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Australia’s conservative government is facing a barrage of calls to put in place a carbon intensity-based trading scheme to help modernise the nation’s electricity sector and cut emissions.
Korean CO2 prices have dipped somewhat from last month’s record highs to stabilise just below 24,000 won ($20.92) after government officials indicated that companies banking too many allowances might face disadvantages in the second phase of the emissions trading scheme.
Polish utility PGE saw its coal-based generation decline 3.8% in 2016, slightly outpacing a drop in its overall power output and lowering its demand for EU carbon allowances.
EU carbon prices dropped further below €5.50 on Tuesday in another relatively stable session, as the market grapples with a fully-stocked auction calendar and potential for industrials to sell newly-issued allowances.
Five men have been sentenced by a British court to more than 14 years in jail in total for running a carbon credit investment scam and channelling Barack Obama to help them launder money and defraud over 70 victims out of more than £1.7 million.
Exchange operator CBL Markets has named a former emissions bourse executive to its board of directors.
**Navigating the American Carbon World (NACW) 2017: San Francisco, Apr. 19-21 – NACW brings together the most active and influential players in North American climate policy and carbon markets to address the most pressing topics in domestic and international policy, subnational leadership, carbon markets, climate finance, and carbon management initiatives. Visit the website**
BITE-SIZED UPDATES FROM AROUND THE WORLD
National measures – Germany will have to rely on national measures to achieve its domestic 2030 climate goals because EU carbon prices will likely remain too low despite proposed reforms, senior official Rainer Baake at the economy and energy ministry told an energy industry conference. He doubted that EU carbon prices would see “noteworthy” levels before 2030 and as a consequence, the next government – after federal elections in September – would need to think about national measures to tackle power sector emissions, particularly those from lignite and hard coal-fired plants. (Montel)
Coal and out – Norway’s massive $900 billion sovereign wealth fund has excluded another 10 companies from its investment portfolio due to their coal use including EU ETS-regulated utilities CEZ of Czechia and Poland’s PGE, USA’s Great River Energy and Korea Electric Power Corp. That takes the total of excluded companies to 69, with 13 more under observation.
Au sujet du climat – Climate change as an issue has risen in importance in France over the past few years, in light of the country’s key role in the Paris Agreement. However, it has not featured strongly as an issue in the French elections thus far. Carbon Brief takes a detailed look at what the candidates have to say about climate change and energy, drawing on their manifestos and public statements to make an interactive grid.
And finally… Stolen thunder – ExxonMobil CEO Darren Woods announced the company’s new $20 billion Gulf of Mexico spending plan, which aims to create 11 primarily US-based chemical and natural gas projects and 45,000 jobs, in a speech on Monday. But President Trump quickly took credit for Exxon’s success, tweeting several times about the announcement, and the White House issued a statement that lifted entire paragraphs and sentences nearly verbatim from ExxonMobil’s release on the plan. Analysts were quick to point out that most of the investments Woods described were made before the election, with some dating before the oil price crash in 2014. Curiously, the White House didn’t comment on Woods’s other focus in his speech: flaunting Exxon’s progress on environmental and climate issues and expressing support for “transparent, uniform carbon prices.” (Climate Nexus)
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