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BGC Environmental Brokerage Services

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Tuesday, September 13, 2011
BGC EBS California Emission Markets Regulatory Update -
regulates utilities on the use of revenue generated from the auctioning of their allowances. The CPUC has begun internal development of the rules and is planning to finalize them before CARB’s first allowance auction in August 2012. California Carbon Market Update California Carbon Markets continue to be driven by the formulation of rules and regulations under AB32 with allowance contracts climbing over the last week. Demand continues for projects under the Climate Action Reserve ODS, Forestry, and Ag Methane project protocols; with ODS and Ag CRTs are being offered in the $9.50 - $10.50 range. Due to continued uncertainty around the conversion of V2.1 forestry CRTs into compliant ARB Offsets, they continue to be offered at an approximate 20% discount to the ODS and Ag CRT projects. Various allowance contracts for use in California’s first compliance year (2013) have been trading between $16 and $20/metric tonne. For information on Carbon prices: please contact your BGC EBS broker at 646.346.6899 or 415.296.9359 San Joaquin ERC Rule Update SJVAPCD continues work on amendments to rule 2301, Emission Reduction Credit Banking for Greenhouse Gasses (GHGs). SJVAPCD is proposing: • Approval of banking of offset projects types that have been approved by CARB and other project types as the SJVAPCD determines. Offset credit will be given to projects as far back as 2005. • GHG reductions must occur in the San Joaquin Valley and be real, surplus, permanent, quantifiable, and enforceable. The public comment period for SJVAPCD’s draft EIR will close on September 26, 2011. For the rule itself, SJVAPCD will receive public comments until October 10, 2011. The SJVAPCD Board will hold a public hearing on the amendments on December 15, 2011. For information on SJVAPCD Carbon prices: please contact your BGC EBS broker at 646.346.6899 or 415.296.9359 US EPA Proposes Approval of 8-hour Ozone Standard for SCAQMD and SJVAPCD On September 8, the US EPA proposed to approve the 8-hour ozone air quality State Implementation Plans (SIP) for the San Joaquin Valley and South Coast Air Quality Management Districts. EPA is proposing to approve the 8-hour ozone air quality plans for 0.08 parts per million of ozone as measured in 8-hour increments, which include their attainment demonstrations, enforceable commitments and reductions from new technologies. Under the SIPs, both air districts will use statewide measures such as the in-use truck and off-road diesel rules, and smog-check improvements will further reduce air pollution. In the San Joaquin Valley, district rules will reduce emissions from boilers, open burning, composting, and livestock operations. In the South Coast, district rules are targeting emissions from boilers, solvents, and lubricants. In the face of the Obama Administration’s recent abandonment of a new ozone standard, regulated sources have been wondering if EPA would reinstate the 2008 ozone standard or allow it to lapse and use the earlier 1997 standard. EPA’s action in California indicates that it will rely on the 2008 standard until 2013 when it’s required to promulgate a new ozone standard. EPA is providing a 30-day public comment period on its 8-hour ozone proposed actions. For information on SJVAPCD ERC prices: please contact your BGC EBS broker at 646.346.6899 or 415.296.9359 South Coast Air Quality Management District Rule 1315: Judge Signals Support for Resubmitted EIR At a hearing late last week, Judge Jones indicated verbally that she was satisfied with the re-submittal of the EIR by the SCAQMD on Rule 1315 - ERC Tracking. Judge Jones indicated she’ll issue her formal ruling soon. Her comments came in response to a challenge by litigants saying the revised EIR was inadequate. In 2008, Judge Jones' ruling on the insufficiency of