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The world’s two biggest-emitting nations on Saturday formally ratified the Paris Agreement, making it likely the treaty – which will establish a new international carbon trading mechanism after 2020 – will enter into force this year.
*** Further details on the Paris Agreement can be found in Carbon Pulse’s 60-page dossier providing an overview of international climate policy relating to carbon pricing, including a detailed breakdown of the Paris Agreement and concise summaries of all its INDCs, global themes in carbon markets, internal carbon pricing, international climate initiatives and climate finance ***
The world’s biggest carbon-emitting aviation nations signalled they were willing to opt-in to the ICAO’s global aviation carbon market in its earliest phase over the weekend.
EU carbon prices plunged back below €4 to a fresh three-year low on Monday after the EU’s spot auction cleared a huge 7 cents below market.
Several MEPs from across the political spectrum have tabled changes to the EU ETS reform bill that would have shipping face EUA buying obligations from 2020 and receive a share of the bloc’s auctioning revenue to help fund emission cuts.
***There are four events marked this week in Carbon Pulse’s calendar, which provides subscribers with an exportable resource highlighting important events, so you won’t miss a beat***
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BITE-SIZED UPDATES FROM AROUND THE WORLD
G20 over and out – While climate change was high on the agenda as G20 leaders met last weekend in Hangzhou, the final communique released disappointed green groups by failing to include a deadline for when to phase out subsidies to the fossil fuel industry. Point 21 out of 21 referred to the need to increase green financing, and while the paper also said leaders expect a rapid implementation of the Paris Agreement, it stopped short of calling for all to join this year. (G20 communique, only in French at time of press)
EU registry suspension – Access to the EU ETS registry will suspended for 24 hours from Thursday Sep. 15 0800 CEST for a software upgrade.
And finally … Clean Olympics – Hydropower generator Energia Sustentável do Brasil and its shareholders Engie, Mitsui and Eletrobras have donated 70,000 CERs to be voluntarily cancelled under the UNFCCC’s platform. It forms part of Brazil’s Rio state government’s Clean Games initiative to compensate for emissions associated with the Rio Olympics.
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