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Analysts at Energy Aspects have slashed their EU Allowance price forecasts for the next five years by at least 30%, as the bullish sentiment that led the market higher in 2015 has dissipated and the bearish reality of ample supply and scarce demand that has for years plagued the EU ETS returned.
EU carbon tumbled on Monday to retest the 20-month low touched last week, as selling resumed on the back of a bearish analyst report and a weaker energy complex.
Australia’s Finance Minister Mathias Cormann on Monday said the government currently has no plans to extend funding for the Emissions Reduction Fund, raising further questions over the nation’s climate policies as a report predicted emissions will continue to grow into the 2030s.
An expert panel advising Japan’s Ministry of Environment on long-term climate policies has recommended the government set up an emissions trading scheme and introduce a tax on carbon emissions to help the country meet its target of cutting GHG emissions 80% below 1990 levels by 2050, the Japan Times reported.
Job listings this week:
Senior Analyst, Climate Policy, PG&E – San Francisco
General Manager, Climate Finance Access Hub, The Commonwealth – Port Louis, Mauritius
National Climate Finance Adviser, The Commonwealth – Various Commonwealth Countries
Senior project manager, Perspectives – Freiburg, Germany/Alicante, Spain
Data Visualisation Designer, Climate Action Tracker – Berlin
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Bite-sized updates from around the world
Israel needs to consider raising revenue through higher taxes, including introducing a carbon tax, to lower its public debt burden, the OECD said on Sunday. (Reuters)
Countries in eastern and central Europe rarely use their EU funding for energy transition projects, instead using the money to entrench their dependence on fossil fuels, according to a report published by Friends of the Earth Europe last week. It found that only 7% of the €178 billion allocated to nine countries in the regions is spent on renewable energy, energy efficiency improvements or “smart grids”. The report covers allocations from both the European Regional Development Fund and the Cohesion Fund for the period 2014-2020. EurActiv has the story.
Spending watchdog to examine scrapping of £1bn carbon capture plan – National Audit Office to investigate taxpayer value for money in George Osborne’s scrapping of CCS and question plans to secure UK energy supply. (Guardian)
CO2 emissions from Europe’s civil aviation sector rose by around 80% between 1990 and 2014, and are forecast to grow by a further 45% between 2014 and 2035 – growth rates in line with increases in the number of flights in the continent during those periods. That’s according to the first European Aviation Environmental Report, which the European Commission compiled with the European Aviation Safety Agency, the European Environment Agency and EUROCONTROL. “Market-based measures are needed to meet aviation’s emissions reduction targets as technological and operational improvements alone are not considered sufficient,” the report adds.
Canada is poised to miss its 2020 climate targets and will need aggressive new action to meet its 2030 goals, it was announced during a meeting between Canadian Environment and Climate Change Minister Catherine McKenna and her provincial peers to discuss a national strategy. The federal government released new projections on Friday that showed Canada’s emissions would be 768 million tonnes in 2020, some 23% above the target set by previous PM Harper at the 2009 UN talks in Copenhagen. The estimates showed that emissions are on course to continue climbing to 815 million tonnes in 2030, some 55% above the targets announced by the country last May in the run-up to the Paris COP. While the forecasts show that the oilsands are expected to account for more than half of the increase to 2030, the data do not take into account the new climate policies announced by Alberta or Ontario, the nation’s two biggest emitters. (Globe and Mail)
Fewer than one-third of US oil and gas companies report their methane missions through voluntary, publicly available sources, posing a risk to their investors, says a report by green group Environmental Defense Fund. (AAP)
The Washington State Democratic Party has formally voiced its opposition to I-732, a revenue-neutral carbon tax proposal that will appear on this November’s ballot. The party joins the Washington State Labor Council in opposing the measure, which would levy a price on the state’s GHG emissions while also reducing taxes in other areas. Nonpartisan legislative staff and the Department of Revenue warn that I-732 would reduce state revenue by nearly $1 billion over the next four years, but CarbonWA, the grassroots organisation that authored the bill, insists the DOR’s analysis is erroneous, and that the initiative would be “approximately revenue neutral”.
And finally… We printed money to bail out banks, so why can’t we do it to solve climate change? That question is posed by Matthias Kroll, an economist at the World Future Council, in this piece in the Guardian. He notes that the world may need an estimated $1 trillion per year to stay below a global temperature rise of 2C, so for that reason creating new money might be the only way to meet this challenge.
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