Latest news with #carbonpricing
Yahoo
4 days ago
- Business
- Yahoo
Sustainable Energy Markets Forecast Strong Growth Through 2029
"Accelerating the Global Green Energy Transition: Rising Adoption of Carbon Pricing, Sustainable Technologies, and Clean Fuels Signals a Transformative Shift Toward Decarbonizing Hard-to-Abate Sectors" Boston, June 25, 2025 (GLOBE NEWSWIRE) -- BCC Research announces the release of its " 2024 Sustainable Energy Research Review,' highlighting the rapid progress being made in the global shift toward sustainable energy. This review emphasizes the growing importance of carbon management technologies and breakthroughs in renewable fuels, both of which are playing a vital role in driving global decarbonization efforts. Key Highlights: Carbon Dioxide Removals (CDR) Market: The market is projected to grow from $2.1 billion in 2023 to $8.1 billion by the end of 2028. Compound Annual Growth Rate (CAGR): 31.0%. Carbon Credits Market: The market is projected to grow from $342.6 billion in 2024 to $1.2 trillion by the end of 2029. CAGR: 28.4%. Biorefinery Products and Applications: Global Markets: The market is projected to grow from $775.2 billion in 2024 to nearly $1.2 trillion by the end of 2029. CAGR: 8.8%. Research Coverage and InsightsThe 2024 Sustainable Energy Research Review explores the evolving landscape of green energy technologies and their role in decarbonizing hard-to-abate sectors. As global industries attempt to meet climate goals, sustainable energy practices and carbon management solutions are gaining momentum. This review highlights the key developments and market dynamics shaping the future of sustainable energy: Decarbonization Focus: The transition to green energy is accelerating, particularly in sectors that are traditionally difficult to decarbonize, such as heavy industry and transportation. Emerging Technologies: Innovations in carbon capture, utilization, and storage (CCUS), carbon dioxide removal (CDR), and carbon credit systems are central to emissions reduction strategies. Global Carbon Pricing: As of 2023, 40 countries and 20 cities had implemented carbon pricing mechanisms. These initiatives generated $104 billion in revenue and covered 24% of global greenhouse gas emissions, with projections of reaching 50% by 2030. Sustainable Marine Fuels: Although currently representing less than 1% of global marine fuel consumption, sustainable marine fuels are gaining interest due to their lower environmental impact and growing support from the shipping industry. R&D Imperative: Continued R&D essential to validate the scalability and effectiveness of these technologies in real-world applications. Research Summary:The 2024 Sustainable Energy Research Review exemplifies type of quantitative market data, analysis, and guidance that BCC Research has provided since 1971. This research review includes highlights and excerpts from the following reports published by BCC Research in 2024: ENV069A Carbon Dioxide Removals (CDR) Market. EGY200A Carbon Credits Market: Global Outlook. EGY117E Biorefinery Products and Applications: Global Markets. EGY198A Global Sustainable Marine Fuel Market. After accessing this Research Review and benefiting from its insight, we encourage you to explore the full portfolio of market research reports for a deeper understanding of each topic. BCC Research remains your trusted partner in market intelligence, and we are committed to supporting your future insights and decisions. For further information on any of the reports or to make a purchase, contact us at info@ About BCC Research BCC Research market research reports provide objective, unbiased measurement and assessment of market opportunities. Our experienced industry analysts' goal is to help you make informed business decisions free of noise and hype. For media inquiries, email press@ or visit our media page for access to our market research library. Any data and analysis extracted from this press release must be accompanied by a statement identifying BCC Research LLC as the source and publisher. CONTACT: BCC Research Corporate HQ: 50 Milk St., Ste. 16, Boston, MA 02109, USA Email: info@ Phone: +1 781-489-7301Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Mail & Guardian
5 days ago
- Business
- Mail & Guardian
South Africa's export economy at risk as global carbon rules tighten
