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International Update Volume 41, Issue 30

EU TO REGULATE CARBON MARKET LIKE FINANCIAL MARKETS

EU

Barclay's said last week that the European Union's plan to extend the Markets in Financial Instruments Directive to cover spot carbon deals will probably encourage trading after thefts and fraud have turned traders away. While some carbon traders are not enthusiastic, "industry didn’t come up with anything better" for problems with the market, said Louis Redshaw, head of carbon, coal, dry freight, and iron ore for Barclays Capital.

SCOTLAND INCREASES SUBSIDIES FOR TIDAL ENERGY, CUTS BIOMASS AND WIND

United Kingdom

The Scottish government plans to increase tidal energy support while decreasing subsidies for biomass and wind power plants. Tidal energy projects will now receive five Renewable Obligation Certificates, awarded to utilities for renewable energy generation, for every megawatt hour produced through 2013, compared with the three certificates offered previously.

CANADA FIGHTS EUROPEAN UNION DIRECTIVE LABELING OIL SANDS AS DIRTIEST CRUDE

Canada

Canada's government and energy industry have launched an effort to reverse proposed European Union (EU) fuel quality standards that would rank Canadian oil sands as one of the earth's most carbon-intensive crude sources. The proposed Fuel Quality Directive would give oil sands a default greenhouse gas value of 107 grams of carbon per megajoule, while conventional fuel is given a value of 87.5 grams. Canada, which has been touting oil sands as a secure and stable energy supply, believes that the directive is discriminatory.