/PRNewswire/ -- The implementation of a nationwide low-carbon fuel standard (LCFS) in the United States would increase global greenhouse gas emissions by up to 19 million metric tons each year - contradicting the claim of LCFS advocates that the standard would reduce such emissions - according to a study issued today.
The study assumes that because an LCFS would prevent American refineries from importing petroleum obtained from oil sands in neighboring Western Canada, the United States would instead have to import more oil in tankers from the Middle East and elsewhere. At the same time, the Canadian oil would be shipped in tankers across the Pacific to China and other Asian locations.
The study calls this long-distance movement of oil thousands of miles around the world in tankers a "shuffle" that would result in higher carbon dioxide emissions than simply extracting the Canadian petroleum from the oil sands for U.S. consumption, due to emissions created by shipping the oil such great distances.
Barr Engineering Company of Minneapolis conducted the study for members of NPRA, the National Petrochemical & Refiners Association.
"In conducting this technical study, we looked at the most accurate data publicly available, and the conclusion was clear," said Joel Trinkle, senior air quality consultant at Barr and one of the authors of the study. "Crude shuffling under a nationwide LCFS would substantially raise overall greenhouse gas emissions."
The study found that:
-- "A LCFS implemented in the U.S. results in a notable increase in
greenhouse gas emissions due to the displacement of Canadian crude
imports to the U.S. and re-routing of crude imports and exports to
accommodate this displacement. ... Nearby Canadian crude sources
would be diverted to regions not affected by LCFS and replaced with
supplies from distant parts of the world." (Page 2)
-- "While it is likely that LCFS would change the mix of crude imports to
the United States, LCFS implemented in the United States is not
expected to change overall trends in energy use and demand for crude
resources throughout the rest of the world. A shift in U.S.
crude-supply preferences will simply cause redirection of crude
supplies elsewhere." (Page 4-5)
-- "This analysis of the change in crude-transport-related emissions
accompanying implementation of a LCFS indicates that the net effect
will be a doubling of GHG [greenhouse gas] emissions associated with
changes in crude-transport patterns. It indicates an increase in
global GHG emissions by 7.1 to 19.0 million metric tons per year,
depending on the extent of resulting Canadian crude displacement."
(Page 3)
Canada is currently the largest supplier of petroleum imported into the United States, but other nations are looking to the Canadian oil sands as a potential energy source. China alone has already invested more than $6 billion in Canadian oil sands projects as it continues to rapidly increase its presence in overseas energy production.
"By denying the American people access to oil from our friendly neighbor Canada, a low-carbon fuel standard would raise fuel costs and wipe out millions of American jobs," said NPRA President Charles T. Drevna. "Now this latest study shows that a nationwide LCFS won't reduce overall global greenhouse gas emissions - it will actually raise them. These findings simply reinforce NPRA's long-held belief that a federal low-carbon fuel standard is a policy of all pain and no gain."
Additional concerns regarding American access to Canadian oil sands resources have surfaced following a recent U.S. State Department decision regarding a proposed pipeline to transport Canadian crude to refineries in the Gulf Coast region. The decision will allow federal agencies an additional 90 days to comment on TransCanada's proposed Keystone XL project, pending the State Department's release of a final environmental impact statement. The proposed pipeline expansion would more than double the amount of Canadian crude imported to the United States.
Several regional and state LCFS initiatives are currently underway, including a statewide LCFS program in California established as part of the state's AB 32 climate law, and proponents of a federal LCFS continue to seek its enactment.
A federal LCFS provision was included in the 2008 Lieberman-Warner climate change bill that was defeated in the Senate. The 2009 Waxman-Markey climate change bill also contained an LCFS provision, although it was removed before the bill was passed by the House.
Two other recent studies cast additional doubt on the efficacy of low-carbon fuel standards:
-- A June 2010 report by Charles River Associates found that a nationwide
LCFS implemented in 2015 would result by 2025 in: the loss of between
2.3 million and 4.5 million American jobs; an increase of up to 170
percent in the price of gasoline and diesel fuel; and a 2 to 3 percent
decrease in the U.S. Gross Domestic Product (totaling between $410
billion and $750 billion).
-- A report by the Canadian Energy Research Institute issued in October
2009 examined the impacts of developing Canadian oil sands on the U.S.
economy. It found that such development - which would be threatened by
the implementation of a nationwide LCFS in the United States - would
result in an estimated 343,000 new U.S. jobs between 2011 and 2015,
and that U.S. output of goods and services would increase by an
average of $62 billion per year from 2009 through 2025.
-----
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Showing posts with label carbon. Show all posts
Showing posts with label carbon. Show all posts
Tuesday, August 3, 2010
Wednesday, May 12, 2010
Price Carbon Campaign: Kerry-Lieberman Bill Is No Match for Climate Challenge
/PRNewswire/ -- While senators John Kerry (D-MA) and Joe Lieberman (I-CT) should be commended for their tireless efforts on climate and energy legislation, several flaws in their proposal will prevent it from reducing carbon dioxide to levels that are safe and sustainable, the Price Carbon Campaign said in a statement today.
"The Kerry-Lieberman bill fails the acid test of climate legislation, which is to provide clear signals on emission prices. Investors, entrepreneurs and households all need certainty in future fuel and energy prices, but Kerry-Lieberman hides these crucial price signals behind a curtain of cap-and-trade," said economist Charles Komanoff, co-founder of the Carbon Tax Center, one of the campaign members.
The Kerry-Lieberman bill also allows polluters to purchase carbon offsets, which will delay by precious decades America's transition to clean energy, the campaign said.
"Instead of making needed investments in renewable energy, utilities will have the much cheaper option of investing in third-world projects aimed at cutting carbon," said Tom Stokes, Coordinator of the Climate Crisis Coalition. "Most of these offsets do nothing to reduce current emissions, and they allow polluters in the U.S. to keep burning coal and other dirty fuels."
The campaign also said the Kerry-Lieberman bill fails to adequately protect American households from rising energy costs.
"We need to cut CO2, but we shouldn't stick hard-working families with the bill," said Marshall Saunders, Founder and President of Citizens Climate Lobby, another campaign member. "We believe all the revenue derived from pricing carbon should be returned to everyone, either through direct payment or payroll tax reductions."
The Price Carbon Campaign supports the "People's Climate Stewardship Act," introduced by Dr. James Hansen at the Climate Rally in Washington, DC, on April 25. Rep. John Larson (D-CT) and Bob Inglis (R-SC) have each introduced bills based on the same paramount principles: steadily-increasing carbon fees and recycling the revenue back to the American people.
The Price Carbon Campaign includes Climate Crisis Coalition, Carbon Tax Center and Citizens Climate Lobby.
