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Government negotiators resume incremental work on the Paris Agreement rulebook in Bonn on Monday, in two weeks of annual negotiations that will test global resolve in the face of the US intention to withdraw from the landmark 2015 climate treaty.
Emissions covered by California’s cap-and-trade scheme fell by 4.8% year-on-year in 2016, data published by the state’s regulator showed on Monday, a larger fall than some expected that far outpaced the programmes annual emissions cap reduction.
The long-awaited launch of China’s national carbon trading system is expected in the coming days, but legal, financial and industry issues are piling up and will create big challenges for the scheme, according to experts.
New Zealand carbon allowances gained another 5 cents on Monday as buyers tried to soak up limited supply in anticipation of prices tracking higher.
UK formally proposes bringing forward 2018 EU ETS compliance deadline to avoid “disruptive” Brexit-proofing measure
The British government has formally proposed bringing forward the 2018 compliance deadlines for UK operators in the EU ETS in an attempt to avoid punitive measures being imposed on the country by the European Parliament and other member states.
Companies regulated by the EU ETS exchanged 1.14 million Kyoto credits for allowances over the last six months to use for compliance, double the amount recorded in the same period last year but still well below expectations.
European carbon prices ended firmer on Monday after flirting with the €8 level, just above which the Dec-17 futures touched a 21-month high last month.
The CDM’s Executive Board has approved a plan to keep the market mechanism funded for the next two years with surplus cash, despite its declining use, as efforts by institutional investors are not seen as capable of rescuing many projects.
The Climate Action Reserve, one of North America’s main carbon registries, has issued its 100 millionth offset, it announced Monday.
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Manager, Climate Change Program and Policies, Nova Scotia Government – Halifax
Emissions Trading Analyst, Commercial Operations, NRG Energy – Princeton, New Jersey
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New Carbon Markets Research Intern, South Pole Group – London
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BITE-SIZED UPDATES FROM AROUND THE WORLD
Strange bedfellows – China – the world’s biggest-emitting nation – and western environmentalists have formed an unlikely partnership in the global fight to limit climate change and cut pollution, Bloomberg reports.
Falling short – Wealthy nations are falling short on promises to help the developing world reduce greenhouse gases by investing in clean energy, jeopardizing the global fight against climate change. Clean energy investments in China, sub-Saharan African and other emerging markets fell 27% in 2016, to $111.4 billion, Bloomberg New Energy Finance said in a study. Less than 10% of that spending came from rich countries. While emissions decline in the US, UK and other wealthy nations, they are rising across the developing world as cities expand and nations build power plants and other infrastructure to lift people from poverty. (Bloomberg)
Hospitality pledge – Germany will raise its contribution to the climate adaptation fund by €50 million, the outgoing environment ministry announced on the opening day of the Bonn UN climate talks. The development cooperation ministry pledged an additional €50 million to the Least Developed Countries Fund. Environment minister Barbara Hendricks said this should be a “first impulse for a constructive negotiating atmosphere”.
Cash mapping – Carbon Brief has collated and mapped all the funding data from across the four main multilateral climate funds. These include the Green Climate Fund, Climate Investment Funds and the Adaptation Fund. Their analysis shows that over the period 2013-2016, India received the highest level of single-country funding ($725m) in absolute terms. This was followed by Ukraine ($278m) and Chile ($262m). However, viewed on a per-capita basis – a fairer metric – Tuvalu received the most funding per person ($3,947), followed by Samoa ($477) and Dominica ($313). By comparison, India received just $0.56 per person.
Jack it up – Ireland would need to introduce a carbon tax as high as €70 on coal, turf and other products, in order to hit its 2020 emissions targets, which the State is currently set to miss, the Citizen’s Assembly has heard. Ireland currently has a carbon tax comparable to €20 per tonne of carbon emitted by turf, coal and other fuel. (Independent.ie)
Empty threats – The new leader of Alberta’s United Conservative Party has doubled-down on his pledge to repeal the province’s “job-killing” carbon tax, saying he would call for a provincial referendum over the removal of equalization payments to other provinces if the federal government continues to push a carbon tax on Canada’s provinces and territories. But experts pointed out that the equalization programme is a federal programme, that Alberta’s carbon tax can be made 100% revenue neutral under a Kenney-led government, and this is evidence of empty threats aimed at riling voters ahead of the 2019 provincial election. (Global News)
Murray’s in the money – A proposal by US Energy Secretary Rick Perry to alter the nation’s electricity markets would provide a windfall for a small group of companies — most strikingly one owned by coal magnate Bob Murray, a prominent backer of President Donald Trump. Perry’s plan would force consumers to subsidise ailing coal-fired and nuclear power plants with billions of dollars, in what he calls an effort to ensure that the nation’s power network can withstand threats like terrorist attacks or severe weather. But his narrowly written proposal would mostly affect plants in a stretch of the Midwest and Northeast where Murray’s mining company, Murray Energy, is the predominant supplier, according to a POLITICO analysis of Energy Department data.
And now Munich – Citizens of the Germany city have voted to shut down the Munich Nord coal plant – the city’s single largest source of CO2 emissions – ahead of schedule. Around 60% voted in favour of close it by 2022 instead of 2035 as planned by the municipal utility SWM. The plant accounts for around 17% of Munich’s total emissions, with the decision coming weeks after Berlin decided to phase out coal. (Clean Energy Wire)
And finally… Speaking out – Climate lawyer Farhana Yamin has shared her experiences of sexual harassment at UN climate negotiations. She describes two incidents in the 1990s and said other women had shared similar stories with her, in private. Yamin also revealed that she has informally advised young women to avoid certain men with a reputation for inappropriate behaviour. Patricia Espinosa, executive secretary of the UNFCCC, said: “Harassment of any kind and in any circumstances is unacceptable and we have zero tolerance for such acts in conferences and in our workplaces. I would urge anyone – woman or man – to speak up and speak out. (Climate Home)
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