EUR/USD 1.16258
0.136%
Gold 5216.90
0.482%
Oil 83.344
-2.221%
USD/JPY 158.253
0.136%
GBP/USD 1.34456
0.213%
GBP/JPY 212.786
0.395%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
March 11 - Shipping data released on Tuesday suggests that Saudi Arabias oil shipments via the Red Sea are on track to reach a record high in March, though still far below the decline in oil flow through the Strait of Hormuz. Data from the London Financial Exchange Group shows that Yanbu Ports average loading volume for the first nine days of March reached 2.2 million barrels per day, up from nearly 2 million barrels per day last week and 1.1 million barrels per day in February. Before the closure of the Strait of Hormuz, Saudi Arabia exported approximately 6 million barrels of oil per day through the strait. Kpler shipping data indicates that at least 40 tankers may load in March, potentially pushing exports above 4 million barrels per day. However, while traders claim the ports capacity exceeds 4.5 million barrels per day, actual loading volumes rarely exceed 2.5 million barrels per day.Saudi Arabia claims it shot down two drones that were flying toward the Shayba oil field.March 11 – National Australia Bank (NAB) stated that the Reserve Bank of Australia (RBA) may now raise interest rates in both March and May, with a peak rate of 4.35%. The banks economics and markets research team noted this is an adjustment from their previous forecast of a single rate hike in May with a peak rate of 4.1%. A key reason for this change in view is the hawkish comments from the RBA Governor and Deputy Governor over the past week. The team stated that the RBA appears to have "very limited tolerance for upward inflationary pressures, but perhaps slightly more tolerance for slower economic growth. This means the least regrettable policy move would be a rate hike in March."The market currently estimates a 70% probability that the Reserve Bank of Australia will raise interest rates to 4.10% on March 17.Economists from Westpac, ANZ, Citigroup, and Deutsche Bank have all revised their forecasts for the Reserve Bank of Australias interest rates, now expecting a rate hike next week.

Canada Introduces Carbon Offset Certificates to Combat Emissions

Haiden Holmes

Jun 09, 2022 11:19

2.png

Canada began a credit system for greenhouse gas offsets on Wednesday, a significant component of its goal to reduce carbon emissions, beginning with a set of rules outlining how projects might create tradable credits by absorbing landfill gas.


The government reported that guidelines for four additional areas, including agriculture and forest management, are in development. This summer, it will also begin creating rules for carbon capture technology, on which Canada's highly polluting oil industry is relying to reduce emissions.


The Liberal government of Prime Minister Justin Trudeau has vowed to reduce climate-warming emissions by 40-45 percent below 2005 levels by 2030. 7 percent of Canada's total carbon output comes from greenhouse gas emissions from trash, including landfills.


The greenhouse gas offset credit system is designed to enable a domestic carbon offset trading market, and the government has stated that it will generate new economic opportunities for businesses and municipalities that reduce emissions.


Participants may register projects and earn one tradable offset credit for each tonne of emissions reduced or removed from the environment, provided their initiatives adhere to the federal offset regulations that specify which activities qualify.


The credits can subsequently be sold to others, such as big industrial polluters obligated to limit carbon pollution or businesses voluntarily offsetting their emissions.


"Beginning with landfills, we are implementing a market-based framework to encourage firms and municipalities to invest in pollution-reducing technology and innovations," stated Environment Minister Steven Guilbeault.


The government anticipates that the price of carbon credits would closely mirror Canada's carbon pricing, which is presently set at C$50 per tonne and will increase to C$170 per tonne by 2030.


However, environmental groups cautioned that enabling polluters to purchase offset certificates rather than reducing their own emissions could jeopardize climate goals.


Greenpeace Canada spokesman Shane Moffatt stated, "Offsetting does not prevent carbon from entering the atmosphere and warming our planet; it merely keeps it off the books of large polluters who are accountable."


Suggestion