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Australia imposes CO2 cap on biggest emitters on eve of election

Australia’s Safeguard Mechanism entered into force on Friday, capping around half the country’s CO2 emissions in what may become the starting point for a functioning market mechanism depending on the parliamentary situation after Saturday’s federal election.

Energy Aspects slashes EUA price estimates by 23% following Brexit vote

Energy Aspects has slashed by 23% its estimates for European carbon prices through the rest of the year following the UK’s surprise vote to exit the EU.

EU Market: EUAs slump to fresh 2-year low as Brexit weighs heavy

EU carbon prices briefly hit a new two-year low of €4.28 on Friday as speculators continued to test the market’s limits in the wake of the UK’s moves to exit the EU.

CN Markets: Pilot market data for week ending July 1, 2016

Closing prices, ranges and volumes for China’s regional pilot carbon markets this week.

Voluntary market data from CTX for July 1, 2016

A table of Verified Emission Reduction (VER) prices and offered volumes, based on voluntary market data provided by Carbon Trade Exchange (CTX).

BITE-SIZED UPDATES FROM AROUND THE WORLD

GCF leadership – The Green Climate Fund aims to have a new executive director at the helm by early next year. It has appointed current chief financial officer Javier Manzanares as interim head to take over when the fund’s first director, Hela Cheikhrouhou, finishes her term in September, reports the Thomson Reuters Foundation. GCF co-chair Ewen McDonald was optimistic that the Board’s two remaining meetings this year would see “much bigger, different proposals” scrutinised than the nine it approved this week (see Carbon Pulse’s report on that here).

The Norway model – Since Britain voted to leave the EU, it needs to work out a new relationship on climate policy.  Could Norway be a model?  The Scandinavian country is not an EU member, but takes part in its carbon market.  For next decade, it has aligned emissions targets to work even more closely with Brussels.  Climate Home asked environment minister Vidar Helgesen at this week’s Business & Climate Summit in London.

Please show your calculations – Pakistan can earn from $400 million to $2 billion annually by selling carbon credits in the international market and the federal government is committed to completing a viable plan through REDD+ by 2018, the country’s Inspector General of Forests Syed Mahmood Nasir told Business Recorder.

Paying at the pump – Gas pumps in California could soon feature signs telling drivers they’re paying more per gallon because of fuel providers’ inclusion in the state’s cap-and-trade program, ClimateWire reports.

Freight up – The UK is making up to £19 million available to reduce vehicle emissions in its freight industry by enabling  fleets to access the latest in innovative low and zero emission vehicle technologies. Some £4 million of that will go towards new alternative fuel infrastructure such as electric vehicle charge points. (Air Quality News)

And finally… Weaker by the numbers – The latest, weakened version of Germany’s 2050 climate plan this week has already boosted the share prices of utilities E.ON and RWE, according to newsapaper Frankfurter Allgemeine Zeitung. One of the reasons is likely to be that the latest version had no clear end date for the use of coal power or specific greenhouse gas reduction targets for each sector. (Clean Energy Wire)

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