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EU carbon prices must return to levels near €30 in order to fix the bloc’s ETS, according to UK MEP Ian Duncan, though he admitted lawmakers were unlikely alter the main price-boosting reforms currently on the table.
Spot NZUs traded at NZ$10 on Thursday, the first time the contract has seen double digits since Dec. 7, 2011, as confidence grows that the government will introduce rule changes to boost demand.
The New Zealand government is considering changing the accounting rules for forestry-owners in its emissions trading scheme, a move observers say could swamp the market with additional allowances in the short term but dry up supply further into the future.
EU member states have distributed 71% of the 750.9 million EU carbon allowances to be allocated for free to industrial emitters this year under the bloc’s carbon market, data published Thursday by the European Commission showed.
The Green Climate Fund must turn down interest from HSBC and Credit Agricole banks in handling GCF cash due to their huge investments in fossil fuels and involvement in mismanagement scandals, said a statement signed by 170 green groups.
The Oregon Senate on Wednesday approved a bill that will see the state’s utilities take coal-fired electricity out of the generation mix by 2030 and double their renewable energy output by 2040.
European carbon prices dipped further below €5 on Thursday in a quiet session that failed to react to strong demand at a government auction.
The premier of Canada’s Nunavut has voiced his opposition to a nationwide carbon tax, adding that all three northern territories are united in their resistance to the idea.
Only one facility, the closed Niagara Generation LLC plant in New York State, failed to meet the Mar. 1 RGGI interim compliance deadline, the market operator said.
Analysts at Polish-headquartered emissions brokers Consus have slashed their near-term EU carbon price forecast by more than 20% in light of the steep fall in EUA prices during the first seven weeks of the year.
South African Finance Minister Pravin Gordhan did not mention the proposed carbon tax in his Budget Speech delivered on 24 February 2016. Curiously, given the emotion that has surrounded the idea of the tax since 2010, when it was first formalised in a Treasury discussion paper, commentary on the implications of the Minister’s apparent omission has been muted or non-existent. This article by law firm ENSafrica seeks to remedy the silence.
Bite-sized updates from around the world
Britain will sell off its Green Investment Bank that invests in renewable energy projects, with a potential total price tag of around £4 billion. The sale process aims to give greater access to funding for the bank, which was set up in 2012 and is the world’s first bank dedicated to green infrastructure investments. (Reuters)
Britain’s government must set out its policies beyond 2020 to restore confidence in the country’s energy sector if it is to secure the billions of pounds of investment needed to keep the lights on while meeting climate targets, MPs said on Thursday. “Investor confidence has been dented by a series of sudden policy changes … which may lead to a hiatus in project developments and threaten the UK’s ability to meet its energy security and climate change objectives,” MPs from the Energy and Climate Change Committee said in a report. (Reuters)
China will implement a Renewable Energy Certificate trading system to help it meet its target of increasing the share of non-fossil fuels in the energy mix to 15% by 2020, from 12% currently, said the National Energy Administration (statement in Chinese), without specifying when it would be launched. On Thursday it distributed provincial targets for non-hydro renewables ranging from 5-13%. The detailed rules for the REC market will be released later. (Reuters)
New Zealand is considering setting an economy-wide renewable energy target. The country currently aims at getting 90% of its electricity from renewable sources by 2025, and at present the number is at 80%. But renewables only make up 40% of total energy demand and there are opportunities to increase the use of renewable energy in the transport and industrial heat sectors over time, Energy and Resources Minister Simon Bridges said in a statement.
And finally…The Philippines’ Energy Secretary Zenaida Monsada has rejected proposals to impose a national carbon tax, which she said could push up already high power prices. “There was a mention of carbon tax. The concern is we already have a very high power rate. We’re not competitive with our neighbors because of this high rate and it would not be a good idea to impose carbon tax on coal,” Monsada said. The energy chief said the Energy Department was instead encouraging the use of more renewable energy and the reclassification of the power plants into baseload, mid-merit or peaking plants. “[Carbon pricing] can be part of consideration but putting tax on carbon may lead to higher prices,” Monsada said. (The Standard)
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