About 422 000 local jobs are tied to exports to economies with active or incoming carbon border adjustment mechanisms (Oupa Nkosi) South Africa's carbon-intensive export model faces rising risks in a global economy that is increasingly shaped by climate policy, clean energy industrial strategies and cross-border carbon pricing. This is according to a new 'South Africa's formal net zero target for 2050 sits uneasily alongside short-term energy decisions that prioritise fossil fuel expansion and delay coal phase-out,' the analysis from researchers at Net Zero Tracker said, adding that this is undermining confidence in the country's decarbonisation trajectory and exposing its carbon-intensive exports to growing international risk. Overall, 78% of South Africa's exports, worth $135 billion, are sold to countries with net zero targets, supporting 1.2 million domestic jobs — or 7.5% of national employment in 2023. The report found that 422 000 South African jobs are tied to exports to economies with active or incoming CBAMs involve the imposition of China, South Africa's largest trading partner, imported $31.1 billion in goods and services in 2023, more than 98% from sectors where the emissions intensity of the country's production exceeds that of China, Net Zero Tracker said. 'As China moves to price domestic carbon more systematically, these sectors may face growing carbon scrutiny. As The Basic group — Brazil, South Africa, India, and China — has could 'aggravate the trust deficit amongst parties', the analysis noted. 'For developed countries, closing this trust gap and aligning trade with international equity requires upholding the Paris Agreement principle of common but differentiated responsibilities and ensuring unilateral measures like CBAMs are paired with financial, technical and capacity support for developing economies,' it said. Key sectors under threat Alongside government policy, multinational companies are decarbonising supply chains, increasing the economic costs of inaction for countries that lag on driving decarbonisation of their electricity grids. In South Africa's 10 largest export markets, 323 major companies — representing $11 trillion in annual revenue — have full value chain net zero commitments, 'meaning South African firms in their supply chains will have to measure and reduce their own emissions'. South Africa's key export industries face especially acute exposure, according to the report, which said that mining and basic metals made up over 50% of South Africa's export value in 2023, supporting more than 404 000 jobs. The country's basic metals sector has nearly twice the embodied carbon dioxide emissions of its next most carbon-intensive peer country, accounting for 32% of exports and 14% of GDP. More than 80% of basic metals exports go to net zero-aligned markets, and 30% — worth $16.7 billion and supporting 23,000 jobs — go to countries with active or incoming CBAMs. The automotive sector, South Africa's third-largest exporter, is also at risk with 65% of its export value being exposed to CBAMs that are either active, incoming or under discussion. 'South Africa's embodied carbon dioxide emissions from auto manufacturing are the second highest in the world, and while existing CBAM schemes are currently focussed on raw materials their scope is expected to expand, so a proactive approach to mitigating this risk will be rewarded.' In agriculture, South Africa faces growing competitive pressure from lower-emissions suppliers, the report said. Across all top agricultural export categories and destination markets, alternative producers exist with at least three times lower embodied emissions — and are poised to scale into those markets. 'Environmental colonialism' With the second-highest carbon intensity of electricity generation among major economies (behind only India), and high embodied emissions in goods, South Africa's exports will become more vulnerable. This has implications for jobs and tackling poverty in one of the world's most unequal societies, the analysis said. 'Yet South Africa also holds key advantages: world-class renewable energy resources, critical minerals essential to the global transition and access to major trade and diplomatic frameworks, including Brics.' The country is a leading producer of platinum group metals, manganese, vanadium and chromium, which are critical to clean energy technologies, such as hydrogen fuel cells, batteries and wind turbines, the report said. The researchers noted, too, that the International Energy Agency projects that the country will surpass its target of nearly 30 gigawatts of total renewable capacity by 2030, as outlined in its Integrated Resource Plan. As the US administration undermines the multilateral rules-based system, and the global trade landscape shifts beneath its feet, South Africa's path forward is clear, according to the authors. This is to 'pivot both geographically and strategically from climate laggard to leader in climate-aligned, trade-competitive growth'. This path, however, hinges on developed countries, especially those backing South Africa's 'These governments 'Climate-related trade measures like CBAMs should be accompanied by finance and capacity-building support — otherwise these policies risk further entrenching inequality and reinforcing the perception that wealthy countries are protecting their own industry while 'kicking away the ladder' for others.'
