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TOP STORY
China regulator leaning towards rejecting pilot permits in national ETS, pulling plug on new regional markets
China is considering whether to rule out the use of pilot market CO2 permits in its national ETS, ban new regional schemes and also possibly shut down some existing ones, in an effort to establish a single, consolidated carbon market, according to an NDRC proposal seen by Carbon Pulse.
COP23
Germany to buy €50m in N2O nitric acid CERs via World Bank’s PAF
Germany will put €50 million towards buying N2O nitric acid CERs via the World Bank’s Pilot Auction Facility (PAF), with the first sale intended to be held next year as part of the government’s efforts to boost global climate ambition via carbon markets.
Voluntary carbon market seeks role in driving Paris Agreement ambition
Businesses involved in the voluntary carbon market face a crossroads under the Paris Agreement and are reaching out to other stakeholders at this month’s UN climate talks to help determine their future.
German government launches tender to buy 82k CERs to offset summit
The German government has launched a tender to buy 82,000 “high-quality” CERs, preferably from projects in small island developing states (SIDS), to offset emissions stemming from the UN climate summit it is co-hosting in Bonn.
AMERICAS
Virginia releases draft carbon market regulations that set stage for RGGI linkage
Virginia has released draft regulations to establish a cap-and-trade scheme for its power sector that would link to the neighbouring RGGI market and feature many of the same elements, drawing praise from the regional programme’s operators.
NA Markets: Prices slip on both coasts amid pre-auction positioning
Allowance prices on both American coasts fell for most of the last week before steadying on Wednesday as participants prepared for the year’s final auctions.
EMEA
EU Market: EUAs fall for fourth day, logging 6.1% weekly drop
European carbon prices fell for a fourth straight day Friday, slipping to a seven-day low and notching a 6.1% weekly drop as selling continued in the wake of Thursday’s deal on post-2020 ETS reforms.
ASIA PACIFIC
Australia issues 240k offsets to nine projects
Australia’s Clean Energy Regulator this week issued 239,597 new carbon credits, with the majority going to developers Terra Carbon.
DATA
CN Markets: Pilot market data for week ending Nov.10, 2017
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.
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BITE-SIZED UPDATES FROM AROUND THE WORLD
A mockery – A Trump administration fossil fuels presentation on the sidelines of climate talks in Bonn is raising the prospect of US coal technology deals with developing nations including Pakistan, Ghana, Nigeria and Ukraine. Diplomats told Climate Home News that talks on coal technology trade deals are “very possible” on the fringes of the US event on Monday. The following day, Ukraine is planning to table an initiative to bring energy corporates closer to the UN climate process, a measure it claims has US backing. The proposal would slot energy multinationals into an “intermediate layer” between the UNFCCC and national governments. It has been encouraged by US officials and coal firms, its authors say, and will be raised by Ukraine’s environment minister Ostap Semerak on Tuesday.
Buy your way out of it – Germany could hit its currently unachievable target of cutting GHGs by 40% below 1990 levels by 2020 through purchasing international offsets, which Bloomberg New Energy Finance estimates could cost around €180 million. Such an option “would probably give Germany’s coal-heavy utilities led by RWE a stay of execution as it would reduce the need for power stations to close to meet the target,” Bloomberg reports. The outgoing German government has been very reluctant to entertain the idea of using offsets to meet the 2020 goal, though is spending millions of euros to engage in more sustainable global climate action by buying and retiring foreign credits as a climate finance tool. However, some observers admit offsetting could be an option as Angela Merkel’s CDU party grapples to form a new coalition government.
Plane blame – UN aviation body ICAO looks set to remove 10 of 12 sustainability criteria for bio jetfuel at its Council meeting in Montreal, according to green group T&E, which said the move will mean that highly unsustainable biofuels would qualify for aviation’s global carbon offsetting scheme CORSIA and become the de facto global standard for biofuel use in aviation. T&E said the two surviving rules are: a -10% greenhouse gas reduction target for biofuels compared to regular jet fuel and a ban on crops grown on land that was deforested after 2009.
Think link – EU member states have rubber-stamped a decision authorising the signing of the Swiss-EU ETS linking deal. It must still be approved by the EU Parliament but the move keeps parties on track to complete the linking arrangements by 2019.
And finally… Climate hack – Next week, a coalition of organisations will host the first large-scale climate ‘hackathon’, where the top 100 developers from a shortlist of 1,300 will convene for several days on a riverboat near the COP23 venue in Bonn to work on their own innovative solutions using blockchain technology. “Our approach is simple: Climate is the world’s biggest challenge. DLT/blockchain a major driver of innovation. Hack4Climate brings the two together,” said Nick Beglinger, initiator and organiser of Hack4Climate.
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