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The EU Parliament on Wednesday backed a proposal to limit the effects of the UK’s exit from the EU ETS, defying warnings that it could damage carbon trade.
Envoys from the three EU institutions struck several compromises on post-2020 EU ETS reforms late Wednesday, but confirmed at least one more meeting would be needed to strike a final deal.
The European Parliament on Wednesday voted to extend the suspension of extra-European flights from the EU ETS, but called for a review of the UN’s CORSIA scheme that could see those routes become regulated under the bloc’s carbon market again in the future.
EU carbon prices climbed to a fresh 19-month high on Wednesday, reversing two days and as much as 10% of losses as lawmakers backed plans to shore up the carbon market against an uncoordinated UK exit.
The European Parliament on Wednesday endorsed a ‘flexible’ approach to how the EU will account for land-use (LULUCF) in its climate goals after 2020, a method some scientists have warned risks the bloc’s climate credibility by masking emission increases.
Ontario’s quarterly carbon auction sold out for a third straight time, with 25.3 million current allowances being picked up at almost C$2 above the reserve price.
California this week retired more than 10% of the offsets in the state’s forest buffer account due to fires, while issuing some 654,400 credits across five projects.
Bluesource Canada has signed an agreement to develop one of Ontario’s first offset projects, teaming up with a forest manager to advance the initiative ahead of the forthcoming release of the province’s initial protocols.
BRICS nations are showing signs of wanting to delay their commitments under the Paris Agreement, a former US climate negotiator said Wednesday, sparking concerns that the biggest developing countries could be backtracking on their pledges in response to the US pulling out of the 2015 pact.
Amid threats of a party revolt, Australian Prime Minister Malcolm Turnbull looks set to reject a proposed Clean Energy Target and opt instead for a mechanism more focused on coal.
The government of China’s Jiangsu province has awarded a Hong Kong-listed tech firm a contract to build a cloud computing system that will monitor CO2 emissions from 150 of its biggest companies.
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BITE-SIZED UPDATES FROM AROUND THE WORLD
Bring the tax – A US survey has found that the public is willing to pay for a carbon tax on fossil fuels equivalent to adding $177 per year to energy bills or some 14% more on the average bill for households. Americans are most in support of using the money raised to invest in clean energy and infrastructure and assist displaced workers in the coal industry, the study found, while there is less support for reducing taxes or returning dividends to households. (Environmental Research Letters)
The tantalizing tax – In her new book, Hillary Clinton says her campaign considered campaigning on a carbon tax dividend but could not get math to work out without new costs for the middle class, which she had vowed against. “Still,” she added, “it’s tantalizing.” (Politico)
Diluting damage – Five major companies from Germany are among the world’s 35 most active anti-climate policy lobbying enterprises, according to UK think-tank InfluenceMap. A study that examines the companies most influential in shaping climate and energy policy around the world, Germany’s BASF, Bayer, Heidelberg Cement, Daimler and BMW figure among those who “delay or dilute efficiency and CO2 emissions standards and procedures both in Europe and North America”. (Clean Energy Wire)
Coal rolling – US coal production is up and will continue to rise through next year, according to the EIA’s latest Short Term Energy Outlook. Coal production for August was the first month since Oct. 2015 where production topped 70 mln short tons. But according to Utility Dive, the EIA also noted that utility-scale solar is rapidly growing, with capacity at the end of 2016 at 22 GW and expected to reach 29 GW by the end of this year and 33 GW by the end of 2018.
Rejected – New York’s highest court on Tuesday rejected ExxonMobil’s appeal of rulings ordering its outside auditor PwC comply with state Attorney General Eric Schneiderman’s subpoena for documents as part of his climate change probe of Exxon, documents that Exxon asserted were subject to accountant-client privilege under Texas law. (Law360)
Let the locals handle it – Local and indigenous-led conservation efforts can be more effective than government programmes in protecting the Amazon rainforest, according to a new study from British and Peruvian researchers. Over 40% of Peru’s GHG emissions come from LULUCF as industries make increased pushes into the rainforest, often with deadly results – six Peruvian farmers were shot earlier this month by a gang looking to seize their land for palm oil production. In neighbouring Brazil, the government began an investigation this week into the potential murder of 10 members of an “uncontacted” tribe in the Amazon by gold miners, as budget cuts have caused reductions to the indigenous affairs agency and increased invasions into indigenous Amazon land by miners and loggers. (Climate Nexus)
Willow wonder – As Pakistan’s cricketing hero turned politician Imran Khan considers a run for prime minister, his party’s record in his home province – especially the success of a widely touted reforestation initiative – is raising speculation that he might turn green advances into political advantage. (Reuters)
Lundin calling – Nordic energy and carbon exchange Nord Pool announced today that CEO Mikael Lundin has resigned after eight years with the company. The bourse’s board has appointed CFO Erling Thiis as acting CEO until a permanent CEO is recruited.
And finally… Crazy blind – Amid silence from the US administration, superstar musicians Beyoncé and Stevie Wonder made their feelings on climate change clear to viewers of a star-studded hurricane relief telethon. Wonder said climate deniers ‘must be blind or unintelligent’ while Beyoncé pointed out that the effects of climate change ‘are playing out around the world every day’. (People)
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