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Setting up carbon trading systems will for most US states be the strategy of choice for complying with the EPA’s Clean Power Plan, say policy experts involved with state regulatory processes.
Canada’s Liberals won a majority government in Monday’s federal election, meaning the left-leaning party will face few obstacles in implementing a new, more ambitious climate change policy that could mirror its southern neighbour’s.
Most advanced and emerging economies are on a trajectory that would see them fall short of mitigation goals pledged in their INDCs, suggesting they require stronger policies, the OECD said in a report on Tuesday.
The European Parliament has set out a timetable that would enable post-2020 EU ETS reforms to be agreed by the end of next year.
EU carbon prices turned upwards on Tuesday to reverse three consecutive days of declines ahead of a pause in government auctions, and as speculators grew more confident that the market would hold its ground.
The EU is projected to cut its GHG emissions 24% under 1990 levels by 2020, well below its legally-binding target, according to the bloc’s in-house European Environment Agency (EEA).
Nearly 145,000 CERs from a project owned by Korea District Heating Corporation have been cancelled with a view to be converted into Korean Offset Credits (KOCs), a UN website showed Tuesday, taking the total number of offsets to leave the UN market for South Korea’s ETS to 6.25 million.
Bite-sized updates from around the world
The UNFCCC secretariat on Tuesday published a new draft text for Paris, with the document swelling to 34 pages, primarily to reflect complaints from developing nations that the previous 20-page version had ignored many of their proposals. Aviation and shipping have been included, and there are more provisions to underpin carbon markets and international trade – something welcomed by the 20 business groups that sent letters to 80 countries urging them to ensure the Paris agreement supports international cooperation through market-based measures.
Businesses in the US and the EU face much tougher climate regulations than competitors in China, Japan and Australia under the Paris pact, according to a research of INDCs by UK-based academics commissioned by the Financial Times. The newspaper has also published a data visualisation tool breaking down the research.
The European Commission’s climate and energy modelling is based on “ludicrous assumptions” with “deadly” climate consequences, writes Brook Riley of green group Friends of the Earth, adding that the bloc’s 2030 energy efficiency targets would be much higher if proper models were used, and would give a bearish signal for EU carbon prices. (Energy Post)
Europe should abandon its “failing” ETS and impose an economy-wide carbon tax of €30-40 a tonne to spur investment in low-carbon technology, the CEO of French water company Veolia said. He added that such a tax would be clearer and simpler than the EU carbon market, and should be economy-wide, including sectors such as road transport that are not currently covered by the EU ETS. (Reuters)
Steelmaker Tata announces mothballing of UK facilities at a cost of 1,200 jobs. Plate mills at three sites and one cokeworks will close. The move is unlikely to have a major impact on EUA demand as blast furnaces that account for the majority of emissions did not feature in the closure announcement.
Australia’s Prime Minister Malcolm Turnbull said the need for the Clean Energy Finance Corporation remains an “open question” and has dismissed emissions trading schemes as simply another “piece of economic plumbing”, as Labor attacked the credibility of the Coalition’s climate policies. (Guardian)
New Zealand is contributing far less than other comparable countries to a fund that helps developing countries combat climate change, NZ Greens co-leader James Shaw said Tuesday. New Zealand’s pledge to the Green Climate Fund sits at just NZ$0.88 per person, compared to the average pledge of NZ$12.46 from the other donor nations, he claimed.
And finally… When it comes to the US’ energy and climate problems, everyone has messianic aspirations for the solution they prefer. But everybody touting a simple fix is wrong, and a new online game designed for energy wonks can prove it. Read the Bloomberg article about it, or have a go at Energy Innovation’s Energy Policy Simulator yourself.
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