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EU Allowance prices rose to a new record on Friday amid a surge of buying, while UKAs also set a new all-time high as funds piled in and buyers chased the market higher in an effort to secure supply.
An environmental NGO-led initiative is currently demoing a methodology for scoring voluntary carbon market (VCM) project types and programmes, and the group hopes that its financial independence from voluntary emissions reduction (VER) issuances will help differentiate it from other entities also seeking to grade credits in the booming sector.
Australia could risk losing access to international finance if it is perceived to lag on climate action, Treasurer Josh Frydenberg said Friday, but stopped short of committing to a 2050 net zero target.
The price for Chinese Carbon Emissions Allowances (CEAs) came down slightly over the past week, but the overall market situation remained the same as none of the regulatory and administrative uncertainties hanging over the market have been addressed.
After several weeks of record-breaking increases, New Zealand carbon allowances have settled down at a level just below the all-time high, with traders waiting to see what happens next.
CLP Group, one of the largest investor-owned power businesses in the Asia-Pacific, will phase-out its coal-fired power assets by 2040 and target net zero emissions by 2050, the company announced on Friday.
Alberta compliance offset prices ticked up this week after Canadian Prime Minister Justin Trudeau won re-election, but traders believe credit values are likely to hold steady until the province’s 2022 Technology Innovation and Emissions Reduction (TIER) price is confirmed.
A summary of legislative and regulatory action on carbon pricing, clean fuel standards, and clean energy at the US subnational and federal level this week, including developments in the US Congress, Oregon, New York, and Virginia.
WCI compliance entities continued to add to their open short positions over the past week, while speculators’ holdings remained roughly static, according to US Commodity Futures Trading Commission (CFTC) data published Friday.
A London-based fund with a focus on global carbon markets opened a RGGI CO2 Allowance Tracking System (COATS) account on Friday, with the new speculative account aligning with a broad trend over the past several months.
Norwegian Air Shuttle has been fined NOK 400 million (€40 mln) for failing to comply under the EU ETS, despite data showing the airline had a sufficient supply of allowances for that year and managers taking home hefty bonuses this year.
Rising EUA prices are playing a role in rising energy prices but have not had a material impact on European headline inflation to date, according to the European Central Bank.
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BITE-SIZED UPDATES FROM AROUND THE WORLD
Red to green – The UK has decided to ease the travel rules for COP26 delegates attending the COP26 UN climate summit in Glasgow in November. This includes accepting all varieties of COVID-19 vaccine and exempting ministers from “red list” countries, plus two staff, from hotel quarantine. Other delegates from red-list countries will still have to quarantine, including technical negotiators and observers from non-governmental organisations. (FT)
Coal clamour – Seven countries have signed a “No New Coal” pledge, initiated by the UN – which aims to gather more signatures before COP26. Chile, Denmark, France, Germany, Montenegro, Sri Lanka, and the UK are the countries to have signed. However, the separate Powering Past Coal Alliance initiative sets a higher bar, as it includes 41 countries that have committed to phasing out existing coal operations as soon as 2030 in many cases, on top of promising not to build new plants. An additional 40 nations outside the alliance don’t have a single coal power plant in the pipeline. (Bloomberg)
Compact Brussels – The European Commission has presented three Energy Compacts to promote global clean energy access, in partnership with the IEA and IRENA, to the UN General Assembly. Firstly, a new project with the IEA will prepare zero emission energy just transition roadmaps for countries dependent on coal. Secondly, the EC and IRENA will prepare Regional Energy Transition Outlooks for Africa, Latin America and the Caribbean, and Europe including 1.5C-aligned policy recommendations. Thirdly, the EC, Denmark, Germany, IRENA, and other partners will work on a Green Hydrogen Compact Catalogue to give a boost to green hydrogen worldwide.
(Zimbab)way to go – Zimbabwe updated its Paris Agreement NDC on Friday, increasing its ambition to 40% from a 33% reduction in per capita emissions compared to BAU. The update also expands sectoral coverage from the energy sector to industrial process emissions, waste, and the land sector, while now covering more gases such as HFCs and black carbon. National emissions in 2017 were 2.45 tCO2e per capita, while the BAU-based target aims for 2.3 tCO2e in 2030. The NDC notes that reaching this target is conditional on support and the country is explicit in its intention to use markets under Paris’ Article 6, stating “Zimbabwe intends to leverage on its resources through the sale of carbon credits or emission reductions units through international and regional carbon markets […] to mobilise more resources for managing climate change.”
Yamaha are – Japanese conglomerate Yamaha has said the Science Based Targets initiative (SBTi) has certified its medium- to long-term GHG emissions reduction target as aligning with the SBTi Business Ambition for 1.5C. The group has now received certification for raising its Scope 1 and 2 reduction targets to 55% below Fiscal Year 2018 levels by FY 2031, up from 32%. Yamaha also aims for a 30% reduction in Scope 3 emissions by FY 2031.
Colombo calling – Sri Lanka updated its first NDC for the second time Friday, pushing forward its target date for climate neutrality to 2050 from 2060. The island nation is ranked among the countries that are most vulnerable to climate change-induced hazards, and is a low emitting country with per capita emissions of around 1.02 tonnes/per person in 2010. Friday’s update also reaffirms its July 2021 commitment to a 4% unconditional and 10.5% conditional emission reduction commitment compared to BAU levels. Sri Lanka also reiterated its goal to increase forest cover by 32% by 2030, reach 70% renewable generation by 2030, and stop adding additional capacity to coal plants.
Tales from the crypto – China on Friday banned all crypto transactions and vowed to root out mining of digital assets, delivering the toughest blow yet to the industry. Crypto-related transactions will be considered illicit financial activity, including services provided by off-shore exchanges, the People’s Bank of China said on its website. Chinese officials are going further to stamp out crypto trading for its ties to fraud, money laundering, and excessive energy usage. In a separate statement, China’s economic planning agency said it’s an urgent task to root out crypto mining and the crackdown is important to meet the country’s climate goals. (Bloomberg)
Newsom’s new sums – California Governor Gavin Newsom has signed a $15 bln package that will fund programmes to tackle drought and climate change in the state after a devastating wildfire season. Newsom signed 24 bills focused on climate and clean energy efforts, droughts, and wildfire preparedness, his office said in a statement on Thursday, describing the funding as the largest climate package in California’s history. The package’s largest portion, $5.2 bln, will go towards funding for emergency drought relief projects and expanding California’s water supplies. The package includes $3.7 bln to address climate change risks, investing in projects that will mitigate extreme heat and tackle the threat of rising sea levels, plus $1.5 bln to go toward preventing wildfire risk in forests.
Taste and SEC – The US Securities and Exchange Commission revealed that it’s sending letters to corporations seeking more complete disclosures about their climate-related risks. A person familiar with the matter noted these letters had been sent to firms in industries like agriculture and oil, the Wall Street Journal reported. This also comes as the commission is preparing to write new, mandatory disclosure regulations. (Axios)
Low blow – Leaders from low-lying and island nations have “implored rich countries” at the UN General Assembly to act more forcefully against a warming planet. Among them, Marshall Islands president David Kabua told leaders that “we simply have no higher ground to cede … The world simply cannot delay climate ambition any further”. (Reuters)
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