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The US Environmental Protection Agency on Thursday proposed to expand the project types eligible to earn early action credits that can be sold in US-based carbon markets compliant with the Clean Power Plan.
European carbon prices dipped on Friday but remained above a key technical support level, as traders grew increasingly wary of the impact of next week’s Brexit vote.
A total of 85 emitters, including several government organisations, failed to surrender allowances by the June 15 compliance deadline for the Beijing ETS, and will be fined 3-5 times the market price per tonne of CO2 unless they comply within ten working days, the Beijing municipal government announced.
New Zealand carbon allowances gained another 30 cents on Friday, ending the week 5.3% up as the seven-month bull-run showed no signs of letting up.
Two more people have left Prague-based brokerage Virtuse Energy, Carbon Pulse has learned, bringing the total number of company departures so far this year to at least five.
Closing prices, ranges and volumes for China’s regional pilot carbon markets this week.
A table of Verified Emission Reduction (VER) prices and offered volumes, based on voluntary market data provided by Carbon Trade Exchange (CTX).
BITE-SIZED UPDATES FROM AROUND THE WORLD
Forget Dieselgate – Germany’s transport sector will need to cut its CO2 by about 98% to compensate for an inevitable rise in GHGs elsewhere, as part of the country’s effort to reduce overall emissions by up to 95% by 2050, according to a report by the Federal Environment Agency. “In essence, the transport sector is required to be effectively GHG-neutral by the year 2050. There is no alternative to virtually GHG-neutral transport,” write the authors of the 218-page report, which contains a half-page abstract in English on page 8. It adds this could be achieved by reducing energy consumption and switching from fossil fuels like petrol and diesel to renewables. (H/T Clean Energy Wire)
RGGI review – The states that comprise the north-eastern US carbon market said they will continue to analyse scenarios under its programme review, with a view to signalling in the autumn the direction that the scheme’s next steps will take. During a webinar on Friday, the states added that all options are on the table, including making changes to the market pre-2020 in order to align it with requirements under the Clean Power Plan. RGGI’s operators also unveiled the results of analysis on the projected effects of a 2.5-5% post-2020 annual emissions cap reduction following pressure from environmental campaigners urging more ambitious climate action. Read Carbon Pulse’s pre-webinar story here.
Tata’s price – Tata Group, India’s biggest conglomerate, is adopting an internal carbon price, Bloomberg reported. Paul Brooks, Tata’s director of environment, said the price will apply to steel and car manufacturing, IT consulting, and tea production and steel, adding that the company may be ready to buy emissions credits in the future.
Quebec & Saskatchewan’s CCS partnership – The two provinces on Thursday agreed to expand, accelerate, and share information on the development of CCS, with the deal centred around drawing up best practices while improving the economic return on projects by reusing the carbon captured carbon for other purposes.
And finally… “This is a surprise,” said no one – Canadian climate change denial group Friends of Science has popped up in documents related to US coal giant Peabody Energy’s bankruptcy proceedings, the National Observer reported. Alberta-headquartered Friends of Science is listed as one of Peabody’s creditors expecting to receive an undisclosed amount of funding from the once-mighty coal conglomerate. The Observer also reported that Friends of Science is under investigation by Canada’s Competition Bureau over complaints of propagating false and misleading information via billboards, posters and websites.
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