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It may take years for enough governments to ratify the new Paris Agreement for it to come into force, or to agree on the rules underpinning the new emissions trading mechanism enshrined by it, but any parties wanting to link up their carbon markets under the pact need not wait.
Taiwan might face problems linking its emerging carbon market to international trading schemes due to its lack of sovereignty, said a lawmaker with the party widely expected to gain power next month.
European carbon rose for a second straight day on Tuesday, recovering further from the 11-week low touched on Monday as a strong auction result and continued bargain hunting lifted prices.
Bite-sized updates from around the world
Paris Agreement ‘does not need US Senate approval’ say officials – State Department confident loose legal language and lack of tough compliance mechanism will ensure Republicans cannot block UN deal. (Climate Home)
Germany will lay out a climate action plan for 2050 by the middle of next year and is talking to industry groups and trade unions about ways to end coal-fired power generation, its Environment Minister said on Monday. (Reuters)
Coal company Peabody Energy announced plans yesterday to raise $1 billion from investors but did not mention climate change or emissions-cutting policies as investment risks. That exclusion came one month after Peabody finalized an agreement with New York’s attorney general to file updated public documents about its financial hazards related to climate change and potential climate regulations. (ClimateWire)
European energy firm Statkraft has agreed to buy California forestry offsets from The Conservation Fund, the companies said in a joint statement on Tuesday. The credits originate from the Big River and Salmon Creek Forests. No further details were announced.
And finally… The ink hasn’t yet dried on the Paris Agreement, but Greenland – one of the territories most at risk from global warning – is already demanding an opt-out. (Bloomberg)
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