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The draft Paris Agreement text released Wednesday afternoon potentially paves the way for a new international carbon market, but remained heavily bracketed and included wording that experts say may be problematic for some parties.
South Korea’s Ministry of Environment is about to be stripped of its responsibility for the nation’s emissions trading scheme, sources told Carbon Pulse, with regulatory responsibility set to be handed over to the Ministry of Strategy and Finance.
It’s crunch time in Paris as negotiators will get a new text this afternoon that will form the basis of the last few days of the climate talks. Carbon Pulse continues to post updates from COP21 as they develop.
European carbon prices climbed back to end steady after dipping to touch a new one-month low for a second day, as a strong auction and a bullish energy complex and euro supported.
New Brunswick is considering how to strengthen its existing plan to fight climate change, and according to its Premier, it is not ruling out introducing a price on carbon either through a revenue-neutral tax or by joining one of North America’s two existing emissions trading schemes.
Bite-sized updates from around the world
Dutch CCS project to extend to gas extraction: Developers of the Dutch ROAD project are confident the scheme can advance after including plans to extract gas and oil from a nearby offshore deposit with the captured CO2 and additional funding from Norway and Germany. Green groups opposed the “mad” new move for the scheme, which is being developed by energy giants EON and Engie. (de Volkskrant, in Dutch)
If the American Business Act on Climate Pledge contains companies “voicing support for a strong Paris outcome” and “demonstrating a commitment to climate action,” as the White House describes the participants, then few of the largest private electric utilities are part of that explicit effort. Climate Progress examines why.
And finally… Chinese artist Wang Renzheng, known as Nut Brother, spent four hours a day for 100 days sucking smog out of Beijing air using an industrial vacuum-cleaner,. When he had enough smog stored, he turned it into… a solid brick! (Digital Trends)
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