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"The Kerry-Lieberman bill fails the acid test of climate legislation, which is to provide clear signals on emission prices. Investors, entrepreneurs and households all need certainty in future fuel and energy prices, but Kerry-Lieberman hides these crucial price signals behind a curtain of cap-and-trade," said economist Charles Komanoff, co-founder of the Carbon Tax Center, one of the campaign members.
The Kerry-Lieberman bill also allows polluters to purchase carbon offsets, which will delay by precious decades America's transition to clean energy, the campaign said.
"Instead of making needed investments in renewable energy, utilities will have the much cheaper option of investing in third-world projects aimed at cutting carbon," said Tom Stokes, Coordinator of the Climate Crisis Coalition. "Most of these offsets do nothing to reduce current emissions, and they allow polluters in the U.S. to keep burning coal and other dirty fuels."
The campaign also said the Kerry-Lieberman bill fails to adequately protect American households from rising energy costs.
"We need to cut CO2, but we shouldn't stick hard-working families with the bill," said Marshall Saunders, Founder and President of Citizens Climate Lobby, another campaign member. "We believe all the revenue derived from pricing carbon should be returned to everyone, either through direct payment or payroll tax reductions."
The Price Carbon Campaign supports the "People's Climate Stewardship Act," introduced by Dr. James Hansen at the Climate Rally in Washington, DC, on April 25. Rep. John Larson (D-CT) and Bob Inglis (R-SC) have each introduced bills based on the same paramount principles: steadily-increasing carbon fees and recycling the revenue back to the American people.
The Price Carbon Campaign includes Climate Crisis Coalition, Carbon Tax Center and Citizens Climate Lobby.
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Monday, December 28, 2009
10,000 Companies Prepare to Start Low Carbon Diet Plans on Jan. 1
/PRNewswire/ -- President Obama and the EPA are gearing up to put the nation on a low-carbon diet and their strategy would do Weight Watchers proud: Count first, cut later.
The counting begins on Jan. 1, 2010 when some 10,000 companies and other entities, including municipalities and even some universities, must start measuring their greenhouse gas (GHG) emissions.
And while it's uncertain when mandatory cuts will be announced - and whether Congress or the EPA will act first - the law firm of Plunkett Cooney said today that polluters might want to start dieting sooner rather than later because their GHG emissions, down to the plant level, will become part of the public record after March 31, 2011.
"New regulations to reduce carbon emissions are coming but public scrutiny will come first," said Plunkett Cooney Senior Attorney. "Companies need to understand that from the standpoint of government regulation and public opinion, the debate about global warming is over. That means it's time for them to develop sustainability plans and carbon reduction strategies before regulators, environmental advocates, shareholders and other groups force them to act."
According to Mikalonis, entities that annually generate or emit at least 25,000 metric tons of carbon dioxide equivalents, which includes gases such as methane, nitrous oxide or several fluorinated gases, must measure and report their emissions to the EPA or face fines of up to $37,500 per day for each violation. The reporting threshold is equivalent to the annual GHG emissions from approximately 4,600 passenger vehicles.
Entities covered under the new rules include fossil fuel-fired power plants, landfills, fuel production facilities, chemical plants, steel and aluminum works, cement factories and large livestock operations. Data collection for motor vehicle and engine manufacturers begins in 2011.
"The reporting rules will drive a lot of transparency and allow company-to-company and plant-to-plant comparisons," Mikalonis pointed out. "They will create public relations issues and potential legal problems for some companies, especially if they have been marketing themselves as 'green' when the emissions report says otherwise. But they also may speed up the adoption of energy-saving technologies, which can flow straight to the bottom line."
In Michigan, carbon dioxide accounts for the vast majority of GHG emissions, which are due in large part to burning fossil fuels for transportation and electricity. Methane is the next largest contributor, mostly from the anaerobic decay of solid waste in landfills. Nitrous oxide, the third largest contributor, comes chiefly from agricultural soil management and mobile source combustion.
In 2002, a study conducted for the Michigan Department of Environmental Quality estimated per capita GHG emissions in Michigan were 6.2 million metric tons of carbon equivalents (MMTCE), which is slightly below the national average.
In terms of mandatory GHG cuts, Mikalonis said new rules are a fait accompli now that the EPA has said that rising levels are a danger to present and future populations. Companies must therefore decide how they want to influence the regulatory process.
"The EPA is obligated to enact rules to drive down greenhouse gas emissions if Congress does not act," Mikalonis said. "Congress must decide if it is willing to compromise on issues like carbon cap and trade and energy taxes, or accept the risk that EPA may implement 'command and control' solutions. Businesses may prefer a mix of voluntary and legislative solutions and that approach should inform their overall sustainability strategy."
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The counting begins on Jan. 1, 2010 when some 10,000 companies and other entities, including municipalities and even some universities, must start measuring their greenhouse gas (GHG) emissions.
And while it's uncertain when mandatory cuts will be announced - and whether Congress or the EPA will act first - the law firm of Plunkett Cooney said today that polluters might want to start dieting sooner rather than later because their GHG emissions, down to the plant level, will become part of the public record after March 31, 2011.
"New regulations to reduce carbon emissions are coming but public scrutiny will come first," said Plunkett Cooney Senior Attorney. "Companies need to understand that from the standpoint of government regulation and public opinion, the debate about global warming is over. That means it's time for them to develop sustainability plans and carbon reduction strategies before regulators, environmental advocates, shareholders and other groups force them to act."
According to Mikalonis, entities that annually generate or emit at least 25,000 metric tons of carbon dioxide equivalents, which includes gases such as methane, nitrous oxide or several fluorinated gases, must measure and report their emissions to the EPA or face fines of up to $37,500 per day for each violation. The reporting threshold is equivalent to the annual GHG emissions from approximately 4,600 passenger vehicles.
Entities covered under the new rules include fossil fuel-fired power plants, landfills, fuel production facilities, chemical plants, steel and aluminum works, cement factories and large livestock operations. Data collection for motor vehicle and engine manufacturers begins in 2011.
"The reporting rules will drive a lot of transparency and allow company-to-company and plant-to-plant comparisons," Mikalonis pointed out. "They will create public relations issues and potential legal problems for some companies, especially if they have been marketing themselves as 'green' when the emissions report says otherwise. But they also may speed up the adoption of energy-saving technologies, which can flow straight to the bottom line."
In Michigan, carbon dioxide accounts for the vast majority of GHG emissions, which are due in large part to burning fossil fuels for transportation and electricity. Methane is the next largest contributor, mostly from the anaerobic decay of solid waste in landfills. Nitrous oxide, the third largest contributor, comes chiefly from agricultural soil management and mobile source combustion.
In 2002, a study conducted for the Michigan Department of Environmental Quality estimated per capita GHG emissions in Michigan were 6.2 million metric tons of carbon equivalents (MMTCE), which is slightly below the national average.
In terms of mandatory GHG cuts, Mikalonis said new rules are a fait accompli now that the EPA has said that rising levels are a danger to present and future populations. Companies must therefore decide how they want to influence the regulatory process.