the Air District’s EIR for Rule 1315 caused a permitting moratorium. As a result, the California Legislature approved SB 827 in 2009 ending the moratorium and allowing SCAQMD to continue to issue permits. SCAQMD responded to the concerns of Judge Jones by re-writing the EIR and re-adopting Rule 1315. EPA has yet to approve the re-adopted rule. With EPA’s recent draft approval of the District’s SIP, supporters of the revised rule are hopeful. Timing is critical since SB 827 sunsets at the end of April 2012. For information on SCAQMD ERC and RECLAIM prices: please contact your BGC EBS broker at 646.346.6899 or 415.296.9359
Monday, September 12, 2011
TODAY: BGC Annual Charity Day! -
TODAY: BGC Annual Charity Day! As part of BGC’s continued legacy and commitment to raise money for charities and commemorate the 658 employees who lost their lives in the 9/11 attacks on the World Trade Center ten years ago, we will be holding our Seventh Annual Charity Day TODAY. Last year we raised in excess of $10 million globally, and to date BGC’s Charity Day has raised over $43 million globally. The charities we are supporting this year include: · Alliance for Lupus Research · AmeriCares · Boomer Esiason Foundation · Building Homes for Heroes · Felix Organization · Garden of Dreams · Happy Hearts · Harlem RBI · Intrepid Sea, Air and Space · Make-a-Wish Foundation · Services for the Underserved · Solving Kids Cancer · St. Christopher's · Tony Alt Foundation · USTA Serves · Wheelchair Sports Federation · Worldwide Orphans Foundation · Wounded Warrior Project · Youth Consultation Services More information on them can be found here: http://www.bgcpartners.com/about-us/charity/charity_day_2011/ In New York, we will be joined by a number of celebrity guests. Anticipated celebrity guests in New York include: Hilary Duff, Ben Stiller, Jon Voight, Russell Simmons, and Petra Nemcova. Sports icons include: Allan Houston, Carmelo Anthony, Henrik Lundqvist, Ike Davis, John McEnroe, Jared Jeffries, Mark Sanchez and many others. They will be on the phones alongside our licensed brokers making trades with you, our customers. We hope that this will encourage you to trade with us today and help raise money for these great causes. Flagship talk sport radio, WFAN, will be broadcasting live from our broking floor throughout the morning, starting with Boomer Esiason's and Craig Carton's show at 6am. Tune in to 660AM to listen in. In addition, Fox Business will be broadcasting live from our offices all day and the trade you see on television could very well be yours. Please reach out to your BGC Broker at 646.346.6899. With your support we look forward to this being another highly successful day in support of these worthy charitable organizations. Best wishes, BGC Environmental Brokerage Services
Wednesday, September 7, 2011
BGC’s Annual Charity Day, Monday, September 12, 2011 -
Friday, September 2, 2011
BGC EBS Breaking News UPDATED: President Obama Withdraws Proposed Change to Ozone Standards -
Friday, September 2, 2011
BGC EBS Breaking News: President Obama Withdraws Proposed Change to Ozone Standards -
Friday, August 26, 2011
BGC Environmental Brokerage Services Update: CARB Plans to Release 2nd 15 Day Changes to Cap and Trade Rule Sept 8 -
Wednesday, August 24, 2011
BGC Environmental Brokerage Services Breaking News: CARB Approves Revised Scoping Plan Paving Way for Cap and Trade Rule -
GC Environmental Brokerage Services Breaking News: CARB Approves Revised Scoping Plan Paving Way for Cap and Trade Rule Minutes ago, the California Air Resources Board (CARB) Board of Directors unanimously approved the Final supplement to the AB 32 Scoping Plan Functional Equivalent Document. This important procedural action allows the state agency to stay on track to finalize its cap and trade rule in October for launch in 2012 with compliance starting in 2013. Following the vote, CARB Executive Officer James Goldstene said that CARB staff will likely release a second set of draft 15-day rule changes to the Cap and Trade rule next week. BGC Environmental Brokerage Services will continue to keep you updated on developments and details on this fast-moving regulation. For more details, please contact your BGC Environmental Brokerage Services broker or strategy advisor at the telephone numbers below: BGC Environmental Brokerage Services: New York Office: 646.346.6899 San Francisco Office: 415.296.9359
