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A coalition of national, state, and city leaders, along with the heads of the World Bank, IMF, and OECD, on Thursday challenged the world to double its current carbon pricing coverage to 25% of global emissions by 2020.
Vattenfall’s sale of its German lignite operations to Czechia-based EPH could put EU carbon prices under pressure if decisions are made to either offload the large carbon portfolio associated with the assets or to hold off buying emissions allowances.
EU carbon prices jumped to an 11-week high on Thursday, boosted by a stronger energy complex that included massive gains in German power prices.
Carbon prices in Ontario’s cap-and-trade system will start at C$16 ($12.66) next year and soar to C$95 by the end of next decade, analysts at ICF International predicted in a report, but the scheme alone will be insufficient to help the Canadian province meet its emission reduction targets.
Industry and lawmakers remain deeply at odds over how to divvy up a dwindling share of free carbon allowances after 2020, nine months after the European Commission published its proposal to revise ETS rules for the next trading phase.
The International Maritime Organisation (IMO) once again pushed back proposals for the global shipping sector to take on emissions reduction targets amid stiff opposition from emerging economies.
BITE-SIZED UPDATES FROM AROUND THE WORLD
Translation: We’re worried about a Republican President – There are concerns within the UN about apparent attempts inside the US to “sabotage” President Obama’s commitments to reducing GHG emissions, according to the head of the body’s General Assembly. Mogens Lykketoft of Denmark told Reuters that there appear to be forces at work in the world’s biggest economy aimed at undermining the historic Paris Agreement. “What scares us a little … is there is all this sabotage inside the United States against this commitment for climate change, including (with) the Supreme Court,” he said.
Exporting climate change – Australia may have pledged to reduce its GHG emissions under the Paris Agreement, but its overall impact on climate change is growing, according to a Greenpeace report. CO2 emissions from exported goods, primarily coal, has increased 253% since 1990, and future growth is on track to erase the benefits of Australia meeting its Paris target seven times over.
Tax and transfer – Rich countries should strengthen their carbon pricing policies, for example by taxing coal, and use the revenue as part of their climate finance commitments to developing nations, according to India’s Environment Minister Prakash Javadekar. (Climate Home)
Guilt-free travel – The emissions generated by all government delegations headed to New York to sign the Paris Agreement on Friday will be offset using CERs sourced from the Adaptation Fund, the UNFCCC announced.
And finally… The no-shows – More than 165 countries are expected to sign the Paris Agreement tomorrow in New York, leaving a few dozen anticipated no-shows. According to DeSmog UK, Russia appears set to make an appearance, while question marks remain over the attendance of Saudi Arabia, Nigeria, and three other OPEC members. Representatives from war-torn countries such as Syria and Libya, which weren’t able to submit INDCs in the run-up to Paris, aren’t likely to attend, with Ukraine and Yemen possibly joining them. DeSmog’s Will Yeates adds that “so far eight countries – Barbados, Belize, Fiji, The Maldives, Nauru, St Lucia, Samoa and Tuvalu – have indicated they will deposit their instrument of ratification after the signing ceremony,” and a source tells us to add Mexico to that list.
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