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Switzerland, Quebec and Ontario have opened high-level talks over linking their carbon markets, several well-placed sources told Carbon Pulse, in what could develop into a bridge between North America and Europe’s emissions trading schemes.
Germany has commissioned independent experts to help unblock global talks on how the CDM could port into the Paris Agreement as UN negotiations remain bogged down on the issue.
It would be “logical” for the EU to extend its suspension of extra-European aviation emissions from regulation under its carbon market for several years, at least until ICAO’s global scheme is able to be evaluated, the EU’s top climate official said on Wednesday.
Global CO2 emissions are set to still be rising by 150 million tonnes a year in 2040, paving the way for a 2.7C temperature growth by 2100 unless governments ramp up their ambition, the International Energy Agency said Wednesday.
Renowned economists Joseph Stiglitz and Nicholas Stern will chair a new high-level commission tasked with examining how to use carbon pricing to meet the emissions reduction pledges under the Paris Agreement and identifying the social and economic benefits of such an approach.
EU carbon resumed its downward trajectory on Wednesday as big drops in coal and power prices continued to pressure the market.
The New Zealand carbon market saw a fourth consecutive day of losses on Wednesday as a mix of profit-taking and uncertainty over what a Trump presidency will bring weighed on prices.
The Shanghai municipal government on Wednesday released the 2016 allocation plan for its emissions trading scheme, reducing the annual cap despite increasing the number of market participants by over 50%.
Ontario is on track to link its cap-and-trade scheme with the WCI programme in early 2018, the province’s environment minister told Carbon Pulse.
The Ontario government on Tuesday released draft regulations for carbon offsets that would allow projects going back as far as 2007 to generate carbon credits for use in its cap-and-trade programme.
This month’s Swiss carbon allowance auction cleared at a record low, according to the country’s emissions trading registry.
Swiss police on Tuesday arrested a carbon fraudster that had been on the run from French authorities since July.
BITE-SIZED UPDATES FROM AROUND THE WORLD
All in vain? – The US released a plan to cut GHG emissions by 80% below 2005 levels by 2050, building on President Obama’s Paris Agreement pledge to cut the country’s output by 26-28% by 2025. The plan, dubbed the Mid-Century Strategy and released at COP-22 in Marrakech, calls for deep emissions cuts by the energy sector and transportation, with investment in carbon removal technologies including developing CCS and expanding land sinks. US Secretary of State John Kerry announced the plan, saying that the overwhelming majority of US citizens support his administration’s action on climate change. However, the strategy is likely to be shelved under the incoming Trump administration, which is expected to dismantle much of Obama’s climate legacy including pulling the US out of the Paris Agreement.
Auction on – The fourth auction under Australia’s Emissions Reduction Fund began on Wednesday. The government will accept bids until Thursday 5 PM AEDT, and will announce the results within five business days after the auction closes. This auction is expected to be the last full-sized one until the government tops up the ERF’s budget, thought unlikely until 2018.
And finally… The anti-carbon tax – A study suggests Canada’s attempts to set a price on carbon are being undercut by subsidies to the fossil-fuel industry, Metro reports. A coalition of four environmental groups have summed up tax exemptions, investment credits and royalty breaks used by the fossil-fuel industry and compared that total against emissions data from Environment Canada. The “carbon subsidy” averages out to the equivalent of $19 per tonne of CO2, nearly equal to the carbon tax Alberta plans to introduce next year and double the proposed initial pan-Canadian carbon price.
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