"The EPA is obligated to enact rules to drive down greenhouse gas emissions if Congress does not act," Mikalonis said. "Congress must decide if it is willing to compromise on issues like carbon cap and trade and energy taxes, or accept the risk that EPA may implement 'command and control' solutions. Businesses may prefer a mix of voluntary and legislative solutions and that approach should inform their overall sustainability strategy."
-----
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Saturday, December 12, 2009
NGO Says Natural Gas Provides New Option for Immediate U.S. Carbon Cuts
/PRNewswire/ -- The American Clean Skies Foundation (ACSF), together with the UN Foundation and the Worldwatch Institute, today hosted a major side event in Copenhagen focusing on the ways natural gas -- and, in particular, the discovery of vast reserves of unconventional, or shale gas -- can accelerate the transition to a global low-carbon economy. Natural gas can generate electricity with 50-70 percent less CO(2) than coal per BTU. As is the case in the U.S., many other countries have also recently discovered very large new unconventional reserves of natural gas, primarily in deeply buried shale rock formations.
At the side event, ACSF released a comprehensive new working paper entitled "North America's New Natural Gas Resources and their Potential Impact on Energy and Climate Security." The paper shows why natural gas offers an immediate opportunity for climate action and describes the necessary U.S. legislative policies for pursuing this option. It is authored jointly by ACSF's CEO, Gregory C. Staple, a respected climate policy expert, and Dr. Joel L. Swerdlow, author of the noted National Geographic Society Book titled Nature's Medicine. Copies can be obtained from the Foundation at http://www.cleanskies.org/new-energy/. Event details can be found at www.cleanskies.org/pdf/acsf-agenda-121209.pdf
The Chairman and CEO of Chesapeake Energy Corp., Aubrey K. McClendon, who also serves as Chairman of ACSF, and Mr. Staple offered the following statements:
"We are in the midst of a natural gas renaissance in the United States -- a renaissance that gives the U.S. an unprecedented means to demonstrate global economic and environmental leadership because gas is a much lower carbon fuel than coal or oil. The U.S. boom in shale gas production also provides a historic opportunity to unite the business and environmental communities, since it may create hundreds of thousands of new jobs while producing large environmental benefits.
There is no longer any debate about natural gas supply in America: we have an abundance of natural gas. Big shale plays have become a key part of America's effort to gain a much greater degree of energy security, and we hope that in the next decade shale gas will also help Europe and Asia do likewise. What we need now is the political will to make sure that natural gas-based fuel switching is a leading part of our country's CO(2) reduction strategy. The more successful we are at producing shale gas in North America, the more likely it is that the U.S. and the world will have a new roadmap for energy and climate security."
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At the side event, ACSF released a comprehensive new working paper entitled "North America's New Natural Gas Resources and their Potential Impact on Energy and Climate Security." The paper shows why natural gas offers an immediate opportunity for climate action and describes the necessary U.S. legislative policies for pursuing this option. It is authored jointly by ACSF's CEO, Gregory C. Staple, a respected climate policy expert, and Dr. Joel L. Swerdlow, author of the noted National Geographic Society Book titled Nature's Medicine. Copies can be obtained from the Foundation at http://www.cleanskies.org/new-energy/. Event details can be found at www.cleanskies.org/pdf/acsf-agenda-121209.pdf
The Chairman and CEO of Chesapeake Energy Corp., Aubrey K. McClendon, who also serves as Chairman of ACSF, and Mr. Staple offered the following statements:
"We are in the midst of a natural gas renaissance in the United States -- a renaissance that gives the U.S. an unprecedented means to demonstrate global economic and environmental leadership because gas is a much lower carbon fuel than coal or oil. The U.S. boom in shale gas production also provides a historic opportunity to unite the business and environmental communities, since it may create hundreds of thousands of new jobs while producing large environmental benefits.
There is no longer any debate about natural gas supply in America: we have an abundance of natural gas. Big shale plays have become a key part of America's effort to gain a much greater degree of energy security, and we hope that in the next decade shale gas will also help Europe and Asia do likewise. What we need now is the political will to make sure that natural gas-based fuel switching is a leading part of our country's CO(2) reduction strategy. The more successful we are at producing shale gas in North America, the more likely it is that the U.S. and the world will have a new roadmap for energy and climate security."
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Wednesday, October 28, 2009
GE Announces Latest Advancements to Leading Gas Turbine
(BUSINESS WIRE)--Using next generation gas turbine technology to increase output and efficiency, GE Energy today introduced its upgraded Frame 7FA gas turbine to meet growing performance requirements for power plant operators. The upgraded turbine is designed to help power plant operators reduce their total cost of ownership and environmental impact by allowing them to use less fuel to generate power.
The continuing evolution of GE’s gas turbine technology supports a growing industry trend toward the use of natural gas. A recent report by the Colorado School of Mines indicated that following recent discoveries, the United States now has 1,800 trillion cubic feet of natural gas, the equivalent of 320 billion barrels of oil—more than Saudi Arabia’s 264 billion barrels. That available supply, coupled with the current low cost and the fact that natural gas emits less carbon than other fossil fuels, has spurred many power generators to consider switching from other fuels to gas.
A typical power plant operating two new 7FA gas turbines with a single steam turbine in combined cycle configuration would achieve a fuel cost savings of more than $2.1 million per year at a natural gas price of $6 per MMBtu when compared to a similar plant with an earlier version of the 7FA for equivalent net plant output. This updated plant would also avoid the emission of more than 19,000 metric tons of CO2 per year compared to the earlier version, an improvement equivalent to the CO2 emissions of approximately 3,800 cars on U.S. roads.
“Investing in the needs of tomorrow with R&D and technology is at the foundation of GE and helps us to maintain a competitive advantage in the power generation arena,” said Steve Bolze, president of GE Energy’s Power & Water business. “Today’s announcement demonstrates our ongoing commitment to GE’s leadership in advanced gas turbine technology that helps deliver power more efficiently and flexibly to our customers without compromising their high standards for operational excellence.”
“Since its introduction, our F technology has consistently set industry standards for reliability and efficiency,” said Rick Stanley, vice president of engineering for GE Energy. “The 7FA upgrade underscores our commitment to continue refining the technology to meet the evolving needs of today’s customers.”
“GE is focused on delivering products and services that help our customers save significant operating costs while simultaneously slashing emissions and fuel consumption. We have amassed technological advances from across our expansive portfolio of power generating and aviation turbines and delivered them in this upgraded 7FA turbine,” said John Reinker, general manager of gas turbine and combined cycle products for GE Energy. “Of the 1,000 plus GE F-technology gas turbines shipped worldwide, more than 70% are 7FA units—and the advances now available for the 7FA will ensure that it continues to be the industry's workhorse advanced technology turbine.”
