Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The expansion of Emissions Trading Systems (ETS) is increasingly recognized as a vital policy tool for achieving ambitious climate targets, enhancing the efficiency of emissions reductions by broadening the scope to include more sectors and gases [11][12]. - The report identifies two primary types of scope expansion: broadening (adding new sectors or fuels) and deepening (enhancing impact within existing sectors) [17]. - Successful scope expansion requires careful consideration of design and policy challenges, including cap setting, market stability mechanisms, and regulatory clarity to avoid double regulation [24][25]. Summary by Sections Introduction - The report discusses the growing reliance on ETS as a key instrument for emissions reduction amid increasing climate targets [11]. - It highlights the benefits of scope expansion, including cost-effective emissions reductions and broader environmental co-benefits [12][13][14]. Design Challenges - Cap setting is crucial for incorporating new emitters and gases, with challenges in obtaining accurate data for top-up caps [27][28]. - Adjusting the cap trajectory is necessary to align with overall emission reduction targets, especially when significant emissions are added [36][37]. - The interaction with market stability mechanisms must be recalibrated to maintain effectiveness amid an expanded market size [45][49]. Policy Challenges - Price dynamics can be affected by the expansion, leading to potential increases for existing regulated entities [25]. - Overlapping policies may create regulatory burdens and political opposition, complicating the expansion process [25][26]. - Regulatory clarity is essential to prevent double regulation, ensuring that emissions are not counted multiple times across different points of regulation [66][69]. Results and Recommendations - The report emphasizes the need for tailored MRV (Monitoring, Reporting, and Verification) requirements to accommodate diverse new entities and gases [71][75]. - It suggests phased implementation of new GHG coverage to allow for testing and refinement of methodologies before full compliance [83][84]. - Stakeholder engagement and sector-specific guidance are recommended to facilitate smoother transitions for newly regulated entities [81].

RT Daniel (@VoteLewko)Australia has 17.5 billion barrels of recoverable shale oil, (or roughly 403 billion barrels in place depending on which measure you use) and we use around 397 million barrels of oil per year. So depending which measure you use we have at least 45 years or 1000 years before any further exploration.But we can't access it.Linc Energy (now in administration) discovered about 233 billion barrels of shale oil in Australia a few years ago. They couldn't get development approval. You can gues ...

Oil Prices and Market Conditions - Oil prices have recently surpassed $100 a barrel for the first time since 2022, currently stabilizing around $95 [1] - Chevron's president indicates uncertainty in predicting future oil prices, emphasizing the need to monitor military actions in the region [2][3] California's Energy Policy and Economic Impact - Chevron's leadership has expressed concerns over California's climate policies, warning of potential economic collapse and energy security issues [4] - The company believes that current regulations could lead to the elimination of all refining operations in California, increasing reliance on imports from countries like Korea, India, and China [5][6] - Gasoline prices in California have reached an average of $5.20 per gallon, with projections suggesting they could rise to $6 or $7 due to proposed tax increases [6][7] - The imposition of additional taxes and regulations is seen as detrimental to both the industry and consumers, particularly affecting those who can least afford it [7][8] Infrastructure and Long-term Consequences - Chevron warns that the closure of refineries in California represents irreversible decisions that will have lasting impacts on energy availability and costs [8][9] - The company highlights ongoing refinery shutdowns, including one by Valero and another by Philip 66, as evidence of disastrous policy decisions [9][10] - Discussions with the California Air Resources Board indicate that the new policies are primarily viewed as a tax burden on consumers, complicating business operations in the state [11][12]

The Trump administration promises $1.3 trillion in savings from repealing a bedrock climate policy, but that doesn't include the costs side of the ledger https://t.co/oqfG2AyUKb ...

Also, where the US and China are headed on climate and energy policy. https://t.co/cibEpmyQeO ...

Exclusive: In the biggest rollback of climate policy yet, the Trump administration will repeal the finding that greenhouse-gas emissions endanger public health https://t.co/QIGKsSq2qx ...

The EU has failed to provide a clear road-map for growth in its revised climate policy that would have allowed Stellantis to boost its investment into Europe, the company’s CEO said in an interview with the Financial Times https://t.co/RrJA1oiwrx ...

Governments in 2026 and beyond face some hard choices for their climate policy. Once the 1.5°C threshold is passed, alternative policies will still require dramatic emissions cuts https://t.co/fKbchKWpA6 ...

China, they're not interested in this debate. They are flooding the zone and they're going to dominate in the next great global industry. So, I'm here as well from an economic prison.The United States of America is dumb as we want to be on this topic, but the state of California is not. And so, we are going to assert ourselves. We're going to lean in, and we are going to compete in this space.But we can't do that without all of you. And this is how it'll end. With humility and grace and understanding that w ...

From @WSJopinion: Remember net zero? Europe’s politicians wish you’d forget, as the Continent rushes en masse for the climate-policy exits this autumn. The most preposterous policy idea in history is running out of steam, writes Joseph Sternberg. https://t.co/glAQuCaHT4 ...