SHELL OIL LIKES WORLD CAP&TRADE

Shell CEO Calls for Global Carbon Market to ‘Level’ the Field
Ewa Krukowska (w/Mike Anderson and Rob Verdonck), July 1, 2010 (Bloomberg BusinessWeek)

"Royal Dutch Shell Plc’s chief executive officer called on lawmakers and investors to move toward a global carbon market and a “level playing field” in the fight against climate change.

"Investors have yet to get the signals they need to set long-term strategies for cutting emissions and participating in an integrated global market, CEO Peter Voser said…"

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"The European Union’s ETS program, the world’s largest cap- and-trade system, covers about 12,000 installations that need allowances for each ton of carbon dioxide they emit in burning fossil fuels. Those that produce more than their cap need to buy more permits; those that emit less can sell their surpluses. The value of transactions in the system rose to $118 billion last year…The EU is “very committed” to linking up with carbon- trading programs in other countries by 2015, Jos Delbeke, director general at the European Commission’s climate department, [has] said…

"In the U.S., a cap-and-trade proposal to limit greenhouse- gases by letting polluters buy and sell emission allowances passed the House last year and stalled in the Senate. Senators John Kerry and Joseph Lieberman unveiled a revamped cap-and- trade bill last month and are pushing for passage this year…"

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"Australia’s Prime Minister Julia Gillard, who took office last month, said she will restart efforts to put a price on carbon emissions…China will likely set up a domestic market for trading carbon emissions by 2014, Feng Shengbo of the China Clean Development Mechanism Management Center said in May.

"Voser predicted carbon prices will advance in coming years. EU permits for December traded as high as 15.29 euros a metric ton…on London’s European Climate Exchange, rising 22 percent so far this year amid signals that the global economy is recovering from recession."