Many companies have already evaluated the new gas turbine technology. Some of the first new 7FA turbines are planned for the proposed Oakley Generating Station in Oakley, Calif. The plant, which is projected to generate 586 megawatts of power, is being developed by Radback Energy, Inc., and is expected to be transferred to Pacific Gas and Electric Company (PG&E) after it enters commercial operation.
The new turbine is a part of GE’s ecomagination portfolio, due to the increase in net plant efficiency and higher output delivered by this machine compared to all earlier 7FA models, which should result in less fuel consumption and lower emissions on a megawatt per hour basis than delivered by previous 7FA models.
Key regions for the upgraded, 60-hertz 7FA will include North America, Latin America, Saudi Arabia, Japan, Taiwan and South Korea. The upgraded 7FA will begin shipping in early 2012 and will be manufactured at GE Energy’s gas turbine facility in Greenville, S.C.
GE ecomagination certification
The ecomagination Product Review (EPR) process provides a third-party verification of claims, quantifying operating and environmental performance benefits that accrue to GE’s customers by using ecomagination products relative to baselines such as competitors' best products, the installed base of products and regulatory standards. These ecomagination claims can be found in GE's printed materials and advertisements and on the Web at www.ge.com/ecomagination. Ecomagination products are re-certified regularly to help ensure that claims remain accurate.
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The continuing evolution of GE’s gas turbine technology supports a growing industry trend toward the use of natural gas. A recent report by the Colorado School of Mines indicated that following recent discoveries, the United States now has 1,800 trillion cubic feet of natural gas, the equivalent of 320 billion barrels of oil—more than Saudi Arabia’s 264 billion barrels. That available supply, coupled with the current low cost and the fact that natural gas emits less carbon than other fossil fuels, has spurred many power generators to consider switching from other fuels to gas.
A typical power plant operating two new 7FA gas turbines with a single steam turbine in combined cycle configuration would achieve a fuel cost savings of more than $2.1 million per year at a natural gas price of $6 per MMBtu when compared to a similar plant with an earlier version of the 7FA for equivalent net plant output. This updated plant would also avoid the emission of more than 19,000 metric tons of CO2 per year compared to the earlier version, an improvement equivalent to the CO2 emissions of approximately 3,800 cars on U.S. roads.
“Investing in the needs of tomorrow with R&D and technology is at the foundation of GE and helps us to maintain a competitive advantage in the power generation arena,” said Steve Bolze, president of GE Energy’s Power & Water business. “Today’s announcement demonstrates our ongoing commitment to GE’s leadership in advanced gas turbine technology that helps deliver power more efficiently and flexibly to our customers without compromising their high standards for operational excellence.”
“Since its introduction, our F technology has consistently set industry standards for reliability and efficiency,” said Rick Stanley, vice president of engineering for GE Energy. “The 7FA upgrade underscores our commitment to continue refining the technology to meet the evolving needs of today’s customers.”
“GE is focused on delivering products and services that help our customers save significant operating costs while simultaneously slashing emissions and fuel consumption. We have amassed technological advances from across our expansive portfolio of power generating and aviation turbines and delivered them in this upgraded 7FA turbine,” said John Reinker, general manager of gas turbine and combined cycle products for GE Energy. “Of the 1,000 plus GE F-technology gas turbines shipped worldwide, more than 70% are 7FA units—and the advances now available for the 7FA will ensure that it continues to be the industry's workhorse advanced technology turbine.”
Many companies have already evaluated the new gas turbine technology. Some of the first new 7FA turbines are planned for the proposed Oakley Generating Station in Oakley, Calif. The plant, which is projected to generate 586 megawatts of power, is being developed by Radback Energy, Inc., and is expected to be transferred to Pacific Gas and Electric Company (PG&E) after it enters commercial operation.
The new turbine is a part of GE’s ecomagination portfolio, due to the increase in net plant efficiency and higher output delivered by this machine compared to all earlier 7FA models, which should result in less fuel consumption and lower emissions on a megawatt per hour basis than delivered by previous 7FA models.
Key regions for the upgraded, 60-hertz 7FA will include North America, Latin America, Saudi Arabia, Japan, Taiwan and South Korea. The upgraded 7FA will begin shipping in early 2012 and will be manufactured at GE Energy’s gas turbine facility in Greenville, S.C.
GE ecomagination certification
The ecomagination Product Review (EPR) process provides a third-party verification of claims, quantifying operating and environmental performance benefits that accrue to GE’s customers by using ecomagination products relative to baselines such as competitors' best products, the installed base of products and regulatory standards. These ecomagination claims can be found in GE's printed materials and advertisements and on the Web at www.ge.com/ecomagination. Ecomagination products are re-certified regularly to help ensure that claims remain accurate.
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Wednesday, October 7, 2009
Southern Company, University of Alabama at Birmingham to Partner on Greenhouse Gas Reduction Project
/PRNewswire/ -- Southern Company said yesterday it will help train students from the University of Alabama at Birmingham in carbon sequestration engineering under a project that adds to efforts advancing the commercialization of technologies to reduce greenhouse gas emissions from power production.
The research project, selected by the U.S. Department of Energy for funding through the American Recovery and Reinvestment Act of 2009, will help develop an educated work force to support commercial utility-scale geologic sequestration activities in the future, said Richard Esposito, Southern Company principal geologist.
The project includes the involvement of undergraduate engineering honors students in independent research on geologic sequestration focused on the sealing capacity of cap rocks serving as barriers to carbon dioxide migration in geologic formations; development of an advanced undergraduate/graduate level course on coal combustion and gasification, climate change, and carbon sequestration; support of six graduate students conducting research on the development of protocols for assessment of seal layer integrity; and analysis of cap rock samples from geologic formations under consideration for sequestration of CO2.
"Understanding the integrity of cap rocks is one of the key elements to safe and permanent sequestration," Esposito said.
The project is one of 43 that DOE is funding to offer training opportunities for graduate and undergraduate students that will provide the human capital and skills required for implementing and deploying carbon capture and storage technologies.
"This is an excellent opportunity to meet an important need as we seek to commercially deploy carbon capture and sequestration technology - a work force that is educated and skilled in how the technology works," said Chris Hobson, Southern Company chief environmental officer. "We are pleased to have this opportunity to partner with UAB to increase our knowledge of geologic sequestration."
The project will provide the UAB investigators and their students with rock samples for study in the laboratory, geologic data with which to construct mathematical models and simulations, direct contact with Southern Company geologists and engineers engaged in carbon capture and storage research and development, and opportunities to visit field sites where large-scale tests of carbon sequestration are underway, said Peter Walsh, UAB research professor of mechanical engineering.
"Southern Company's involvement and support are key components of the training for our students to work in carbon capture and storage," Walsh said. "We are delighted to partner with Southern Company on a project that enables us to contribute to a solution of one of the most interesting, important and complex issues of our time."
