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Brazil and the EU have jointly proposed new text on international carbon trade in a move observers say drastically improves the chances of market provisions being retained in the final UN climate pact.
China will bring nearly 10,000 companies emitting around 4 billion tonnes of CO2 per year into its national emissions trading scheme from the start in 2017, a government official said Tuesday, marking a step change from previous plans that would have grown the market to that size only by 2020.
With four days to go until the Paris climate talks are supposed to end, ministers and negotiators are working around the clock to sort out long-standing differences. Carbon Pulse continues to publish updates from the French capital as they happen.
Allegations made by HMRC against investment Citibank NA that hint at fraud and dishonesty are “embarrassing”, the investment bank’s lawyer said on Tuesday, as the latest hearing in a case over a £10 million (15.1 million) tax bill relating to the EU carbon market wrapped up.
European carbon prices ended steady on Tuesday in the face of falling German power and a weak auction, recovering from a one-month low touched earlier in the session.
The Philippines has signed an MoU with Japan on the Joint Crediting Mechanism (JCM), putting it on track to become the 17th nation to join the market, under which Japan aims to fund carbon-cutting projects in return for offsets it can use towards meeting its 2030 emission target.
Bite-sized updates from around the world
Analysts argue whether China’s target to peak GHG emissions by 2030 will be impossible or easier than BAU. Some of the models used rely on an outdated economic growth model for China and hence over estimate the country’s future emissions path, argue Fergus Green and Thomas Spencer in this comment. (China Dialogue)
Mexico’s government will invest US$23 billion at refineries to slash greenhouse gas emissions from gasoline by 90% and cut several tonnes produced by four facilities.
French power generator Engie and the Magritte group of European gas and power utilities called on Tuesday for carbon pricing, rather than targets for increasing renewable energy use, to be the main tool for fighting climate change. (Reuters)
Bloomberg takes a retrospective look at the growth of global carbon markets featuring their 74-year-old “father” Richard Sandor. The piece charts the slow, steady resurgence of market approaches to tackling climate change.
The opposition’s rout of Venezuela’s Maduro government is unlikely to transform South American petropower’s hardline stance on climate action, although ideological posturing could make way for pragmatism, argues Guy Edwards of Brown University. (Climate Home)
A Greenpeace undercover investigation has exposed how fossil fuel companies can secretly pay academics at leading American universities to write research that sows doubt about climate science and promotes the companies’ commercial interests. Posing as representatives of oil and coal companies, reporters from Greenpeace UK asked academics from Princeton and Penn State to write papers promoting the benefits of CO2 and the use of coal in developing countries. The professors agreed to write the reports and said they did not need to disclose the source of the funding.
And finally… “Bite them, in a nice way”: On a day which the ‘high ambition coalition’ of over 100 countries broke cover at the Paris climate talks, the Marshall Islands’ Tony De Brum described how the group intended that member countries would act as a “mosquito fleet”, sending envoys to various parties with which they have bilateral ties and “bite them in a nice way”. (The Guardian)
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