Carbon Offsets News
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Companies holding United Nations carbon offsets equivalent to 7 percent of the European Union’s annual emissions cap risk losing their investment unless they find a buyer for the credits the bloc banned earlier this year.
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Solvay SA’s chemical factory in Ulsan, South Korea, may have earned the most from selling United Nations carbon offsets in the five years through 2012.
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Factories, utilities and airlines snapped up a flood of carbon offsets from Ukraine and Russia to comply with European Union emission targets in 2012 amid speculation the credits would face usage restrictions.
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Carbon permits advanced to the highest in three days after Jos Delbeke, director general for climate at the European Commission, said a decision on a supply fix could be possible in the second half of the year.
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United Nations Certified Emission Reduction credits had their biggest one-day gain since Dec. 20, 2011 amid speculation factories and utilities are using the carbon offsets to meet European Union pollution targets.
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Factories and power stations in the European Union surrendered 500 million carbon offsets to cover emissions last year, 20 percent less than analysts estimated.
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Power stations and factories in the European Union’s emissions market probably doubled their use of United Nations carbon offsets to meet their pollution limits last year, according to a survey of analysts.
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Vitol SA, the world’s largest closely held oil trader, was one of four companies that submitted emissions-reducing projects to California regulators this past month to qualify for early-offsets credits.
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The United Nations delivered the last set of Certified Emission Reduction credits eligible for use in the so-called second phase of Europe’s carbon trading market, the world’s largest.
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Units of companies from brewer Carlsberg A/S to tiremaker Pirelli & C. SpA whose greenhouse-gas output falls below a European Union minimum are quitting the European Union’s emissions market.
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