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South Korea appears to be considering making its Paris emissions target a multi-year goal instead of a single-year one, which could see its demand for international carbon offsets rise more than ten-fold to over 1 billion units through the 2020s, potentially give the new global carbon market a much-needed shot in the arm.
The German government has struck a deal on its 2050 Climate Action Plan by agreeing to ease emissions goals for industrial and power sectors and by dropping a call for a minimum EU ETS auction price, media reported on Friday.
China expects its national carbon market to attract annual trading volume of up to 500 million tonnes for its first three years, equivalent to less than 10% of the allowances likely to be freely allocated, a senior climate official said Thursday.
EU carbon prices lost further ground to hit a two-week low Friday amid a weak energy complex and giving back all of the previous week’s stellar gains.
Donald Trump’s election win will not impact Canada’s plans to implement a nationwide price on carbon emissions, Prime Minister Justin Trudeau said.
The chair of Australia’s Clean Energy Regulator will step down when her term expires next April, the agency announced Friday.
Closing prices, ranges and volumes for China’s regional pilot carbon markets this week.
BITE-SIZED UPDATES FROM AROUND THE WORLD
Fixing inconsistencies – California’s Air Resources Board discovered some inconsistencies in the data used for last month’s proposal for how to calculate post-2020 industry assistance factors under its cap-and-trade programme. Those have now been adjusted and a new proposal has been published on the ARB website.
And finally… We’re the kids in America – A federal judge in Oregon allowed 21 young climate activists to take their groundbreaking lawsuit against the US government to federal court. The case’s legal counsel says Donald Trump will automatically become a defendant in the case when he assumes the presidency next year. The young plaintiffs and climate scientist James Hansen allege that the government isn’t doing enough to curb greenhouse gas emissions and demand stronger efforts on climate change. The case has been contested by the federal government as well as several fossil fuel and industry groups.(Clean Energy Wire)
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