acting." http://www.hm-treasury.gov.uk/media/999/76/CLOSED_SHORT_executive_summary.pdf.

To be fair, USA Today's story beneath the headline went on to say, "The report will underline the environmental and financial benefits of quick action to cut emissions." But the headline is an example of how incomplete analysis can paint a misleading picture.

--Brian

Toward a US Cap And Trade System

David Hayes, former Deputy Secretary of the Interior, has an interesting report on the Public Policy Institute's website on how the US should structure a carbon cap and trade system, and the benefits to the US of setting up a market now. Hayes argues that the US's failure to join the Kyoto parties has put the US behind in an important developing market, and he identifies lessons that the US should learn from the development of carbon markets to date.

On that note, the World Bank reports that the global carbon market tripled from $11 billion to $30 billion in 2006, with the EU accounting for about 75 percent of that amount. http://www.iht.com/articles/2007/05/02/business/carbon.php.

Morgan