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Egypt might launch a domestic emissions trading scheme that could develop into a regional carbon market, it said in its INDC submitted to the UN on Wednesday.
The Emissions Reduction Fund (ERF) is Australia’s main mechanism to cut greenhouse gas emissions, but even with the announced new funding of A$200 million ($141m) a year from 2018 it is only likely to achieve 14% of the required carbon cuts by 2030, a Climate Institute report said on Wednesday.
International climate initiatives have a 70% overlap with action promised under INDCs though could still bring the world closer to a 2C climate goal, a new study found.
EU carbon prices were unchanged on Wednesday, defying a weak government auction and bearish signals from the energy complex.
California’s carbon market regulators issued almost 3.5 million offsets over the past two weeks, including the first credits awarded to a coal mine methane project, data published late Tuesday showed.
E.ON, Europe’s third biggest emitter, sold less forward power in Europe but appeared to hedge the same proportion of it over the first nine months of 2015, according to Q3 results released on Wednesday.
CME Group this week delisted its California Carbon Allowance (CCA) futures and options contracts, effectively ceding victory to rival ICE on that front after traders showed little interest in the offerings.
RGGI officials will hold a consultation meeting next week to gather views for its 2016 programme review and potential issues regarding compliance with the federal Clean Power Plan (CPP).
Bite-sized updates from around the world
A carbon tax or cap-and-trade system in the US and globally would serve the energy industry better than the current slate of piecemeal state and federal regulations, Shell Oil Co. President Marvin Odum told an energy conference in Houston, though he added he didn’t expect it soon. (Houston Chronicle)
US to integrate climate considerations into foreign policy, says John Kerry – The US Secretary of State this week said that he will convene a task force of senior government officials to determine how best to integrate climate and security analysis into overall foreign policy planning and priorities. (NDTV)
Australia and South Korea are pushing back hard against efforts to sway wealthy nations away from financing coal projects overseas, according to documents provided to ClimateWire. A US-Japanese agreement has been making the rounds at the OECD as member countries prepare for discussions next week on whether to restrict financing for coal through export credit agencies.
Some observers have held out hope that Jeb Bush might be the one Republican US presidential candidate that could throw up a surprise in the climate field, but in a TV debate Tuesday he confirmed he would most certainly abolish the Clean Power Plan if he were elected. (Washington Examiner)
Germany and the UK are among nations plunging down the World Energy Council’s 2015 Trilemma Index, a league table of energy affordability and accessibility, as they grapple with policies to cut greenhouse gases while keeping the lights on. Germany slumped to 46th from 11th two years ago. The UK dropped to 30th from 8th while Denmark went to 57th from 25th. (Bloomberg)
And finally… Very little is known yet about the final look and shape of China’s national ETS, but Climate Trader, an EU-based anonymous blogger, has made some back-of-the-envelope calculations and reckons the market could be net short some 430mt-2.3bt between 2017 and 2030.
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