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An under-the-radar EU law may allow oil firms to meet 2020 land transport emissions goals by using tens of millions of CERs, which could help revitalise demand for the UN-backed offsets.
The world’s biggest emitters – China, the EU, India and the United States – will spend the world’s remaining CO2 budget under a 1.5C target before 2030, according to researchers at CICERO.
After days of counting votes it is still unclear who will govern Australia in the years ahead. The Carbon Market Institute’s Peter Castellas takes us through the various potential outcomes and what those might mean for Australia’s climate policy going forward.
European carbon prices sank for a second day on Wednesday, bogged down by a weaker energy complex.
Poland-based broker Consus Group has closed its energy and carbon trading desks, the company said.
German carbon broker Advantag AG is on track to exceed the total number of carbon units it traded last year, the Geldern-based firm said on Tuesday.
BITE-SIZED UPDATES FROM AROUND THE WORLD
We’re out, coal’s in – Britain’s decision to leave the EU frees up the nation to set environmental rules independent of the other 27 nations in the bloc, raising the risk for renewable energy developers that restrictions will be loosened on coal power, Bloomberg reports. Only one of the five candidates vying to replace David Cameron in September has a defined energy policy, according to Michael Jacobs, a former government climate adviser now at the Institute for Public Policy Research. Bloomberg New Energy Finance said a new Tory leader may opt to ditch a commitment to phase out coal by 2025.
California pollutin’ – Despite a surging economy, the state’s GHG emissions fell in 2014, according to new data from the state. But the paltry size of the drop — with emissions down less than 1% from the previous year — illustrates just how difficult meeting California’s ambitious global warming goals may be, the San Francisco Chronicle reports. California’s factories, power plants, farms and cars pumped 441.5 million metric tonnes of CO2e into the atmosphere in 2014, according to California’s ARB, representing a decline of just 2.8 million tonnes from 2013.
Only you can prevent… – Last year’s forest fires in Indonesia released 900 million tonnes of CO2e into the atmosphere, the biggest emission figures from forest fires since 1997, according to a new report published in Nature magazine.
New boss – India’s Environment Minister Prakash Javadekar was promoted in a Cabinet reshuffle this week, causing Prime Minister Modi to appoint Anil Madhav Dave as new minister for the environment, forest, and climate change portfolio. Dave is a well-known river conservationist in India and has also penned a book on climate change policies called “Beyond Copenhagen”. (Live Mint)
New job – Mark Kenber has stepped down as head of The Climate Group to become CEO of Energy Supply at Mongoose Energy Cooperative, the parent company of which is run by ex-Ecofys and orbeo MD Jan-Willem Bode. Damian Ryan, The Climate Group’s director of strategy & planning, has been appointed acting CEO of the organisation until a replacement for Kenber is found.
The final chapter – IETA wraps up its oral history of the carbon market with a look at the road to Paris and beyond. The final video in the seven-part series focuses on the Paris Agreement and the outlook for carbon markets in the coming years – particularly in China.
And finally… The Big U in the Big Apple – New York is readying to spend $3 billion on 10-foot-high wall – the “Big U” – that could loop around the entire bottom of Manhattan, starting somewhere in Midtown on both sides, Rolling Stone reports. But that may not be enough to become resilient to the imminent sea level rise and a future big storm that could cripple the city like Superstorm Sandy did. (H/T Climate Nexus)
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