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The UK on Thursday set a legally-binding target to cut its GHG emissions 57% under 1990 levels between 2028-2032, in the face of huge uncertainty over how those obligations will interact with the country’s EU climate obligations following its decision to leave the bloc.
The Green Climate Fund board has approved $257 million in funding for all nine projects that were under consideration at its meeting this week, including one scheme that had once sought CDM cash.
Over 500 emitters covered by South Korea’s cap-and-trade programme faced their 2015 compliance deadline on Thursday following a week that has not seen a single trade, as companies either had sufficient allowances or borrowed from next year’s allocation amid confidence that rules will be looser next year.
European carbon prices gave back early gains on Thursday, bucking higher power prices to finish at a fresh two-year closing low.
The EU’s emissions trading registry is in urgent need of being overhauled, Germany’s emissions trading authority said, after a survey found unanimity among respondents in calling for the system’s usability to be improved.
The Netherlands’ parliament has passed a motion on post-2020 EU ETS reforms rejecting a tiered approach to free allowance allocations and seeking to deepen the Linear Reduction Factor (LRF) to “at least” 2.2%.
BITE-SIZED UPDATES FROM AROUND THE WORLD
UK emissions – Britain’s GHG emissions are estimated at 483 million tonnes of CO2e over the 12 months up to the end of Q1 2016, translating into a year-on-year drop of 32.1 million tonnes or 6.2%, DECC said on Thursday. However, once you adjust for the fact that this winter was warmer than normal, then emissions were actually 14.5 MtCO2e or 3% higher.
Solar programme loan – The World Bank said on Thursday it would lend India more than $1 billion for its huge solar energy programme, after Prime Minister Narendra Modi sought climate change funds, Reuters reported. German development bank KFW has already agreed to offer India low-interest loans of around €1 billion over the next five years to fund roof-mounted solar panels, and the construction of solar energy farms and self-contained solar power facilities not connected to the grid.
And finally… Exxon wants a tax – The western world’s largest oil and gas company is ramping up its lobbying of other energy companies to support a carbon tax, marking a shift in the oil giant’s approach to climate change as the industry faces growing pressure to address the politically charged issue, the Wall Street Journal reports. “Exxon Mobil’s official position has long been the same – a carbon tax is the best way to address the risks of warming temperatures – but it has done little to actively advocate for that goal in recent years. Lately, Exxon has been making the case with its US counterparts to support a carbon tax, arguing that the industry must not oppose all climate policies, according to people familiar with Exxon’s thinking.”
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