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France on Tuesday confirmed it will include in its upcoming budget measures to tax EU ETS and non-ETS sectors from next year, in an effort to set a minimum domestic carbon price of at least €30/tonne.
The South Korean Cabinet on Tuesday approved plans to hand over responsibility for the nation’s emissions trading scheme to the Office for Government Policy Coordination, and changed an ETS rule to make it easier for emitters to meet this year’s targets even though the government says the market was oversupplied in its first year.
A US appeals court has pushed back the review of President Obama’s Clean Power Plan three months, and will now put the case in front of a full panel of judges in September.
Ontario’s emissions trading scheme will cost the average household C$13 ($10) a month next year and reduce the province’s economic growth by 0.03% by 2020, local media reported Tuesday, citing a draft report.
EU carbon prices dipped slightly on Tuesday to give back some of the previous session’s gains after a short-lived surge following France’s announcement that it would introduce a tax to raise domestic carbon prices to €30/tonne.
BITE-SIZED UPDATES FROM AROUND THE WORLD
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(CORRECTION – France’s Senate still needs to ratify the agreement) C’est ratifique! – COP-21 hosts France on Tuesday became the first developed country and largest emitter so far to ratify the Paris Agreement after a unanimous vote by its National Assembly. According to the UNFCCC, at least 14 countries have now ratified the agreement, which requires at least 55 countries representing at least 55% of global emissions to come into force.
Still on the fence about the floor – EU governments need more time to evaluate the French proposal to introduce a price corridor in the EU ETS and define their stances on the issue after initial talks, Bloomberg reported, quoting an anonymous EU official with knowledge of the negotiations. The source said it was too early to say if there will be enough support among member states for the idea, which was most recently discussed at a May 12 working group meeting in Brussels. The official added that many issues still need to be clarified, including whether a price floor or a corridor is the best way to reach a higher carbon price.
Massachusetts ‘cahbon’ ruling – The Massachusetts Supreme Court on Tuesday reversed a lower court ruling and sided with environmental groups that sued the state for failing to live up to its 2008 Global Warming Solutions Act and adopt strict limits on GHG emissions. The plaintiffs argued the law requires the Department of Environmental Protection to set more ambitious targets to help the state meet its goal of cutting emissions by 25% by 2020. (AP)
A vision for Article 6 – Shell climate advisor David Hone writes that the Paris Agreement introduces a very different world of international emissions trading from the one that exists today and has operated in recent years. (Energy Collective)
Carbon market mini-series – In the fifth instalment of ClimateWire’s six-part series about the highs and lows of carbon markets, John Fialka examines the journey of REDD initiatives and asks whether trading can save the Amazon.
Better spent elsewhere – The Academic Advisory Board to the German economy ministry is urging the government to scrap its plans for an e-car buyer’s premium, reports the Sueddeutsche Zeitung newspaper. The board said such financial incentives are too expensive and advocate for cheaper alternatives such as selective driving bans or inner-city tolls, and call for the inclusion of the transport sector into the EU ETS. (H/T Clean Energy Wire)
Farming for the future – Abatement options exist worldwide in farming cows, rice, and improving soils to ensure agriculture contributes to the Paris Agreement, writes Ana Maria Loboguerrero of researchers CGIAR citing a new study showing non-CO2 agriculture emissions need to be cut by 1 billion tonnes a year by 2030. Farmers need to be incentivised via subsidies, possibly using green bonds or auctioning CO2 allowances. Support from the Green Climate Fund to help farmers audit their emission cuts is going to be critical. (Climate Home)
And finally… My car doesn’t emit CO2, it’s built from it – The Ford Motor Company has announced plans to capture emissions from its factories and use them to create parts for its vehicles. Ford is currently developing and testing new types of plastic and foam components for use in its engines and car seats, made using CO2 generated during the manufacturing process. (Fortune)
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