Japan is proposing to cut its greenhouse gas emissions by up to 26% by 2030 amid international efforts to set a new framework for addressing climate change. The final draft of the government target, released today, says Japan will aim to cut carbon dioxide emissions by 26% by 2030 compared to 2013 levels, or 25.4% from 2005 levels. That is below the US target of a 26-28% cut by 2025 from 2005 levels, and the European Union’s target of 40% from 1990 levels.
A Labour government would bring in a legal target to slash carbon emissions from the power sector and improve energy efficiency for five million homes, as it seeks to create a million new “green” jobs. Setting out details of Labour’s “green plan”, shadow energy and climate change secretary Caroline Flint said that “building a more equal society means tackling climate change and protecting nature”. The plan includes a legally binding target to decarbonise electricity supplies by 2030, delivering energy efficiency upgrades to at least five million homes over 10 years and developing a green industrial strategy to create a million new jobs.
The UK’s greenhouse gas emissions dropped by more than 8% last year in the face of lower electricity use and less burning of coal to generate power, provisional figures show. Renewables such as wind, solar, bioenergy and hydropower generated almost a fifth (19%) of the UK’s electricity in 2014, a new record high for the clean technologies. There was a drop in emissions of 8.4% in 2014 compared with 2013, while output of the main greenhouse gas - carbon dioxide - fell by nearly a tenth (9.7%), statistics from the Department of Energy and Climate Change showed.
China’s emissions of climate-warming carbon dioxide fell last year for the first time in more than a decade, offering fresh evidence that efforts to control pollution in the nation of 1.4billion people are gaining traction. Total carbon emissions in the world’s second-biggest economy dropped by 2% in 2014, compared with the previous year.
The surge in European carbon permit prices may just be beginning. The price of emission rights will rise 62% by June 30, according to the median of 16 trader and analyst estimates compiled. UBS Group AG says costs may more than double in 2015. Carbon already jumped 44% this year, while the 22-member Bloomberg Commodities Index (BCOM) slid 14%.
Carbon Disclosure today launched its first report on global carbon pricing.