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Sweden will spend SEK 300 million (€31.9 million) annually to buy and cancel EU carbon allowances between 2018 and 2040, the government announced on Saturday in conjunction with its approval of the sale of state-owned utility Vattenfall’s German lignite assets to Czech-based EPH.
EU carbon prices hit €5 on Monday as speculators bought back their short positions in the wake of a wider correction in financial markets as a sense of post-Brexit calm descended.
Slovenian-headquartered emissions trading house Belektron has acquired a controlling stake in Belgium-based carbon brokers Alco2.
The EU is unfairly penalising Greek utilities, which must pay for their EUAs, by not adjusting rules that allow neighbouring Eastern European utilities to get theirs for free, an executive at the country’s biggest power generator said Monday.
Australia’s election result remained in the balance on Monday with the ruling coalition likely to either barely scrape back into power or face a hung parliament, both of which would put more pressure on the government to toughen its climate policy.
All companies covered by Tianjin’s emissions trading scheme handed over allowances to the municipal government to cover their 2015 emissions in time for the June 30 deadline.
The outcome of the Brexit referendum will have no immediate impact on UK compliance entities or non-compliance entities that are active in the EU ETS. Even once the notice to withdraw from the EU is delivered by the UK to the EU, a negotiation process will follow, dealing with the terms of the UK’s exit along with negotiations for the future of the UK’s relationship with the EU.
Job listings this week:
Assistant Legal Expert for Climate Change, UNDP – Podgorica, Montenegro
Sales Manager, Climate Neutral & Green Energy, First Climate – Bad Vilbel/Frankfurt
Senior Project/Project Officer, CDP China – Beijing
Targets Data Analyst, CDP North America – London/New York
European Senior Project Officer, Water Program – CDP Europe, Berlin
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BITE-SIZED UPDATES FROM AROUND THE WORLD
Clinton to keep Congress at bay – The New York Times unpacks more details on last week’s US Democrat pledges for the upcoming US election, though several experts doubt presidential candidate Hillary Clinton’s claims that a 2050 goal to cut emissions 80% on 2005 levels can be reached without a national carbon price. Clinton aims to continue President Barack Obama’s method of bypassing a hostile Congress needed for carbon pricing by continuing to deploy executive action via the Clean Air Act into more sectors such as aviation, oil refineries, gas production and cement. She plans to bring forward by three years to 2027 Obama’s pledge to produce a third of electricity from renewables, install 500 million solar panels by 2020 (seven times today’s level), channel $60 billion towards low-carbon infrastructure and spend $30 billion to redevelop coal mining communities.
Another step forward on CCS – Norway could achieve full CCS at one site by 2022 for between $518-916 million, according to a feasibility study by the Norwegian oil and energy ministry. It foresees capturing CO2 at three Norwegian industrial sites: Yara International’s fertiliser plant, Oslo city council’s waste incinerator and a HeidelbergCement plant. This would then be transported by ship and pipeline via gas infrastructure operator Gassco and state-owned Statoil into an empty offshore oilfield. The government said it would present further CCS plans in its 2017 budget in October. (Reuters)
Guess what Germany wants to bring to Morocco – Germany will strive to get parliamentary approval for the ratification of the Paris Climate Agreement before the next climate summit gets underway in Marrakech in November 2016, environment minister Barbara Hendricks said at the opening press conference of the Petersberg Climate Dialogue in Berlin. (Clean Energy Wire)
And finally… Teetering on the brink – Germany’s largest power producer RWE is on the brink of bankruptcy, according to Frankfurter Allgemeine Sonntagszeitung. The utility urgently needs cash to pay for the nuclear exit, and if its floatation of renewable subsidiary Innogy on the stock market later this year goes wrong, RWE is “a case for an insolvency administrator”, according to the paper. The repercussions of the Brexit vote could push the utility over the edge because it earns a substantial part of sales in Britain. According to Clean Energy Wire, it would be the largest bankruptcy in German history, but there’s a chance the government would step in to save the company.
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