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The European Commission has proposed allowing some richer EU nations to cancel part of their post-2020 ETS auction volumes and let big farming nations use cuts in land-use (LULUCF) emissions to help meet 2030 climate goals in sectors not regulated by the bloc’s carbon market.
Belgian chemicals maker Solvay is pushing South Korea to allow the use of controversial offsets from N2O projects in its emissions trading scheme, a move that could allow the firm to sell some 9 million credits a year to Korean emitters.
Moody’s expects EU carbon prices to remain “broadly flat” in the five years to 2021, the ratings agency said on Tuesday, meaning a continuation of dampened CO2 costs for emitters and little incentive from the ETS to shift to cleaner fuels.
European carbon prices were steady on Wednesday, defying a weaker energy complex and a three-week low in the euro.
BITE-SIZED UPDATES FROM AROUND THE WORLD
UK takes a pass – Britain will no longer take on the six-month rotating EU presidency as planned in H2 next year, surrendering the role in the wake of the Brexit vote, Prime Minister Theresa May’s office said, according to EurActiv. Various nations including Hungary and Belgium are under consideration as replacements or the current schedule could be brought forward, handing the role to Estonia. The H2 2017 presidency holder could prove to have a crucial closing role steering the post-2020 ETS reforms.
And finally… The world comes to Greenwich – In case you missed it, Carbon Pulse is organising a conference on Oct 12-14 in Greenwich, London, aimed at companies across Europe with exposure to the EU ETS and those to be covered by burgeoning emissions markets elsewhere cope with cost and regulatory risks associated with this constantly changing environment. For details about the Carbon Forward event, the initial speaker line-up and sponsorship opportunities, click here.
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