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The EU lawmaker steering post-2020 EU ETS reform is targeting a revamp of the Market Stability Reserve (MSR) to address the market’s surplus, as other reform options remain locked in political disagreement.
The European Parliament’s industry committee (ITRE) voted through their views on post-2020 ETS reforms on Thursday, finding compromises after upping the amount of concessions to big-emitting industry.
There’s a growing consensus that the EU power sector is entering a period of structural rebalancing, but that the MSR, as it’s currently designed, won’t be sufficient to help the bloc’s carbon market weather the changes.
The UK’s decision to withdraw from the EU is likely to have “significant” ramifications for negotiations over the reform of the bloc’s carbon market, according to a key European lawmaker.
The EU’s carbon market is thriving, at least if you’re Europe’s largest emissions exchange.
Market regulators in the Guangdong ETS are planning to further slim down offset eligibility this year in a bid to halt the influx of credits putting a downward pressure on allowance prices in China’s biggest pilot carbon market.
A big majority of respondents in an Australian business survey wants the government to start its climate policy review earlier than planned, tighten CO2 baselines in the safeguard mechanism to transform it into a baseline-and-crediting scheme, and ensure access to international carbon markets.
EU carbon prices rose for the second successive session on Thursday in sympathy with rising German power and coal prices and despite relatively weak auction demand.
California regulators this week issued 189,065 offsets under its cap-and-trade programme over the past fortnight, less than a third of the previous issuance round.
New Zealand carbon allowances are in their sixth week of barely budging as sellers continue to try and pull prices above the NZ$19 level but buyers remain hesitant.
An experienced Australian climate diplomat has been elected the new executive director of the Green Climate Fund secretariat.
Environmental exchange operators Colonial Bourses has appointed three financial market veterans as board members, it announced on Thursday.
BITE-SIZED UPDATES FROM AROUND THE WORLD
Getting positive about negatives – The UK, and the world, will need to make use of negative emissions technologies in order to meet the goals of the Paris Agreement, according to the UKs independent climate advisory body. (Carbon Brief)
US energy emissions lowest since 1991 – That’s according to H1-2016 US Energy Information Administration (EIA) data, with the reductions driven by renewables and mild winter temperatures. The EIA projects energy sector emissions for 2016 will be the lowest since 1992. (The Hill)
And finally… India’s HFC U-turn – India has announced its chemical industry, with immediate effect, must collect and destroy emissions of potent greenhouse gas HFC-23, in a surprise show of climate leadership during this week’s Montreal Protocol talks in Rwanda. India estimates this action will prevent nearly half a billion tonnes of CO2 equivalent emissions from entering the atmosphere during the next 15 years. “It’s a big, voluntary step forward, which by itself goes some way to closing the gap the world still faces in order to protect our planet from catastrophic warming,” said Alexander von Bismarck, US executive director of the Environmental Investigation Agency. “This step also improves chances at the Montreal Protocol this week to agree to a global phase-down of HFCs, which could reduce global warming by 0.5 degrees.” Separately, the European Commission announced that it will provide €3 million for early action to replace HFCs in Latin America and the Caribbean. This is in addition to €8 million the EU is already providing for similar projects in Africa, Southeast Asia and the Pacific.
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