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The EU and China will convene a meeting of carbon market nations in the first half of 2018 with the aim of advancing work on linking emissions trading systems.
New Zealand could meet as much as 80% of its Paris Agreement obligations through the international carbon market, and Climate Change Minister Paula Bennett is at UN talks in Marrakech to line up nations to link or trade with, according to a government document.
RGGI states are considering imposing a supply-curbing reserve after 2020 among a slew of reform options in the market’s 2016 programme review.
Fiji will chair next year’s UN climate summit in the German city of Bonn while Poland has proposed to once again host the talks in 2018, sources told Carbon Pulse.
European carbon prices jumped by more than 6% on Thursday, buoyed by short-covering, a strong auction result and gains posted across wider energy and financial markets.
New Zealand carbon allowances shed another 1.1% in Thursday’s trade to hit a three-month low as buyers rapidly retreated and some sellers followed suit.
ECOSYSTEM MARKETPLACE: Hundreds of US companies urge climate action as John Kerry, others calls for more “business diplomacy”
Hours after world leaders recommitted themselves to the Paris Climate Agreement at the opening of the high-level segment of the United Nations Climate Conference here, Jonathan Pershing emerged from his temporary office at the US pavilion to a gaggle of businessmen and NGO representatives.
BITE-SIZED UPDATES FROM AROUND THE WORLD
Marrakech proclaims – To thunderous applause late Thursday, countries at UN climate talks in Marrakech agreed on the Marrakesh Action Proclamation, a pledge reaffirming the commitment of the 196 countries party to the UNFCCC to implement the Paris Agreement. Green groups touted the measure as a reflection of the determination of world leaders to not let the election of US President-elect Donald Trump hijack global climate action. The talks continue into the final day on Friday, with a sticking point on adaptation finance provided to poorer nations.
Climate cash coming – A slew of financial pledges were made at UN climate talks over the past day, boosting hopes that developing nations would sign off on this week’s negotiations that had been on shaky ground given US President-elect Trump’s vow to pull all of his country’s UN-backed climate funding. The Adaptation Fund passed its $80 million target for this year, with $50 million from Germany and other pledges from Sweden, Italy, Flanders and Wallonia. France also pledged $27 million to the Least Developed Country Fund, while the Capacity Building Mechanism received $50 million and the Clean Technology Fund $20 million.
China rebukes Trump “hoax” claims – China’s Vice Foreign Minister Liu Zhenmin has noted that Donald Trump’s now-infamous Tweet that global warming is a hoax created by the Chinese could not possibly be true. “If you look at the history of climate change negotiations, actually it was initiated by the IPCC with the support of the Republicans during the Reagan and senior Bush administration during the late 1980s,” Liu said. (Bloomberg, H/T Clean Energy Wire)
Thanks, but… – Canada has pledged C$3 million to the World Bank’s Transformative Carbon Asset Facility (TCAF), which is due to explore a new policy-based carbon market and start funding initiatives in the developing world next year. TCAF has received pledges totalling $250 million from Germany, Norway, Sweden and Switzerland but remains well short of its $500 million target.
Morocco’s EU link – Morocco’s dream of a link for selling its renewable power to Europe came a step closer today as its renewable agency Masen signed a pact with Germany, Spain, France and Portugal to draw up a roadmap over the next year, paving the way for an agreement for an eventual electricity link.
Long-term thinking – The 2050 Pathways Platform was launched at the UN talks today as a forum to share knowledge in long-term low-carbon planning. US, Canada and Mexico joined Germany in publishing their plans, and 22 countries have started or are about to start a process of preparing their own 2050 pathways. One delegate said this proliferation of long-term plans may help counter criticism of carbon crediting by helping nations to focus on transformational abatement rather than marginal cuts rendered incompatible with 2050 goals.
And finally… Trump to force a Cal-entry? – If Donald Trump pulls the US out of the UN climate process in early 2017, California, the country’s most populous and richest state, could try and fill the sizeable hole left. California senate leader Kevin De Leon said it was an “option that I want to keep open” and legal experts at Harvard and Yale are already researching if a sub-national body could join the UN climate talks he said, but added this would be a “political decision”. (Climate Home)
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