Climate Change News
Disappearing Sea Ice
Data showing Arctic sea ice may reach its lowest level on record this northern summer underscores the need for governments to speed up talks on a new climate pact,
The WWF said observations on ice coverage and thickness pointed towards a record low for the second year in a row, continuing a “catastrophic” trend that could threaten polar wildlife and accelerate global warming
And Record Trading
In London, emissions exchange operator Climate Exchange Plc said on Thursday trading volumes had soared in the past year, and its chief executive forecast continued growth despite a global economic slowdown.
UK-based Climate Exchange posted a pre-tax loss for the six months to end June of 304,000 pounds ($541,700), down from 2.8 million pounds for the same period in 2007, while operating revenues nearly doubled to 10.5 million pounds.
The company’s flagship exchange, the European Climate Exchange (ECX), has seen volumes rise 150 percent to 1.07 billion tonnes of carbon dioxide traded in the first half of 2008.
“We’ve had a great first half (and) I’m pretty bullish about the foreseeable future,” Chief Executive Neil Eckert told Reuters, adding that he does not see a slowdown in business.
Farmers will be mugged
Brian Fisher, executive director of Concept Economics and former head of the Australian Bureau of Agriculture and Resource Economics, has described the ETS as a policy made on the run at the last election.
Although farming is exempted from the ETS until at least 2015, Dr Fisher says that many small farmers will be mugged in the meantime by increases in the costs of inputs such as electricity and fertiliser.