Southern Company is committed to leadership in researching, developing and deploying advanced technologies, including carbon capture and sequestration, to reduce greenhouse gas emissions. Among the company's key projects:
- DOE recently selected Southern Company to operate and manage the new National Carbon Capture Center, which will develop and test advanced technologies to capture carbon dioxide from coal-based power plants.
- Southern Company is partnering with DOE, Mitsubishi Heavy Industries Ltd., the Electric Power Research Institute and others to build a demonstration facility to capture carbon dioxide emissions from an existing unit of subsidiary Alabama Power's Plant Barry near Mobile, Ala. CO2 from the plant will be transported for permanent underground storage in a demonstration of start-to-finish carbon capture and sequestration.
- Southern Company subsidiary Mississippi Power's Plant Daniel is host site for a sequestration demonstration in which 3,000 metric tons of CO2 have been injected into a deep underground geologic formation.
- Mississippi Power has proposed to build a 582-megawatt coal gasification plant using advanced Transport Integrated Gasification (TRIG(TM)) technology developed by Southern Company, KBR Inc. and others that also will include 65 percent carbon capture and re-use.
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The research project, selected by the U.S. Department of Energy for funding through the American Recovery and Reinvestment Act of 2009, will help develop an educated work force to support commercial utility-scale geologic sequestration activities in the future, said Richard Esposito, Southern Company principal geologist.
The project includes the involvement of undergraduate engineering honors students in independent research on geologic sequestration focused on the sealing capacity of cap rocks serving as barriers to carbon dioxide migration in geologic formations; development of an advanced undergraduate/graduate level course on coal combustion and gasification, climate change, and carbon sequestration; support of six graduate students conducting research on the development of protocols for assessment of seal layer integrity; and analysis of cap rock samples from geologic formations under consideration for sequestration of CO2.
"Understanding the integrity of cap rocks is one of the key elements to safe and permanent sequestration," Esposito said.
The project is one of 43 that DOE is funding to offer training opportunities for graduate and undergraduate students that will provide the human capital and skills required for implementing and deploying carbon capture and storage technologies.
"This is an excellent opportunity to meet an important need as we seek to commercially deploy carbon capture and sequestration technology - a work force that is educated and skilled in how the technology works," said Chris Hobson, Southern Company chief environmental officer. "We are pleased to have this opportunity to partner with UAB to increase our knowledge of geologic sequestration."
The project will provide the UAB investigators and their students with rock samples for study in the laboratory, geologic data with which to construct mathematical models and simulations, direct contact with Southern Company geologists and engineers engaged in carbon capture and storage research and development, and opportunities to visit field sites where large-scale tests of carbon sequestration are underway, said Peter Walsh, UAB research professor of mechanical engineering.
"Southern Company's involvement and support are key components of the training for our students to work in carbon capture and storage," Walsh said. "We are delighted to partner with Southern Company on a project that enables us to contribute to a solution of one of the most interesting, important and complex issues of our time."
Southern Company is committed to leadership in researching, developing and deploying advanced technologies, including carbon capture and sequestration, to reduce greenhouse gas emissions. Among the company's key projects:
- DOE recently selected Southern Company to operate and manage the new National Carbon Capture Center, which will develop and test advanced technologies to capture carbon dioxide from coal-based power plants.
- Southern Company is partnering with DOE, Mitsubishi Heavy Industries Ltd., the Electric Power Research Institute and others to build a demonstration facility to capture carbon dioxide emissions from an existing unit of subsidiary Alabama Power's Plant Barry near Mobile, Ala. CO2 from the plant will be transported for permanent underground storage in a demonstration of start-to-finish carbon capture and sequestration.
- Southern Company subsidiary Mississippi Power's Plant Daniel is host site for a sequestration demonstration in which 3,000 metric tons of CO2 have been injected into a deep underground geologic formation.
- Mississippi Power has proposed to build a 582-megawatt coal gasification plant using advanced Transport Integrated Gasification (TRIG(TM)) technology developed by Southern Company, KBR Inc. and others that also will include 65 percent carbon capture and re-use.
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Tuesday, September 1, 2009
Southern Company Announces New Partner at National Carbon Capture Center
/PRNewswire/ -- Southern Company, the manager and operator of the U.S. Department of Energy's National Carbon Capture Center, announced today that the technology research center has added another partner, NRG Energy, Inc.
Princeton, N.J.-based NRG joins DOE and a group of leading energy companies that are working to develop and test advanced technologies to capture carbon dioxide from coal-based power plants.
The National Carbon Capture Center, located in Wilsonville, Ala., was established earlier this year to work with scientists and technology developers from government, industry and universities who are creating the next generation of enhanced carbon capture technologies.
The center will conduct testing and analyses in a power plant setting, at a size large enough to provide meaningful performance data under real operating conditions to enable scale-up of the technologies.
Other current partners include American Electric Power, Luminant, Arch Coal, Peabody Energy and the Electric Power Research Institute (EPRI). The center expects to add more partners as its work progresses.
"We welcome NRG to the growing partnership at the National Carbon Capture Center," said David Ratcliffe, chairman, president and CEO of Southern Company. "Carbon capture is an important component of the diverse portfolio of technologies our nation must pursue to meet our energy and environmental challenges. NRG's involvement strengthens our effort to develop and deploy these critical solutions."
The National Carbon Capture Center, scheduled to be fully operational in 2010, is expected to be a focal point of national efforts to reduce greenhouse gas emissions through technological innovation.
"As we look to further decarbonize our fleet and push to develop and deploy these advanced technologies on a larger scale, initiatives like the National Carbon Capture Center will bring us closer to meeting the challenges of global climate change and transitioning to an environmentally sustainable energy future," said NRG President and CEO David Crane.
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Princeton, N.J.-based NRG joins DOE and a group of leading energy companies that are working to develop and test advanced technologies to capture carbon dioxide from coal-based power plants.
The National Carbon Capture Center, located in Wilsonville, Ala., was established earlier this year to work with scientists and technology developers from government, industry and universities who are creating the next generation of enhanced carbon capture technologies.
The center will conduct testing and analyses in a power plant setting, at a size large enough to provide meaningful performance data under real operating conditions to enable scale-up of the technologies.
Other current partners include American Electric Power, Luminant, Arch Coal, Peabody Energy and the Electric Power Research Institute (EPRI). The center expects to add more partners as its work progresses.
"We welcome NRG to the growing partnership at the National Carbon Capture Center," said David Ratcliffe, chairman, president and CEO of Southern Company. "Carbon capture is an important component of the diverse portfolio of technologies our nation must pursue to meet our energy and environmental challenges. NRG's involvement strengthens our effort to develop and deploy these critical solutions."
The National Carbon Capture Center, scheduled to be fully operational in 2010, is expected to be a focal point of national efforts to reduce greenhouse gas emissions through technological innovation.
