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Global traded carbon volumes dipped 4% in 2016 to 6.0 billion tonnes of CO2e while the overall value of the markets fell 31% to €34 billion ($35.8 billion) as prices plunged in the large European market, Thomson Reuters Commodities said in its annual market review.
Sellers achieved an effective price of $1.80 (€1.70) per carbon credit at the third auction of the World Bank’s Pilot Auction Facility (PAF) held on Tuesday, well below the levels around $2.10 achieved in the previous two sales.
New investment in clean energy worldwide fell 18% last year to $287.5 billion despite a record year for offshore wind financing, according to researchers Bloomberg New Energy Finance (BNEF).
South Korea’s Ministry of Strategy and Finance (MOSF) on Wednesday issued new Korean Offset Credits (KOCs) for the first time since October, providing rare supply to a market that is seeing its highest prices since May.
Climate policy consultants have laid out a roadmap for Turkey to establish an ETS, advice paid for by richer nations in the so-far vain effort to persuade the country to adopt tougher climate policies.
EU carbon prices ended little changed on Wednesday in the first relatively calm day of trade in 2017, which has followed more than a week of wild, speculator-led volatility.
Australia will hold its fifth Emissions Reduction Fund auction on Apr. 5-6, which will likely see the Clean Energy Regulator commit the remainder of its funds.
California’s carbon market regulators issued just over 13,000 new offsets in the first issuance of 2017 and the smallest to date.
BITE-SIZED UPDATES FROM AROUND THE WORLD
Paris table tennis – “The US is better served by being at that table than leaving that table,” said nominated US Secretary of State Rex Tillerson, referring to the Paris Agreement. His remarks to a senate committee appear to contradict the views of his incoming boss, President Donald Trump, who said he would pull the US out of the treaty before he was elected. Tillerson also claimed that the science behind man-made climate change was “not yet conclusive”.
Test run – Ontario will hold a practice carbon allowance auction on Jan. 17 to give participants a test run ahead of the first real sale, which is tentatively scheduled for March. The deadline to register is Jan. 12, with participants requiring a CITSS registry account. No results will be released from the practice sale.
Cancelled – Brisbane City Council has voluntarily cancelled more than 392,000 CERs from four Chinese wind projects in a bit to offset its estimated emissions for 2017/18.
And finally… Barbarella blasts JT – Actress and activist Jane Fonda blasted Canadian PM Justin Trudeau on Wednesday, accusing him of betraying his government’s commitments made in Paris. “When I heard that your prime minister, the shining hope at the … Paris climate talks, who talked so beautifully about needing to meet the requirements of the climate treaty, and respect and hold to the treaties with the Indigenous people, and so forth — such a heroic stance he took there,” Fonda said, as reported by CBC. “And yet he has betrayed every one of the things that he committed to in Paris … I guess the lesson is we shouldn’t be fooled by good-looking liberals, no matter how well spoken they are. What a disappointment.” Fonda toured the Alberta oilsands this week and attended the panel discussion in Edmonton to criticise Ottawa’s approval of Enbridge’s Line 3 and Kinder Morgan’s Trans Mountain oil pipelines.
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