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TOP STORY
GCF talks collapse, chief resigns as US funding hole looms larger
A four-day meeting of the Green Climate Fund (GCF) board broke on Wednesday without taking any major decisions, as rich and poor nations rowed and failed to tackle how to replenish the GCF’s rapidly depleting funds currently lacking a US contribution.
EMEA
RBS fraud lawsuit: Former Barclays traders at odds over market awareness of 2009 EU ETS fraud
Two former Barclays trading colleagues called upon as market experts have effectively been pitted against each other in a £160 million ($210 mln) lawsuit over RBS’s alleged 2009 role in EU carbon trading tax fraud.
EU Market: EUAs advance towards 3-week high after strong auction
EU carbon prices reached their highest in almost three weeks on Wednesday as a strong auction stirred hopes that EUAs could climb back above €16.
ASIA PACIFIC
NZ Market: New Zealand carbon prices rise to record highs
New Zealand carbon allowances rose to an all-time high on Wednesday as sellers were reluctant to satisfy demand amid expectations of higher prices in future.
Weak NEG could more than double Australia’s carbon price -analysts
Australia’s carbon price could more than double by 2030 as the weak CO2 target for electricity generation will force higher costs on other sectors, analysts said Wednesday.
AMERICAS
Delaware Superior Court dismisses lawsuit over state’s RGGI membership
Delaware’s Superior Court has dismissed a lawsuit challenging the state’s participation in RGGI after the plaintiffs were unable to demonstrate that the regional US cap-and-trade scheme harmed them financially.
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CARBON FORWARD 2018
SAVE THE DATE: Carbon Forward 2018 – Survive and thrive in the global carbon markets
Don’t miss the 3rd annual Carbon Forward conference and training day – Oct. 16-18, 2018 in London.
Spend two days with top experts, players, and decision-makers from the global carbon markets as they address today’s most attractive opportunities and pressing challenges. And join us for the EU ETS pre-conference training day organised by carbon market experts Redshaw Advisors, where you will learn how to effectively manage your carbon risk ahead of the looming overhaul of the bloc’s emissions trading scheme.
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BITE-SIZED UPDATES FROM AROUND THE WORLD
Think of the children – A hearing was held on Wednesday at the UK High Court for an activist group hoping to sue the government over climate change, the BBC reports, though the judge overseeing the case reportedly postponed his decision. The campaigners, known as Plan B, argue that the government is discriminating against the young by failing to cut emissions fast enough. The group is seeking permission from a judge to launch formal legal action. Ministers have previously said they will review climate targets in light of the 1.5C Paris Agreement goal, however Plan B notes it has not yet commissioned a review or set a time frame for it. (Carbon Brief)
Unchanged in Japan – Japan yesterday approved an updated basic energy policy, Reuters reports. The revised plan left its ideal mix of power sources for 2030 in line with targets set three years ago. Nuclear power is allocated to supply 22-20% of Japan’s power mix in 2030, up from 2% in 2016, despite criticism this places too much emphasis on the controversial power source.
Sessions with Pruitt – Embattled EPA Administrator Scott Pruitt directly appealed to President Trump this spring to fire Attorney General Jeff Sessions and let him run the Department of Justice instead, CNN reports, citing three people familiar with the proposal. In an Oval Office conversation with Trump, Pruitt offered to temporarily replace Sessions for 210 days under the Vacancies Reform Act, telling the President he would return to Oklahoma afterward to run for office. Advisers quickly shot down the proposal, but it came at a time when Trump’s frustration with Sessions over his decision to recuse himself from overseeing the Russia investigation had resurfaced.
And finally… Happy Fourth of Jul-dry – Hot and dry conditions across western US states are causing some towns and cities to cancel Fourth of July fireworks celebrations and replace them with laser shows and aerial drone displays, NPR reports, as areas at risk of forest fires are forced to adapt to a changing climate.
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