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[chancer6] 18/12/2007 18:23

Doomed IMO....0p is coming soon!

[seanmiller] 18/12/2007 09:55

was never on one lol

[caveat_emptor] 18/12/2007 09:49

Are you guys off yer trolleys?

[sand frog] 18/12/2007 08:41

i agree sean, could easily double in a few hrs here

[seanmiller] 18/12/2007 08:37

going up,

and lvl 2 still positive at 2v1

no buys, something heppening

[caveat_emptor] 17/12/2007 08:56

CBI Conference


TUESDAY



11.30 Panel session three – Climate Change: Business Solutions

Chairman: Adam Boulton, Political Editor, Sky News
Panellists:
Rt Hon Hilary Benn MP, Secretary of State, Defra
Sir Terry Leahy, chief executive, Tesco
Robert Napier, chairman, The Met Office
Philippe Varin, chief executive, Corus
Ben Verwaayen, chief executive, BT and chairman, CBI Climate Change Task Force

[caveat_emptor] 17/12/2007 06:48

The Times
November 26, 2007

Carbon price must rise in order to hit emissions target,
warns CBI's Robin Pagnamenta.


The CBI is set to use the opening of its annual conference in London today to call for urgent action by businesses, consumers and government on climate change as the employers' body tries to reposition itself on the issue.

Once reluctant for business to take on the burden of combating climate change, the CBI will give warning that the Government is likely to miss its target of cutting carbon emissions by 20 per cent by 2020, but could meet a later 2050 target.

The CBI argues that the 2050 target, of cutting emissions by 60 per cent, is achievable only if climate change becomes a shared national priority.

A report by a CBI taskforce published today and based on research by McKinsey claims the measures needed to address climate change present a huge opportunity for UK businesses to become world leaders in environmental technology, a vast emerging industry which the CBI claims could be worth $1 trillion in the first five years if governments can agree on an international framework to reduce carbon emissions.

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The taskforce is chaired by Ben Verwaayen, BT chief executive, and includes Sir Terry Leahy, Tesco chief executive, and Sir John Rose, Rolls-Royce chief executive

The taskforce's report, which aims to build on the work of Sir Nicholas Stern, also said that it would be vital to achieve a high and stable price for carbon in order to stimulate business investment in new technology and energy efficiency.

The report says that prices will need to rise from about €24 per tonne at present on the European emissions trading scheme to between €60 and €90 per tonne.

"The establishment of a reliable long-term price for carbon is vital to pull through new technologies," Ian Conn, a member of the taskforce and group managing director of BP, said.

Richard Lambert, the Director-General of the CBI, said that the Government needed to take critical decisions "immediately" if the UK was to have a realistic chance of meeting its long-term targets.

"The Government must see through legislation that allows low carbon power plants, of all types, to get through our planning and regulatory systems and it must keep the pressure on our international partners to commit to agreements that deliver a robust world price for carbon." he said.

He also called for the Government to "oversee a fundamental redesign" of taxes and regulations to create incentives for businesses to make the necessary changes, while at the same time avoiding the temptation to rake in more revenue, a step which would represent a "fundamental breach of trust".

Mr Lambert also said that the shift to a low carbon economy need not come at the expense of either continued economic growth or quality of life. "We don't have to return to the dark ages or live joyless lives to cut our carbon footprints. We just have to learn, together, to do things differently, with carbon becoming a new currency in our economy."

The CBI climate change report contained a series of other findings based on research by McKinsey. It said that meeting the Government's 2050 emissions target was likely to cost British households £100 per year – or under 1 per cent of GDP – for each of the next 42 years.

[caveat_emptor] 17/12/2007 06:45

This is absolutely the right direction for AGC...

From The TimesDecember 1, 2007

Airlines to make billions from CO2 trade
Ben Webster, Transport Correspondent

Airlines stand to make billions of pounds in "windfall profits" from an emissions trading scheme that was supposed to make them pay for the environmental damage they cause, according to a government-commissioned report.

They will take advantage of the scheme to raise fares substantially, even though their costs will hardly change. The windfall will be highly embarrassing for the Government because it has heavily promoted the trading of aviation emissions to justify its plans to allow air travel to double by 2030.

Ruth Kelly, the Transport Secretary, claimed last week that emissions trading would ensure that the proposed third runway at Heathrow would not add to overall climate-change gases. She said that the scheme would force the industry "to take its environmental responsibilities seriously".

It will be the second time that an industry has made huge profits from emissions trading. There was widespread public outrage last year when it emerged that British power generators had made more than £1 billion from the scheme, under which industries have to obtain a permit for each tonne of carbon they emit. The theory is that they will become more efficient so that they need fewer permits.

The problem with the power generators arose because they were given billions of pounds of free permits at the start to cover their existing emissions. The same problem could occur with airlines, which are due to join the scheme in 2011, because the European Commission is proposing that they be given enough free permits to cover 96-97 per cent of their present emissions.

The report, commissioned by the Department for Transport and the Department for Environment, Food and Rural Affairs, says that the airlines will raise fares by the full value of the permits even though they will pay nothing for them. It concludes: "The consequence of the results set out here is that a high level of free allocation will generate windfall profits."

It recommends that airlines be forced to buy a substantial proportion of the permits needed to cover their present emissions.

Robin Smale, the economist who wrote the report, said: "The airlines are going to be in the same position as the electricity generators in making windfall profits from a scheme designed to benefit the environment. It could run to billions of pounds and it will be embarrassing for the Government and the industry."

