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Manitoba is to launch a cap-and-trade scheme as part of its new climate change strategy, and sources told Carbon Pulse that the Canadian province will likely seek to link its market to those in Ontario, Quebec and California via WCI.
Malaysia, Jamaica and Tuvalu submitted their INDCs on Friday, taking the number of national climate pledges received by the UN to 180 out of 195 countries, with just two days before the Paris talks open.
British Columbia should increase its carbon tax at an annual rate of $10/tonne once it is unfrozen from its current $30 level in 2018, and the government should use some of the proceeds to cut the Canadian province’s sales tax (PST) to 6% from 7%.
If Australia’s main opposition party wins next year’s election, it will aim to cut greenhouse gas emissions 45% below 2005 levels by 2030 and reach net zero emissions by mid-century, Labor party leader Bill Shorten said Friday.
Spot NZUs rose 8.1% over the week to close Friday at NZ$8.32 ($5.47), a tenth straight week of gains, as traders reacted to the government’s ETS review paper.
EU carbon prices ended flat on Friday to notch a 7-cent weekly gain as traders took encouragement from a pick-up in auction demand ahead of curtailed December supply.
EU member states will auction a total 733.77 million EUAs next year, some 16% or roughly 100 million more allowances than were put up for sale this year, according to the 2016 auction calendar published by the European Commission and host exchanges late on Friday.
Closing prices, ranges and volumes for China’s regional pilot carbon markets this week.
Bite-sized updates from around the world
Just as Paris begins to return to a semblance of normal life after the Nov. 13 terror attacks, more than 140 world leaders are set to descend on the French capital Monday for climate talks that will bring a massive police presence and extensive traffic restrictions. (Bloomberg)
The destruction of Brazil’s Amazon forest increased by 16% in 2015 from a year ago as the government struggles to enforce legislation and stop illegal clearings, according to government satellite data for the 12 months through the end of July. (Reuters)
EU lawmakers should cancel the massive EU ETS surplus before 2020 and seek to strengthen the market in the middle of the next decade, Anja Kollmuss of green group coalition CAN Europe urges in an opinion piece. She said this would not require the EU to make any additional effort because it is already far exceeding its emission reduction goals and would convince poor nations the bloc is serious about tackling climate change. (EurActiv)
Consultancy Ecofys has published a new model to calculate the financial impact of the EU ETS on industrial sectors over Phase 4 (2021-2030). This expands the model it originally developed for the steel sector.
The Nov/Dec issue of Carbon Mechanisms Review is out. Published by the JIKO unit of the German environment ministry, this edition assesses the role of markets in INDCs and details the G7’s strategic dialogue on carbon markets.
And finally… File this story under ‘O’ for Obvious: Japan’s Gosat satellite, the world’s first specifically designed to monitor greenhouse gases from space, has observed high concentrations of methane emissions from man-made sources in densely-populated parts of China and India. (Bloomberg)