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Political and administrative challenges mean China is unlikely to put in place a carbon tax in the foreseeable future despite frequent calls for the government to do so, observers say.
The nine states in the Regional Greenhouse Gas Initiative (RGGI) have cut CO2 emissions twice as fast as other US states while outperforming the rest of the country economically, showcasing the benefits of using market-based measures to cut pollution, a report said.
European carbon prices fell to a three-week low on Friday and posted a 3.1% weekly fall, but were potentially poised to rise as the market enters ‘bullish’ August.
The CO2 price in China’s biggest pilot carbon market took a 29% dive this week as industrials sold off remaining allowances from their 2015 allocation.
Closing prices, ranges and volumes for China’s regional pilot carbon markets this week.
BITE-SIZED UPDATES FROM AROUND THE WORLD
Heating up – There are steady signs that China’s provinces are getting ready for the world’s biggest carbon market. The southeastern Jiangxi province is the latest to publish an ETS implementation plan, which includes setting up a provincial office to deal with the scheme, sort out MRV routines and verifiers, and clarifying a number of market-related issues. Link in Chinese.
Clean over dirty – Renewable energy supplied a quarter of the UK’s electricity needs last year, surpassing coal for the first time. Data from the UK’s Department for Business, Energy and Industrial Strategy show that nuclear power supplied an additional 21% while coal’s share of the energy mix fell to just 22%. (H/T Climate Nexus)
CPP argument – A US federal court should take into account a case involving the EPA’s retroactive veto of a water permit for a mining project as it considers the legality of the Clean Power Plan, an opponent to the rule argued yesterday, GreenWire reported. The Competitive Enterprise Institute told the US Court of Appeals for the District of Columbia Circuit that the dissent in the water permit case “strongly supports” its arguments that EPA failed to adequately consider the costs and benefits of its power plant rule. In a filing, CEI asked that the DC Circuit allow time for cost-benefit issues at upcoming oral arguments on the Clean Power Plan in September.
Swapped – Nearly 157,000 CERs from South Korea’s Sihwa Tidal Power Plant have been cancelled for use in the country’s ETS by project owner Korea Water Resources Corporation (K-water).
And finally… Income tax – Alberta’s upcoming C$30/t carbon tax is expected to cost the province’s consumers between 1.5-2% of their household incomes, according McGill University economist and Chair of Canada’s Ecofiscal Commission Chris Ragan. That’s higher than the impacts of carbon-pricing programs in other provinces because of Alberta’s abundance of oil-sands bitumen and coal-fired electrical plants, he added. Read more from Bloomberg.
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