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Carbon prices must reach $190/tonne by 2050 in all developed countries in order to meet the Paris Agreement goal of staying well below 2C without resorting to negative CO2 technologies, according to a report by international agencies IEA/IRENA and commissioned by Germany.
Ontario’s new carbon market will be only marginally oversupplied in its inaugural year, with unseasonably warm weather slicing into the province’s 2017 emissions output, but the first four-year phase will be short overall.
The Taiwanese government has approved a set of climate change action guidelines that will kickstart the development of detailed mitigation policies across a host of ministries and underpin national policies such as the planned emissions trading scheme.
Taxing CO2 emissions would be the most efficient way for Japan to cut its contribution to climate change and simultaneously stimulate its economy, renowned American economist Joseph Stiglitz said in Tokyo.
EU carbon fell below €5 for the first time in almost a month on Monday after a weak auction result helped push prices below a key technical support level and as analysts gave a bearish outlook for the week ahead.
US technology company IBM and the China-based Energy-Blockchain Lab on Monday announced they had developed a carbon asset management platform for China, hoping to get a foothold in the country’s CO2 trading market when the national ETS launches later this year.
New Zealand carbon prices might have to increase six-fold by 2050 if the country is to achieve carbon neutrality, a report said Tuesday.
California and Quebec will auction a total 85 million allowances on May 16, the governments announced Friday, in the second of the four quarterly WCI auctions to be held in 2017.
**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**
Job listings this week:
Director, Climate Finance, Climate Policy Institute – London
Programme Leader, Climate Diplomacy, Risk & Security, E3G – London/Brussels/Berlin/Washington DC
ETS Compliance Officer, Ministry for Primary Industries – New Zealand
Program Director, BC Climate Policy, Pembina Institute – Vancouver
Fundraising Officer, Carbon Market Watch – Brussels
Sales Manager, Climate Neutral & Green Energy, First Climate Markets – Bad Vilbel/Frankfurt
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BITE-SIZED UPDATES FROM AROUND THE WORLD
Trump imposes himself on G20 talks – The international impact of the Trump Administration is beginning to show as the US and Saudi Arabia blocked the inclusion of climate change in this weekend’s statement from the G20 finance ministers meeting, media reported. The two would not support any language on funding of climate change action and a reference to the Paris Agreement was also watered down. Free trade, a regular topic from previous meetings, was also left out. The news came after the BBC on Friday reported that Germany is trying to include language on carbon pricing at the G20 leaders’ summit in July. Despite the weekend’s events, Germany will this week use a large international energy conference in Berlin to inject fresh momentum and ideas on the topic into the G20 process in the run up to the Hamburg summit in July.
Strings attached – Separately, Trump Administration officials have told lobbyists and European diplomats that the US won’t stay in the Paris Agreement unless it can secure wins for the fossil fuel industry, Politico reports. According to “three people familiar with the discussions,” the White House decision on Paris could hinge on international willingness to come up with a strategy to commercialise and deploy technologies that will reduce emissions from fossil fuels. US officials who want to stay in the 2015 Paris Agreement believe that creating a future pathway for fuels like coal is the only way to win support from conservative and industry groups that want the US to withdraw. (Carbon Brief)
Beijing’s coal-free – Beijing’s last coal-fired power plant shut down this weekend, meaning the capital will become China’s first major city without local coal-generated electricity, Xinhua reported. The aim is to replace the plant with power from natural gas, but due to a shortage Beijing still has to import a significant share of its electricity from other provinces – much of made from coal.
Drop those shovels, chaps – A UN committee has asked the UK to suspend work on the Hinkley Point C nuclear power station because of the government’s failure to consult with European countries over the project, The Guardian reports. The UN’s Economic Commission for Europe (UNECE) said last year that the UK had failed to meet its obligations to discuss the possible impact of an incident at Hinkley on neighbouring countries, and it has now gone a step further and said the UK should consider refraining from further works on the site of the new reactors. The body said the government should wait until it has heard back from countries including Germany, Norway and the Netherlands on whether it would be helpful for them to be formally notified under a treaty on transboundary environmental impacts.
Cancelled – France-based carbon broker and consultancy Eco-Carbone has voluntarily cancelled almost 195,000 CERs from a range of projects, including more than 127,000 tCERs from afforestation/reforestation initiatives, according to the UNFCCC.
And finally… At least they’ve got cookies -Amid the Trump Administration’s proposed budget cuts, which take a 31% chunk out of the EPA’s funding, staff at the agencies are receiving hundreds of cookies and thank you notes from grateful Americans, The Washington Post reports. “Thanks to your work on air quality standards in Northwest Indiana, my eleven-year-old child finally has her asthma under control,” wrote Sarah from Indiana. “As an asthmatic, I have to say that not having summer days where you can see the air, and where I have no choice but to spend the day on the floor gasping for breath, is greatly appreciated,” wrote Kent from Maryland.
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