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[en] This paper examines the reform of the Spanish electricity industry, and argues that the reform is a lost opportunity for the rapid introduction of competition. The evolution of the Spanish electrical power industry is traced, and the basic characteristics of the Spanish electricity market, the regulatory regime before liberalisation, and the liberalisation process and its shortcomings are discussed. Some policy suggestions are raised including the facilitating of competitive entry in generation, the liberalisation of supply activities, the regulation of distribution, and increasing the power, independence and transparency of the regulator. The capacity, generation, and distribution shares of Spanish electric companies as of 1996 are tabulated. (UK)
[en] Meeting since early 2007, the membership of the Green New Deal Group is drawn to reflect a wide range of expertise relating to the current financial, energy and environmental crises. This report is the first publication of the Group. The global economy is facing a 'triple crunch'. It is a combination of a credit-fuelled financial crisis, accelerating climate change and soaring energy prices underpinned by an encroaching peak in oil production. These three overlapping events threaten to develop into a perfect storm, the like of which has not been seen since the Great Depression. To help prevent this from happening the members of the Green New Deal Group are proposing a Green New Deal. In the first half of this report they examine the financial, economic and environmental landscapes that are the backdrop to this triple crisis. In the second half, they propose a series of policies that can be used to tackle the problems that are identified
[en] The December 2009 summit on climate change in Copenhagen was remarkable not because it ended in an ambitious deal to curb greenhouse gas emissions but because of the unprecedented number of journalists, delegates, NGOs and scientists present. In this wide-ranging study, the author has produced a detailed analysis of the coverage of the summit across the globe through studying more than 400 articles published in two print media in 12 countries.The analysis reveals that articles written principally about the science of climate change represented less than 10 per cent of all those surveyed. The study makes extensive use of official UN figures to produce the first detailed assessment of who actually attended Copenhagen. It also includes a survey of over 50 environmental journalists and scientists across the 12 target countries post-Copenhagen to ascertain how they think climate change science might be best communicated.
[en] Pressure to conform to a sustainability agenda is coming from customers, investors, employees, industry bodies and the media. This agenda is evolving into a critical part of an organisation's business model, and their relationships, opening up new market opportunities and supporting cost efficiencies. But all changes in business activities also raise the risk of fraud and abuse. Sustainability is no exception. The potential for fraud tends to be greater in new markets, when information is imperfect, standards of measurement and verification are not harmonised and governance is weak. The sustainability marketplace, taken as a whole, is all of these things. To a large extent, the types of fraud appearing are not new. They represent the application of tried and tested fraudulent practices to the sustainability arena. A comprehensive and robust design, rather than an ad hoc, piecemeal approach, is essential for a successful sustainability strategy. An awareness of the risk of potential fraud and the need to incorporate measures to protect against it are part of that process. Sustainable business practices, including a company's mitigation and carbon markets activities, are disclosed as either financial or non-financial data. In this paper, PwC examines some of the green fraud risks that companies face when engaged in such activities and the steps they can take to mitigate or eliminate them.
[en] The recent World Bank Report on 'Clean Energy and Development: Towards an Investment Framework' estimates that 'climateproofing' investments in developing countries - excluding additional investment needed to reduce the exposure to current climate risks and unavoided climate related damages - would cost between $9 and $41 billions annually. This raises two key questions that the government working groups in Mexico might wish to consider: The first question is How are the costs of climate-proofing investments in particular, and adaptation in general to be covered and managed? Depending on the types of costs related to adaptation and impacts, different forms of disbursement will have to be used to achieve the desired results. A number of financial tools are already in place or are being introduced which could be used for this purpose. Apart from the traditional instruments used in climate change funding to-date - such as the hitherto sole operating entity of the financial mechanism of the UNFCCC, i.e. the GEF - there are the following: The World Bank concept of an Investment Framework - this is probably most suited to deal with the transfer of adaptation technologies; Climate impact risks could be addressed through insurance-related instruments - these might be strictly climate related, or more general, such as the proposed European Commission / World Bank Global Index Insurance Framework; The funding of relief efforts connected with climate/weather related disasters is probably best dealt with through the proposed reform of existing disaster relief fund, administered by the UN Office for the Coordination of Humanitarian Affairs (OCHA); and Economic shocks due to whether related disasters could be dealt with through