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Almost three-quarters of the supply of EU ETS-eligible CDM carbon credits to 2020 are unlikely to deliver genuine emission reductions, according to an EU-funded study that green groups say should serve as a clear warning against the future use of offsets as a climate policy tool.
China’s power consumption grew at a higher-than-expected rate in the first three months of the year thanks to a resurgence in carbon-intensive manufacturing industries that has pushed up fossil-fuelled power generation, according to official data.
EU carbon prices dipped for the second consecutive session on Tuesday after a morning rally triggered by a strong UK auction failed to breach €5.
The government in Australia’s Queensland has picked the Aboriginal Carbon Fund (AbCF) to drive new land-based project development to help the state meet its emission targets.
Brokers Evolution Markets and advisory firm ClearBlue Markets have partnered to offer a “full suite” of transactional and risk management services to participant in North America’s carbon markets.
BITE-SIZED UPDATES FROM AROUND THE WORLD
D(ecision) day turned out to be D(elay) day – Donald Trump’s aides on Tuesday postponed a meeting to determine whether the US should remain in the Paris climate agreement. According to a White House official, meeting was cancelled because some of the principals were travelling, Reuters reports. The meeting will be rescheduled, but no date has yet been set, the official said. The behind-closed-doors event was set to try to bridge a growing rift in the administration between officials who want Trump to exit the agreement and those who want him to keep the US in it. The administration has pledged to announce a decision on the Paris Agreement before the president heads to Sicily, Italy, in late May for a meeting of the Group of Seven major economies. (Carbon Brief)
Bloomberg on climate – In their new book, Climate of Hope: How Cities, Businesses, and Citizens Can Save the Planet, Michael Bloomberg and Carl Pope, the former executive director of the Sierra Club, argue that a beyond-Washington DC approach offers the best opportunity for dealing with climate change. Mayors have more autonomy than national leaders, they say. They’re more accountable to voters for dealing with climate-related problems like pollution and extreme weather events. They originate most of the emissions that cause climate change, and they face the greatest threats from its impacts. And urban populations are generally more supportive of climate action than rural ones. Read a review of the book by Fast Company.
And finally… Better late than never – Uzbekistan submitted its INDC to the 2015 Paris Agreement on Wednesday, pledging to cut the GHG intensity across 95% of its economy by 10% below 2010 levels by 2030. The central Asian former Soviet republic makes no mention of whether it will use market-based mechanism, but notes that its GHG output has increased by just 10.2% between 1990 and 2010, during which its GDP soared by 191%. Uzbekistan’s submission means that just a few countries have not yet outlined their emission reduction plans including Paris-objector Nicaragua and the war-ravaged nations of Syria and Libya. Carbon Pulse subscribers have access to our INDC tracker.
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