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Ontario is hoping to publish a draft design for its new carbon market within days, a key step towards the Canadian province passing the required legislation by next May and launching the scheme in 2017, Ontario’s environment and climate change minister told Carbon Pulse.
The outcome of intense negotiations between China’s central government, regional officials and industry over how to treat up to 100 million unused allowances from the seven pilot markets in the country’s national emissions trading scheme could have a huge bearing on the success of the world’s biggest carbon market, according to experts.
The European Commission is considering delaying the MiFID II package by one year to 2018 after EU finance authority ESMA said elements of the financial markets overhaul may not be ready in time.
Leaders must resist the urge to slacken the clean energy transition and set clear goals in Paris to accelerate the switch to keep to the 2C goal, the IEA said on Tuesday, launching the 2015 edition of its flagship World Energy Outlook.
EU finance ministers failed to make any new commitments on climate finance at a meeting on Tuesday, rebuffing calls from the bloc’s parliamentarians and NGOs to ringfence EUA revenue for foreign aid.
CO2 allowance prices in the Hubei ETS plunged to 20.03 yuan ($3.15) on Tuesday, extending a record low for the third time within a week as liquidity in China’s most traded market is quickly drying up.
Saudi Arabia submitted its INDC on Tuesday, pleding to avoid 130 million tonnes of CO2e worth of emissions by 2030 but stopping short of setting an overall target. Sudan also pledged.
EU industry ministers believe a tiered approach to allocating free EUAs would be the one way of ensuring the competitiveness of EU steelmakers and other industries at risk of carbon leakage.
EU carbon rose 1.4% on Tuesday after a strong auction result triggered a rebound from a fresh three-week low, but analysts warned that prices remained lodged in a short-term downward trend.
Czech-based utility CEZ produced 3.2% more thermal power over the first nine months of 2015, though its hedging rates were slightly down year-on-year despite a recent uptick.
California on Tuesday released a preliminary timetable for next year’s reserve allowance sales and joint auctions with WCI partner Quebec.
Bite-sized updates from around the world
A step forward has been made toward reaching a climate change deal at a UN conference in Paris next month, the French government said Tuesday, following a three-day ministerial meeting to prepare the talks. (Washington Post)
UK climate minister Amber Rudd appears to have misled Parliament by promising that UK was on course to deliver on its renewable energy targets – when there is a delivery shortfall in 2020 of almost 25%, according to a letter she sent to Cabinet members that was leaked to The Ecologist magazine. Rudd downplayed the chances of the UK sourcing 15% of energy from renewables by 2020, warning of an “absence of a credible plan” to meet the target and could be liable for an EU fine. A government spokesman said “We continue to make progress to meet our overall renewable energy target.” (The Ecologist)
The US states of Washington, Massachusetts, Vermont, Rhode Island and Oregon are all in various stages of introducing carbon tax proposals to their state legislatures. (Washington Post)
And finally… President Obama on Monday created his own Facebook page, part of a broader push by his administration to directly reach out to the public on social media rather than traditional press channels, and he used the opportunity to press the public to speak out about fighting climate change. (The Hill)
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