the Exogenous Shock Facility of the IMF. The instruments for disbursement of adaptation funding thus need not deal solely with climate change aspects, nor is necessary that they should be governed exclusively by the UNFCCC (COP) or the Kyoto Protocol (COP/MOP). The second question is How to make adequate and reliable funding available for adaptation? The key issue is not so much how to spend adaptation money, but how to raise it, or, to be more precise, how to make adequate and reliable funding available in a fair manner, as highlighted in the Marrakech Accords decisions. To effectively implement these decisions a funding tool is needed, possibly in the form of a legal instrument- under the UNFCCC. This would provide the UNFCCC Parties with the means to monitor both sovereign and private sector contributions. It is only through capturing private sector funding will we be able to secure funding close to the figures estimated the World Bank. One way to do this might be to introduce an adaptation levy on international air travel, akin to the solidarity contribution currently piloted in France. Despite some resistance, such 'innovative financing' ideas are gaining acceptance, for it is only private sector financing which ultimately might be to provide the sort of sums estimated by the World Bank Report to be required for adaptation funding
[en] Cogeneration is said to have a special part to play in the UK's move away from large fossil-fuelled central power stations to greener local sites and in reducing emissions of carbon dioxide. Some European countries generate one-third of their energy from cogeneration, but the UK lags behind. It is argued that expanded use of cogeneration plant in the UK is hampered by out of date regulation and lack of incentives for environmental benefits. Cogeneration is efficient (70-90% compared with 35-55% for conventional generation). Cogeneration gives energy-intensive industrial process the opportunity to make significant reductions in their energy bills. The UK CHP (combined heat and power) Association works with both the energy regulators and the government to encourage and exploit cogeneration
[en] This project summary considers the UK government's aim of achieving 10% of electricity from renewable energy sources by the year 2010, and its backing of the launch of the ''Future Energy'' accreditation scheme to accredit power derived from renewable energy sources and assist power supply companies to promote green energy. The benefits to local authorities of buying and/or selling green power are highlighted, and the objectives of the guidelines in helping local authorities to buy green power and suppliers to target local authorities are discussed. Five case studies are presented covering the successful purchase of green electricity by 3 local authorities, a local authority currently preparing for green electricity procurement, and 2 local authorities which were unsuccessful in purchasing green power. Issues identified by the project are outlined, and details of the guidelines for local authorities and green electricity suppliers are given
[en] The analysis of fiscal systems in the World oil and gas industry has become rather narrowly abstract and technical over the past decade. Wider issues of political economy have often been ignored while attention has focused on forecasting the fiscal systems on ex ante profitability and investment decisions using increasingly sophisticated computer models. At a time when the UK government has been considering reform of the UK oil and gas fiscal system it is appropriate to remind ourselves that there is a rich literature on the subject stretching back to the nineteen sixties and beyond, and that many of the insights of these earlier writers are well worth our close consideration. At the same time some more recent contributors have injected new elements into the debate which also depart from what we would see as 'neo-classical' orthodoxy on this subject. Their work is also briefly reviewed in this paper. The related questions of methods and evidence have also, in our view, become focused in a rather narrow direction with little consideration being given to either ex post historical data or the considerable body of empirical material to be found in oil and gas companies. This paper therefore also seeks to widen our horizons about the different sorts of 'raw material' which might be drawn upon in determining the right direction for current UK fiscal policy or indeed oil and gas fiscal policy in general. (author)
[en] This report argues the case for energy taxation as against emissions trading to reduce energy consumption by UK businesses, and presents a blueprint for the implementation of energy taxes. The case for a business energy tax is set out, and the use of energy taxes in other European countries such as Denmark, Austria, the Netherlands, Finland and Sweden is outlined. The form of energy tax for the UK and key questions on operation of an energy tax are discussed, and tax relief for investments which reduce emissions, the potential effects of tax relief on energy intensive industry, and the combination of policy measures are considered
[en] This paper traces the background to the Italian electricity market, and considers the choices available to the Italian government, the state electricity company ENEL, and regulatory bodies from the proposed reform of the electricity system as a result of the EU's directive on the liberalisation of the electricity market. The recent evolution of the industrial and regulatory structure in the Italian electrical industry is considered, and the Italian position within the EU Directive, the restructuring of a public utility, and further issues on the reform of generation and transmission are addressed. A diagram of the proposed industrial structure is presented. (UK)