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Seven Deutsche Bank employees on trial in Frankfurt for facilitating €220 million in tax fraud through the EU ETS have been found guilty, with one former banker heading to jail.
Members of the European Parliament’s industry committee said they would table a raft of amendments on post-2020 ETS reforms but still vowed to end up at a unified position.
An alliance of European industry groups including utilities joined forces on Monday to urge lawmakers to ensure the EU ETS works for every covered sector, though not all sub-sectors put their name to it.
Global greenhouse gas emissions from power generation are on track to peak in 2027 at over 13.7 billion tonnes of CO2e, leaving the world in need of an additional $212 billion in annual investments over the next 25 years to meet the 2C target, analysts Bloomberg New Energy Finance said Monday.
European carbon prices sank for a fourth day out of five on Monday, falling to their lowest since May 25 amid a softer energy complex and as market participants warned of more weakness for EUAs.
Spot allowances in the New Zealand carbon market rose another 0.8% in thin Monday trade and continue to hit five-year highs almost daily, as a lack of willing sellers forces prices up even though demand has subsided somewhat.
Job listings this week:
Individual Consultants to Provide Technical Assistance for COP-22, AfDB – Rabat, Morocco
Senior Policy Officer, Partnerships, Climate Change, Queensland Government – Brisbane
Analyst, Climate Finance, Climate Policy Initiative – San Francisco
Policy and Communications Manager, Energy and Policy Institute – Washington DC/San Francisco
Climate Governance Communications Consultant, Transparency International – Berlin
Or click here to see all our job adverts
BITE-SIZED UPDATES FROM AROUND THE WORLD
Canada’s taxmen want a carbon tax – Canada’s Department of Finance is quietly pushing the idea of a federal carbon tax as the Liberal government looks to set a minimum national price and complement provincial carbon pricing plans, sources told the Globe & Mail. Officials at Finance Canada are co-chairing the “carbon pricing” working group, one of four federal-provincial-territorial groups established to design a national climate strategy.
Oregon’s assumptions – Oregon’s Department of Environmental Quality has started to design a state-wide emissions trading scheme, work that it said is based on the assumption that the scheme would link to markets in California, Quebec, and Ontario under the WCI. ClimateWire reports.
Duncan’s offer – MEP Duncan told Bloomberg he’d rather work with shadow rapporteurs within the European Parliament’s environment committee to build acceptance for additional measures to reduce the number of surplus allowances in the EU ETS than tinker with price floors and ceilings as proposed by the French government.
Kyoto’s lessons – Analysts at think-tank I4CE have done an assessment of the first commitment period of the Kyoto Protocol in an article published in Climate Policy journal. The journal’s editor Michael Grubb sums up by saying that the Paris Agreement owes more to its predecessor climate pact than is commonly acknowledged. Achieving (surpassing) Kyoto’s targets cost less than 0.1% of GDP for the EU and less for Japan, between 10-25% of the price many experts had estimated. Grubb notes that the targets were not imposed from the ‘top down’, but prepared domestically much like Paris’s INDCs. (Climate Home)
JCM’s approval – Japan has approved a thirteenth project under its Joint Crediting Mechanism (JCM), an energy-saving project at a convenience store in Indonesia, the Ministry of Environment said Monday. As with the previously registered schemes it’s small in size, expected to cut just over 3,000 tonnes of CO2e per year. A ministry announcement and list of all approved projects is available in Japanese here.
Meet the climate-denying Brexiteers – Climate Home reports.
And finally… House Republicans protect Americans against the evil carbon tax – On Friday, the US House of Representatives voted on a resolution banning the introduction of a national carbon tax, saying that such a policy would be detrimental to American families and businesses, and is not in the best interest of the US. The Republican-led, non-binding measure was widely seen as pre-election posturing should presumptive nominees Donald Trump or Hillary Clinton win in November and want to replace the Clean Power Plan with a tax. The resolution also appears to go against the public views of several oil majors including Exxon, who last year voiced support for putting a price on carbon… However their recent silence over the matter indicates that may itself have been some pre-Paris posturing on their part.
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