"As we look to further decarbonize our fleet and push to develop and deploy these advanced technologies on a larger scale, initiatives like the National Carbon Capture Center will bring us closer to meeting the challenges of global climate change and transitioning to an environmentally sustainable energy future," said NRG President and CEO David Crane.
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Wednesday, August 12, 2009
State-by-State Analysis of Waxman-Markey Cap and Trade Legislation Paints Dour Picture for Nation's Economy
/PRNewswire/ -- The National Association of Manufacturers (NAM) and the American Council for Capital Formation (ACCF) today unveiled a comprehensive study on the impact of The American Clean Energy and Security Act of 2009, also known as the Waxman-Markey Bill (HR 2454). The bill aims to reduce greenhouse gas emissions and to cap the amount of carbon that is emitted by U.S. industry. The legislation does so by mandating a cap and trade program and other provisions governing fuel choices available to businesses and consumers. This bill passed the House of Representatives by a slim margin (219-212) earlier this summer. The Senate is expected to release its version of climate legislation in September.
The study, which was commissioned by the NAM and ACCF and conducted by Science Applications International Corporation (SAIC) using NAM and ACCF input assumptions, assesses the impact of the Waxman-Markey Bill on manufacturing, jobs, energy prices and our overall economy. The NAM and ACCF released national data as well as the analysis for 15 industrial states that would be impacted greatly if this or similar legislation is signed into law. The full report, including the data covering the remaining 35 states will be released in the coming weeks.
Jay Timmons, executive vice president of the NAM said, "Climate change is a very complex issue and I hope Senators will look closely at this study as they consider climate change legislation this fall. At a time when our country is struggling to come out of our longest and deepest economic downturn since the Great Depression, lawmakers should be focused on policies that provide incentives for businesses so they can create jobs and grow. Unfortunately, this study confirms that the Waxman-Markey Bill is an 'anti-jobs, anti-growth' piece of legislation. Further, leaders of countries such as China and India have made it clear they have no intention of reducing their own emissions. Waxman-Markey would give an edge to overseas competitors, discouraging domestic investment and the creation of American jobs."
The NAM/ACCF study accounts for all federal energy laws and regulations currently in effect. It accounts for increased access to oil and natural gas supplies, new and extended tax credits for renewable generation technologies, increased World Oil Price (WOP) profile, as well as permit allocations for industry and international offsets. Additionally, the provisions of the stimulus package passed in February are included in this study. Key findings include:
-- Cumulative Loss in Gross Domestic Product (GDP) up to $3.1 trillion
(2012-2030)
-- Employment losses up to 2.4 million jobs in 2030
-- Residential electricity price increases up to 50 percent by 2030
-- Gasoline price increases (per gallon) up 26 percent by 2030
Dr. Margo Thorning, senior vice president and chief economist for ACCF, highlighted the importance of reviewing economic findings while debating the climate change legislation. "This data shows that we cannot divorce the environmental impacts from potential economic damages. Policymakers may have the best of intentions when it comes to the environment, but it's crucial that we compare the economic cost to the legislation's actual impact on global GHG reductions. Considering that developing countries such as China and India have publicly stated that they will not undertake similar emissions policies, there would be almost no global environmental benefits from the bill. Ultimately, this study shows that Waxman-Markey, would significantly decrease employment and increase energy prices at a time when we can least afford it."
Further, this study shows industrial states would be disproportionately impacted by high energy prices, loss of jobs and income. The 15 states analyzed in the initial study include:
1. Arkansas
2. Illinois
3. Indiana
4. Iowa
5. Kentucky
6. Michigan
7. Minnesota
8. Missouri
9. North Carolina
10. Ohio
11. Pennsylvania
12. Tennessee
13. Virginia
14. West Virginia
15. Wisconsin
SAIC used a modified version of the National Energy Modeling System, NEMS/ACCF-NAM 2, and the NAM and ACCF input assumptions, to quantify the impact of the Waxman-Markey bill.
"Policymakers and the public must have a clear understanding of the potential impact of climate change legislation to assess whether it will cause more economic harm than environmental good," concluded Timmons.
The national and 15 state-by-state economic impacts can be found by visiting: http://www.accf.org/publications/126/accf-nam-study
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The study, which was commissioned by the NAM and ACCF and conducted by Science Applications International Corporation (SAIC) using NAM and ACCF input assumptions, assesses the impact of the Waxman-Markey Bill on manufacturing, jobs, energy prices and our overall economy. The NAM and ACCF released national data as well as the analysis for 15 industrial states that would be impacted greatly if this or similar legislation is signed into law. The full report, including the data covering the remaining 35 states will be released in the coming weeks.
Jay Timmons, executive vice president of the NAM said, "Climate change is a very complex issue and I hope Senators will look closely at this study as they consider climate change legislation this fall. At a time when our country is struggling to come out of our longest and deepest economic downturn since the Great Depression, lawmakers should be focused on policies that provide incentives for businesses so they can create jobs and grow. Unfortunately, this study confirms that the Waxman-Markey Bill is an 'anti-jobs, anti-growth' piece of legislation. Further, leaders of countries such as China and India have made it clear they have no intention of reducing their own emissions. Waxman-Markey would give an edge to overseas competitors, discouraging domestic investment and the creation of American jobs."
The NAM/ACCF study accounts for all federal energy laws and regulations currently in effect. It accounts for increased access to oil and natural gas supplies, new and extended tax credits for renewable generation technologies, increased World Oil Price (WOP) profile, as well as permit allocations for industry and international offsets. Additionally, the provisions of the stimulus package passed in February are included in this study. Key findings include:
-- Cumulative Loss in Gross Domestic Product (GDP) up to $3.1 trillion
(2012-2030)
-- Employment losses up to 2.4 million jobs in 2030
-- Residential electricity price increases up to 50 percent by 2030
-- Gasoline price increases (per gallon) up 26 percent by 2030
Dr. Margo Thorning, senior vice president and chief economist for ACCF, highlighted the importance of reviewing economic findings while debating the climate change legislation. "This data shows that we cannot divorce the environmental impacts from potential economic damages. Policymakers may have the best of intentions when it comes to the environment, but it's crucial that we compare the economic cost to the legislation's actual impact on global GHG reductions. Considering that developing countries such as China and India have publicly stated that they will not undertake similar emissions policies, there would be almost no global environmental benefits from the bill. Ultimately, this study shows that Waxman-Markey, would significantly decrease employment and increase energy prices at a time when we can least afford it."
Further, this study shows industrial states would be disproportionately impacted by high energy prices, loss of jobs and income. The 15 states analyzed in the initial study include:
1. Arkansas
2. Illinois
3. Indiana
4. Iowa
5. Kentucky
6. Michigan
7. Minnesota
8. Missouri
9. North Carolina
10. Ohio
11. Pennsylvania
12. Tennessee
13. Virginia
14. West Virginia
15. Wisconsin
SAIC used a modified version of the National Energy Modeling System, NEMS/ACCF-NAM 2, and the NAM and ACCF input assumptions, to quantify the impact of the Waxman-Markey bill.