Wednesday, August 24, 2011
BGC Environmental Brokerage Services Breaking News: CARB Approves Revised Scoping Plan Paving Way for Cap and Trade Rule -
Minutes ago, the California Air Resources Board (CARB) Board of Directors unanimously approved the Final supplement to the AB 32 Scoping Plan Functional Equivalent Document.  This important procedural action allows the state agency to stay on track to finalize its cap and trade rule in October for launch in 2012 with compliance starting in 2013
Wednesday, August 24, 2011
BGC Environmental Brokerage Services Breaking News: California Outlines Next Steps on Cap and Trade Rule -
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Wednesday, August 24, 2011
BGC Environmental Brokerage Services Breaking News: California Outlines Next Steps on Cap and Trade Rule -
At today’s Meeting of the California Air Resources Board currently underway, CARB staff revealed new information on their plans for offsets, allowance allocations, auctions and market oversight. At the same time, CARB staff reaffirmed other aspects of the program that will remain unchanged, including the implementation schedule.
Friday, August 12, 2011
CantorCO2e Update: Our Comments on CARB’s Proposed Changes to its Cap and Trade Regulation -
As the California Air Resources Board (CARB) closes its 15-Day Comment Period on proposed rule changes to its landmark cap and trade regulation
Thursday, August 11, 2011
CantorCO2e Update: Our Comments on CARB’s Proposed Changes to its Cap and Trade Regulation -
CantorCO2e Update: Our Comments on CARB’s Proposed Changes to its Cap and Trade Regulation As the California Air Resources Board (CARB) closes its 15-Day Comment Period on proposed rule changes to its landmark cap and trade regulation, CantorCO2e wanted to share its recommendations for improving the efficiency and effectiveness of the program. In summary, we recommend to CARB: 1.  Assign offset liability to those that are best able to manage it – the project developer and CARB 2.  Increase the 8% offset limit 3.  Allow for the forward carry of unused offset capacity 4.  Issue multi-year allocations 5.  Allow for the use of shutdowns/curtailment to generate credits To view our recommendations to CARB, please click the following link: http://www.arb.ca.gov/lists/capandtrade10/1394-cantorco2e_15_day_rule_change_comments_august_10_2011.pdf CARB is expected to issue a second set of proposed rule changes in the next few weeks to as it races to finalize its cap and trade rule in October. We will continue keep you updated on developments as they happen. We Have Some Great News to Share with You! CantorCO2e's North American environmental brokerage business has been acquired by BGC Capital Markets, L.P. The business will now operate as BGC Environmental Brokerage Services. As we transition to BGC Environmental Brokerage Services, we look forward to continuing to service your needs as in the past. Our website is currently undergoing changes and will be updated soon to reflect our new branding. For more information on BGC, please click on the following link: http://www.bgcpartners.com/products-and-services/other-asset/commodities/ To read the press release, please click on the following link: http://www.bgcpartners.com/news-centre/press-releases/press-releases-02/127335043.html    
Monday, July 25, 2011
California Releases 15-Day Rule Changes for Cap and Trade Program -
This afternoon CARB released its formal, “15-Day Rulemaking Package” for a first round of proposed changes to its Cap and Trade Rule. CARB will accept public comments between today and August 9th, 2011.

