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China’s national carbon price could drop to near zero or force the government to spend large sums of money buying back excess permits if it fails to grapple with a looming wave of power plant closures.
China put its new environmental law to legislators on Monday, with no mention of a tax on carbon emissions in the final version.
Five RGGI states are pushing for the market to double its emission reduction rate from 2020 but four have raised cost concerns with one even raising the prospect that they could exit.
EU carbon prices barely budged on Monday amid quiet trade due to a UK holiday as analysts gave a neutral outlook despite the market entering the second week of an auction drought.
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BITE-SIZED UPDATES FROM AROUND THE WORLD
Paris ratification – China’s legislature today convened its bi-monthly session, and began work on ratifying the Paris Agreement. According to reports last week, China plans a joint announcement with the US this Thursday that the two will ratify the climate treaty. (Xinhua)
Germany mulls CCS rethink – Germany is reconsidering its position on CCS to help reach Paris Agreement emission targets, according to Die Welt newspaper, citing the latest version of the Climate Action Plan 2050, circulating in the federal environment ministry. In 2012, the German government had put strict regulations on CCS technology amid public pressure. Scientists and the German government know that without this technology, the 1.5C cap on global warming will not be attainable. (H/T Clean Energy Wire)
Coal mine moves forward – A federal court has dismissed a lawsuit by the Australian Conservation Foundation to halt construction of the Adani coal mine. The NGO unsuccessfully argued that the mega mine would be inconsistent with Australia’s obligations to protect the Great Barrier Reef. The mine is set to cause CO2 emissions of around 128 million tonnes of year – mostly in India, which is expected to buy most of the coal – so it will only have a limited impact on domestic emissions. (Fairfax)
Ethanol and out – Biofuel and climate experts have questioned Brazil’s commitment to its emissions commitment under the Paris Agreement by raising ethanol use after the country’s government last week said it planned to scrap a tax break on the biofuel when it expires in December. (Reuters)
Webinar for a 2C supply chain – On Sept. 8 consultancy Ecofys will host an online workshop on a new way for buyers and producers of farming and forest products to align with a 2C world.
And finally…Down-under Inhofe – Australia has taken a leaf from the US Republicans’ playbook by appointing a climate sceptic head of its parliamentary energy and environment committee. Liberal MP Craig Kelly will head up the committee, whose primary role is to provide feedback and input on legislation and policies. Kelly grabbed the headlines in October last year, when he invited three climate sceptics to “balance out” climate scientists’ briefing to backbenchers. (Guardian)
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