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South Korea on Tuesday released a detailed plan for how it will meet its 2030 carbon target, including ruling out approving new coal plants, but attached a fresh set of conditions to its plan to meet a third of the target through buying international offsets.
Australia won’t be considering a carbon intensity trading scheme for electricity generators after all, Environment Minister Josh Frydenberg said Tuesday night after two days of criticism from party colleagues.
Australia’s chief scientific institution CSIRO and the national electricity transmission industry body Energy Networks Australia on Tuesday backed setting up a carbon intensity trading scheme for the electricity sector.
EU carbon prices nudged higher on Tuesday after a strong auction result helped lift prices that had once again dipped towards €4.
The Shanghai carbon exchange has closed a two-week simulation exercise attracting 71 participants in preparation to launch China’s second forward CO2 contract later this month, but liquidity remains a concern to investors looking for demand from utilities.
BITE-SIZED UPDATES FROM AROUND THE WORLD
Spend, spend, spend – If China is to meet its 2030 Paris target it needs to ramp up climate investments 4% annually until it peaks at 2.56 trillion yuan ($372 billion) in 2020, according to researchers at Beijing’s Central University of Finance and Econmics. Investments would need to stay at 2.5 trillion yuan a year throughout the 2020s, they said.
Japan’s emissions down – Japan’s GHG emissions fell 3% to a five-year low in FY2015 of 1.32 billion tonnes of CO2e, the government said Tuesday. The drop was due to lower power demand, growing renewable energy and the restart of nuclear power plants, according to Reuters.
And finally… Indonesia peat moratorium – Indonesia President Joko Widodo this week introduced a moratorium on any activity that damages peatlands, one of the nation’s biggest sources of greenhouse gas emissions. Peat fires caused $16.1 billion in damages last year and massively added to the nation’s carbon output. UNEP is delighted about the move, which you can read more about here.
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