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China plans to expand its national carbon market from 2020 by adding new sectors and lowering the threshold for inclusion, a government official said, a move that could bring several thousand new companies into the scheme.
Some 90% of CO2 emissions are not priced at a level reflecting even a conservative estimate of their climate costs, although moderate price increases could have a significant impact, the OECD said in a report on Monday.
The UK has dismissed three appeals from aircraft operators over more than £400,000 ($520,000) in EU ETS fines dating back to 2013 – penalties the offending firms said were the result of mistakes by, or miscommunication with, traders, brokers and government.
EU carbon prices rose for the fourth straight session on Monday as analysts were moderately bullish that the market’s recent upward momentum was set to continue.
South Korea’s Hanwha Corp. has cancelled 199,316 CERs from the UNFCCC registry that will be converted into Korean offset credits to be used in Asia’s biggest emissions trading scheme.
**There are five events marked this week in Carbon Pulse’s calendar, which provides subscribers with an exportable resource highlighting important events**
Job listings this week:
Head of Programme/Climate and Energy and Deputy Director, New Climate Economy, ODI – London
Program Development Officer, MIT Energy Initiative/MIT Joint Program on the Science and Policy of Global Change – Cambridge, Massachusetts
Manager, Climate Change Policy, Conservation International – Arlington, Virginia
Programme Manager, Climate Change Programme, Centre for Science and Environment – New Delhi
Climate and Sustainability Manager for Africa, MicroEnergy Credits – Nairobi
Climate and Sustainability Manager for India, MicroEnergy Credits – Nairobi
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BITE-SIZED UPDATES FROM AROUND THE WORLD
ICAO battle begins – The triennial two-week assembly of UN aviation body ICAO kicks off tomorrow, with agreement on a global market-based offsetting scheme top of the agenda. It is too much to expect the deal will convert the airline industry’s “fig leaf of a business as usual” goal of post-2020 carbon neutral growth into a Paris 1.5C-compliant policy, writes Jeff Gazzard of the European GreenSkies Alliance (GSA) network. Instead, Gazzard expects the EU to return intact with the right to continue the potentially much more stringent EU ETS including aviation so “the fight will then go on”. (GreenAir Online)
India in – India will ratify the Paris Agreement on Oct. 2, Prime Minister Narendra Modi said over the weekend. That will take the global share of GHG emissions of those that have ratified to nearly 52%, just shy of the 55% needed to put the treaty into force. India had initially planned to ratify next year, but after the recent US-China announcement followed by dozens of ratifications during the Climate Week in New York, pressure to move sooner has increased. (Economic Times)
Pull your weight, ports – The US EPA has outlined a series of voluntary strategies that ports could adopt to significantly reduce GHG levels, including on land-based measures such as truck engine retrofits and prioritizing the oldest equipment for new emissions controls. The agency’s National Port Strategy Assessment issued Sep. 22 “supports the vision of EPA’s Ports Initiative to reduce air pollution and GHGs through a collaboration of industry, government, and communities,” EPA says, as reported by InsideEPA.
US off track – Unless it does more, the US will probably fall short of its 2025 emissions reduction target, according to a study in Monday’s Nature Climate Change. Looking at all types of GHGs from energy and other sectors, two scientists at the US Department of Energy’s Lawrence Berkeley National Lab figure the country will have to cut about 1.66 billion tonnes of CO2e annually to reach its goal, compared to the 1.33 billion estimated to be reduced under current policies, the AP reports. The US has pledged to reduce its GHG output by 26-28% below 2005 levels by 2025.
Don’t axe the tax – A group of energy companies including SSE and Drax have written to the UK Chancellor Philip Hammond urging him to maintain the country’s carbon floor price until at least 2025, the FT reports. Former Chancellor George Osborne earlier this year froze the levy at around £18/tonne until the end of the decade, was was due to decide on the future of the policy this autumn. The companies that penned the letter, some of which still burn coal but all of which have invested heavily in gas and/or renewables, argue that carbon pricing is “central to the UK’s efforts to decarbonise its electricity system”, and that the levy has further weakened the investment case for coal.
Unimpressed Australians – Only 19% of Australians think the federal government is doing a good job on climate change, according to an annual climate survey done for the Climate Institute. The survey showed 77% of Australians now think climate change is occurring, the highest number since the survey began in 2007.
And finally… The clerical error that could save the planet – The pitched battle over President Obama’s signature climate change policy, which is moving to the courts this week, carries considerable political, economic and historical stakes. Yet its legal fate, widely expected to be ultimately decided by the Supreme Court, could rest on a clerical error in an obscure provision of a 26-year-old law. Read more from the New York Times’ Coral Davenport.
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