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Japan signs carbon offset deal with Palau

(Reuters) - Japan has signed an agreement with Palau to allow Japanese companies to earn carbon credits by helping the small Pacific island cut greenhouse gas emissions, the Japanese government said on Monday. Under the deal, both nations will set up a joint committee of representatives to operate a bilateral offset crediting mechanism, known as the Joint Crediting Mechanism, Tokyo said in a statement.

EU beefs up carbon trading system to make pollution more expensive

BRUSSELS - It will become more expensive for businesses in the European Union to burn fossil fuels this year after the 28-country bloc decided Wednesday to beef up its carbon trading system. The agreement ended a year of bickering over how to amend what is Europe's prime tool in the fight against climate change and the world's biggest emission trading system.

French carbon crook on run after bracelet fails

A Frenchman convicted of carbon trading fraud that cost the state some 1.6 billion euros ($2.2 billion) has gone on the run, a judicial source said Saturday, admitting that his electronic tracking bracelet had stopped working. Police have issued an arrest warrant for Michel Keslassy, 50, who was given a three-and-a-half year sentence in June for buying untaxed carbon credits abroad and adding on value-added tax (VAT) when he traded them in France. The VAT was never declared.

S. Korea to help Bangladesh tackle climate change

SEOUL, Dec. 9 (Yonhap) -- South Korea will help Bangladesh reduce greenhouse gas emissions from its three major brickyards as part of its global campaign against climate change, Seoul's environment ministry said Monday. Brickfields have become one of the big polluters in the South Asian country, emitting 9.81 million tons of carbon dioxide a year, according to the ministry.

PetroChina, Longyuan strike first Chinese carbon offset deal

By Kathy Chen and Stian Reklev BEIJING (Reuters) - State-owned PetroChina bought 10,000 Chinese carbon offsets from wind power producer Longyuan on Friday for 16 yuan ($2.62) each, six times higher than international prices, in the first publicly known trade in the country's fledgling carbon market. The deal was carried out on the China Beijing Environment Exchange and was the first transaction of Chinese Certified Emissions Reductions (CCERs), the exchange said.

1st-LD Writethru: Xinhua Insight: China building carbon trading market to curb emissions

BEIJING, Nov. 28 (Xinhua) -- Beijing launched carbon emissions trading on Thursday, making it China's third market for carbon trading. An initial 490 companies, whose carbon emissions account for 40 percent of the city's total, have been included in the scheme, according to the Beijing Municipal Commission of Development and Reform. Under the trading program, companies which produce more than their fair share of emissions will be able to buy unused quotas on the market from companies that cause less pollution.

Beijing launches carbon emissions trading

BEIJING, Nov. 28 (Xinhua) -- Beijing launched carbon emissions trading on Thursday, making it China's third market for compulsory carbon trading. An initial 490 companies, whose carbon emissions account for 40 percent of the city's total emissions, have been included in the scheme, according to the Beijing Municipal Commission of Development and Reform. Under the trading program, companies which produce more than their fair share of emissions will be able to buy unused quotas on the market from companies that cause less pollution.

Factbox: How do China's carbon markets work?

(Reuters) - China's most populous province, Guangdong, will launch a CO2 emissions trading scheme in mid-December, hot on the heels of Shanghai and Beijing this week. A market in Shenzhen was launched in June. China, the world's biggest source of climate-changing carbon emissions, will initially distribute credits to member firms mostly free of charge, meaning participants will face additional costs only if they exceed their quotas and have to buy.

Guangdong enterprises to receive carbon emission quotas

GUANGZHOU, Nov. 27 (Xinhua) -- South China's Guangdong Province has started allotting 388 million tonnes of carbon emission quotas to selected enterprises, according to the provincial development and reform commission on Wednesday. An initial 242 companies from power, iron and steel, petrochemical and cement industries have been included in the quota allocation. By the end of the year, an online platform for carbon emission quota trading will be officially launched.

China to launch two new carbon trading exchanges

By David Stanway BEIJING (Reuters) - China will launch two new pilot carbon trading schemes this week in Beijing and Shanghai as it strives to cut soaring rates of greenhouse gas, reduce choking smog and determine the best system for a nationwide roll-out. China, the world's biggest source of climate-changing carbon emissions, is under domestic pressure from its population to counter air pollution and has pledged to cut the 2005 rate of CO2 emissions per unit of GDP growth by 40-45 percent by 2020.
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