Today’s rule package contains a few “substantive” changes from the discussion draft of the regulation that CARB released on July 7, 2011. CantorCO2e provides a quick identification of the changes in the proposed rule from that of two weeks ago.
Wednesday, July 20, 2011
CARB Discusses Changes to California Cap and Trade Rule -
On July 15 the California Air Resources Board (CARB) held an all day workshop on proposed changes to its cap and trade regulation. The agency heard a wide range of concerns about the changes and the cap and trade program itself as it prepares to formally release a draft rule for a rapid 15-day public comment period. CantorCO2e provides summarizes the changes and concerns discussed at the workshop.
Tuesday, July 19, 2011
CantorCO2e Update: CARB Discusses Changes to California Cap and Trade Rule -
CantorCO2e Update: CARB Discusses Changes to California Cap and Trade Rule On July 15 the California Air Resources Board (CARB) held an all day workshop on proposed changes to its cap and trade program. The agency heard a wide range of concerns about the changes and the cap and trade program itself. CantorCO2e provides highlights from the public workshop. Friday’s workshop was designed to provide opportunity for public questions and discussion prior to release of formal “15-day” regulatory language in the next two weeks. The workshop focused on changes in the draft cap and trade rule for: Market Operations, Oversight and Timing Allowance Allocation for Industry and Electricity Sectors Offsets and Offset Protocols Mandatory Reporting requirements While CARB is proposing to postpone compliance for 2012, the agency is not altering annual reduction targets, effectively steepening the emissions reduction slope for 2013. Major concerns expressed during and after CARB’s Friday workshop included the following... [http://www.cantorco2e.com/MarketData/news.asp?id=36637]
Tuesday, July 19, 2011
CARB Discusses Changes to California Cap and Trade Rule -
On July 15 the California Air Resources Board (CARB) held an all day workshop on proposed changes to its cap and trade regulation. The agency heard a wide range of concerns about the changes and the cap and trade program itself as it prepares to formally release a draft rule for a rapid 15-day public comment period. CantorCO2e provides summarizes the changes and concerns discussed at the workshop.
Friday, July 8, 2011
California Releases 15-Day Proposed Rule Changes for Cap & Trade Regulation -
California Releases 15-Day Proposed Rule Changes for Cap & Trade Regulation   Late last night, CARB released 274 pages of proposed rule changes for its pending cap and trade regulation. In conjunction with proposed rule changes, CARB also released specifics on allocation of carbon allowances to electrical distribution utilities and more detail on allowance allocation benchmarking for industrial sectors. In this massive package CARB has made extensive and significant changes to its cap and trade regulations. The changes touch every facility covered by AB32. Some will be pleased. Others will be disappointed. There are changes that affect every business. Others are SIC code specific. And some changes narrowly affect the business prospects of single facilities. We believe that businesses should take immediate action to: 1. Fully evaluate the impact of this rule on their operations. 2. Protect the favorable treatment that they have been afforded. 3. Advocate amendments to rectify negative consequences. CantorCO2e suggests that given the import and rapid schedule (workshop on July 15 and Board meeting August 24) this should be a top priority for your organization. Please contact one of our specialists to learn more about the rule package, how it may affect your operations, and what you should do now to protect your interests. San Francisco abedwell@cantorco2e.com 415-869-2035 800-228-2955 Los Angeles cgrandstaff@cantorco2e.com 949-240-4602 New York akruger@cantorco2e.com 212-829-5460 www.cantorco2e.com www.emissionstrading.com For our detailed summary of CARB’s rule changes, please click here.
Friday, July 8, 2011
California Releases 15-Day Proposed Rule Changes for Cap & Trade Regulation -

