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South Korea will increase CO2 allowance allocation for 2017 by 2.7%, government officials said on Thursday, with manufacturing industries getting the lion’s share.
Fujian province in southeastern China on Thursday launched the nation’s eighth pilot emissions trading scheme, with allowances initially pegged well above most of the other regional markets.
Australia is on track to miss its carbon emissions target under the Paris Agreement by as much as a billion tonnes of CO2e cumulatively over the 2020s, the government said Thursday, drawing renewed attention to its climate policies and refusal to consider a carbon trading mechanism.
EU carbon prices topped €6 for the first time since Nov. 11 on Thursday as higher power prices emboldened traders to keep betting that a three-week auction pause will tighten the market.
BITE-SIZED UPDATES FROM AROUND THE WORLD
Trudeau holds line – Canada’s PM Justin Trudeau said he will continue with planned tougher carbon rules even if incoming US President Donald Trump remains less enthusiastic about fighting climate change because Canada may gain from embracing clean technologies and see continued cooperation from US state and local governments. Trudeau told a business audience in oil hub Calgary that Canada’s climate policies will draw global investment from energy companies, giving them greater certainty about costs at a time when it’s less clear what the US will do under Trump. He said: “The long term stability, the predictability that we are offering in Canada is extremely appealing in a world which is more and more unstable.” (Bloomberg)
The German minimum – Setting a domestic minimum CO2 price of €75/t would enable Germany to meet its 2030 energy-sector emissions target of a 61-62% cut under 1990 levels, analysts at Energy Brainpool said in a white paper. The target will not be met if the CO2 price rises to the €27.60 levels modelled by the IEA but even a national minimum price would mean 60% of the emissions avoided in Germany would still be leaked to neighbouring markets via electricity imports. (HT Clean Energy Wire)
California rules – California’s ARB has made available a document with draft rule changes to its cap-and-trade programme as proposed ahead of and during a Sep. hearing. The proposals can be found in Attachment A from this website, with 380 pages of pure carbon trading joy.
Slowly, slowly – Japan’s Joint Crediting Mechanism (JCM) has made a third issuance of credits, this time to a small-scale solar power project in Palau. The Japanese government received 222 credits, and Palau got 74. JCM issuances have been miniscule so far, but the project portfolio is slowly starting to build. According to the Ministry of Environment, 91 projects have now been implemented under the mechanism with a total capacity to generate around 470,000 credits per year.
Louisiana CCS – The US Energy Department is conditionally prepared to guarantee as much as $2 billion in loans to Louisiana state’s Lake Charles Methanol CCS project, which is designed to turn petcoke from oil refining into methanol, hydrogen and CO2, all three of which are intended to be sold, with up to 4.2 million tonnes of CO2/year buried while enhancing oil extraction in Texas. (Washington Post)
And finally… Here be monsters – Donald Trump repeatedly and persistently lobbied and cajoled Scotland’s then-First Minister Alex Salmond to oppose a planned offshore wind farm near Trump’s golf course in Aberdeen, according to 16 letters he sent over 2011-13 and obtained by a Freedom of Information Act request. Trump called wind turbines “monsters” that destroy magnificent coastlines and their costs threaten to turn the Scottish economy into “a third world wasteland.” (Huffington Post UK)
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