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Three men were sentenced by a Paris court on Thursday to a combined 23 years in prison for their role in orchestrating €283 million in tax fraud through the EU carbon market, in a case dubbed France’s “crime of the century”.
Sweden’s plan to cancel EUAs faces long odds to survive but could help trigger far bigger removals by member states keen to drive emission cuts without weakening Europe’s carbon market.
European carbon was steady on Thursday as a bullish auction result offset a bearish energy complex, but several indicators suggested that prices could face more weakness in the weeks ahead.
Carbon pricing is China’s best bet to cut emissions and by strengthening the proposed emissions trading scheme the country could see its GHG output peak sooner, according to a group of think-tanks.
Nanshan district in Shenzhen will reward emitters that have surplus CO2 allowances after the annual ETS compliance deadline in a bid to encourage firms to release less carbon into the atmosphere.
BITE-SIZED UPDATES FROM AROUND THE WORLD
A good mix – Reform of the EU ETS could make the scheme more effective without endangering the competitiveness of the European raw materials industry, a report by international researchers, including the German Institute for Economy Research (DIW), has found. A combination of “dynamic free allocation” and an additional consumption charge on carbon-intensive products like steel, cement and aluminium could be the necessary incentives for these industries to cut more CO2 emissions. Read the press release in German here and the paper (with English abstract) here.
The worst-kept secret in climate politics is out – Days after she stepped down as UN climate chief, the Costa Rican government has proposed Christiana Figueres as a candidate for UN secretary general. (Climate Home)
Hot off the press – The July/August issue of industry mag Carbon Mechanisms Review is out. The latest issue of this quarterly by the JIKO unit of the German environment ministry assesses progress on carbon market provisions ahead of the UN climate talks in Marrakesh and writes on why linking the CDM to the GCF is a good idea.
And finally… Greenland is building the perfect place to watch the world end – A stunning structure built 150 miles inside the Arctic Circle will serve as a crucial research center for glaciologists. But perhaps more importantly, it will be a place where humans can travel to see the real-time impact of climate change. (Gizmodo)
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