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EU carbon trade could grind to a halt under Brexit unless an early deal is struck on the fate of hundreds of millions of UK-issued allowances that would otherwise be seized or cancelled from accounts across the bloc.
The CDM’s Executive Board this week took steps to curb the increasing number of CERs that are sitting in UNFCCC ‘pending accounts’ awaiting payment of required issuance fees by their owners.
Federal and state energy ministers in Australia on Friday agreed on 49 of 50 recommendations made in the Finkel review to reform the national energy market, but failed to reach a deal to set a clean energy target.
Australia’s Clean Energy Regulator has issued almost 1.35 million carbon credits over the past three weeks as several developers sought to get their offsets before the end of the financial year.
Below is a table of the closing prices, ranges and volumes for China’s regional pilot carbon markets this week. All prices are in RMB, and volumes in tonnes of CO2e. Data sourced from local exchanges.
EU carbon inched higher on Friday to claw back some of the losses posted after prices tumbled following the previous session’s four-month high.
ICE Futures Europe will cease publication of its daily EUA and CER indexes from July 28, it announced on Friday.
A table of Verified Emission Reduction (VER) prices and offered volumes, based on voluntary market data provided by CTX.
BITE-SIZED UPDATES FROM AROUND THE WORLD
Climate cash… for coal – The US will seek to use the Green Climate Fund to promote the construction of coal-fired power plants around the world, Bloomberg reports. The US has already donated $1 billion to the fund, and it can now use its seat on that board to advance American-energy interests globally, a White House official said. The official spoke on the condition of anonymity to describe climate negotiations at the just-concluded G-20 summit in Germany. A US commitment to “work closely with other countries to help them access and use fossil fuels more cleanly and efficiently” was highlighted in a statement issued by the group last week.
Still a threat – The US House of Representatives on Thursday defeated an effort to strike a climate change amendment from the National Defense Authorization Act. Forty-six Republican lawmakers voted to protect the provision. The amendment requires the Pentagon to produce a report on the 20-year impacts of climate change on the military, and includes language stating climate change is “a direct threat to national security.” A coalition of conservative groups, including the Competitive Enterprise Institute and Americans for Prosperity, sent a letter to lawmakers Wednesday urging them to ditch the amendment and arguing that Department of Defense climate programs “are likely to undermine military readiness by diverting scarce resources.” (Climate Nexus)
Smart partners – France and Germany have agreed to hold joint auctions for renewable energies, the German ministry for the economy and energy (BMWi) said. The two countries also agreed to set up a cross-border experiment dubbed “Smart Border Initiative” aimed at testing the integration of renewables into decentralised grids. The two countries have also agreed to set up a joint programme for climate and energy research for 50 scientists from around the world. In the context of the French initiative “Make our planet great again”, the fellowship programme, endowed with €45 million by both countries, will focus on research to put the Paris Agreement’s targets into practice. (Clean Energy Wire)
And finally… The worst off – Asian countries will be among the worst affected by rising temperatures, extreme weather patterns, and floods caused by climate change, according to a report by the Asian Development Bank and Potsdam Institute for Climate Impact Research. Damage ranging from falling crop yields to bleaching of coral reefs will affect millions of people and add billions of dollars to food import costs, the report warns. Some countries in the region could experience significantly hotter climates, with temperature increases in Tajikistan, Afghanistan, Pakistan, and northwest China projected to hit 8C, reports Bloomberg. “The Asia-Pacific region is particularly vulnerable to climate change,” Preety Bhandari, director in the ADB’s sustainable development and climate change department, told the FT. “Not only because of the intense impact felt across the region but also because of the large populations living in coastal areas or dependent on sectors likely to be badly affected.” (Carbon Brief)
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