Climate change measures What’s in store for Irish industry Dr Brian Motherway Motherway Begley Ltd.

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Presentation transcript:

Climate change measures What’s in store for Irish industry Dr Brian Motherway Motherway Begley Ltd

Climate change mechanisms IPPC Carbon Tax EU Trading Agreements Carbon Dioxide as a pollutant

IPPC Protection of the Environment Bill 2003 Energy and greenhouse gases in IPPC BATNEEC to BAT Emission Limit Values ELVs for CO 2 ?

Climate Tax Minister for Finance announced carbon tax in Budget 03 Due to come in end of 2004 Planning has started in earnest Design decisions to be made

Approaches to carbon tax What to tax Who to tax Where to tax Tax levels Revenue

Negotiated agreements Likely complementary measure to make tax more equitable Various design options Pilot project ongoing Main agreement types, and trading allocation, have much in common

For the company Paying identifiable new taxes on fuels Possibly not a direct tax, but a price rise on electricity Exemptions (agreements etc) What would it feel like?

EU Trading CO 2 Trading Draft directive agreed by Council of Ministers in December 2002 To be passed by parliament this year (Summer?) First tentative trades already happening

EU Trading Timetable Directive transposed Dec 03 Allocation plans Apr 04 Phase 1 trading commences Jan 05 Phase 2 Trading Jan 08

Who’s on first? Annex 1 participants: Generators Certain IPPC Categories Cement Glass Ceramics (brick, stone, …) with size criteria Plants with boilers over 20MW Certain opt out possibiliites for phase 1

What happens? Initial allocation Historic, BAU, Benchmarking National registers, monitoring Trading Compliance and verifications Reckoning Fines - €40/T, €100/T

For the company Small number of Irish companies likely to be directly involved Allocation likely to be difficult Much uncertainty More predictions of low prices than of high prices Most companies more affected by involvement of generators

UK trading experience Climate change levy and agreements Carbon trading scheme Interaction between mechanisms Liquidity and price Compatibility with EU scheme?

FAQs Credit for early action Accounting and verification Absolute vs relative emissions CHP and renewables Tax and trading

Summary CO 2 as a pollutant Targets are difficult Four main market mechanisms Companies could be in more than one category of regulation Interactions unclear IPPC Carbon Tax EU Trading Agreements

Brian Motherway Climate change measures