"I cannot think of any reasonable excuse for a firm taking 1,422 calendar days to liquidate a product" quips Ron Rowland in reference to Credit Suisse's (CS) recent announcement it would finally return to shareholders the remaining assets of 3 ELEMENTS ETNs nearly 4 years after the notes were delisted. Additionally, ELEMENTS CS Global Warming ETN (GWO) was delisted before trading today. Rowland believes "the firm has demonstrated an outright disrespect" to holders of its ETNs. Investors still interested in a 'global warming' play can consider the iPath Global Carbon ETN (GRN) though miniscule AUM and volume mean significant caution is advised.
Australia's carbon and mineral resources taxes come into effect today, with major polluters facing a charge of A$23 ($23.55) per metric ton of so-called greenhouse gases they produce. Miners such as BHP (BHP) and Rio Tinto (RIO) will have to pay 30% of their profits from iron ore and coal. The government is optimistic about the revenues it will generate, but UBS is not so sure.Jul. 1, 2012, 3:32 AM | 8 Comments
GE (GE +1.9%) teams up with Sargas to sell gas turbines for power stations that incorporate the Norwegian company's carbon-capture technology, which can catch 90% of emissions and for much cheaper than rival process. The CO2 can then be sold for use in oilfields at well below the $30/tonne that's paid in Texas. Everyone's a winner. (PR)Jun. 19, 2012, 12:02 PM | 1 Comment
The European Court of Justice rules that the EU can make airlines flying to or from the region's airports pay to offset their carbon emissions from Jan. 1. Airlines are unsurprisingly hostile, as is the U.S., where Congress has proposed legislation that would make it illegal to comply with the EU law.Dec. 21, 2011, 6:03 AM | 4 Comments
Australia's Senate passes the controversial Clean Energy Act - setting the stage for the new law to directly impact the country's 500 biggest polluters beginning on July 1, 2012. Under the closely-watched legislation, carbon emissions will be taxed at a fixed price of 23 Australian dollars ($23.8) per ton for 3 years before flexible pricing kicks in during 2015.Nov. 8, 2011, 10:12 AM | 6 Comments
Green bonds could give renewable projects a lift if they could catch some positive buzz as a plausible investment vehicle - instead of being viewed as an image-boosting play. State Street Global Advisors, for one, is looking to turn the tide with a new green-bond investing strategy that focuses on returns over premiums. "For this to work at scale there can be no haircuts involved in putting money into green, rather than brown or vanilla," notes a SSGA exec.Oct. 27, 2011, 1:56 PM | 2 Comments
Australia's carbon tax progressed through the lower house of Parliament, moving one step closer to becoming a law that will strongly encourage power companies to use less "dirty" coal. What worked Down Under that couldn't inspire similar legislation in the U.S. or Europe? Natural disasters and an endangered Great Barrier Reef set the right mood to overcome the perpetual lobbying by big businesses.Oct. 12, 2011, 4:04 PM | 25 Comments
The impact of a carbon pricing scheme in Australia is significant enough to get a mention in a statement from the head of its central bank, as debate progresses Down Under on climate control. Legislation to price carbon in the high-polluter nation is viewed as a potential driver for even bigger changes to climate control globally.Oct. 4, 2011, 1:31 PM