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Nineteen governments and nearly 90 businesses on Monday launched a global body intended to strengthen and expand carbon pricing across the globe.
Germany, Norway, Sweden and Switzerland on Monday became the first funders of a new World Bank facility seeking to carve out a new international carbon market by funding emission-reduction policies in developing nations.
Delegates from nearly 200 countries are meeting at the UN climate summit in Paris for two weeks to hash out a new global agreement on climate change. Carbon Pulse will publish a daily summary of key developments, including everything to do with carbon pricing, and continuously update it throughout the day.
Linking Australia to China’s soon-to-be-launched emissions trading scheme is one of the options Australia’s main opposition party is looking at while it designs a carbon market proposal that it will take to next year’s election, party leader Bill Shorten said Monday.
The EU’s post-2020 fund to modernise the bloc’s power sector could focus exclusively on renewable energy projects, ignoring other low-carbon options, Poland’s biggest utility and emitter warned, adding that giving other organisations and non-recipient nations veto power over spending was a “big problem”.
Australia should keep a form of carbon pricing on the table as part of new policies needed to step up emission reduction efforts, the government’s independent advisers Climate Change Authority said Monday.
Nigeria on Saturday pledged to cut its 2030 greenhouse gas emissions to 20% below BAU levels, but said the target could be upped to 45% if the country receives international support.
European carbon ended flat on Monday, as volume was heavy but prices unfazed by firmer German dark spreads and the start of UN climate talks in Paris.
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Bite-sized updates from around the world
Days ahead of COP, the US circulated ‘non-paper’ confidentially informing select countries of what it believes the important features of an agreement in Paris, Business Standard reported. It said it wants the successive round of pledges under the proposed Paris agreement to be determined independently by each country and not through a process of international negotiation, adding that the wall of differentiation between developed and developing countries (CBDR) should be done away with, consequently also doing away with any notion of historical responsibility. Along with it, the US it wants not only developed countries but also developing ones to contribute climate funds in the future.
Also days before the summit’s start, ICAO’s 36-state governing council has again called on governments to oppose the “disproportionate” of international aviation as a potential source of revenue for climate finance for other sectors. At a session of the council last week, representatives adopted a formal eight-point declaration that will be circulated in Paris, in which ICAO says it is on course to adopt a global CO2 standard for aircraft next year and is committed to finalising the key design elements of a global market-based mechanism for a decision by the next assembly in autumn 2016. (H/T GreenAir Online)
Despite China’s massive investments in renewable energy, the country also keeps adding new coal-fired capacity to its grid. In a brief published Monday, Bloomberg New Energy Finance said it expected 254 GW of new coal-fired capacity to come online by 2020, some of it replacing older coal plants. Carbon emissions from China’s power sector are likely to peak in 2012 at the earliest, and then drop 2.5% a year until 2030, BNEF predicted.
The latest submitted INDCs came from Angola and Palau:
Angola’s INDC featured an unconditional pledge to cut BAU emissions by up to 35% under 2005 levels by 2030, with an additional 15% BAU reduction conditional on international support via existing and emerging climate finance mechanisms. The overall cost is $14.7 billion, with project-specific actions focused on deploying renewables (hydro, wind, solar, biomass) and reforestation. 2030 BAU emissions are expected to soar from 2005 levels of 66.8 million tonnes to 193.2 million, rise of 189%. The country said REDD+ initiatives could contribute cuts of more than 35 million tonnes/year by eliminating deforestation, at a cost of €500 million. “Angola recognizes the role that carbon markets can play for the mobilization of resources and the promotion of the development and transfer of climate friendly technology,” it said, without giving further details.
Tiny Palau pledged a target to cut energy sector emissions by 22% under 2005 levels (88,000 tonnes) by 2025, plus goals for renewables and energy efficiency. Meeting the targets would put 2025 emissions at 68,000t, rather than BAU of 140,000t. It said meeting the target depended on availability of partnership finance, technology support and capacity development. The INDC made no reference to market mechanisms, despite the country joining Japan’s Joint Crediting Mechanism (JCM).
Check out Carbon Pulse’s INDC Tracker for details of all the pledges submitted so far.
And finally… (COP-21 Twitter edition):
— Coral Davenport (@CoralMDavenport) November 30, 2015