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EXCLUSIVE – Tight controls, strict penalties, and a stability reserve: draft of China’s national carbon market rules emerges
China’s national carbon market, to be launched in 2017, will be tightly controlled by Beijing and include strict penalties for non-compliance and cheating, while efforts are being made to avoid the design flaws that have plagued other emissions trading schemes worldwide, draft regulations seen by Carbon Pulse showed.
Prime Minister Nguyen Tan Dung has signed off on a carbon market plan that includes setting up a pilot cap-and-trade scheme in Vietnam’s steel sector as well as credited NAMAs, news agency VNS reported on Wednesday.
California’s carbon market regulators issued more than 1 million offsets over the past fortnight, data published Wednesday showed, while Quebec handed out its second ever batch as the WCI programme’s first full compliance deadline loomed.
France urged Russia to establish carbon pricing policies during a visit to Moscow by Environment Minister Segolene Royal this week, which included talks with Oleg Deripaska, the billionaire head of aluminium giant Rusal.
Sixteen Kyoto Protocol signatory countries have yet to comply under the treaty’s so-called True-up period for 2008-2012 despite all 36 having sufficient carbon units in their emissions trading registry accounts, updated UN data showed on Wednesday.
Carbon pricing schemes are forecast to raise a total $22 billion for governments this year, up from an estimated $15 billion in 2014, according to a report released on Wednesday.
EU carbon fell for the second consecutive session on Wednesday amid thin auction demand as bullish traders remained quiet despite a favourable energy complex.
Indonesia will use REDD funds to restore its peat lands that have been devastated by raging fires this year, Vice President Jusuf Kalla said on Wednesday, as reported by Antara News.
Conservation group Ducks Unlimited has received two grants from the US Department of Agriculture (USDA) to develop carbon offsets in an area covering five Midwestern states known as the Prairie Pothole Region (PPR).
Bite-sized updates from around the world
National climate plans could face 2018 review under UN deal – Fears that emission reductions could drop off the agenda post Paris are driving support behind an early assessment of global carbon cuts. (Climate Home)
Regulators from California and New York said the US Clean Power Plan may be useful for getting states to work together to cut pollution, but public policies that favour new markets for renewables and other low-carbon technologies are critical if states are going to be successful at cutting greenhouse gas emissions. (Climate Central)
Nearly half of the U.S. Senate supports a resolution to challenge the CPP, sponsors of the measure said on Tuesday. (Reuters)
Brazil damped hopes that an international carbon trade supported by Arnold Schwarzenegger five years ago will go ahead, as South America’s biggest economy said it has no intention of exporting credits because it will need them to hit its own emissions reduction targets. (Bloomberg)
The world’s first commercial-scale CCS plant is facing criticism after owner SaskPower admitted it will likely only sell half of the 800,000 tonnes of CO2 expected to be captured in 2015 at the Canadian installation because of efficiency problems, which will cost taxpayers some C$27 million in contractual penalties and revenue shortfalls. (Global News)
Climate Action Reserve president and industry veteran Gary Gero said this week he would step down at the end of the year to take an advisory position at another firm.
And finally… Fossil fuel companies risk plague of ‘asbestos’ lawsuits as tide turns on climate change – The UN says the world is poised for a sweeping climate deal in Paris. “It is unstoppable. No amount of lobbying is going to change the direction.” (Telegraph)
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