A DfT spokesman said that ministers were aware of the issue and were trying to persuade the EU to adjust the scheme. Britain is arguing that airlines should be given fewer free permits and be forced to buy a proportion of those they need at auction.

British Airways is demanding the same proportion of free permits as were given to the power generators. A spokesman said: "Industries in the current scheme were allocated permits based on their previous emissions levels and at no cost to them. Aviation should be treated consistently with existing sectors in the scheme."

WWF, the environmental campaign group, calculated that airlines would make a profit of up to £4 billion a year under the present proposals.



Soaring emissions

13% of British greenhouse gas emissions are from aviation

50% more emissions from aviation expected by 2020, assuming fuel efficiency improves by 50%

235m passengers used British airports last year, estimated to rise to 470m by 2030

1.2 tonnes of CO2 emitted for each economy passenger return London-New York

Sources: Department for Transport; WWF; Atmosfair

[caveat_emptor] 17/12/2007 06:42

This will be a lovely business.....AGC are bang on the right button
this time!!!

From The TimesDecember 17, 2007

Concern over Government's sale of CO2 emission permits
Martin Waller

An environmental "stealth tax" on business could raise hundreds of million of pounds for the taxman over the next five years through the auction of a large chunk of the next round of carbon emission permits.

Officials from the Debt Management Office, which handles among other things gilt auctions, have been quietly sounding out City experts over how to auction 7 per cent of the emission permits issued to industry over the next five years.

These will come from the portion of the permits that would have gone free to the "large electricity producers", according to the Department of Environment, Food and Rural Affairs (Defra). If these are forced to put up prices as a consequence, the impact will be felt most by the large industrial users.

The auction is permissible under the EU rules that set up the scheme, which set a maximum of 10 per cent that could be retained by national governments for sale. However, the British decision to auction 7 per cent represents the highest proportion retained by any EU country, business organisations complain.

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The European Union Emissions Trading Scheme is designed to put pressure on those industries emitting carbon dioxide to cut emissions by constricting the number of allowances to produce the gas. The next phase, Phase II, starts on January 1 and runs until the end of 2012. Next year the annual total of emission permits across the EU will be 1.9 million tonnes. UK business is thought to get about a tenth of this, minus the Government's 7 per cent.

There exists a forward market in CO2 permits at the European Climate Exchange in the City. Permission to emit a tonne of CO2 is trading at €20 or more. At this level the auction would raise hundreds of millions of pounds.

Some City sceptics question the Government's ability to conduct such an auction, in the light of Gordon Brown's bungled sale of the UK's gold reserves. One senior trader suggested the sale should be conducted through City institutions used to dealing in derivatives and other financial instruments.

Businesses will be keen to take part in the auction because the Government's 7 per cent withholding will create an artificial shortage, meaning they would otherwise have to buy unwanted carbon permits on the exchange or elsewhere.

A document seen by The Timessuggests there is a degree of sensitivity in Whitehall over whether the proceeds of the auction should be regarded as a tax. Defra said: "Greenhouse gas emissions cause damage to the environment that, without policy action, no one has to pay for. Business requires a price signal for carbon in order to take full account of the cost of their emissions and to drive reductions." When pressed, it said: "The classification of EU ETS auctioning receipts by Eurostat (the EU office that advises on statistics) will happen in due course."

Defra refused to comment on the potential amount that could be raised, by deduction from the current price of carbon permits being traded.

A spokesman for the Debt Management Office confirmed: "There is some discussion about how the auction system may work."

Employers' organisations are known to be concerned at the added burden placed on them by the requirement to bid for permits. In some sectors, such as power generation, this could rise to 50 per cent, says Gareth Stace, head of environmental affairs at the EEF. If the consequent price rises are passed straight on to the consumer, these could make sectors such as steel less able to compete with other parts of the world. Of the Phase II auction, he said: "It's dead money. It does not in any way go to achieve what the EU is trying to achieve."

Instead, says the EEF, the money raised could be spent on low carbon technology within the UK.

The EU emissions trading scheme: how it works

- Companies are issued 'permits to pollute'

- Covers power, cement, oil, steel and paper industries

- Total CO2 emissions allowed to reduce over time

- Unused permits can be sold

- Governments keep some permits back

- Not intended to be a tax

[wiganer] 11/12/2007 20:38

That newspaper article is funny. Not for shareholders mind.

[bungeetrader] 11/12/2007 20:30

Sold on the Plus Market chico.

[chicogabb] 11/12/2007 19:04

i sold some today for a teeny tiny profit.... should have sold the other day at 1.65...

weird tho - i sold 40000, but does not seem to show up... and the total volume for the day is less than my one trade... weird!

i was going to keep them for the bottom draw, but after doing some more research, and reading that article, i could not justify risking 1k, so ive dropped it to 500 quid.....

good luck to all,

[charlie11908] 10/12/2007 12:09

168.89 million shares are in issue.....

Do I take it you have some alternative source of misinformation?

[charlie11908] 10/12/2007 12:08

SilkCut5....

[yoda5442] 08/12/2007 01:33

Looks like momentum required behind this, markets keep crashing wont lift off till some stabilty

[smcl] 07/12/2007 18:36

What's the chance of this coming out of the doldrums?

Appreciate the views of those on the BB.

Thanks

sm

[fingolfin] 06/12/2007 15:25

selling at these levels - not good!

[silkcut5] 06/12/2007 10:16

green is the new buzz word, carbon emmission reductions is the top or near it of a lot of governmental policys..They might only pay lip service but lip service is still worth billions worldwide, AGC have the infrastructure and just need to get their act together...