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California and Quebec sold 30.8 million or just under 32% of the total 96.4 million allowances put up for sale in their recent carbon auction, roughly tripling the last sale’s subscription rate but still falling well short of selling out.
China’s main petrochemical lobby group will submit a proposal next month for CO2 benchmarks for around 2,400 firms that will be brought into the national emissions trading scheme next year.
The recently approved carbon exchange in China’s Fujian province should cooperate with Taiwan on carbon market developments, said Xie Zhenhua, China’s special representative on climate change.
EUAs dipped late on Tuesday to give back almost half the gains of the previous three sessions as traders lacked the appetite for taking big bets in such thin trade.
*** Launching the fourth of our comprehensive, regularly-updated intelligence ‘Dossiers‘ on carbon pricing policies. Each dossier builds into a powerful online research tool with key news, analysis, quotes, data, charts, tables, timelines, supporting documents and links – all in one place. And they can all be exported in printable PDF format for convenient offline reading. ***
This 71-page dossier unpacks all the main issues in the world’s biggest carbon market, including a comprehensive Phase 4 reform tracker and details of earlier reforms, the impact of Brexit, EUA price polls, the two ETS funds, market oversight and key legal cases. It also features a summary of key elements by the International Carbon Action Partnership (ICAP).
BITE-SIZED UPDATES FROM AROUND THE WORLD
Mexican green bonds – Mexico’s Nacional Financiera bank will later this month issue up to $109 million in the country’s first green bonds. The money raised will fund clean energy projects in the states of Puebla and Nayarit, according to Reuters.
US and Canada diverge – So long aligning in many ways, the US and Canada are developing different approaches on climate policy, with the US notably tackling its power sector and Canada focused on its industry, notes IHS Markit in its The State of Canadian and US Climate Policy report. The move towards carbon pricing provides a unique set of challenges for Canada… over concerns that unilateral action could hinder industrial competiveness, the report said. (IHS Markit)
And finally … BC goes for gold – If there were an Olympic event for political cynicism on the climate challenge, British Columbia’s new climate plan would be a strong contender for the gold medal, writes academic Mark Jaccard. Pointing out that last Friday’s publication would see no immediate tightening of any effective policies, lists several ineffective policies, and, where its so-called emissions reductions are dominated by tree planting on lands that are already allocated to forestry, takes cynicism to new levels. (The Energy Collective)
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