The global supply of CDM credits could be far lower than previously expected by 2020 because most projects won’t bother applying for the units, potentially bringing the ailing market into balance, according to a study from NewClimate Institute.
The end of the first week of the Paris climate talks is approaching, with limited progress reported so far. Carbon Pulse continues to publish updates throughout the day of key developments in the negotiations as well as on the sidelines.
Manitoba Premier Greg Selinger on Thursday announced that his province would seek to cut its GHG emissions by a third below 2005 levels by 2030, and confirmed that it will use an emissions trading scheme to help it reach its goal.
EU carbon prices rose on Thursday to recover losses over the previous session as the euro hit a one-month high following a less-than-expected ECB interest rate cut.
The 2015 vintage contract in Shanghai’s carbon market has dropped 40% to 13.40 yuan ($2.09) on small volumes over the past week in what some observers say are speculators selling the contract down while other argue it is a natural price correction.
Bite-sized updates from around the world
Calls by the US and Australia for tougher requirements on how developing countries’ emissions are reported on and checked have met with fierce resistance at the Paris climate talks. (Guardian)
Wealthy nations spend 40 times as much money subsidizing fossil fuel production as they contribute to the GCF to help poor countries adapt to global warming, a research group said in a study released on Thursday by NGO Oil Change International. (Thomson Reuters Foundation)
Cutting emissions may get harder with time – The most fascinating thing about the Paris talks isn’t that the result will be insufficient to avert potentially catastrophic climate change, but that people don’t seem more bothered by the languid clip of progress. “I’m optimistic,” President Barack Obama said Monday. “I think we’re going to solve it. I think the issue is just going to be the pace and how much damage is done before we are able to fully apply the brakes.”Perhaps the best justification for that optimism is the hope that cutting emissions will get easier as the consequences of inaction become clearer. (BloombergView)
Australia has one of the two new co-chairs of the Green Climate Fund, and Environment Minister Greg Hunt said Thursday that his country’s aim is to speed up the flow of cash from the GCF. “The beauty of the Green Climate Fund is that it’s non-bureaucratic but the weakness so far is that it’s been slow to actually get the money out the door into projects,” he said at UN climate talks in Paris. (AAP)
The US state of Connecticut became the latest jurisdiction to sign up to the Under 2 MOU agreement – the global compact to pledged by cities, states and provinces worldwide. The RGGI member joins others to agree to cut GHGs 80-95% below 1990 levels or to 2 tonnes of CO2e per capita by 2050. Connecticut’s own statutory climate reduction target requires emissions reductions of at least 80% economy-wide by 2050 from 2001 levels. (Stratford Star)
Six Germany-funded research groups have put out a report offers deliberations on what a “fair share” for country emissions in 2025 and 2030 could be. It shows, for a selection of ten countries, how their respective INDCs perform if related to different fair share approaches and effort sharing models. (Ecofys)
Exxon Mobil, a favourite target of global warming activists, said Wednesday that it’s hopeful for a deal out of the climate change talks in Paris and still thinks the best solution is a carbon tax. (Bloomberg)
And finally… Activists have flooded Paris with ads mocking COP-21’s corporate sponsors. (Washington Post)