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- EU’s move puts Paris Agreement on brink of entry, but don’t expect any action
- Choose wisely: what are the most price-sensitive EU ETS reform options facing lawmakers?
- SK Market: Korean CO2 prices up on persistent demand
- EU Market: EUAs dip back below €5 but lodge stellar 9% weekly gain
- NZ Market: NZUs rangebound as buyers snub moves towards NZ$19
- CN Markets: Pilot market data for week ending Sep. 30, 2016
EU ministers on Friday agreed a fast-track ratification process that is all but certain to bring the Paris Agreement into force in November, but the UN’s procedural manoeuvring means the move is unlikely to trigger any acceleration in climate action.
EU carbon prices are widely expected to soar over the next 15 years, but lawmakers are juggling a dizzying array of reform options that analysts warn could still push EUAs below today’s rock-bottom levels if deployed a certain way.
Korea Allowance Units (KAUs) edged up 2.9% in Friday trade to hit a 4-month high as some short compliance companies remain eager to buy in a market short on offset supply.
EU carbon prices slipped further from the previous session’s three-month high to end Friday just below €5, capping a relatively turbulent week for the market.
New Zealand carbon allowances slumped 0.3% over the week in thin trade as buyers continued to follow sellers above NZ$19.
Closing prices, ranges and volumes for China’s regional pilot carbon markets this week.
BITE-SIZED UPDATES FROM AROUND THE WORLD
Norway keeps CCS on back burner – Norway will research ways to capture CO2 from a Norcem cement factory, Yara’s fertiliser plant and an Oslo city rubbish incinerator using $45 million in its 2017 budget, keeping alive the country’s ‘moon landing’ 2007 vision that has proven difficult to realise. The research would also build on plans by Gassco and Statoil to ship CO2 and bury it offshore, with final billion-dollar investment decisions due early 2019 to realise full-scale projects only from 2022. (Reuters)
Scientists urge scaled-up climate fight – The Earth could cross the 2C warming threshold by 2050 unless governments enact more ambitious climate pledges, according to a report from a group of seven scientists led by Robert Watson, former chairman of the IPCC. It analysed Paris climate pledges and found that there is still a significant gap in global ambition. (AP)
Face the facts – With an oncoming fight over the UK’s carbon price floor coming up, Carbon Brief looks at the tax, its impacts and its supporters and detractors. The article also fact checks a recent report by the Centre for Policy Studies, which has claimed that the tax, combined with subsidies for renewables, would amount to around £550 per household in 2020.
And finally… Carbon pricing heads south – More than two-thirds of Latin American and Caribbean nations’ INDCs refer to a price on carbon and these nations are increasingly making use of markets in order to reduce greenhouse gas emissions and to green their economies, concluded the Latin American and Caribbean Carbon Forum in Panama, a country that plans to become a carbon hub for the region. (UNFCCC)
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