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Trading Carbon : November 2011
News Russia's Sberbank has cancelled its latest carbon tender. Instead, the bank has put in place a selection process free of credit issuance limits that will help Moscow accelerate the monetisation of its huge emissions right surplus, the bank said on October 17. State-owned Sberbank, which helps administer Russia's carbon market, closed the tender process it had announced in August for projects under the Joint Implementation (JI) mechanism, and said a new selection procedure would run until May 2, 2012. Until then, all types of carbon-cutting projects eligible under JI will be able to apply for Emission Reduction Units (ERUs -- JI carbon credits) and project developers will learn within 20 days of submitting an application if it has been approved, the bank said in a statement on its website. In contrast, the August tender, the third round of project selections since February 2010, was open only to initiatives that cut emissions in the energy, industry and waste sectors, and had an allocation limit of 70 million ERUs. The cancelled tender had attracted some 70 projects seeking to receive a total of 106 million offsets for greenhouse gas emission cuts made before 2013, but Sberbank delayed approvals due to an amendment to the country's JI r ules by Moscow. In September, the Russian government said it will replace the previous tenders with a continuous approval process following calls from President Dmitry Medvedev's to expedite ERU issuances ahead of the end of the Kyoto Protoco's first commitment period on December 31, 2012. Russia opens door to all JI projects 08 November 2011 REUTERS/RIA NOVOSTI www.pointcarbon.com EU r ules forcing airlines to buy carbon dioxide permits from 2012 are legal, an adviser to Europe's highest court said on October 6. The advice sent carbon prices up nearly 4 percent on that date on expectations that the European Court of Justice (ECJ) will follow that guidance in its final r uling due next year. The non-binding, preliminary opinion on the case lodged by US airlines, which allege that obliging all carriers to surrender allowances for all flights into or out of airports in 30 European countries breaks international law, marks the latest stage in a bitter battle between the EU and foreign airlines that some say may escalate into a full-blown trade war. "EU legislation does not infringe the sovereignty of other states or the freedom of the high seas guaranteed under international law, and is compatible with the relevant international agreements," said the opinion from advocate general Juliane Kokott. Kokott called some of the arguments made by the plaintiffs "untenable" based on "an erroneous and highly superficial reading" of EU Directives, ECJ documents showed. While the opinion is not binding, judges at the ECJ, who are expected make a final r uling early next year, usually follow an advocate general's guidance. Observers also expect the London High Court of Justice, which referred the case brought by the Air Transport Association of America (ATA), American Airlines and United Continental airline to the Luxembourg court, to follow the ECJ's line. "The ATA is disappointed that advocate general Kokott does not believe that the EU is bound by the Chicago Convention, the treaty governing aviation," the ATA said in a statement. "ATA's view that the extension of this unilateral, regional scheme to aviation violates international law is supported by more than 20 countries, which recently reconfirmed their opposition to the EU." The countries, which include China, India and Russia, signed a joint declaration in late September opposing inclusion in the scheme, saying they would raise a formal protest at the next meeting of the UN's International Civil Aviation Organisation in November. Regardless, the ATA remained confident that ECJ's final r uling would differ to that of the advocate general. Airline carbon cap is legal, says EU's top court lawyer Russia’s Dimitry Medvedev: Infuencing JI rules
December - January 2011