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The 523 companies covered by South Korea’s cap-and-trade programme emitted 2.9 million tonnes of CO2 above their free allocation in 2015, but were able to comply due to their access to offset credits and the possibility to borrow from future allocation, according to unpublished government data obtained by Carbon Pulse.
Decisions on the second tranche of New Zealand’s ETS review won’t be made until next year, the Ministry for the Environment said Wednesday, as it aims to consult further on a handful of issues that will have a major impact on future supply in the scheme.
European carbon prices stormed to a fresh three-month high on Wednesday, buoyed by a stronger energy complex and plugging the technical gap left following June’s steep post-Brexit vote sell-off.
Governments are nearing consensus on ICAO’s global market-based measure to offset international aviation emissions from 2020, though details on what type of carbon-cutting projects will be eligible are due to be ironed out next year.
BITE-SIZED UPDATES FROM AROUND THE WORLD
Paris pact comes alive – The Paris Agreement will enter into force on Nov. 4, UN climate chief Patricia Espinosa tweeted, adding that 72 countries accounting for nearly 57% of greenhouse gas emissions had formally joined, crossing the dual-threshold that triggers its activation after 30 days (Climate Home)
US industrial emissions fall – Emissions from large US industrial sources, which represent about half of total US greenhouse gas emissions, fell nearly 5% between 2014 and 2015, according to the EPA’s latest Greenhouse Gas Reporting Program data. This is a significant drop after emissions increased 0.5% from 2013 to 2014. Emissions from nearly 1,500 power plants, representing a third of the country’s total GHG emissions, fell 6.2% in the same period and 11.3% from 2011 to 2015. (Environmental Leader)
And finally… BECCS begins – Carbon Brief profiles the world’s leading negative emissions testing at a plant in Illinois, owned by agricultural firms Tate & Lyle and Archer Daniels Midland (ADM). The bioenergy with carbon capture and storage (BECCS) project captures emissions from fermenting corn used to produce ethanol, and traps them below a layer of sandstone that lies beneath the Illinois corn belt. The plant’s owners note that corn absorbs CO2 as it grows, meaning that overall the facility also captures CO2 from the atmosphere. There are currently around 15 pilot BECCS projects worldwide but before the year is out, ADM is hoping that the Decatur facility could be the first to start using the technology on a large scale. Separately, on schedule and on budget, the world’s largest CCS plant is set to come online before the end of the year. A billion-dollar facility called Petra Nova is under construction at a coal-fired power plant southwest of Houston. However, rather than being stored, the captured gas will be used to enhanced oil recovery.
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