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Ten oil majors on Friday announced an investment of $1 billion over the next ten years, representing around 0.1% of their total capital spending that they say will speed the commercial deployment of CCS, curb methane emissions and boost energy efficiency in transport and industry.
China’s State Council has released a detailed five-year plan for dealing with climate change, imposing tougher carbon intensity targets on the pilot CO2 trading regions compared to the national average.
Greece is lining up investments in new coal-fired power plants as EU lawmakers mull including the debt-ridden nation among those states allowed to give their utilities free carbon allowances.
European carbon prices slipped on Friday to take a breather following a week of stellar gains, locking in a 9% rise from last Friday.
The Clean Energy Regulator (CER) last month issued 585,000 new offsets, taking the total number of Australian Carbon Credit Units (ACCUs) above 30 million.
The Climate Trust is one of the oldest carbon market actors in the country, and has been working in this space for almost two decades. The land-based project types that we finance today can take several years to establish and begin delivering credits. Because of this lengthy commitment for project partners, one of the most frequently asked questions by our counterparties is, what will the carbon market look like in ten years? Of course, the honest answer is that we don’t know. We do however have a very bullish outlook on carbon.
Closing prices, ranges and volumes for China’s regional pilot carbon markets this week.
BITE-SIZED UPDATES FROM AROUND THE WORLD
It’s here! – The Paris Agreement officially takes effect today, 30 days after it crossed both thresholds needed to enter into force and three days before COP-22 kicks off in Marrakech. As of today, 97 countries representing nearly 70% of global emissions have joined. But as Carbon Pulse wrote last month once it became clear the threshold would be reached, the UN’s procedural manoeuvring means the move is unlikely to trigger any acceleration in climate action. Carbon Brief offers a preview of the next fortnight’s UN climate talks.
**Carbon Pulse subscribers can also access our 67-page dossier providing an overview of international climate policy relating to carbon pricing, including a detailed breakdown of the Paris Agreement and concise summaries of all its INDCs, global themes in carbon markets, internal carbon pricing, international climate initiatives and climate finance.**
Just 3.4 billion tonnes – While the US is destined for a tectonic shift in its energy landscape under either prospective president, new analysis from Lux Research suggests that Trump’s policies would leave emissions 16% higher after two terms than Clinton’s, PV Tech reports. The Republican nominee has been vocal about his plans to cancel the US’s efforts under the Paris Agreement, as well as his affinity to the coal industry. Overall, emissions are estimated to rise by 3.4 billion tonnes over the next eight years if Trump wins next week and is re-elected in 2020.
What’s German for ‘flat’? – Germany’s primary energy consumption is likely to remain broadly unchanged this year, according to estimates by energy market research group AG Energiebilanzen (AGEB). While data for the first nine months of the year indicate a rise in diesel, natural gas, and renewables, there was a marked drop in the use of coal and nuclear. But the effect on Germany’s CO2 emissions this year remains unclear, according to experts. (Clean Energy Wire)
Alberta’s renewables auctions – Alberta will hold its first auction for renewable power contracts in early 2017 as the NDP government moves on its strategy of having 30% of the province’s electrical supply coming from low-carbon sources by 2030, the Calgary Herald reports. The government tabled legislation Thursday enshrining the target in law, and will now invite investors to bid to provide up to 400 megawatts of renewable electricity for 20 years, with the winners likely to be announced about a year from now and projects up-and-running by 2019. The government intends to use money collected from the province’s existing carbon levy to fund an indexed “renewable energy credit” mechanism that will pay the difference between the bidders’ price and the pool price for electricity as a “top-up.”
And finally… Hope you’re happy with yourselves – The average westerner’s carbon emissions destroy 30 square metres of Arctic sea ice every year, according to new research. The study reveals a linear link between emissions of CO2 and the loss of Arctic sea ice, and as a result, it is possible to calculate the impact of an individual’s emissions. “Drive your car 4,000 km and its greenhouse gas emissions will melt three square meters of ice on the Arctic Ocean,” reports Reuters. The relationship suggests emitting another 1,000 billion tonnes of CO2 will be enough to see the Arctic ice-free in summer, the study notes. At the current rate of annual emissions – about 35 billion tonnes per year – that point would be hit sometime mid-century. (Climate Nexus)
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