 Late last night, CARB released 274 pages of proposed rule changes for its pending cap and trade regulation. In conjunction with proposed rule changes, CARB also released specifics on allocation of carbon allowances to electrical distribution utilities and more detail on allowance allocation benchmarking for industrial sectors.


In this massive package CARB has made extensive and significant changes to its cap and trade regulations. The changes touch every facility covered by AB32. Some will be pleased. Others will be disappointed. There are changes that affect every business. Others are SIC code specific. And some changes narrowly affect the business prospects of single facilities.

We believe that businesses should take immediate action to:
1. Fully evaluate the impact of this rule on their operations.
2. Protect the favorable treatment that they have been afforded.
3. Advocate amendments to rectify negative consequences.

CantorCO2e suggests that given the import and rapid schedule (workshop on July 15 and Board meeting August 24) this should be a top priority for your organization. Please contact one of our specialists to learn more about the rule package, how it may affect your operations, and what you should do now to protect your interests.

San Francisco
abedwell@cantorco2e.com
415-869-2035
800-228-2955

Los Angeles
cgrandstaff@cantorco2e.com
949-240-4602

New York
akruger@cantorco2e.com
212-829-5460

www.cantorco2e.com
www.emissionstrading.com

For our detailed summary of CARB’s rule changes, please click here.
Thursday, July 7, 2011
An Overview of EPA’s New Cross-State Air Pollution Rule -
An Overview of EPA’s New Cross-State Air Pollution Rule Today the U.S. EPA released final rules to further reduce NOx, SO2, and fine particulate emissions from power plants in 27 Eastern states. The Cross-State Air Pollution Rule (CSAPR) was originally called the Clean Air Transport Rule (CATR) when it was proposed as a draft rule a year ago. The rule was signed by EPA Administrator Lisa Jackson yesterday and released to the public today, July 7. CantorCO2e summarizes the 1,300-page new rule, including: reduction targets and timetables trading provisions allocation methodology state emission budgets, and impact on emission sources. Click here for CantorCO2e’s overview of CSAPR [http://www.cantorco2e.com/MarketData/news.asp?id=36622]
Thursday, July 7, 2011
An Overview of EPA’s New Cross-State Air Pollution Rule -
U.S. EPA released final rules to further reduce NOx, SO2, and fine particulate emissions from power plants in 27 Eastern states. The Cross-State Air Pollution Rule (CSAPR) was originally called the Clean Air Transport Rule (CATR) when it was proposed as a draft rule a year ago. The rule was signed by EPA Administrator Lisa Jackson yesterday and released to the public today, July 7. CantorCO2e summarizes the new rule and its impact on emission sources.
Thursday, June 30, 2011
Ohio PM2.5, SO2, and NOx ERC Auction Results -
Good Afternoon, The Ohio PM2.5, SO2, and NOx ERC auction that was run by CantorCO2e LP, on behalf of Biomass Group LLC is now closed.  The result of the auction is that the reserve price was not met.  All credits are still available for purchase.  Please contact CantorCO2e to discuss the potential purchase of these credits. Thank you, CantorCO2e
Thursday, June 30, 2011
UPDATE: CARB's Cap and Trade Program in 2012 -

Following yesterday's public statement by CARB Chairman Mary Nichols, CantorCO2e has clarified her comments with senior executives at CARB. Through those discussions with CARB staff, we offer the following take aways from yesterday’s statement by Chairman Nichols:

  • The most significant change is excusing sources from the need to secure and retire allowances or offsets to account for their 2012 emissions
  • No 2012 carbon allowances will be issued
  • Facilities will have the same emissions reduction obligation as before by 2014
  • CARB has yet to determine the number of auctions that will be held in 2012
  • 2012 auctions will auction future vintage allowances
  • CARB will issue a statement next week (perhaps Thursday) that clarifies and answers many of these items…and addresses others as well

Wednesday, June 29, 2011
UPDATE: CARB Compresses First Cap and Trade Compliance Schedule from 3 Years to 2 Years -
Following testimony this evening by CARB Chairwoman Mary Nichols, CantorCO2e attempted to clarify 2012 compliance requirements that were not clear in her  remarks. CantorCO2e subsequently confirmed this evening with CARB staff that the state cap and trade program’s first 3 year compliance period, starting in 2012, will hold facilities accountable in 2013 and 2014 for the three year declining cap period..  Clarifying Nichol’s testimony for CantorCO2e, CARB  staff indicated that the program will start in 2012 with allowance allocations expected to move forward in that year on a quarterly basis.  However, firms will need to make the same reductions by 2013 and 2014 that would have had to make 2012, 2013, and 2014 in order to meet the programs reduction targets. The only structural difference is that firms will be given a temporary “breather” for their 2012 compliance obligations.  Facilities that pass on their 2012 compliance obligations will be required to comply with a compressed time period to make the reductions by the end of the first period (2014). In other words, the reductions forced by the declining cap that were originally scheduled to occur over a three year period will now occur over a two year period. 

In an emailed statement issued by CARB late tonight to clarify Nichol’s testimony, CARB spokes person Stanley Young stated: “ ARB will be initiating all elements of the cap and trade program throughout 2012, including establishing the market infrastructure, developing market oversight mechanisms,conducting trainings, holding auctions and developing linkages with partners in the Western Climate Initiative. This will ensure that we have tested the program prior to moving into the first year of compliance.  The only change is shifting the first compliance obligation to 2013.”


