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EU carbon prices continued to rise on Wednesday to reach levels not seen since before the June 2016 Brexit referendum, building on the previous session’s 10% surge.
RGGI allowance prices are likely to remain below $10/short ton through 2030, analysts forecast, as a proposed multi-year bank adjustment coupled with a new supply-curbing mechanism are seen as insufficient for entirely removing the market’s massive allowance glut.
Ontario’s carbon market will be more oversupplied than expected in its first year due to mild weather and lower natural gas demand and industrial production, according to analysts, though the scheme’s first compliance period is seen being shorter than previously thought.
Poland will not build any new coal-fired power plants once its current pipeline is complete, and will instead focus on nuclear power to meet its climate goals, its energy minister said Wednesday.
Investors will steer clear of putting money into Australia’s energy sector unless the government settles on an energy policy, an investor group said Wednesday in response to the prime minister’s push to extend the lifetime of one of the nation’s oldest coal power plants.
New Zealand carbon allowances edged south again on Wednesday as some sellers might be seeking to lock in profits, but prices remained near recent year-high levels.
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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
Accelerate bitte – Germany needs to significantly step up its climate policies to reach its domestic target of reducing CO2 emissions by 55% by 2030, according to energy state secretary Rainer Baake. The Green party member singled out the transport sector for urgent action and said Germany should stop registering new combustion engine cars by 2030. Baake also flagged that Germany could shut 25,000 MW of coal plant capacity – equal to half the current coal fleet – to meet its Paris target. “This can be done in line with the law and without compensation,” he said. (Sueddeutsche Zeitung, Clean Energy Wire)
The double C-word – President Donald Trump’s political appointees at the EPA are killing grants and awards that mention “climate change,” including those that back the deployment of clean cookstoves in developing countries, no matter how effective the initiatives might be in cutting costs, creating jobs, and saving lives. Under Administrator Scott Pruitt, the EPA has taken the unprecedented step of “putting a political operative in charge of vetting” hundreds of millions of dollars in annual EPA grants, the Washington Post reported. That operative is John Konkus, a former Trump campaign aide with little environmental policy experience. “Konkus has told staff that he is on the lookout for ‘the double C-word’ — climate change,” the Post reports. (ThinkProgress)
Hot heads – The Washington Post charts the 20-year crusade of tax-exempt conservative public charities that led to Donald Trump’s decision to remove the US from the Paris Agreement. At the heart of these efforts was Myron Ebell of the Cooler Heads Foundation, which has received more than $11 million in donations from coal and oil companies and has taken in tens of millions more from non-profit foundations such as those controlled by the wealthy Koch brothers, and the Scaife and Mercer families.
Arctic oil – Several political parties opposed to further Norway’s oil exploration could emerge as kingmakers in the Sep. 11 election. That will threaten a push to search for about 9 billion barrels in Arctic crude and natural gas, which is necessary to prolong the petroleum age that made Norway one of the world’s richest countries. (Bloomberg)
Half measures – Carbon pricing will help Canada cut its emissions but the reductions will fall short of the government’s 2030 goal of a 30% reduction from 2005 levels, according to a joint report by The Conference Board of Canada and The Canadian Academy of Engineering. The study found that carbon pricing alone will result in only a small reduction in GHGs and that by 2025, the net annual cost of a C$80/tonne carbon tax to the average Canadian household would approach C$2,000. “Even if carbon taxes were to reach C$200 per tonne by 2025, this would only result in a 1.5% reduction in GHGs outside of the power sector,” it added. The report predicted that pan-Canadian CO2 pricing measures would have only a small negative impact on the economy assuming that revenues will be reinvested into the economy. The authors call for C$1.5-3.4 trillion in complementary spending on clean energy infrastructure and significant changes to the way Canadians consume energy to achieve deep emission reductions.
And finally… Climate work, rest, play – US Food giant Mars has pledged to invest $1 billion in a supply chain sustainability plan. The company aims to cut emissions 27% by 2025 and 67% by 2050, plans to invest in wind and solar to power its operations, run a poverty reduction and sustainability programme for farmers and suppliers, and ramp up food safety and security efforts. (CNBC)
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