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The ailing CDM should be ported into the GCF as a ready-made mitigation tool that can channel climate finance to poorer nations, observers and project developers said on Tuesday.
All the world leaders have mostly come and gone, and delegates from nearly 200 countries can get around to the business of negotiating a new global climate deal. Carbon Pulse publishes a daily summary of key developments (that aren’t worthy of separate stories), and continuously update it throughout the day.
Kazakhstan has proposed allocating 737.7 million allowances to ETS participants over the 2016-20 period, a senior government official said Tuesday, which would translate into a 4% drop or a reduction of 6 million units per year compared to the 2014-15 second trading phase.
California and Quebec confirmed on Tuesday the reserve price for next year’s WCI quarterly auctions will be $12.73/t (C$12.82), up from $12.10/t this year according to the market’s rules.
EU carbon prices were little changed for the second successive session on Tuesday after clawing back earlier losses from a weak government auction.
Bite-sized updates from around the world:
The US House of Representatives voted on Tuesday to overturn President Obama’s Clean Power Plan, rejecting plans already approved by the Republican-controlled Senate to regulate emissions from existing and future power plants. The White House has promised Obama will veto the bills, making the move mostly symbolic but attempting to undercut the President’s efforts in Paris. (The Hill)
German utility RWE moved to restructure its businesses to better absorb the cost of nuclear plant closures on Tuesday, sending its shares up nearly 17%, their biggest one-day gain in seven years. To extract funds from its healthier businesses, the EU ETS’s biggest emitter will hive off its renewables, grids and retail units into a separate entity and sell a 10% stake in an initial public offering late next year. (Reuters)
Brunei, the tiny nation on the island of Borneo, released its INDC and made three pledges: to reduce energy consumption by 63% below BAU by 2035 and increase the share of renewables in the national energy mix to 10% during the same period; to reduce CO2 emissions from “morning peak hour vehicle use” (aka rush hour) by 40% below BAU by 2035; and to increase its forest reserves to 55% of total land area, up from 41% currently. The submission brings the total number of countries that have made commitments to 184 out of 195.
Nicaragua will not submit an INDC and its ally Venezuela is likely to do the same in protest at a weak global deal that lets big polluters off the hook, Nicaragua’s lead climate negotiator said. (Climate Home) Check out Carbon Pulse’s INDC Tracker for details on all submissions.
And finally… Meet 13 climate warriors – women on the front line in the global battle to stave off climate change. (Vogue)
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