 

Friday, June 24, 2011
Breaking News: Court Allows California to to Move Forward on Cap & Trade -
Late tonight, the California Court of Appeals denied an appeal by small group of environmentalists to stop or "stay" CARB's cap and trade rulemaking while the Court of Appeals considers CARB's appeal of a lower court's decision that temporarily blocked CARB. Since it takes an average of 15 months for the Courts of Appeal to adjudicate an appeal, tonight’s decision essentially allows CARB to legally move forward unhindered with implementation of cap and trade in 2012.
Wednesday, June 15, 2011
Ohio PM2.5, SO2, and NOx ERC Auction CORRECTION: -
Good Day, Ohio PM2.5, SO2 and NOx ERC Auction CORRECTION: Please note that the Notice of Intent to Auction document which was posted yesterday contained an error switching the amounts of PM2.5 and SO2 ERCs being auctioned under the “Description of Auction,” on page 3.  However, the correct amounts are used in the rest of the document.    The proper quantities are as follows: 6.728 - Particulate Matter (PM2.5) 4,870.5 - Sulfur dioxide (SO2) The revised document is now available here. [http://www.cantorco2e.com/uploadDocs/Biomass_-_Notice_of_Intent_to_Auction.pdf] We apologize for any inconvenience. Thank You, CantorCO2e
Tuesday, June 14, 2011
Ohio PM2.5, SO2 and NOx ERC Auction -
On behalf of Biomass Group LLC, CantorCO2e, LP is pleased to announce the auction of Ohio PM2.5, SO2, and NOx Emission Reduction Credits (ERCs). This sealed bid auction will be held on June 30, 2011.  The link below will allow you to access all the relevant Auction documents, including: Documents: - Biomass Authorization Signature (http://www.cantorco2e.com/uploadDocs/Biomass_-_Authorization_Signature_-_C.pdf) - Biomass ERC Bid Form (http://www.cantorco2e.com/uploadDocs/Biomass_-_ERC_Bid_Form_-_D.pdf) - Biomass ERC Certificate Attachment (http://www.cantorco2e.com/uploadDocs/Biomass_-_ERC_Cert-Attachment_A.pdf) - Notice of Intent to Auction (http://www.cantorco2e.com/uploadDocs/Biomass_-_Notice_of_Intent_to_Auction.pdf) - Notice of Intent to Bid - (http://www.cantorco2e.com/uploadDocs/Biomass_-_Notice_of_Intent_to_Bid_-_B.pdf) For further information you may contact Jonathan Longhitano directly at 212-829-5460 Click here to view this email online. [http://www.cantorco2e.com/myCantorCO2e/Auctions/]
Monday, June 13, 2011
States: California Moves Forward on Cap & Trade Rules after New Court Ruling -

The California Courts of Appeal (CA) has formally allowed the California Air Resources Board (CARB) to continue implementing its economy-wide cap and trade program while it reviews the agency’s appeal of the order issued by the lower California Superior Court to stop work on the cap and trade program. When CARB first filled its appeal of the lower court decision two weeks ago, that action triggered an automatic stay by the higher court of the lower court’s decision.  The higher court affirmed that stay, giving the parties until June 20th to object to the decision.

Monday, June 13, 2011
States: CARB Issues Revised Alternatives Analysis That Supports Cap and Trade Rule -

Today the California Air Resources Board (CARB) issued its revised CEQA alternatives analysis, called a “functional equivalent document” (FED), required by the recent San Francisco Superior Court Decision. CARB’s board will vote on the FED on August 24 after a public review period. While the lower court’s demand for a revised FED has been temporarily stayed, CARB is taking a “two pronged strategy” of preparing a revised FED while appealing the lower court’s decision.

Monday, June 13, 2011
States: CARB to Issue Draft “15 Day Rule Changes to Cap and Trade Rule in 2 Weeks -

As part of its rapid gear up to achieve a January 1, 2012 start date for Cap and Trade, CARB convened a teleconference recently to preview its proposed “15-day rule changes” for its cap and trade program as it races forward to its planned launch date in six months.  CARB previewed such controversial issues as offset “buyer liability” and recognizing early action.

Monday, June 13, 2011
States: U.S. EPA Exempts California Power Plant from GHG Emissions Regulations -

A California natural gas-fired power plant in California’s San Joaquin Valley has been exempted by the EPA from its newly-established GHG emission regulations, commonly known as the “Greenhouse Gas Tailoring Rule.” EPA has decided to grandfather a small number of power plant projects across the country that were caught halfway through their permitting process by the new rules for GHGs, NOx and SO2.

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