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Germany is suspending some of its long-standing forest protection funding to Brazil because it doubts Brasilia is continuing preservation efforts.
European carbon barfed by more than 5% to a one-month low on Monday after a bearish auction result knocked prices below key technical supports and a major uptrend line.
Germany’s coal phaseout will have little-to-no effect on power prices by 2030, provided renewables grow to account for two-thirds of supply by then, according to new research.
New Zealand carbon allowances recorded their fourth straight session of gains on Monday, climbing NZ$0.20 to reach their highest levels since early June.
South Korea’s ETS prices surged 2.4% on Monday to close at fresh record highs, driven by frantic demand from emitters amid limited supply ahead of next month’s compliance deadline.
Massachusetts’ first offshore wind farm is facing new delays after the US Department of Interior (DOI) on Friday announced it would undertake additional analysis of the project and other proposed initiatives dotting the Atlantic Coast.
Transportation and Climate Initiative (TCI) jurisdictions have begun work on policy scenarios for a proposed transportation carbon pricing mechanism in the Northeast and mid-Atlantic US region, a regulatory source told Carbon Pulse.
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BITE-SIZED UPDATES FROM AROUND THE WORLD
Timid boom – Some developers and airlines have seen voluntary flight offset demand rise 2-5 times over the past year as high-profile climate activism pushes more flyers to try and assuage their carbon guilt. Yet it’s still from a very low base, with the average of below 2% of passengers offsetting, though that figure doesn’t include third-party providers, Bloomberg reports. Read Carbon Pulse’s latest on how major EU airlines continue to report double-digit growth in flight emissions, and an analysis on how the uptick in voluntary carbon market activity is still awaiting clarity from multiple international emissions trading regimes.
Taxonomy drive – Europe’s financial services chief Valdis Dombrovskis has called on the EU to fight “greenwashing” by businesses by reaching a deal on its taxonomy system this year to establish core principles on which economic activities really help the environment and mandate the European Commission to do the detailed work of establishing which activities should make the grade. The EU Parliament and the Council of member states need to reach a joint position on the system. (Financial Times)
Month of Manitoba – Manitoba Progressive Conservative Premier Brian Pallister on Monday officially declared the start of the Canadian province’s election period, with the vote scheduled for Sep. 10. Pallister announced in June that he would move the election date up from Oct. 2020 to this autumn, but the official campaign didn’t begin until he asked Lieutenant Governor Janice Filmon to dissolve the legislature. Pallister’s Conservative government this spring filed a legal challenge against the federal Liberals’ ‘backstop’ carbon pricing plan, arguing that the province’s original proposal for a flat C$25/tonne CO2 fee would have proved more successful at reducing GHGs than Ottawa’s rising levy. Meanwhile, the opposition NDP has committed to working with the feds’ on the backstop carbon price, while the Greens have said they will implement a C$50/t CO2 charge that rises by C$10 annually. (CBC)
And finally… Hold it in – Brazilian President Jair Bolsonaro suggested that people “poop every other day” as a way to save the environment, after he came under fire for a surge in deforestation of the Amazon since he came to power. The far-right leader offered the idea in response to a journalist’s question as to whether it was possible to simultaneously spur economic growth, feed the world’s hungry, and also preserve the environment. “It’s enough to eat a little less. You talk about environmental pollution. It’s enough to poop every other day. That will be better for the whole world,” the president said. (AFP)
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