Yahoo
10-06-2025
- Business
- Yahoo
New Briefing from the Energy Transitions Commission (ETC) Addresses Global Trade Challenges in the Energy Transition
LONDON, June 11, 2025 /CNW/ --The ETC's new briefing note, Global trade in the energy transition: principles for clean energy supply chains and carbon pricing, highlights how technology progress and carbon pricing can accelerate the global energy transition. However, growing concerns over concentrated supply chains and perceptions that carbon border adjustments are protectionist could significantly delay global progress. The ETC briefing proposes an optimal way forward on two crucial trade-related issues: Developing domestic supply chains: six principles for policy. Carbon pricing and carbon border adjustment mechanisms (CBAMs): gaining global agreement to policies which can drive decarbonisation of "hard to abate" sectors. Nearshoring clean technology supply chains: six principles for policy The cost of several clean energy technologies has plummeted in the last decade. Solar PV module prices dropped 94% since 2011, lithium-ion battery prices fell over 92% since 2010 while doubling in energy density,[1],[2] and in 2024, almost two-thirds of electric vehicles sold in China were cheaper than Internal Combustion Engine (ICE) vehicles of equivalent size and quality.[3] China has led this progress and now holds dominant market shares in multiple clean technologies: this primarily reflects strategic vision, low capital costs, technological innovation and dynamic entrepreneurship rather than simply low labour cost. In response to China's dominance, many countries seek to diversify supply chains through nearshoring. This reflects concerns about "energy security" and a desire to grow local value and employment, but badly designed nearshoring could add significantly to the cost of the energy transition. The ETC therefore proposes six principles to guide optimal policy: 1. Aim for diversified supply chains, not complete autarky (i.e. complete self-reliance).2. Clarify different dimensions of "security" - economic vs national security – with different implications in different sectors.3. Tailor policy by technology, focussing nearshoring efforts on sectors where cost-competitive domestic production can be achieved.4. Base any use of tariffs on factual analysis of current subsidies in compliance with World Trade Organization (WTO) rules.5. Focus primarily on the location of employment and value-add rather than ownership, recognising that inward investment can be a major driver of technology transfer.6. Work with China to increase climate finance flows to lower-income countries, supporting accelerated deployment of clean technologies. "In an ideal world, free from geopolitical tensions or supply chain risks, China's stunning technological progress and cost reduction would be welcomed as enabling a faster and cheaper energy transition worldwide. But there are economic and security-related reasons for seeking to develop domestic supply chains. Well-designed policy can ensure that those objectives are met in a way that drives further technological progress and cost reduction," said Adair Turner, Chair of the Energy Transitions Commission. Carbon pricing and CBAMs: gaining global agreement to a vital policy lever In some sectors of the economy, low-carbon technologies are already cost-competitive, but in "hard to abate" sectors such as steel, cement, chemicals and shipping, using available decarbonisation technologies will entail a "green cost premium". Carbon pricing is therefore required to make decarbonisation in these sectors economically feasible. While 53 countries now have some form of carbon pricing, covering over 20% of global emissions,[4] only the EU has prices high enough to significantly influence the economics of decarbonisation. But if one country or bloc, such as the EU, imposes carbon prices on energy-intensive internationally traded sectors, production will shift to other countries which do not impose carbon prices, and no emissions reduction will be achieved – unless equivalent carbon prices are in place. The ideal solution would be globally agreed carbon prices applied to "hard to abate" sectors, and the International Maritime Organization recently agreed a crucial step towards that approach for shipping.[5] Until that approach is in place for other "hard to abate" sectors, CBAMs are essential to support decarbonisation, are not protectionist, and are the only way by which developed countries can take responsibility for imported emissions. The ETC therefore strongly supports the EU imposition of a CBAM and its recent commitment to make the CBAM more robust. Progress towards the ideal internationally agreed solution should, however, be fostered by: Seeking agreement, for instance through the WTO, on international standards for the measurement of carbon intensity. Providing technical assistance to developing countries seeking to deploy carbon pricing. Allocating some of the revenues which will accrue to the EU CBAM to support climate finance flows to lower-income countries. "The world is entering a new industrial era powered by clean energy. Clean industrial projects are flourishing in diverse geographies, opening opportunities for new trade dynamics. But well-designed policies, including carbon pricing, supply-side financial incentives, and demand-side regulations are essential to make projects