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- Experts in poorer nations seek easy-to-use carbon markets
- Brazil urged to revise INDC after emissions recount
- EU Market: Strong auction falls to halt EUAs slide back to €4 as Brexit fears weigh
- NZ Market: New Zealand carbon extends highs on supply drought
- Sweden sticks to EUA cancelling plan in setting out climate spend
Carbon markets could be a major help for nations to meet their Paris obligations but must be user-friendly, a wide range of experts in developing countries have told UN climate officials, but were split over whether markets should be governed nationally or by a central body.
Campaigners are urging Brazil to deepen its headline emission reduction targets after a revision of the country’s GHG levels showed the country’s climate goals could be closer than first thought.
EU carbon dropped to €4 on Wednesday, unravelling the previous session’s gains as a strong auction failed to sustain bullish sentiment while weak UK data stoked Brexit pessimism.
New Zealand carbon prices hit five-year highs for the third time within a week on Thursday, as a lack of sellers continued to push up prices.
The Swedish government reaffirmed its pledge to spend 300 million SEK (€32 million) a year from 2018 on buying and cancelling EUAs, which will form around 6% of its climate spending over the next four years.
BITE-SIZED UPDATES FROM AROUND THE WORLD
*** Analysts at Thomson Reuters Point Carbon will host a free webinar on the outlook for global carbon markets on Sept 27. They will discuss key trends, assess if the aviation sector can save the CDM and ask what’s next for markets under the Paris Agreement. Register here ***
Unlimited free EUAs – The number of free EUAs allocated to industrial companies competing at a global level under the EU ETS should not be rigidly restricted, because too few allocations may result in carbon leakage, according to a study by neoliberal German think-tank Centre for European Policy (cep). (H/T Clean Energy Wire)
UK stalls on climate strategy – The UK may need to delay until next year its plan for meeting its 2027-31 fifth carbon budget amid Brexit uncertainty. Climate minister Nick Hurd said there was “flexibility” around when it could come, though it had been expected by the end of this year. (Bloomberg)
And finally … Not for us – Norway’s $900-billion wealth fund can no longer invest in Duke Energy because the biggest US power firm’s alleged breaches of environmental law at its coal-fired plants fall foul of the fund’s strict ethical criteria. (Reuters)
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