• About
  • Advertise
  • Privacy Policy
  • Contact
Wednesday, May 18, 2022
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
No Result
View All Result
The Vaultz News
No Result
View All Result

Steep Rise in Natural Gas Shortage Account for Increase in Carbon Prices in 2021- GlobalData

January 12, 2022
Stephen AbankwahbyStephen Abankwah
in Around the Globe
0
climate

Gas escaping from chimneys

Emissions trading schemes (ETS) across the globe saw carbon prices skyrocket over the past year, with the highest seen in the EU and UK, and yet, the steep rise in natural gas shortage remains the major push factor, according to GlobalData.

Despite the upward trend in carbon prices worldwide, they are still inadequate to reduce emissions in line with the Paris Agreement- reaching 1.5 degree Celsius of global warming.

The leading data and analytics company noted that only 22 per cent of greenhouse gases are explicitly priced and less than 4 per cent are priced at $40 per tonne— the minimum price considered necessary to meet Paris Agreement targets.

RelatedPosts

Almost One Billion People In Need Of Assistive Technology Denied Access –  WHO

WHO Announces Winners Of The 3rd Health for All Film Festival

International Travel set to Grow Steadily through 2025

In 2021, a number of factors came together to cause a steeper increase in carbon prices and the shortage of natural gas precipitated other events which followed during the course of the year.

Miles Weinstein, Energy Transition Analyst at GlobalData, commented: 

“The price of natural gas increased in 2021, driven by a natural gas shortage. This caused a number of power producers to switch to coal, meaning they emitted more CO2 and thus drove demand for emission allowances.

“Further, the increased ambition of decarbonization policies played a key role, with the EU proposing stricter ETS measures in July 2021, and market speculation in the EU ETS also increased the price.”

Miles Weinstein, Energy Transition Analyst, GlobalData

Countries in the US, EU Further Increase Carbon Taxes

In the US, a methane fee was proposed, which— if passed— will take effect in 2023. This would increase methane prices from $900 per ton to $1500 per ton in 2025. On a CO2-equivalent basis, this is a rise from $36 per tonne to $60 per tonne, respectively.

Weinstein explained: “Not only would this be the first tax on greenhouse gas emissions anywhere in the US, and the first ‘carbon’ price at a national level, but the final price is within the range needed to meet Paris Agreement targets.”

Indeed, rising carbon cost is a key strategy towards eliminating ‘dirty’ fuels such as coal-fired power production. In the UK, for example, carbon pricing helped the country drastically reduce reliance on coal within ten years.

Carbon prices have been rising steadily in the EU since 2019. Meanwhile, New Zealand and Europe remain regions with a price over the $40 per tonne bare minimum. Countries are looking to follow this path namely Canada, California and South Korea are approaching that price.

From a global perspective, 31 jurisdictions worldwide have an emissions trading scheme, and 35 have a carbon tax.

According to GlobalData, the importance of carbon pricing can be evidenced by the use of internal carbon pricing by over 850 companies worldwide for a variety of purposes, from investment planning to company-level emission reduction goals.

GlobalData observed that at least seven oil and gas majors use internal carbon prices, ranging from $25 per tonne today to $100 per tonne by 2030, indicating the gradual recognition of the need for carbon pricing in the oil and gas sector.

READ ALSO: It Is Not A Fact That We Are Not Paying Fair Wages To Workers- FWSC

Tags: Carbon EmissionsCarbon pricesglobaldataNatural gas

Send your news stories to [email protected] and via WhatsApp on +233543050759.

Related Posts

Almost One Billion People In Need Of Assistive Technology Denied Access - WHO
Around the Globe

Almost One Billion People In Need Of Assistive Technology Denied Access –  WHO

May 17, 2022
WHO Announces Winners Of The 3rd Health for All Film Festival
Around the Globe

WHO Announces Winners Of The 3rd Health for All Film Festival

May 14, 2022
travel
Around the Globe

International Travel set to Grow Steadily through 2025

May 13, 2022
The Planet on The Brink of Irreversible Global Warming- WMO
Around the Globe

The Planet on The Brink of Irreversible Global Warming- WMO

May 13, 2022
WHO, MPP Announce Agreement With NIH For COVID-19 Health Technologies
Around the Globe

WHO, MPP Announce Agreement With NIH For COVID-19 Health Technologies

May 12, 2022
jobs
Around the Globe

Jobs Report: Active Jobs Increased by 9% in Q1 2022- GlobalData

May 10, 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Previous Post

FWSC Calls On UTAG To Suspend Strike

Next Post

Lucata Wins 2022 BIG Innovation Awards

Sign up for The Vaultz analytic wire

Get weekly news analysis from top editors at The Vaultz and stay informed on trending economic and business issues from across the globe.
National Hospital Speaks On Osinachi's Corpse Singing 'Ekwueme' At Night
Entertainment

National Hospital Reacts to Claims of Osinachi’s Corpse Singing ‘Ekwueme’ At Night

by Dorcas DamehMay 18, 2022
Netflix
USA

Netflix Cuts 150 US-based Jobs After Loosing Subscribers

by Edem NyonatorMay 18, 2022
forest
Extractives/Energy

Ghana: Rescind EI 144 and Preserve Integrity of Achimota Forest- Group to President

by Stephen AbankwahMay 18, 2022
GSE Blue chips Bounce Back, Buoy up Benchmark
Securities/Markets

GSE Blue chips Bounce Back, Buoy up Benchmark

by Stephen M.CMay 18, 2022
Legal Counsels For Petition Being Partisan And Polarized- Prof Gyampo
General News

We Must Deal With Internally Generated Terrorizing Principles- Ransford Gyampo

by Priscilla KorantengMay 18, 2022
Genetically Modified Food, a Step Closer in Ghana- First GMO Crop to Be Approved
Agribusiness

Genetically Modified Food, a Step Closer in Ghana- First GMO Crop to Be Approved

by Deborah Dzifah TamakloeMay 18, 2022
National Hospital Speaks On Osinachi's Corpse Singing 'Ekwueme' At Night
Netflix
forest
GSE Blue chips Bounce Back, Buoy up Benchmark
Legal Counsels For Petition Being Partisan And Polarized- Prof Gyampo
Genetically Modified Food, a Step Closer in Ghana- First GMO Crop to Be Approved
Snow
FIND OUT MORE

The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D

Copyright © 2021 The Vaultz News. All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In