viable and precipitate final investment decisions." said Faustine Delasalle, Vice-Chair of the Energy Transitions Commission and CEO of Mission Possible Partnership. Global trade in the energy transition: principles for clean energy supply chains and carbon pricing builds on existing ETC analysis, Better, Faster, Cleaner: Securing clean energy technology supply chains. However, the institutions with which ETC's Commissioners are affiliated have not been asked to formally endorse this briefing. Download the report: For further information on the ETC please visit: Logo - [1] Note: Volume-weighted average across passenger EVs, commercial vehicles, buses, 2- and 3-wheelers, and stationary storage; includes cell and pack. 2024 saw a 20% year-over-year decrease from 2023, the largest drop since 2017. See BNEF (2024), 2024 Lithium-Ion Battery Price Survey.[2] BNEF (2023), Long-term Electric Vehicle Outlook.[3] IEA (2025), Trends in electric car affordability.[4] World Bank (2025), Carbon Pricing Dashboard.[5] Reuters (2025), UN shipping agency strikes deal on fuel emissions, CO2 fees. 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CBC
27-05-2025
- Business
- CBC
Government moves to purge consumer carbon tax from law
The federal government moved on Tuesday to purge consumer carbon pricing from law, effectively putting an end to what was once the keystone of the Liberals' climate policy. In a notice of motion tabled in the House of Commons, the government signalled it intends to repeal the law after the government used regulations to end the consumer carbon price in March. That move was Mark Carney's first official act after becoming prime minister. It fulfilled a promise he made during his Liberal leadership run, having called the carbon pricing policy "too divisive." The Conservatives claimed during the election campaign that Carney would end up bringing back consumer carbon pricing because the law itself hadn't been repealed — even though Parliament was not sitting when the policy was ended. "I call it the carbon tax con job," Conservative Leader Pierre Poilievre told a news conference the day Carney cancelled the consumer carbon price on March 14. "He's going to hide the consumer carbon tax for 60 days, and if he's re-elected, he'll bring it back bigger than ever, with no rebate." In March, Carney used a regulation to set the price of the consumer carbon price to zero. However the government is now moving to repeal the law which enabled the policy, effectively ending it for good — along with the rebate Canadians received from it. A report from the Canadian Climate Institute in 2024 found that consumer carbon pricing would cut far fewer emissions than a price applied to big industrial emitters. The pricing system for industry accounted for about 80 per cent of total emissions cuts from carbon pricing overall. Carney has promised to strengthen the industrial policy but has not said how or when that will happen. Canadian oil and gas companies have pleaded with Carney to repeal the industrial carbon price as well, arguing it has undermined their competitiveness against foreign oil and gas producers. A document outlining the government's plan for repealing the consumer pricing portion of the law says it will retroactively repeal all charging provisions in the law back to April 1, 2025, to align with the regulatory changes made back in March. It says rebate provisions will be repealed as of October and registration provisions will be repealed to give registrants until the end of October to file rebate claims. All remaining provisions are to be repealed effective April 1, 2035. "This would provide continuity and certainty for final wind-down activities, including CRA administrative processes that may continue to rely on existing rules," the document says. "Subject to the normal limitation periods in the [Greenhouse Gas Pollution Pricing] Act, the CRA would also continue to have legal authority to make reassessments, and charge payers to file amended returns, in respect of fuel charge obligations that accrued prior to April 1, 2025."
CTV News
27-05-2025
- Business
- CTV News
Government moves to purge consumer carbon pricing from law
Prime Minister Mark Carney speaks before signing a decision note to eliminate the consumer carbon price on Parliament Hill in Ottawa on Friday, March 14, 2025. THE CANADIAN PRESS/Justin Tang OTTAWA — The federal government has moved to purge consumer carbon pricing from law, effectively putting an end to what was once the keystone of the Liberals' climate policy. Prime Minister Mark Carney ended the consumer carbon price in March in his first official act after being sworn into office. Parliament was not sitting at the time so Carney used regulations to set the price to zero. But the Conservatives claimed Carney would just bring back consumer carbon pricing after the election because the law itself hadn't been repealed. With Parliament now sitting the government is moving to repeal the law. Carney has said he will strengthen the industrial carbon pricing policy, which is expected to account for a bigger cut to emissions than the consumer price. Canadian oil and gas companies have pleaded with Carney to repeal the industrial carbon price as well, arguing it has undermined their competitiveness against foreign oil and gas producers. This report by The Canadian Press was first published May 27, 2025. Nick Murray, The Canadian Press
