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China is hopeful institutional investors will be able to trade in the national emissions trading scheme by year-end, an exchange official told state media this week, a move considered vital to ignite the market’s liquidity.
China’s national emissions trading scheme could drive reductions of 30-60% of the nation’s current CO2 output by 2060, though is unlikely to have much impact in the near term, according to a report released Tuesday.
The Beijing municipal government on Tuesday unveiled a five-year plan for hydrogen, which included developing a methodology to allow clean hydrogen to earn carbon offsets.
The EU’s proposed carbon border adjustment mechanism (CBAM) will only have marginal impacts on Australian exports, and could even boost the country’s competitiveness in Europe in the near term, the Australian industry (Ai) Group said Tuesday.
Developer South Pole has partnered with a local community group to establish nature-based offset projects in New South Wales, Australia.
California regulator ARB asked for stakeholder feedback on Tuesday about whether to set a more ambitious 2030 carbon abatement goal during the 2022 Scoping Plan process, while also contemplating other mechanisms to drive emissions reductions in the Golden State.
Quebec’s environment ministry (MELCC) is working to develop a draft later this year to expand the agency’s existing livestock protocol, with the announcement coming amid a flurry of activity from the Canadian province on new and proposed compliance offset methodologies.
US biofuel credit (RIN) values have remained rangebound over much of August on a lack of drivers and as market participants await the release of this year’s biofuel quotas under the Renewable Fuel Standard (RFS).
EUAs declined on Tuesday after struggling to breach their recent highs, while natural gas prices weakened after reports of increased flows of Russian gas into Europe.
Finnish energy company Fortum is on track to meet its own climate targets after striking a deal to sell coal assets, the company said in results on Tuesday despite reporting a major rise in emissions.
Commodity trading house Glencore has hired a veteran environmental products expert in London to help build its growing global carbon trading business, which includes new hires in Asia.
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BITE-SIZED UPDATES FROM AROUND THE WORLD
No more for you – Nine Chinese provinces won’t be allowed to start any more carbon and energy intensive projects this year, as they’re not only failing to meet their energy intensity reduction targets, but actually increasing the energy intensity of their economies, the National Development and Reform Commission said Tuesday. Fujian, Guangdong, Guangxi, Jiangsu, Ningxia, Qinghai, Shaanxi, Xinjiang, and Yunnan are the regions sanctioned by the top planning agency in this round, though more than half of all provinces were failing to meet their targets, the NDRC said in a press conference.
New kid on the block – Australia’s Woodside Petroleum is set to acquire BHP’s entire petroleum business via an all-stock merger that will create a company with a combined market capitalisation of up to A$41 bln, reports Upstream. News of the merger immediately sparked protests from climate activists, who gathered outside BHP’s offices in Perth, Western Australia, to protest against the sale of the mining giant’s petroleum portfolio to Woodside, even though Woodside insisted it will still meet its net zero emission obligations.
Future fossil freeze – The Treasury Department warned multilateral development banks that the US won’t support most future fossil fuel projects unless low-carbon alternatives aren’t feasible. The department issued its opinion in a Friday guidance, which follows Treasury Secretary Janet Yellen’s meeting with MDB heads last month, where she pushed for more compliance with the Paris Agreement in financing projects. The US would still support financing for CCUS, as well as methane abatement, so long as they don’t extend the useful life of existing fossil fuel power plants. And the department is keeping an eye on the needs of developing countries, offering flexibility to make sure their energy needs aren’t jeopardised. (Politico)
ECT eject – Slovenian environmental NGOs have called on infrastructure minister Jernej Vrtovec to use the country’s EU presidency to propose a political discussion on the bloc exiting the Energy Charter Treaty (ECT) at an energy ministers’ meeting in September. The call from the NGOs comes after more than 400 European civil society organisations called on EU leaders to stick to their climate change promises, prioritise climate policies and exit the ECT, which enables energy corporations to sue countries for large amounts over their climate policies. “The Energy Charter Treaty is an obstacle in the transition to clean energy, which is why it is high time to exit it,” the NGO Umanotera said in a press release on Monday. EU leaders have been urged to exit the ECT no later than the international COP26 climate conference in November. Umanotera noted that Slovenia could soon end up in court in the case of Ascent Resources, the British company that has announced a €120 mln lawsuit over Slovenia’s decision to order extra studies of hydraulic fracturing in the northeast of the country. (Sta.si/Euractiv)
Gigatoon army – Mining company Glencore has acquired a stake in Britishvolt, the start-up behind plans for a gigafactory in Northeast England to equip the UK’s future electric car industry. As part of the deal, Glencore will supply the factory with cobalt, a key raw material used in electric batteries. (FT)
Bet on more wet – Promoting agroforestry, reforestation, sustainable forest management and, in particular, the rewetting of peatland soils have an important role to play in preserving and expanding Germany’s natural carbon sinks, according to a report by the Oeko-Institut for the German Energy Agency. The report evaluated and compared the potential for emission uptake in the LULUCF sector, which is expected to absorb 40 MtCO2e in 2045 to offset unavoidable emissions from other sectors under Germany’s climate law. The agency finds this extremely ambitious, especially when taking into account the current trend of declining natural sinks and the threats to the condition of forests and natural ecosystems due to climate change. (Clean Energy Wire)
Stay in your Lane – Private markets investment management firm Hamilton Lane on Tuesday announced it has partnered with VER consultancy ClimateCare to offset its 2019 and 2020 emissions, and will do the same going forward. The VERs will come through initiatives including a wind power project in India and two clean cooking projects in Bangladesh and Ghana.
The personal touch – Personal carbon allowances could be trialled in elected climate-conscious technologically advanced countries, mindful of potential issues around integration into the current policy mix, privacy concerns and distributional impacts, according to a paper in the journal Nature Sustainability. The units could play a role in achieving emissions targets, with a new possibilities opened by recent advances in AI for sustainable development and governments in post-pandemic recovery mode.
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