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The Ontario government has released a draft climate change law that would ensure manufacturers get all their allowances for free for at least four years under the emissions trading scheme the Canadian province plans to launch Jan. 1 next year.
California and Quebec failed to sell out all the volume on offer in last week’s CO2 allowance auction, as bidders picked up 77.39 million of the 61.83 million on offer, all at the floor price.
EU carbon prices crept back above €5 on Thursday after a strong auction set a bullish tone in a relatively becalmed session that defied losses in oil.
China has approved seven new methodologies to generate carbon offsets for its emissions trading scheme, including for ultra-high voltage (UHV) transmissions systems, proposed by a project developer affiliated to the State Grid.
The CDM should be re-engineered to ensure it or any new market mechanism can be a proper climate finance tool to provide upfront finance to carbon-cutting projects, UN agency UNEP DTU found in a paper published on Thursday.
Bite-sized updates from around the world
RGGI states should study a 5% post-2020 annual cap reduction as well as a 2.5% one in its program review to assess whether they can achieve the greater ambition that many of the administrations have mandated, writes Jackson Morris of utility Eastern Energy. The review should also account for the various renewables and energy saving policies and use more realistic renewables cost assumptions. (The Energy Collective)
The New Zealand ETS isn’t achieving its target and needs a higher price to incentivise investment in renewables, Contact Energy said in its submission to the NZ ETS review. But the company had reservations about dropping the 2-for-1 provision, saying that if the government decides to do it, it should only do so gradually. (RadioNZ)
US methane emissions from the oil and gas industry are substantially higher than previously thought according to the EPA. Green group EDF suggests they could be 27% higher but estimating the levels is difficult as only 8 out of the country’s 8000 gas producers voluntarily disclose their methane emissions. The Obama administration has set a goal of reducing methane emissions 40-45% from 2012 levels by 2025. (H/T Climate Nexus)
And finally… The EU eyes interlinked carbon markets from California to China – “We’re ready to explore with our international partners like China, Quebec, Ontario, Manitoba, California and South Korea the possibilities of a global system of linked markets,” Maros Sefcovic, European Commission Vice President for Energy Union, told Bloomberg. He said he raised future linkages in talks with representatives of global companies during the UN climate summit in Paris in December.
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