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Enough governments support creating a fund to compensate industry for post-2020 indirect ETS costs for the idea to be pushed through the EU Council, according to France, which has long backed the move.
A large majority of Europe’s big industrial emitters expect EU carbon prices to increase, with most of them predicting it will negatively impact their investment decisions on the continent and some even presaging the rise by adopting internal pricing around €19-22/tonne, according to a BusinessEurope survey.
China’s Fujian province will include more than 300 companies in its cap-and-trade programme that will have to surrender permits to cover their 2016 CO2 emissions by June 2017, although the market is unlikely to impose strict caps, according to sources.
European carbon prices sank on Tuesday, falling on the back of weaker energy to break back below a key technical level.
New Zealand might be able to reduce the number of international offsets it needs to buy to meet its Paris target by incentivising more forest planting at home, Climate Change Minister Paula Bennett said Tuesday.
RGGI will hold its final quarterly auction of the year on Dec. 7, offering a total 14.8 million spot allowances for sale, the market’s operators said on Tuesday.
One of the key officials in developing Japan’s Joint Crediting Mechanism has left the country’s environment ministry to join the Institute for Global Environmental Strategies (IGES).
BITE-SIZED UPDATES FROM AROUND THE WORLD
Brussels’ ICAO verdict – The European Commission will publish its proposal on whether to reinstate extra-European flights in the EU ETS “early next year”, its top transport official Henrik Hololei told the European Parliament, Reuters reported. Many had expected the proposal to come by year-end due to the time pressure on EU lawmakers, who must agree on the plans before an April 2018 ETS compliance deadline for the previous year’s emissions.
UK legal attack – The UK’s Climate Change Act has been “dangerously neglected”, leaving the government open to lawsuits, according to environmental lawyers at ClientEarth. UK climate minister Nick Hurd disagreed, saying its plan due in Q1 2017 would put the country on track to meet its binding GHG targets and that talk of legal challenges was “very premature”. (Climate Home)
Japan nears late ratification – Japan’s Cabinet on Tuesday approved ratification of the Paris Agreement and has passed it on to parliament for final consideration, Mainichi reported. However, there are concerns that bickering over the TPP might delay ratification until after Oct. 19, which Japanese officials say might mean they won’t be able to participate in technical discussions of the Paris deal. The talks are expected to include hammering out details on a new market-based mechanism – an area where Japan has much at stake in terms of winning approval for its Joint Crediting Mechanism. However, the UNFCCC has proposed that everyone should be allowed to participate, and observers say the likely outcome is that the first Conference of the Parties gets postponed to next year.
More measures on the way, eh! – Canada will announce further carbon-cutting measures this fall to complement its national CO2 pricing plan, according to Environment Minister Catherine McKenna. The new initiatives will include energy efficiency measures in old buildings and houses, the Globe & Mail reported.
And finally… A Model T-style revolution – A continuation of the 65% fall in battery costs since 2010 will drive the auto industry’s biggest change in more than a century, enabling a boom by 2030 in technologies from self-driving electric cars to ride-sharing applications, according to a report by BNEF and McKinsey. (Bloomberg)
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