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The EU must focus on implementing laws to meet its 2030 emission reduction goal of 40% before considering any increase in ambition from 2020, Europe’s climate commissioner Miguel Arias Canete said on Monday.
Australia is likely to make a policy U-turn in 2017 to allow for the use of international carbon units to help it meet a potentially more ambitious 2030 emissions reduction target following Saturday’s agreement on a new global climate change deal, Environment Minister Greg Hunt said Monday.
New Zealand, in the waning minutes of the Paris climate summit, issued a declaration supporting carbon markets, in a move backed by 17 countries and aimed at boosting lawmaker and investor confidence in the future of emissions trading schemes.
European carbon prices reversed course after sinking to an 11-week low on Monday, finishing unchanged as speculators and utilities sought bargains as the benchmark EUA futures contract expired.
EU lawmakers should carefully scrutinise the climate policies of other regions when working on the bloc’s own policies to ensure its manufacturers compete on an equal footing, lobby group IFIEC Europe said on Monday.
Oil-rich Venezuela became the last substantial emitter to submit its INDC over the weekend as the Paris Agreement was gavelled through, while Argentina’s new government reportedly signalled that its pledge might be revised.
COMMENT: For carbon pricing in China, the question is not “if” but “how” – with lessons for the United States
China’s experiment with emissions trading should give the United States pause to consider whether and how CO2 pricing might be a prudent solution, if not a generator of competitive advantage in a carbon-constrained world, writes MIT’s Valerie Karplus in this comment.
Exchange operator ICE on Monday launched trade in two additional vintages California carbon market and one for RGGI, and on Tuesday will extend CER futures and option expiries as well, it announced.
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Bite-sized updates from around the world
The Paris Agreement is President Obama’s biggest accomplishment, according to a piece in New York magazine.
And spending $16.5 trillion to save the planet isn’t as much as you think, according to Bloomberg.
Investors are rethinking their portfolios after the deal – Mining shares and energy stocks have suffered losses following the landmark deal on carbon emissions. Meanwhile, renewable energy firms added value in a first sign a shift in global investment decisions may be underway. (Deutsche Welle)
The coal industry’s European lobbying association has said that the landmark Paris Agreement means the sector “will be hated and vilified, in the same way that slave traders were once hated and vilified“. (EurActiv)
Planes and ships left out of Paris Agreement – The fast growing sources dropped out of the climate change accord over the course of negotiations. (ClimateWire)
Taking a brief step away from the Paris pact, US emitters are beginning to stake out positions on how emissions allowances under CPP-spawned trading schemes should be allocated. EnergyWire reports.
And finally… What is (hopefully) to forever be known as ‘Shallgate’: For over an hour on Saturday night, the Paris talks hung in the balance. At stake was US participation in a global agreement. Screens beaming coverage of the main plenary to thousands of delegates outside were turned off, as what was billed as the coronation of a global climate deal rapidly turned sour. The problem? One word: shall. The issue? Whether the US and other developed countries would be signing up to a UN treaty that would legally bind them to make specific greenhouse gas cuts. (Climate Home)
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