"Policymakers and the public must have a clear understanding of the potential impact of climate change legislation to assess whether it will cause more economic harm than environmental good," concluded Timmons.
The national and 15 state-by-state economic impacts can be found by visiting: http://www.accf.org/publications/126/accf-nam-study
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Thursday, May 21, 2009
Southern Company to Demonstrate Technology to Reduce Greenhouse Gas Emissions From Electric Generating Plant
/PRNewswire / -- Southern Company today announced plans to demonstrate carbon capture and sequestration on a coal-fired power generation plant to support the development of technologies for reducing greenhouse gas emissions.
Along with the U.S. Department of Energy (DOE), Mitsubishi Heavy Industries Ltd. (MHI), the Electric Power Research Institute and other partners, Southern Company will build a demonstration facility to capture carbon dioxide emissions from an existing unit of subsidiary Alabama Power's Plant Barry near Mobile, Ala.
Beginning in 2011, between 100,000 and 150,000 tons of CO2 per year - the equivalent of emissions from 25 megawatts of the plant's generating capacity - would be captured for permanent underground storage in a deep saline geologic formation.
The CO2 will be supplied to the DOE's Southeast Regional Carbon Sequestration Partnership (SECARB), which will transport it by pipeline from the plant and store it underground at a site within the area of the Citronelle Oil Field, about 10 miles from the plant, operated by Denbury Resources. The Southern States Energy Board is leading the SECARB effort.
"This project will help increase our knowledge of carbon capture and sequestration, technology we must demonstrate at a commercial level in the effort to reliably generate electricity using coal with reduced greenhouse gas emissions," said David Ratcliffe, Southern Company chairman, president and CEO.
"The main challenge facing deployment of carbon capture and sequestration technology is demonstrating its effectiveness at a large scale," Ratcliffe added. "Our involvement in this and other related projects is part of our commitment to be a leader in finding solutions that make technological, economic and environmental sense."
With carbon capture and sequestration (CCS), CO2 released during the combustion of coal would be separated from the flue gas, compressed, and then permanently sequestered - or stored - deep underground.
The CO2 capture technology to be used in this project, called KM-CDR(TM), was jointly developed by MHI and the Kansai Electric Power Company Inc. It deploys an advanced amine-based solvent that reacts readily with CO2 in flue gas before being separated and compressed so that it is ready for pipeline transport.
The MHI process offers improved performance and lower cost than other existing capture technologies. The process has been demonstrated at smaller scale at a coal-fired generating station in Japan, and is currently being deployed commercially on natural gas-fired systems around the world. This project represents the largest coal-fired demonstration of the technology.
"We are excited to be a partner in this important project that will help further the global goal of reducing carbon dioxide emissions for the benefit of everyone," said Shunichi Miyanaga, executive vice president and representative director general manager of MHI's Machinery & Steel Structures Headquarters. "The confidence our partners have shown in the MHI CO2 capture technology is a testament to the research and development efforts we have undertaken during the past 20 years. Together with our partners, we are ready to deploy and demonstrate to the world the safety and viability of commercial-scale CCS."
An important part of any CO2 sequestration project is site selection through geologic characterization and a robust program to monitor the injected CO2. Therefore, a thorough monitoring process will be deployed to map the movement of the sequestered CO2.
Through this project and others, Southern Company and its partners seek to support the goal of better understanding the impacts of reducing CO2 emissions from electricity generation. The project in Alabama is designed to demonstrate start-to-finish CCS technology, an important step toward commercialization.
Plant Barry, located in Bucks, Ala., has a total capacity of 2,525 megawatts and includes seven generating units -- five coal-fired units and two natural gas-fired combined-cycle units.
Southern Company, an industry leader in technology research and development, is working with the federal government and other partners in several major CCS research projects. In one, Southern Company subsidiary Mississippi Power's Plant Daniel is the host site for a demonstration in which 3,000 tons of CO2 recently were injected into a deep saline rock formation 8,500 feet below ground. Monitoring of its movement deep in the ground and under multiple geological seals is now under way.
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Along with the U.S. Department of Energy (DOE), Mitsubishi Heavy Industries Ltd. (MHI), the Electric Power Research Institute and other partners, Southern Company will build a demonstration facility to capture carbon dioxide emissions from an existing unit of subsidiary Alabama Power's Plant Barry near Mobile, Ala.
Beginning in 2011, between 100,000 and 150,000 tons of CO2 per year - the equivalent of emissions from 25 megawatts of the plant's generating capacity - would be captured for permanent underground storage in a deep saline geologic formation.
The CO2 will be supplied to the DOE's Southeast Regional Carbon Sequestration Partnership (SECARB), which will transport it by pipeline from the plant and store it underground at a site within the area of the Citronelle Oil Field, about 10 miles from the plant, operated by Denbury Resources. The Southern States Energy Board is leading the SECARB effort.
"This project will help increase our knowledge of carbon capture and sequestration, technology we must demonstrate at a commercial level in the effort to reliably generate electricity using coal with reduced greenhouse gas emissions," said David Ratcliffe, Southern Company chairman, president and CEO.
"The main challenge facing deployment of carbon capture and sequestration technology is demonstrating its effectiveness at a large scale," Ratcliffe added. "Our involvement in this and other related projects is part of our commitment to be a leader in finding solutions that make technological, economic and environmental sense."
With carbon capture and sequestration (CCS), CO2 released during the combustion of coal would be separated from the flue gas, compressed, and then permanently sequestered - or stored - deep underground.
The CO2 capture technology to be used in this project, called KM-CDR(TM), was jointly developed by MHI and the Kansai Electric Power Company Inc. It deploys an advanced amine-based solvent that reacts readily with CO2 in flue gas before being separated and compressed so that it is ready for pipeline transport.
The MHI process offers improved performance and lower cost than other existing capture technologies. The process has been demonstrated at smaller scale at a coal-fired generating station in Japan, and is currently being deployed commercially on natural gas-fired systems around the world. This project represents the largest coal-fired demonstration of the technology.
"We are excited to be a partner in this important project that will help further the global goal of reducing carbon dioxide emissions for the benefit of everyone," said Shunichi Miyanaga, executive vice president and representative director general manager of MHI's Machinery & Steel Structures Headquarters. "The confidence our partners have shown in the MHI CO2 capture technology is a testament to the research and development efforts we have undertaken during the past 20 years. Together with our partners, we are ready to deploy and demonstrate to the world the safety and viability of commercial-scale CCS."
An important part of any CO2 sequestration project is site selection through geologic characterization and a robust program to monitor the injected CO2. Therefore, a thorough monitoring process will be deployed to map the movement of the sequestered CO2.
