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China’s national carbon price should ideally be four-to-six times as high as the most expensive pilot market CO2 allowances in order to force a green shift in the world’s biggest-emitting nation, according to an NDRC official.
EU member states must retire excess EU carbon allowances generated via national policies if they can credibly claim to be among nations with high ambition on climate action under the Paris Agreement, UK MEP Ian Duncan said on Tuesday.
European carbon prices fell to a two-month low on Tuesday amid a weaker energy complex and after breaking through a key technical support level.
EU Allowances prices are expected to remain under pressure through July before creeping back up in the last five months of the year, according to a team of New York-based analysts.
Beijing Emissions Allowances (BEAs) rose to 10-month highs on Tuesday as late demand from companies missing last week’s compliance deadline pushed up prices.
New Zealand carbon allowances ended at NZ$18 ($12.79) on Tuesday, just off Monday’s highs but strong enough to fuel expectations among sellers that the price might go higher yet.
BITE-SIZED UPDATES FROM AROUND THE WORLD
If China can do it… – Chinese officials recently announced dietary guidelines (in Chinese) aimed at cutting its citizens’ meat consumption by 50%. A series of billboards and advertisements featuring celebrities will run in China to encourage its citizens to eat less meat. If the guidelines are followed, GHG emissions from animal agriculture could be reduced by 1 billion tonnes by 2030, according to estimates. (H/T Climate Nexus)
Meanwhile across the Pacific – Bayer AG’s crop science division has apologised for a tweet that suggested reduced meat demand could benefit the environment, in a bid to appease outraged farmers who buy the company’s seeds and chemicals. According to Reuters, the tweet, published on the official Bayer Crop Science (@Bayer4crops) account on Sunday, linked to a Vox.com article that said “going vegetarian can cut your food carbon footprint in half.” The post sparked a backlash from North American grain growers who sell much of their harvests to livestock operations and from farmers who raise animals.
EU emissions – The EU cut its GHG emissions by 24.4% between 1990 and 2014, according to official figures released by the bloc’s European Environment Agency on Tuesday. In 2014, output fell by 4.1% year-on-year mainly due to reductions from power generation, but transport emissions grew for the first time since 2007 to make up the largest share of all sectors. GHGs from transport rose by 0.6% that year to 1.153 billion tonnes of CO2e, with aviation and shipping showing a 1.6% increase and 0.2% drop, respectively. According to green group Transport & Environment, the results are significant because the European Commission is due to release a strategy to decarbonise European transport on July 20, when it presents its proposal for effort-sharing in non-ETS sectors. The figures also show that the EU has far surpassed its 20% emissions reduction target for 2020 some six years early.
German plan delayed – The Climate Action Plan 2050 that is to describe a pathway and policy measures for Germany to cut its GHG emissions by 95% by 2050 will not be published before the government summer recess, an environment ministry official said yesterday in Berlin. Speaking at a Forum for Future Energies event, Berthold Goeke of the BMUB said the plan would lay out a modernisation strategy for the entire economy, to support new technologies and efficiency measures and avoid investments in fossil fuels. The Climate Action Plan was originally supposed to be decided upon by the cabinet before the summer break but Goeke said more work was needed before inter-departmental coordination between the ministries could begin. (H/T Clean Energy Wire)
Irish panel wants a floor – A climate change committee that advises the Irish government on climate change has made its first recommendation since it was established in January, urging the country to push for the introduction of a minimum price for EUAs, the Irish Times reports.
European Parliament walks the walk – The 28-nation bloc’s legislature on Tuesday committed to further reducing its environmental impact. The parliament already sources all of its electricity from renewables, and since 2006 has reduced CO2 per person by 24.3%, en route to a 2020 goal of 30%.
Policymaker FAIL – US electricity markets are being distorted because of policymakers’ failure to price carbon, two grid operator CEOs and a former FERC and state commissioner told a New York Energy Week audience last week, according to RTO Insider. “I would say that in my … 16 years, this is the most vulnerable that I’ve seen the market construct yet,” ISO-NE CEO Gordon van Welie told more than 75 industry participants at Goldman Sachs’ office in lower Manhattan.
G20 shutdowns – China’s Hangzhou is hosting the September G20 summit, and the Chinese government has asked hundreds of industrial facilities in the region to shut down for two weeks ahead of the summit, in a bid to ensure blue skies for visiting officials, according to Reuters. The order includes 255 facilities, many which are covering by the Shanghai ETS.
And finally… Japan’s naked bathers against renewable energy – With centuries of tradition on their side, Japan’s horde of naked bathers remain unmoved by the island nation’s bid to tap a rich reserve of low-carbon power equivalent to about 20 nuclear reactors. Bloomberg reports.
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