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France and Germany are targeting a final agreement on post-2020 EU ETS reforms ahead of the Nov. 6-17 UN climate talks and have vowed to consider enhanced carbon pricing in the energy sector.
Global carbon prices will have to increase from below $5 a tonne on average currently to well over $100 to incentivise decarbonisation on the scale needed to meet the 2C goal of the 2015 Paris Agreement, according to London-based fund managers Schroders.
Even the poorest performers among China’s coal-fired power generators are only likely to face minor costs from the national CO2 emissions trading scheme, according to analysts.
The Chinese government should actively intervene to control price movements and limit OTC trade of CO2 permits when the national emissions trading scheme launches, a think-tank said Monday.
Australia on Monday proposed a revamp of its soil carbon initiative, which was once championed by lawmakers but which has yet to generate a single carbon credit.
Italian lawmakers have called on the government to press the EU to introduce a carbon border adjustment to supplement the bloc’s ETS and help level the international playing field for industry.
EU carbon prices ticked higher on Monday to recoup most of Friday’s losses, as observers gave a mostly downbeat outlook for the week ahead.
The UK government has awarded 56 companies compensation for 2016 costs relating to the EU ETS and the UK’s carbon price support in an effort to shield them from carbon leakage risks.
Two carbon traders have started gardening leave after parting ways with their respective companies, Carbon Pulse has learned.
Sandbag’s head of EU ETS analysis has joined Ecofys, leaving the climate campaigners after just a year as a Belgian climate policy expert gets ready to take his place.
Manitoba is considering introducing a flat C$25/tonne carbon tax through 2022, local media reported, a rate that would fall short of the Canadian federal government’s mandated minimum.
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Job listings this week:
Sourcing Manager, Green Electricity, First Climate – Bad Vilbel/Frankfurt
Climate Finance Associate, WRI – Washington DC
Junior Research Analyst, ISS Ethix – Stockholm
Stakeholder Engagement Manager, Grantham Institute – London
Underwriting Assistant for California carbon, Parhelion – Thame, UK
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BITE-SIZED UPDATES FROM AROUND THE WORLD
Cheaper power – Energy efficiency will improve faster than global economic growth due to the rapid electrification of the world’s energy system, leading to a plateau in energy demand from 2030, according to certification firm and energy sector service provider DNV GL in its inaugural Energy Transition Outlook. Renewable energy sources will continue to rise, making up nearly half of global energy supply by 2050 and cutting energy-related CO2 emissions in half by that time. Gas supply will peak in 2035 but will still be the biggest single source of energy by mid-century, it forecast. The world will manage the shift to a renewable future without increasing overall annual energy expenditure, meaning that the future energy system will require a smaller share of GDP, DNV added.
Foot off the gas – Germany is likely to lower its Energiewende ambitions after the upcoming general elections, according to an analysis (in French) by French government think-tank France Strategie. Germany will likely miss its 2020 climate targets, while the long-term insecurity of the project and the associated costs remain very high, the author said, adding that progress in energy efficiency is very slow while the use of petrol in transport and coal in power generation has barely changed. “At a moment when voters focus their attention on other subjects, such as immigration and security, we can expect a reduction in the ambition of German energy policy after the parliamentary elections in September,” he concludes. (Clean Energy Wire)
This is what a decade of progress looks like? – Dutch companies covered by the EU ETS have cut their emissions by just 4% between 2005 and 2016, the country’s Emission Authority said in its 2017 progress report published on Monday. “The decrease is largely due to the reduction of N2O emissions in the chemical industry,” it added, confirming that the country increased its overall emissions by 1% last year. In contrast, the EU ETS’ overall cap has effectively decreased by around 13% during that time. The share of coal in the country’s electricity production mix dipped to 32% in 2016 after increasing from 18% to 36% between 2011 and 2015, while the share of natural gas rose to 46% last year. The Netherlands’ emissions were 11% below 1990 levels last year, off track towards the 25% target mandated in the 2015 Urgenda court case.
And finally… Blades spinning atop a giant AA battery – Tesla has partnered with Vestas to figure out how to combine wind turbines and batteries, storing power during breezy times to use when the air is still. This partnership is part of a wider global program run by Vestas, the world’s biggest wind turbine maker. According to Bloomberg, it’s seeking to add energy storage to its wind farms and is working with a number of other battery makers on about 10 projects in total.
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