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Emitters in California’s cap-and-trade market used offsets to cover 4.5% of their compliance obligations in the scheme’s first two years, translating into around 13 million credits, according to the state Air Resources Board’s website.
An alliance of 15 Chinese carbon exchanges on Friday vowed to use their influence to ensure fairness, efficiency and transparency in China’s national carbon market.
Two Republican and one Democrat senators on Thursday introduced a resolution demanding that any outcome from the UN climate summit in Paris, regardless of legal form, must be put to a Senate vote.
China on Friday released a list of 21 new projects that have been approved to generate offsets for the domestic carbon market, including 13 Category 1 programmes expected to generate nearly 1.4 million CCERs annually.
EU carbon prices slipped on Friday but still posted a marginal weekly gain, as traders drew encouragement from consistent appetite for units despite high auction supply.
New Zealand carbon allowances had another strong week, touching NZ$7.80 ($5.14) on Thursday, the highest levels since March 2012, before settling Friday at NZ$7.70, a ninth straight week of gains as demand remained strong.
Germany is at risk of missing its 2020 goal to cut GHG emissions by 40% below 1990 levels, German media reported this week, citing an annual government progress report on the country’s Energiewende transition to low-carbon energy sources.
The director of a London-based carbon credit company that was wound up by the government in 2014 has been disqualified for selling illiquid voluntary units (VERs) at inflated prices.
Closing prices, ranges and volumes for China’s regional pilot carbon markets this week.
A table of Verified Emission Reduction (VER) prices and offered volumes, based on voluntary market data from Carbon Trade Exchange.
The Ecologic Institute is pleased to invite you to participate in the first of a 4-part guest-speaker webinar series devoted to discussing key topics on Emission Trading Systems (ETS). These webinars will also mark the launch of a new online course providing in-depth instruction on ETS theory and design, freely available on 25 November 2015.
Bite-sized updates from around the world
France identifies over 20 key issues ahead of UN climate summit – Finance and burden sharing between rich, developing and emerging economies emerge as sticking points after final pre-COP21 ministerial meet. (Climate Home)
Paris talks to start a day early – The co-chairs of negotiations towards a UN climate pact published a scenario note signalling first plenary session could meet at 5pm Sunday, a day earlier than the usual Monday start to COP meetings. (UNFCCC)
A group of US House Democrats is investigating whether oil and coal companies have lied to the public regarding what they know about climate change. (The Hill)
Two US Senators are introducing a bill to help utilities fund the installation of CCS technology through 1970s-era tax-exempt private activity bonds. (New York Times)
In the latest sign of protest against its emission goals, Polish President Andrzej Duda urged the EU to revise its CO2 cut commitment, saying its implementation will be costly. (Reuters)
Two more INDCs came in on Friday:
Oil-rich Qatar’s INDC has no outright mitigation actions, only those as co-benefits to policies of economic diversification and adaptation. These include references to developing renewables and energy efficiency measures, but no targets were listed. The document said Qatar, which hosted the 2012 UN climate summit, had been contributing indirectly to global mitigation efforts by exporting LNG as clean energy.
The Cook Islands submitted an INDC with an unconditional goal to cut power emissions 38% under 2006 levels by 2020. This would be done via its already-submitted NAMA to reach 100% renewable-sourced electricity coverage by 2020 (it’s already at 50%). It also submitted a conditional goal to deepen the power emission target to a 81% cut by 2030 with international support for grid storage, improved energy efficiency. No reference was made to the use of markets.
In Washington state, Deptartment of Ecology officials on Thursday answered questions regarding the state’s plan to regulate GHG emissions from Jan. 1, 2017. A first draft of the rules will be released next month, but officials outlined a system where companies that over-achieve their targets will be issued credits that they can sell to those who fall short. Companies can also use offsets or allowances from other cap-and-trade markets such as California and RGGI, or even abroad, to meet their targets, they said. (The Olympian)
Brazil’s greenhouse gas emissions fell 0.9% in 2014, according to a network of local environmental organizations, which expressed concern that only one sector, though a large one, showed a decline. The drop last year to 1.558 billion tonnes of CO2e resulted solely because Brazil managed to reduce deforestation after a spike in 2013, the Climate Observatory said in a report released on Thursday. (Reuters)
A lack of adequate sectoral targets and appropriate action to reduce emissions from international aviation and shipping risks undermining climate efforts elsewhere, finds a study prepared for the European Parliament, as reported by GreenAir Online. International aviation’s current 1.3% share of global CO2 emissions may rise to a substantial 22% by 2050 if the sector does not step up its ambition and continues to fall behind other sectors working to combat climate change, it warns. While full decarbonisation of aviation within the next 30 years is unrealistic, argues the study, stabilising emissions at 2020 levels, as proposed by ICAO Member States, “is clearly not enough.” It is important to establish targets for both aviation and shipping that clearly indicate emissions cannot grow unlimited and unregulated, it advises EU lawmakers.
There will be labels on gasoline pumps in North Vancouver next year warning consumers of the dangers of climate change and presenting alternatives to petrol-powered vehicles, Citylab reports. The labels will present efficiency tips, highlight incentives for electric vehicles, and could even lay out the long-term effects of climate change caused by fossil fuels. Legislators in California are considering similar measures. (H/T Climate Nexus)
And finally… Actors Jeff Goldblum and Ed Begley Jr. are featured in a new Funny or Die video that mocks industry opposition to the US Clean Power Plan.
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