Through this project and others, Southern Company and its partners seek to support the goal of better understanding the impacts of reducing CO2 emissions from electricity generation. The project in Alabama is designed to demonstrate start-to-finish CCS technology, an important step toward commercialization.
Plant Barry, located in Bucks, Ala., has a total capacity of 2,525 megawatts and includes seven generating units -- five coal-fired units and two natural gas-fired combined-cycle units.
Southern Company, an industry leader in technology research and development, is working with the federal government and other partners in several major CCS research projects. In one, Southern Company subsidiary Mississippi Power's Plant Daniel is the host site for a demonstration in which 3,000 tons of CO2 recently were injected into a deep saline rock formation 8,500 feet below ground. Monitoring of its movement deep in the ground and under multiple geological seals is now under way.
-----
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Tuesday, December 23, 2008
The Role of Forest Carbon in Emerging Ecomarkets Will be Significant, Says Environmental Economist Ricardo Bayon
(BUSINESS WIRE)--Forest carbon will play a significant role in emerging environmental markets designed to address climate change, despite the reluctance of some countries to accept forest carbon offsets, predicted environmental economics expert Ricardo Bayon at a seminar for forestry professionals representing all facets of the industry.
“Forest carbon has been ostracized by the world’s largest carbon markets – those in the European Union,” said Bayon, co-founder and partner of merchant bank EKO Asset Management Partners, which invests in new and emerging markets for such environmental commodities as carbon, water and biodiversity. “But that will change.”
U.S. carbon markets, which have been slower to emerge than those in the EU, have, however, embraced forestry, he said, noting that several states already have developed emissions cap-and-trade systems that rely on land use, land-use change, and forestry (LULUCF) projects to reduce greenhouse-gas emissions.
“California is a bellwether,” said Bayon, speaking at ImageTree Corporation’s headquarters and live via the Web at the third and last event of this year’s ImageTree Idea Leadership Series. “Not only is forestry not the ugly duckling in California; but, in fact, it also is currently the preferred carbon-offset mechanism, largely because other offsetting methodologies are still being approved, and I expect other states to follow California’s lead in developing forestry carbon projects,” he said.
“Carbon markets have gained popularity around the globe as natural resources have become less plentiful and, therefore, more valuable,” continued Bayon. “Because we don’t pay for natural resources, we use too much and there’s no money to invest in maintenance; but this will change and world markets will decide the value of ecosystem services.”
Bayon added that the markets are also likely to compensate countries for Reducing Emissions from Deforestation and forest Degradation (REDD), as the Kyoto Protocol, which sets binding targets for reducing emissions of carbon dioxide and greenhouse gases in industrialized countries, draws to a close in three years. “REDD is firming up as part of the international compliance carbon market agenda,” he said.
The major sticking points with REDD, Bayon said, are additionality (where planned carbon reductions would not have occurred without the additional incentive provided by emission reduction credits) and leakage (where there’s an increase in emissions in one area as another area introduces a strict emissions policy).
Countries can address the latter “by measuring forests at the national level, thereby minimizing intracountry leakage, and/or by using technology, such as remote sensing,” he said. “The future of REDD is tricky and politically risky, but it’s hopeful.”
In addition to such regional markets as those in California, and the U.S. Northeast, Bayon said he believes that the United States will approve a national cap-and-trade system. Early Senate legislation has been vetoed, he explained, but the House is considering the Dingell-Boucher climate change bill, designed to cap greenhouse gases and reduce emissions by some 80 percent by 2050.
A founder and former managing director of Ecosystem Marketplace, Bayon said that inherent in any cap-and-trade system that includes forestry is the need for independent mechanisms to measure and monitor carbon.
Bayon has co-authored a number of publications on environmental economics, including “The State of Voluntary Carbon Markets 2007: Picking up Steam,” “Voluntary Carbon Markets: An International Business Guide to What They Are and How They Work,” and, most recently, “Conservation and Biodiversity Banking: A Guide to Setting Up and Running Biodiversity Credit Trading Systems.” He also is a member of ImageTree’s advisory board.
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“Forest carbon has been ostracized by the world’s largest carbon markets – those in the European Union,” said Bayon, co-founder and partner of merchant bank EKO Asset Management Partners, which invests in new and emerging markets for such environmental commodities as carbon, water and biodiversity. “But that will change.”
U.S. carbon markets, which have been slower to emerge than those in the EU, have, however, embraced forestry, he said, noting that several states already have developed emissions cap-and-trade systems that rely on land use, land-use change, and forestry (LULUCF) projects to reduce greenhouse-gas emissions.
“California is a bellwether,” said Bayon, speaking at ImageTree Corporation’s headquarters and live via the Web at the third and last event of this year’s ImageTree Idea Leadership Series. “Not only is forestry not the ugly duckling in California; but, in fact, it also is currently the preferred carbon-offset mechanism, largely because other offsetting methodologies are still being approved, and I expect other states to follow California’s lead in developing forestry carbon projects,” he said.
“Carbon markets have gained popularity around the globe as natural resources have become less plentiful and, therefore, more valuable,” continued Bayon. “Because we don’t pay for natural resources, we use too much and there’s no money to invest in maintenance; but this will change and world markets will decide the value of ecosystem services.”
Bayon added that the markets are also likely to compensate countries for Reducing Emissions from Deforestation and forest Degradation (REDD), as the Kyoto Protocol, which sets binding targets for reducing emissions of carbon dioxide and greenhouse gases in industrialized countries, draws to a close in three years. “REDD is firming up as part of the international compliance carbon market agenda,” he said.
The major sticking points with REDD, Bayon said, are additionality (where planned carbon reductions would not have occurred without the additional incentive provided by emission reduction credits) and leakage (where there’s an increase in emissions in one area as another area introduces a strict emissions policy).
Countries can address the latter “by measuring forests at the national level, thereby minimizing intracountry leakage, and/or by using technology, such as remote sensing,” he said. “The future of REDD is tricky and politically risky, but it’s hopeful.”
In addition to such regional markets as those in California, and the U.S. Northeast, Bayon said he believes that the United States will approve a national cap-and-trade system. Early Senate legislation has been vetoed, he explained, but the House is considering the Dingell-Boucher climate change bill, designed to cap greenhouse gases and reduce emissions by some 80 percent by 2050.
A founder and former managing director of Ecosystem Marketplace, Bayon said that inherent in any cap-and-trade system that includes forestry is the need for independent mechanisms to measure and monitor carbon.
Bayon has co-authored a number of publications on environmental economics, including “The State of Voluntary Carbon Markets 2007: Picking up Steam,” “Voluntary Carbon Markets: An International Business Guide to What They Are and How They Work,” and, most recently, “Conservation and Biodiversity Banking: A Guide to Setting Up and Running Biodiversity Credit Trading Systems.” He also is a member of ImageTree’s advisory board.
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