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The National Development and Reform Commission has asked the exchanges operating China’s pilot carbon markets to submit proposals for setting up a unified emissions trading system across China that would ensure the national CO2 price is the same regardless of which platform permits trade on.
Energy exchange EEX has reached an agreement with the Polish government to resume carbon allowance auctions on behalf of the country, in what could heap bearish supply pressures on EUA prices.
EU carbon prices could quadruple by 2020 as supply-curbing reforms bite, according to analysts at Bloomberg New Energy Finance (BNEF).
The Russian Carbon Fund has claimed the first carbon credit transaction using blockchain technology, buying African VCUs from developer Aera Group in an effort to build a carbon trading hub in the country.
EU carbon lifted slightly on Wednesday, aided by the lack of auction supply in another thinly-traded session that is helping prices consolidate above €5 this week.
New Zealand carbon allowances fell 15 cent in Wednesday trade to hit their lowest levels since Feb. 9, with emitters focused on finalising their verified 2016 emissions reports ahead of the Mar. 31 deadline.
South Korean carbon permits recorded their sixth straight day of losses on Wednesday as available supply continued to grow amid expectations of government intervention.
Guangdong plans to auction half a million carbon permits on Mar. 27, equal to the amount supplied in its previous two quarterly auctions, according to Guangdong’s carbon exchange.
Minister Murray is leading Ontario’s Cap-and-Trade programme, for which the first auction will be on Mar. 22. Canadian Clean Energy Conferences asked him for an update on key programme developments including the post-2020 market design, offset protocols, and the linkage with the Western Climate Initiative.
**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
Breaking – EPA has just released a formal notice announcing that it “intends” to issue a new determination on whether to retain or change its GHG standards for light-duty vehicles, effectively reversing the 11th-hour decision by the Obama EPA to keep the current rules for model years 2022-2025. (InsideEPA)
Fill the void – China is ready to fill the void left in international climate diplomacy left by a parting USA, former World Bank vice president and current board member of the European Climate Foundation Caio Koch-Weser writes in a guest commentary for Süddeutsche Zeitung. “China has been systematically pursuing the transition to a climate-friendly society for some years,” Koch-Weser writes. Reasons for China’s commitment include its heavy air pollution and its determination to access new markets with climate friendly technology, he explains. China could become the first emerging market with an ETS and has made green finance a focus of its G20-presidency – “a German-Chinese tandem could reinvigorate international climate protection”, Koch-Weser writes. (Clean Energy Wire)
Groundswell – More than two dozen Fortune 500 companies joined roughly 1,000 others in signing a letter addressed to President Trump, Congress and “global leaders”, warning that rolling back Obama-era climate policies puts “American prosperity”. The businesses, which have combined revenue in excess of $1.2 trillion according to sustainable investor network Ceres, said a low-carbon economy could be cost-effective if the government introduced policies supporting energy efficiency and the transition of the energy system, Climate Home reports. Meanwhile,17 conservative Republican members of Congress on Wednesday announced their support for a resolution pledging to fight climate change, bucking long-time party positions as well as Trump. “It’s essentially the same thing that was introduced in Sep. 2015 by then-Representative Chris Gibson of New York. What’s changed since then is that almost 200 nations agreed to work to bring climate change under control, America elected a Republican president who seems determined not to, and the challenge itself grows continuously worse,” Bloomberg reports. And with only a fraction of the congressional support required, the resolution is oceans away from being adopted.
Methanier than expected – Methane emissions from natural gas plants and oil refineries could be much higher than current official estimates, according to a new study published Tuesday in the journal Environmental Science & Technology. It estimates that methane emissions from gas plants could be 21-120 times higher than official EPA figures and refinery figures could be 11-90 times higher. The study comes as a Congressional Review Act rollback of methane regulations for oil and gas drilling continues to stall in the US Senate, as Republican lawmakers face fierce backlash from constituents, especially in the Western US. (Climate Nexus)
And finally… ‘Mad Dog’ may be the sanest of them all – US Secretary of Defense James Mattis expressed concern about climate change’s impact on US military operations, newly published testimony reveals. In written testimony in response to senators’ follow-up questions to his January confirmation hearing, made public Tuesday by ProPublica, Mattis affirmed that “the effects of a changing climate … impact our security situation.” Mattis went on to call climate change “a challenge that requires a broader, whole-of government response,” pledging that the Department of Defense would “[address] the national security aspects” of this response under his leadership. The written comments mark the first time Mattis has gone on the record about his concerns on the issue, and also places him in contrast with the Trump administration’s moves to dismantle climate response across all levels of government. (Climate Nexus)
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