Savings Bank announced another contest to select the Kyoto Joint Implementation (JI), was first organized it on a sectoral basis and increasing the competitive limit to 70 million tonnes of carbon credits from the state. Meanwhile, prices for Russian reductions in the secondary market of the EU have fallen from € 11-13 per tonne in 2010-2011 to a value below € 9. Growth prospects of the market price does not see - the best time to trade reductions in the EU has lost in interagency coordination.
On Friday, the operator of the carbon market of the Russian Federation Savings Bank has announced three parallel industry of the competition, which will be drawn 70 million tons of carbon credits from Russia in favor of private projects, Joint Implementation (JI), which are implemented under the Kyoto Protocol. Competition limits are divided as follows: 30 million tons - to projects in the fields of energy, the same - the "industrial processes", while the remaining 10 million tonnes of CO2 equivalent - for projects in the field of waste management. Acceptance of bids ends September 5, 2011.
In practice, the Russian market SAR design, in which the Savings Bank conducts several contests, the first use. In addition, the first and second competitions, which played out 30 million tons (this limit is set to contest the decision of the government) did not anticipate and sectoral approach (see "Kommersant" on 30 July). The desire to accelerate the selection of the Savings Bank of joint implementation projects to be expected. In June 2011, President Dmitry Medvedev demanded to "speed up the selection and approval" of the Russian JI and agree to the June 17 amendments to the current ruling government, initiated by the operator (see "Kommersant" on 10 and 28 June). The amendments, in particular, suggested simplification of tender procedures and emission reductions of greenhouse gas project, mandatory reinvestment of part of the "Kyoto" money and the abolition of the competitive limit. In turn, the head of Sberbank German Gref, Dmitry Medvedev promised to "fast raskassirovat" € 600 million potential "Kyoto" money and get another € 1,4-1,9 billion in 2012, before the end of the period of the Kyoto Protocol.
Amendments to the Decree of the Government Savings Bank has not yet been agreed. Recall Ministry of Natural Resources says it has no control over the target of Kyoto reinvestment of money, and requested Sberbank doppolnomochiya not assume any liability of the operator. "I would not call it a controversy. We believe that when it comes to investing funds, then some control mechanisms must be provided. They should be as debureaucratized, but they should be," - said the head of Ministry of Natural Resources Yuri Trutnev.
To date, no international negotiators, nor, especially, Russian regulators have no idea what will be the global design market in "post-Kyoto period" and whether it will exist at all. On establishment of the internal market of greenhouse reductions in the RF speech does not go. German Gref promised billions of euros in the Savings Bank and responsible for implementing the PSO officials would have to produce, coming up with new schemes in terms of unresolved institutional problems of regulation. This proves the last competition of the industry, and government officials and the company found "Halopolymer 'ability to increase the project emission reductions to offset their non-competition goskvotoy (legitimacy latest innovations, we recall, is put into question by lawyers, see" Kommersant "on August 4).
Such problems, although a negative impact on the price of Russian cuts in the secondary European markets (for example, the uncertainty period for delivery of contracted emission reduction units (ERU) makes Russian reductions more cheaply, for example, Chinese), but no longer play a decisive role in the demand for ERUs from the Kyoto RF. Today the price of December futures on the ERU in European trading system - less than € 9 per tonne discount to them in relation to European quota increases (see chart). Falling prices for "carbon" is due not only to global stock market panic, convinced market participants: the time when the rules of the game in the transaction could dictate a seller than a buyer's time. The fact that EU companies can buy to cover their obligations reductions abroad only by 10%, and this reserve with the approach of 2013 tends to zero. If in the course of 2010 to sell the ERUs can be priced from € 11 to € 13 per tonne, now get the price of € 9 is already very profitable. And in this situation, the losers were not only those companies who will win in the new competitions Savings Bank, but those who did not have time to contract to reduce their past.
On Friday, the operator of the carbon market of the Russian Federation Savings Bank has announced three parallel industry of the competition, which will be drawn 70 million tons of carbon credits from Russia in favor of private projects, Joint Implementation (JI), which are implemented under the Kyoto Protocol. Competition limits are divided as follows: 30 million tons - to projects in the fields of energy, the same - the "industrial processes", while the remaining 10 million tonnes of CO2 equivalent - for projects in the field of waste management. Acceptance of bids ends September 5, 2011.
In practice, the Russian market SAR design, in which the Savings Bank conducts several contests, the first use. In addition, the first and second competitions, which played out 30 million tons (this limit is set to contest the decision of the government) did not anticipate and sectoral approach (see "Kommersant" on 30 July). The desire to accelerate the selection of the Savings Bank of joint implementation projects to be expected. In June 2011, President Dmitry Medvedev demanded to "speed up the selection and approval" of the Russian JI and agree to the June 17 amendments to the current ruling government, initiated by the operator (see "Kommersant" on 10 and 28 June). The amendments, in particular, suggested simplification of tender procedures and emission reductions of greenhouse gas project, mandatory reinvestment of part of the "Kyoto" money and the abolition of the competitive limit. In turn, the head of Sberbank German Gref, Dmitry Medvedev promised to "fast raskassirovat" € 600 million potential "Kyoto" money and get another € 1,4-1,9 billion in 2012, before the end of the period of the Kyoto Protocol.
Amendments to the Decree of the Government Savings Bank has not yet been agreed. Recall Ministry of Natural Resources says it has no control over the target of Kyoto reinvestment of money, and requested Sberbank doppolnomochiya not assume any liability of the operator. "I would not call it a controversy. We believe that when it comes to investing funds, then some control mechanisms must be provided. They should be as debureaucratized, but they should be," - said the head of Ministry of Natural Resources Yuri Trutnev.
To date, no international negotiators, nor, especially, Russian regulators have no idea what will be the global design market in "post-Kyoto period" and whether it will exist at all. On establishment of the internal market of greenhouse reductions in the RF speech does not go. German Gref promised billions of euros in the Savings Bank and responsible for implementing the PSO officials would have to produce, coming up with new schemes in terms of unresolved institutional problems of regulation. This proves the last competition of the industry, and government officials and the company found "Halopolymer 'ability to increase the project emission reductions to offset their non-competition goskvotoy (legitimacy latest innovations, we recall, is put into question by lawyers, see" Kommersant "on August 4).
Such problems, although a negative impact on the price of Russian cuts in the secondary European markets (for example, the uncertainty period for delivery of contracted emission reduction units (ERU) makes Russian reductions more cheaply, for example, Chinese), but no longer play a decisive role in the demand for ERUs from the Kyoto RF. Today the price of December futures on the ERU in European trading system - less than € 9 per tonne discount to them in relation to European quota increases (see chart). Falling prices for "carbon" is due not only to global stock market panic, convinced market participants: the time when the rules of the game in the transaction could dictate a seller than a buyer's time. The fact that EU companies can buy to cover their obligations reductions abroad only by 10%, and this reserve with the approach of 2013 tends to zero. If in the course of 2010 to sell the ERUs can be priced from € 11 to € 13 per tonne, now get the price of € 9 is already very profitable. And in this situation, the losers were not only those companies who will win in the new competitions Savings Bank, but those who did not have time to contract to reduce their past.
No comments:
Post a Comment