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Reforms backed by the European Parliament’s environment committee (ENVI) could add at least 26% more to EUA prices than the original Commission proposal next decade, but key elements are unlikely to survive, according to analysts at Thomson Reuters Point Carbon.
EU carbon prices extended their six-week high to €6.31 on Friday and have gained 26% this week traders bet that a three-week auction pause will tighten the market.
Korean Allowance Units (KAUs) traded up 0.5% on Friday despite news the government will increase allocation for 2017 as demand from emitters that borrowed permits to meet their 2015 compliance is still seen as outweighing supply.
California and Quebec will auction a total 74.83 million carbon allowances in their tenth joint auction to be held on Feb. 22, the WCI partner governments announced Thursday.
Closing prices, ranges and volumes for China’s regional pilot carbon markets this week.
BITE-SIZED UPDATES FROM AROUND THE WORLD
CO2 off the roads – The EU must cut its transport emissions by 94% by 2050 to contribute to the Paris Agreement’s 2C temperature goal, Germany’s Oeko-Institut has warned. A massive 96.34% of the EU’s transport sector is based on polluting fossil fuels, according to figures released last week by the European Environment Agency. (EurActiv)
Solid majority – Some 58% of Canadians support the key planks in Prime Minister Justin Trudeau’s energy and climate plan: approving a controversial oil pipeline and imposing a carbon tax, according to a poll from Nanos Research Group. However, there are stark regional differences including 60% of residents in the resource-producing prairie provinces being against carbon pricing compared to 70% in Quebec and 74% in Atlantic Canada being in favour. (Globe & Mail)
More eyes in the sky – China has launched its first satellite to monitor global emissions of CO2, several outlets report. The 620kg TanSat satellite was launched from the Jiuquan Space Launch Centre in the Gobi Desert into an orbit 700km from Earth. On a three-year mission, TanSat will take readings of CO2 levels every 16 days, accurate to at least four parts per million, and will be able to detect the smallest atmospheric variations. China is the third country after the US and Japan to launch such a satellite.
IMF cancelling – The IMF has bought and cancelled more than 94,200 CERs from an Indian wind farm, according to UNFCCC data. The reason for the cancellation was not revealed, but it was presumably to offset the organisation’s carbon footprint for this year or last. A further 2,000 CERs from the same project were cancelled by UNWTO (the UN’s World Tourism Organisation).
And finally… Cashing in on climate change – The Guardian profiles Greenland, where climate change is “no disaster” as some make the most of new opportunities such as new fish species arriving and as melting ice may reveal huge mineral deposits.
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