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- UN climate talks map out two-year process to firm up Paris Agreement rulebook
- Germany’s 2050 climate plan reintroduces push for EUA floor price
- US EPA submits final CPP carbon trading rules for review
- China to increase coal capacity 20% by 2020
- COP-22 Roundup: Nov. 7 – Day 1
- EU Market: EUAs stumble after breaching technical support
- Kyoto credit conversions in EU ETS slow further
- Dutch groups unite to bolster non-ETS offsetting
- Australia updates offset rules after allegations of wrong-doing
- COMMENT: The Paris Agreement takes flight; what’s next in Marrakesh?
UN climate negotiations began in Marrakech on Monday aiming to start writing the rulebook on the Paris Agreement, with business and green groups urging governments to complete the process within two years.
The German government has reached a tentative agreement on its 2050 Climate Action Plan that includes support for an EU carbon floor price, an interim 2030 GHG goal and emission targets for all sectors.
The US EPA last week submitted its finalised carbon trading rules for power plants for review by the White House Office of Management and Budget (OMB), in a move the agency said recognises the Supreme Court’s stay of the proposed overarching regulations.
China plans to increase its coal capacity 20% by 2020 according to the five-year power sector plan released Monday, despite analysis suggesting the nation’s coal consumption has already peaked.
COP-22 kicked off on Monday, with negotiators from nearly 200 countries descending on Marrakech to hammer out the details of last year’s Paris climate agreement. Carbon Pulse will post updates from the UN conference as they happen.
European carbon prices lost ground on Monday after breaching a key technical support level around €6.38, as a weaker energy complex and lacklustre EU auction weighed.
Companies regulated by the EU ETS continued to slow the rate at which they convert Kyoto credits into EUAs, exchanging just over 500,000 in the past six months, the European Commission said late on Friday.
The Netherlands government and fifteen private sector actors have formed an initiative establishing a Dutch national carbon market in non-ETS sectors.
Australia’s Clean Energy Regulator (CER) on Monday updated rules for obtaining eligible interest-holder consent for ERF projects just weeks after one developer allegedly broke them, with the agency warning that no offsets would be awarded without their documented consent.
Last Friday, the Paris Agreement entered into force way ahead of schedule – less than a year after the gavel came down to adopt the climate agreement last December. This week, as nations’ representatives meet in Marrakesh, Morocco for the next annual UN climate conference (COP22), they’ll look to take an important step toward putting the landmark agreement to work.
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Emissions Trader, Allcot – Zug/Madrid
Commercial Director, Green Power, Allcot – Spain
VP of Sales, Carbon Offsets – Houston
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Junior Policy Analyst, Green investment and climate change mitigation, OECD – Paris
Programme Manager, Water and Climate Change, International Union for Conservation of Nature – Amman, Jordan
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BITE-SIZED UPDATES FROM AROUND THE WORLD
RGGI meets – RGGI member states will hold their next programme review meeting on Nov. 21 to evaluate potential changes to the nine-state US carbon market. “This webinar-only meeting will review 2016 program review IPM modelling scenario assumptions and results, and program design elements leanings,” the scheme’s operators said on Monday.
US voters on climate change: 2016 – Here are the climate-related US election races to watch on Tuesday, with Mother Jones providing a state-by-state guide.
Tomorrow’s other vote – Voters in Washington state will on Tuesday weigh in on whether a state-wide carbon tax should be introduced, and spending on the matter has ramped up in recent days. The opposition movement has taken in around $500,000 in late October, while the pro-tax faction has raised nearly $1 million. The levy, which would start at $15/tonne in Jul. 2017 and reduce sales tax by an equivalent amount as it slowly rises to $100/tonne, has matched up some odd bedfellows including the industrialist Koch brothers and a number of green groups – all of whom oppose the measure. Industry is against it for the usual reasons, while environmentalists want the funds to be spent on clean energy projects instead of being recycled. According to Ballotpedia, support for the I-732 bill stands at around 40%, with opposition near 32% and the undecided at 28%.
A world of opportunities – A study released today by the World Bank’s IFC shows that the Paris Agreement helped open up nearly $23 trillion in opportunities for climate-smart investments in emerging markets between now and 2030. Countries’ INDCs offer a clear roadmap for investments that will target climate-resilient infrastructure and offset higher upfront costs through efficiency gains and fuel savings, the agency said. The IFC’s study identifies sectors in each region where the potential for investment is greatest. It found that East Asia and the Pacific had the largest investment potential at $16 trillion, followed by Latin America and the Caribbean at $2.6 trillion, South Asia at $2.5 trillion, Sub-Saharan Africa at $783 billion, Eastern Europe at $665 billion, and in the Middle East and North Africa at an estimated $265 billion.
The tax to be axed? – Energy industry specialists fear that British Chancellor Philip Hammond will axe the country’s carbon tax in the autumn statement, The Times reports. Operators are warning that removal of the carbon floor price, which came into force in 2013 and currently stands at around £18/tonne, would send the market “into a tailspin”, putting gas plants at risk and reducing the chance of new ones being built.
And finally… This is why we can’t have nice things – While the debate over carbon pricing often gets heated, we can all agree that sometimes one side takes things a bit too far. In the latest examples, an Australian Liberal backbencher recently linked the country’s now-scrapped carbon tax with water safety and the rate of children drowning. Craig Kelly, speaking on a recent report about drowning deaths on Monday, said electricity was a big cost for swimming centre operators. “We cannot ignore the fact in this parliament that there are policies being put in by governments – both state and federal – that are increasing the costs of electricity, and by doing so we increase the cost of kids’ swimming lessons,” he told parliament, alluding to the carbon tax. Fellow MPs were quick to criticise Kelly, with one saying it was “an absolute disgrace” to politicise children drowning.
And separately, on the other side of the globe, anti-carbon tax demonstrations were held in about a dozen cities in Alberta over the weekend, with a group of attendees raising a confederate flag at one in front of Red Deer city hall. Lawmakers and some protesters were also quick to condemn the move.
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