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Following last week’s ICAO agreement over its new global offsetting scheme for airlines, attention by many has now shifted to the finer details such how corporate strategies will have to change and what eligibility criteria will be applied to carbon credits.
The World Bank’s Transformative Carbon Asset Facility (TCAF) is aiming to start funding its first mitigation initiatives in developing nations in 2017 and could be capitalised with $250 million as soon as next month.
The board of the Green Climate Fund on Friday approved all 10 climate adaptation projects up for discussion at its latest meeting, but only after an India-Pakistan spat had threatened to derail proceedings and a Korean bank’s withdrawal sparked anger among board members.
Shanghai will reopen its emissions trading market within the next month after it was closed July 1 to launch a second trading phase, which will run through 2018 for some emitters in parallel with the national market.
Carbon rose for the third straight day on Friday, as higher power and coal prices continued to provide upward momentum to push EUAs to a 12-cent or 2.1% weekly gain.
Closing prices, ranges and volumes for China’s regional pilot carbon markets this week.
BITE-SIZED UPDATES FROM AROUND THE WORLD
“Lethal” carbon tax? – Hillary Clinton’s campaign manager last year shied away from endorsing a carbon tax, fearing it would be ‘lethal’ to Clinton’s presidential campaign, according to the latest WikiLeaks email dump. But at the same time the campaign did not want to entirely distance itself from a CO2 tax, fearing that it would give Bernie Sanders an opportunity to contrast himself from Clinton. (The Hill)
Dear Justin – Ontario conservative opposition leader Patrick Brown has written an open letter to Canadian PM Justin Trudeau voicing his displeasure with the province’s upcoming carbon market. Brown says the scheme “does not have Ontario’s best interests at heart” and that he would prefer a revenue-neutral tax. He noted that Trudeau included that option as an acceptable measure under his new pan-Canadian carbon pricing plan, and Brown requested that the PM remove cap-and-trade as an eligible alternative for Ontario.
Große savings – Renewable energy saved Germany around €8.16 billion in fossil fuel imports in 2015 compared to 1990 levels, according to a report written by Germany’s Oeko Institute and commissioned by WWF and energy and IT company Lichtblick. Around 50%, or €4.35 billion euros, was in the electricity sector, with renewables reducing natural gas imports for the heating sector by around €2.1 billion. And in transport, the use of biogas saved around €1 billion euros in fuel imports, the report added. (H/T Clean Energy Wire)
Olympic CERs – The Korea Southern Power Co. recently cancelled nearly 160,000 CERs from a Hangyeong wind power project. While just shy of 40,000 of them are earmarked for use in the Korea ETS, some 120,000 will be used towards offsetting emissions from the 2018 PyeongChang winter Olympics. An additional 20,000 were cancelled from a different wind project and will also go towards the Olympics, a UN website showed.
And finally… Negative about the negative – Countries should not factor negative emissions technologies into their GHG mitigation strategies, according to scientists in a new paper. “Negative-emission technologies are not an insurance policy, but rather an unjust and high-stakes gamble,” wrote authors Kevin Anderson and Glen Peters, warning that the world could be locked into high-temperature pathways if the technologies do not prove successful in the future. On Wednesday, the UK government’s Committee on Climate Change said the use of negative emission technologies “will be central” if the UK intends to achieve net-zero emissions as laid out in the Paris Agreement. (H/T Climate Nexus)
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