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Israel will from 2023 introduce a carbon tax that the government said will be the “cornerstone” of the country’s new climate action plan.
Tighter supply balances could help EU carbon prices climb above €100 by 2025, analysts said, but ahead of that the market faces some near-term headwinds.
EUAs kicked off August on a strong note on Monday morning, climbing to their highest in more than two weeks as the energy complex continued to gain ground.
The UK government has set the November trigger price for the UK ETS Cost Containment Mechanism at its highest level to date, raising the likelihood that no additional allowances would come into the market before the end of the year.
The Ukrainian government agreed on Friday the country’s upgraded nationally-determined contribution (NDC) to the Paris Agreement, although its new 2030 climate objective is already well within reach.
California power consumption climbed throughout July as the Golden State experienced continued hot weather, while grid operator California Independent System Operator (CAISO) reported much higher Q2 emissions this year due to an increase in carbon-emitting sources.
Emissions regulated under Massachusetts’ Global Warming Solutions Act (GWSA) cap-and-trade programme soared for the second consecutive quarter as the removal of coronavirus restrictions led to an uptick in power demand, according to data.
Voluntary emissions reduction (VER) prices across multiple product categories in the voluntary carbon market (VCM) extended record highs this week, as CME Group’s nature-based carbon offset futures contract transacted for the first time on Monday.
A power company in China’s northeastern Jilin province has teamed up with the Shanghai Environment and Energy Exchange to build a regional carbon trading platform for voluntary offsets, potentially including locally generated Gold Standard and VCS units.
Rupert Murdoch-controlled media company News Corp announced Monday it will acquire commodity price reporting agency Oil Price Information Service (OPIS), as the media giant aims to incorporate news on carbon credits and the global energy transition into its intelligence offerings.
China’s recently launched national emissions trading system (ETS) has been both lauded and loathed by pundits. Some see it as hugely important, while others see it as little more than virtue signalling. The reality is somewhere in the middle, writes TransitionZero’s Matthew Gray.
(Updates from Friday with two additional submissions ahead of deadline, additional comments)
Twelve nations submitted revised nationally determined contributions to the Paris Agreement in the two days ahead of a deadline for including the pledges in a major UN report.
Job listings this week
- *Officer, Land Use and Forests, Standards Development, Gold Standard – Remote (India/Switzerland/UK)
- *Officer, Energy, Standards Development, Gold Standard – Remote (India/Switzerland/UK)
- *Sales Manager, Green Energy, ClimatePartner – Munich
- *Carbon Offset Procurement and Portfolio Manager, ClimatePartner – Munich
- *Carbon Project Developer, ClimatePartner – Munich
- *Carbon Project Developer, Nature-Based Solutions, ClimatePartner – Munich
- *Director of Climate Finance, UpEnergy – Flexible Location (Africa preferred)
- *Associate Director of Climate, Asia Society Policy Institute – Flexible Location
- Originator, CO2 Trading, Shell – Shanghai
- Carbon Credits Trader, Targray – Houston
- Regional Operations Manager, AgriGrove Pty Ltd – Rockhampton & Capricorn Coast, Australia
Or click here to see all our listings
BITE-SIZED UPDATES FROM AROUND THE WORLD
Exit speed – The debate about Germany’s 2038 coal phaseout deadline has intensified in the country’s election campaign. Economy minister Peter Altmaier expects the country to complete its phaseout earlier, “fuelled by the significant rise in the European ETS”, he told dpa, adding that an earlier coal exit would not mean cuts to regional aid. Altmaier’s comments mirrored those of the conservative CDU’s candidate for chancellor, Armin Laschet, who has been heavily criticised by environmental NGOs that were part of Germany’s so-called coal commission for saying that the NGOs had agreed to the 2038 end date. Laschet said the NGOs had “proposed” 2038 and said policymaking needs to be reliable.” But Olaf Bandt of BUND said NGOs like his had been clear they preferred a 2030 deadline and urged Laschet to correct his statement and promote a 2030 exit. (Clean Energy Wire)
For the chop – Europe’s largest non-state forest owner, Sweden-based Svenska Cellulosa (SCA), is facing a challenge to its core business of harvesting and replanting trees on land valued at $9 bln, as the EU’s climate change strategy focuses on preserving woodland. In 2020, the company harvested 4.8 cubic metres of timber, while its remaining forests absorbed about 4.4 Mt of CO2 or about 9% of Sweden’s total annual carbon emissions. However, environmental groups say actively managed forests, where trees are cut down and new ones planted, will absorb less carbon than they would if they were not harvested at all. (FT)
African exit – South Africa’s state-owned utility Eskom has laid out a funding plan to help the company transition away from coal. CEO Andre de Ruyter said the company is proposing a multi lender loan facility from development finance institutions that would be paid out in segments over a number of years, with executives previously saying the transition could cost $10 bln. The utility is considering 8,017 MW of projects, ranging from wind power to solar, hydropower, and gas. (Bloomberg)
Alpine export – Switzerland hopes to achieve part of its climate goals by burying CO2 in Iceland and in the medium term is even considering exporting CO2 to the island nation, public broadcaster RTS reported, without saying where it got the information. The two non-EU European countries committed to jointly developing negative emission technologies in a declaration of intent signed on July 20. Read Carbon Pulse’s reporting on an Icelandic project to effectively turn CO2 into stone that is being developed by Swiss direct air capture tech firm Climeworks, carbon storage firm Carbfix, and Icelandic state-owned utility ON Power.
Jittery – Businesses and experts in export-reliant South Korea on Monday expressed concerns over the EU and the US’ moves to levy carbon emissions tax on goods imported to the countries, the Korea Herald reports. The Federation of Korean Industries, a lobby organisation representing more than 400 businesses in the country, including conglomerates Samsung and LG, has requested the EU to exempt Korea from the tariff plan.
Planning a plan – China’s National Forestry and Grassland Administration over the weekend announced it has established an expert advisory committee. Part of the work to be done is drawing up action plans for carbon sink and sequestration from forestry and grassland over the next decade. That work will include exploring offset trading of related carbon sinks.
Forests are it – Japan’s Hokkaido gas has bought a 143-hectare forest by Lake Kanayama on the country’s northernmost island, it announced. The company plans to maintain the forest in a bid to generate domestic J-credits, which it can use to write off its GHG emissions. It did not say how many offsets it expected to earn from the arrangement.
Get in – In Australia, the Queensland state government on Monday officially opened for applications for its second round of funding for carbon farming projects, looking to spend A$25 mln on schemes that in particular bring co-benefits for Aboriginal communities. As Carbon Pulse reported last month, the round will also include a programme offering upfront funding assistance for revegetation and soil carbon projects.
Sunday scaries – US senators on Sunday night unveiled the actual text of the bipartisan infrastructure plan after voting to begin debate last week. As detailed previously, the 2,702-page bill contains a wide array – to the tune of tens of billions of dollars – of initiatives to modernise power grids and build new transmission, $39 bln for public transit systems, and billions for various CCS programmes, such as $3.5 bln for regional hubs to demonstrate direct air capture. Now the Senate can begin a potentially days-long amendment process before a final vote as early as this week. (Axios)
Massive melt – With climate change fuelling high temperatures across the Arctic, Greenland lost a massive amount of ice on Wednesday with enough melting to cover Florida in 5.1 cm of water, scientists said. It was the third-biggest ice loss for Greenland in a single day since 1950, with the other two records, also within the last decade, happening in 2012 and 2019. The rapid melt followed warm air being trapped over the Arctic island by a change in atmospheric circulation patterns, scientists said, noting that there could be more ice lost. (Reuters)
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