The Carbon Market

The World Bank reports that the carbon market grew in value to an estimated US 30 billion in 2006, which is a threefold increase from 2005. In its Report the World Bank gives two examples concerning Canada and the United States and states that the climate change announcement by the Government of Canada on April 26, 2007 calls for improvements in carbon intensity leading to an emission target of 20% below 2006 levels by 2020. 

Convention on hitemational Civil Aviation, signed at Chicago on 7 December 1944. ICAO doc 7300/9 Ninth Edition 2006. 

The approach incorporates emissions trading and also includes the idea of early action and banking and allows Certified Emission Reductions (CERs) for up to 10% of the projected shortfall. If these assumptions are true, then some demand from Canada could enter the CER market relatively soon. 

Also cited are developments in California, the eastern United States and Australia, which show a marked proclivity toward continuous market growth beyond 2012. There is continued debate, especially in California, whether emissions trading, including offsets from overseas will be allowed. Precise rules to be developed will clarify to what extent these emerging carbon markets will seek to maximize value from high quality offsets no matter where they are sourced from. At least two pending pieces of draft federal legislation before the U.S. Senate include provisions that would welcome overseas credits. 

The World Bank also reports that the carbon market and associated emerging markets for clean technology and commodities have attracted a significant response firom the capital markets and from experienced investors, including those in the United States. Analysts estimated that US 11.8 billion ( 9 billion) had been invested in 58 carbon funds as of March 2007 compared to US 4.6 billion ( 3.7 billion) in 40 funds as of May 2006. Fifty percent of all capital driven to the carbon value chain is managed from the UK. Most of the newly raised money, of private origin, came to the sell-side (project development and carbon asset creation) which currently represents 58% of the capitalization. 

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Other reasons, such as the incidence of non-optimal behaviour among power producers, market imperfections, time lags or other constraints, including the incidence of risks, uncertainties, lack of information, and the immaturity or lack of transparency of the carbon market. 

European Commission 2000. Green paper on greenhouse gas emissions trading within the European Union , COM(2000) 87, March 2000. Point Carbon 2001. Towards EU-wide emissions trading Politics, design and prices , The Carbon Market Analyst, 25 September 2001. 

Point Carbon 2004. Carbon Market Europe , The Carbon Market Analyst, 27 April 2004. www.pointcarbon.com... 

Point Carbon 2001. Towards EU-wide emissions trading Politics, design and prices , The Carbon Market Analyst, 25 September 2001. 

Capoor, K., Ambrosi, R, 2008, State and Trends of the Carbon Market 2008, World Bank, Washington, DC. 

Finally, given the clearly stated desire of EU policy-makers to link the EU ETS to other schemes (e.g. Steinmeier and Gabriel, 2008 EU Commission, 2009), the loss of regulatory control is apparently not seen as a drawback in the EU. This contrasts with the fact that the limited integration of the two economies - especially of their energy sectors - would instead suggest the retention of full domestic regulatory control over the carbon market. 

The Government of Canada will not purchase credits or otherwise participate in the carbon market (Canada, 2007, p. 14). 

One of the economic measures that would be used in this regard is the trading of carbon credits. Therefore, what the aviation community now needs is a clear notion as to how the carbon market works and how credits would be calculated in an... 

Most manufacturers sell a portion of their alcohol product on the merchant market, retaining a portion for internal use, typically for the manufacture of plasticizers. Sterling Chemicals linear alcohol of 7, 9, and 11 carbons is all used captively. Plasticizer range linear alcohols derived from natural fats and oils, for instance, octanol and decanol derived from coconut oil and 2-octanol derived from castor oil, are of only minor importance in the marketplace. 

The sales brochures of the manufacturers describe the plasticizer range alcohols available on the merchant market (18). Typical properties of several commercial plasticizer range alcohols are presented in Table 8. Because in most cases these ate mixtures of isomers or alcohols with several carbon chains, the properties of a particular material can vary somewhat from manufacturer to manufacturer. Both odd and even carbon chain alcohols are available, in both linear and highly branched versions. Examples of the composition of several mixtures are given in Table 9. 

Process Technology Evolution. Maleic anhydride was first commercially produced in the early 1930s by the vapor-phase oxidation of benzene [71-43-2]. The use of benzene as a feedstock for the production of maleic anhydride was dominant in the world market well into the 1980s. Several processes have been used for the production of maleic anhydride from benzene with the most common one from Scientific Design. Small amounts of maleic acid are produced as a by-product in production of phthaHc anhydride [85-44-9]. This can be converted to either maleic anhydride or fumaric acid. Benzene, although easily oxidized to maleic anhydride with high selectivity, is an inherently inefficient feedstock since two excess carbon atoms are present in the raw material. Various compounds have been evaluated as raw material substitutes for benzene in production of maleic anhydride. Fixed- and fluid-bed processes for production of maleic anhydride from the butenes present in mixed streams have been practiced commercially. None of these... 

The and C q iso-phthalates (DINP and DIDP) generally compete with DEHP as commodity general-purpose plasticizers. Other iso-phthalates are available at opposite ends of the carbon number range (eg, diisoheptyl phthalate (DIHP), C, and diisotridecyl phthalate (DTDP), but these serve more speciaUty markets. The Cg iso-phthalate, diisooctyl phthalate (DIOP), has also had traditional sales ia the commodity plasticizer markets where it is seen as an equivalent to DEHP. 

Many attempts have been made to reduce the ammoniacal and sulfurous odor of the standard thioglycolate formulations. As the cosmetics market is very sensitive to the presence of impurities, odor, and color, various treatments of purification have been claimed to improve the olfactory properties of thioglycolic acid and its salts, such as distillation (33), stabilization against the formation of H2S using active ingredients (34), extraction with solvents (35), active carbon (36), and chelate resin treatments (37). 

Production of carbon electrodes is a capital-intensive business. Two suppHers dominate the prebaked market. Carbon paste producers are more numerous and tend to serve local markets. There is no international standard for the threaded joints on carbon electrodes. Manufacturers of straight pin carbon electrodes have followed the physical specifications adopted for graphite electrodes (37). Unified standards do not exist for pinless joints resulting in limited interchangeability among brands. Electrode diameters are offered in both English and metric sizes with no restrictions on new or unique diameters. 

The shrinkage in demand has resulted in a restmcturing of the carbon black-industry. Several of the principal multinational oil companies have left the business including Ashland, Cities Service Co., Phillips, and Conoco. Some plants have changed ownership. In the United States this has increased the production capacities of Degussa, Sid Richardson, and Huber. Today s U.S. industry consists of six principal producers. Rated capacities of the six U.S. manufacturers is shown in Table 13. Cabot Corp. and Columbian Chemicals are the leading producers, followed by Degussa, Sid Richardson, J. M. Huber Corp., and Witco. A survey of the future markets and present stmcture of the carbon black industry has been presented (1). 

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