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Analysts surveyed by Carbon Pulse have trimmed their near-term EUA price forecasts to reflect bearish factors including ample auction volumes and delays in agreeing reforms to Phase 4 of the EU ETS.
A raft of US non-state actors have pledged to compile and quantify their emission reduction pledges as a way of bypassing President Donald Trump’s decision to withdraw from the Paris Agreement.
California’s Air Resources Board has issued 205,725 offset credits to four projects, while a facility in Quebec received just over 2,000 credits.
The capital of New York state has inked a deal to earn carbon credits through the protection of its local forests.
UK-listed industrial oil re-refining firm Hydrodec Group has signed a carbon offset project development and monetisation agreement between its North American arm and a San Francisco-headquartered brokerage.
EU carbon prices resumed their upward trajectory on Tuesday, cancelling out the previous session’s losses to take aim at Monday’s four-month high.
Budapest-based carbon brokers Vertis has opened an office in Poland, its sixth in Europe, as the company continues with its expansion plans.
Australian utility AGL might shut down a number of projects that capture and burn methane emissions from landfills if they were to become ineligible to earn carbon credits, the company has told the Clean Energy Regulator.
Europe’s carbon budgets are becoming dangerously unmoored from the 2030 target they were meant to protect. New rules are urgently needed to course-correct Europe’s carbon budgets and emissions to control for Brexit, unregulated aviation emissions and other unanticipated threats, writes Damien Morris, director of consultancy Futureproof.
Australia’s electricity sector needs to deliver a much greater cut than the 28% emissions reduction modelled in the Finkel Review if the country is to meet its overall climate target for 2030, writes ClimateWorks’ Amandine Denis.
BITE-SIZED UPDATES FROM AROUND THE WORLD
Manic Monday – California Senate leader Kevin de Leon and Assembly Speaker Anthony Rendon have issued a joint statement: “Due to the late hour in which the cap-and-trade package becomes eligible for a vote [Thursday] evening, we have decided to schedule the vote instead for Monday, July 17. Taking up AB-398 and the companion air quality measure AB-617 next week will also allow our discussion on long-term housing affordability solutions in California to catch up to the climate effort.” (LA Times)
Poland’s pledge – Less than 60% of Poland’s energy production will come from coal by 2030, compared to around 80% now, with gas, renewables and nuclear making up the rest, according to Poland’s deputy energy minister. Speaking at a meeting of government officials, mining unions and companies, Grzegorz Tobiszowski added that coal mining would continue to be the backbone of Poland’s energy sector because it allows for Poland’s energy independence and boosts competitiveness. (Radio Poland)
The cost of doing business – The energy cost burdens on the German industry reached a new multi-year low in March 2017, despite a rising renewables surcharge, according to an analysis by Institute for Applied Ecology (Öko-Institut), German Institute for Economic Research, and the European Climate Foundation. The energy costs index, which represents the costs in relation to the industry’s gross production value, was at its lowest since the start of the analysis in 2010. This was due to sinking energy costs and rising industrial production, and costs fell most for energy-intensive industries, writes Öko-Institut in a press release. (Clean Energy Wire)
Innovate, later – Brussels has confirmed its expected intention to publish plans for the post-2020 ETS Innovation Fund in Q1 2018 by publishing an inception impact document. The overall framework of the fund is still being crafted by lawmakers as part of the post-2020 EU ETS reforms (read our latest on that here)
A centennial commitment – Colorado on Tuesday joined the growing number of US states and cities committed to meeting or exceeding the Paris Agreement’s emissions reduction targets. Governor John Hickenlooper issued an executive order committing the state to emission cuts of at least 26% below 2005 levels by 2025. He also pledged to cut CO2 from power plants by 25% below 2012 levels before 2025, and by 35% by 2030. Some 55-60% of Colorado’s electricity currently comes from burning coal. Hickenlooper said he would not impose new regulations, but rather “tap into this market force that is already moving”, citing cheaper natural gas and renewables as pathways to curbing GHGs. He also called for a state plan by 2018 to increase use of electric vehicles. (Denver Post)
Breaking up is hard to do – An iceberg nearly the size of Delaware has broken off the Larsen C ice shelf in Antarctica, satellite data confirmed this morning. The new 5,800 sq km, trillion-tonne iceberg is among the 10 largest ever recorded. The breakoff amounts to over 12 percent of the ice shelf, and could accelerate the ice shelf’s further breakup and fundamentally change the makeup of the Antarctic. (Climate Nexus)
Scott’s TV dreams – A red team/blue team debate on climate science is in its “formative stages” at the EPA, and the agency may consider putting the event on television, according to EPA chief Scott Pruitt. In an interview with Reuters, Pruitt said the debate idea “advances science,” while skirting around the question of how the agency would ensure no conflicts of interest with debate participants. “I think the American people would be very interested in consuming that,” he said, referencing the possibility of a televised debate. “I think they deserve it.” (Climate Nexus)
And finally… Return of The King? – Australian Environment Minister Josh Frydenberg has reiterated the government is looking at imposing rules to curb passenger vehicle carbon emissions but rejected claims it would be in the form of a “carbon tax”. Speaking after a government department released a proposed system that would force carmakers to sell more vehicles below a certain CO₂ emissions level, Mr Frydenberg confirmed the plan would reduce the average national fleet emissions to the equivalent of 105gCO2/km from 184gCO2/km. Reports that the proposal was effectively a carbon tax were a “complete beat up”, the minister said on Wednesday. “There is as much chance of a carbon tax on cars as Elvis making a comeback,” he said, according to the Australian Financial Review.
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