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South Korea remains on track to broadly expanding the eligibility of international offsets in its emissions trading scheme from 2021, but the country could opt to bring in EU-style restrictions for some project types or countries, a senior government official told Carbon Pulse.
Twenty-six jurisdictions on Friday committed to strengthening existing carbon markets as a building block to meeting the goals of the Paris Agreement, after a decade of limited progress.
Californian carbon permit prices edged higher again this week, with continued buying interest, particularly for time-spreads, driving the market.
Allowances in New Zealand’s emissions trading scheme rose 10 cents on Friday as new polls put the opposition Labour party ahead of the ruling National party for the first time in 12 years.
China will introduce spot power contracts in eight provinces next year to test daily and potentially real-time trading that would likely further improve the system’s sensitivity to a carbon price.
Guangdong officials this week presented plans to launch carbon offset futures trading to key central government agencies in Beijing, as the southern province hopes to secure a share of China’s emerging emissions market.
Australia’s Clean Energy Regulator issued nearly 230,000 carbon credits this week, with landfills and forestry projects the main beneficiaries.
Finland will introduce legislation next year to phase out coal and increase carbon taxes, a move that will add to the number of domestic mitigation measures across Europe that are additional to the EU ETS.
EU carbon prices slipped on Friday as the market experienced the first full-sized auction in a month, knocking EUAs to a 4.3% weekly loss.
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.
A table of Verified Emission Reduction (VER) prices and offered volumes, based on voluntary market data provided by CTX.
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As partners of the Carbon Forward 2017 conference, Carbon Pulse brings you an updated conference programme showcasing the speakers and panellists who will present at the event in London over Sep. 26-28. You can view the updated programme here.
BITE-SIZED UPDATES FROM AROUND THE WORLD
Build it and they will come – There are already at least 30 carbon exchanges in China but that is clearly not enough. The Shenzhen carbon exchange said Friday it had entered into a strategic partnership with a government investment vehicle in Jinan, the capital of Shandong province, which today launched the Jinan Carbon Emissions Trading Center. It was not immediately clear what carbon contracts would trade on the bourse.
California cleanin’ – California is on the brink of approving a law to target 100% renewable electricity by 2045, in defiance of the Trump administration’s hostility to climate action. The bill passed the senate in May and is primed for a final assembly vote in the coming days. It will make California the world’s largest test bed for creating an entirely clean power grid. (Climate Home)
To Russia, with love – California Governor Jerry Brown is travelling to Russia next week to discuss collaborating with Pacific nations on climate change, attending an economic forum hosted by the Russian government and featuring a talk by Vladimir Putin, the AP reports. Brown’s Thursday announcement of his pending trip came on the same day the United States forced Russia to close its consulate in San Francisco amid escalating diplomatic tensions. He’ll arrive Tuesday in Vladivostok for the two-day Eastern Economic Forum, and will participate in a panel discussion alongside Japanese Prime Minister Shinzo Abe, Mongolian President Khaltmaa Battulga, and South Korean President Moon Jae-in.
Coalition building – Germany’s election is on Sep. 24 with Angela Merkel’s centre-right CDU ahead in the polls, but the usual coalition scramble is looming. Clean Energy Wire breaks down the election manifestos of Germany’s six largest parties and shows where their approaches differ on emissions trading, coal exit, e-cars, and other energy and climate topics. A survey by pollster infratest dimap, commissioned by public broadcaster ARD, found German voters increasingly favour a possible government coalition of conservatives (CDU/CSU) and the economically liberal FDP (43% from 36% in April), while the popularity of the current alternative of a grand coalition (CDU/CSU-SPD) is declining (44% from 51% in April). A coalition of conservatives and Greens is rated positively by 32% of respondents.
No pipeline for you! – The New York Department of Environmental Conservation has rejected a natural gas pipeline that consumer advocates say would have threatened upstate residents’ health, water quality and communities, citing climate change concerns. The 8-mile Valley Lateral Pipeline would move shale gas from the existing Millennium Pipeline to the 680MW Valley Energy Center being developed by Competitive Energy Ventures. In its rejection, the DEC said the Federal Energy Regulatory Commission (FERC) had failed to take into consideration the environmental and health impacts of the power plant that the pipeline would supply. (Utility Dive)
New Mexican cuts – Consumer advocates and the state’s top law enforcement office are pressing New Mexico regulators for new restrictions on power plants, aiming to reduce CO2 emissions by 4% annually through 2040, according to the San Francisco Chronicle. The office of the New Mexico Attorney General this week presented the idea to the state’s Public Regulation Commission. Regulators will now decide whether to open a rulemaking process to thoroughly consider the proposal. Earlier this year, two Democratic state senators proposed expanding the state’s renewable portfolio standard to 80% by 2040 from its current goal of 20% by 2020. That measure died in committee. (Utility Dive)
Bad advice – A group of 14 US attorneys general and local officials are urging the EPA to retract a “legally incorrect” letter sent to states in March that said they do not have to comply with the Clean Power Plan, calling the instruction from EPA Administrator Scott Pruitt “unsolicited legal advice” with the Obama-era climate policy that is still the ‘law of the land’. (Reuters)
500 and counting – EEX has held its 500th German EUA auction on Friday, selling more than 900 million units on behalf of Germany since 2010. Revenue of approximately €6 billion has been generated with the funds been used almost completely for financing national and international climate protection measures. In a joint statement, EEX and German emissions trading authority DEHSt said the auctions have been carried out almost completely in line with the development of the entire market, with price deviations between primary market auctions and the secondary market were mainly in the tenths of a percent range.
And finally… Dare to doubt – Former Australian PM and current government backbencher Tony Abbott is set to give the annual lecture to a London-based climate sceptic group, Climate Home reports. Abbott will give his speech, entitled ‘Daring to Doubt’, to the London-based Global Warming Policy Foundation (GWPF) on Oct. 9. Abbott is a known climate chance denier and is credited with scrapping his country’s national carbon tax.
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