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Mexico is gearing up to launch its emissions trading system the second half of 2017, just ahead of the country’s December general election and with a link to California firmly in mind.
Nearly 50 of the poorest nations made a joint pledge on Friday to update their national climate plans before 2020 and aim for 100% renewables by 2050, putting pressure on major economies to ratchet up their Paris Agreement contributions at the earliest opportunity.
Lawmakers in the EU Parliament’s environment committee have abandoned their piecemeal approach to post-2020 ETS revision and are aiming to thrash out one big compromise ahead of a crunch vote next month, according to Ian Duncan, the UK MEP steering the file through the assembly.
European carbon prices fell on Friday to give back almost all of Thursday’s 6% gains due to a weak auction result and falling coal, notching a 1.6% weekly loss.
China’s Fujian province will hand out up to 200 million allowances to emitters ahead of next month’s launch of the nation’s eighth pilot ETS, with rules strongly favouring forestry offsets.
A record 910,000 allowances traded in the Shanghai CO2 market on Friday as it reopened after having been closed since July 1, with prices pegged at 10.72 yuan, exchange data showed.
The 70 savanna burning projects registered with Australia’s Clean Energy Regulator will be eligible to receive more offsets than before as new research shows they also increase carbon storage in the surrounding landscape, according to a new government proposal.
New Zealand carbon allowances extended recent losses in Friday trade, falling 3.6% to hit a 5-month low as concerns over how the next US administration will impact global carbon trading continue to cast a shadow over the market.
Closing prices, ranges and volumes for China’s regional pilot carbon markets this week.
BITE-SIZED UPDATES FROM AROUND THE WORLD
Come see for yourself, Donald – Pacific island leaders have issued a plea to the incoming president of the US not to abandon them to the rising ocean, Climate Home reports. During the evening hours on Friday the Prime Minister of Fiji, which will chair next year’s COP-23, called on Donald Trump to rethink his position on climate change and invited him to come to his islands to see the effects of global warming.
BEIS on the case – The UK’s department of Business, Energy and Industrial Strategy (BEIS) has launched an inquiry into the country’s Brexit negotiation priorities for energy and climate change policy, Solar Power Portal reports.
Trial run – The Shanghai carbon exchange in cooperation with the Shanghai Clearing House will launch an OTC forward contract next month, and will offer market participants two weeks of simulation trading from Nov. 21-Dec. 2 to allow some practice before the real contract is launched, they said Friday.
And finally… Fox News anchor Bill O’Reilly: the voice of reason? – The host of Fox’s The O’Reilly Factor this week said President-elect Donald Trump “should accept the Paris treaty on climate to buy some goodwill overseas.” But before you rush to tweet that, note that he partially based this conclusion on the premise that the Paris Agreement “doesn’t really amount to much”. (Media Matters)
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