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EU environment ministers struck a common position on post-2020 ETS reforms on Tuesday by agreeing to cancel withheld allowances, while bolstering the MSR and making more auctionable permits available for industry.
China’s coal consumption fell 4.7% in 2016, a third consecutive year of decline, government data showed Tuesday, leading some analysts to predict that the country will see an absolute reduction in CO2 emissions this year.
Emissions covered by Australia’s National Greenhouse and Energy Reporting (NGER) scheme rose 2.2% last year on increased electricity generation and a rise in LNG production activities, the Clean Energy Regulator said.
Trading volumes in RGGI allowances (RGAs) plummeted in Q4 2016 despite firms participating in the northeastern US carbon market building up notably larger positions than a year ago, a report showed.
European carbon gave back much of its early gains on Tuesday after the day’s auction cleared at a massive discount, but spiked at market close on news of an agreement on post-2020 ETS reforms by EU member states.
The oversupply of allowances in the EU ETS has fallen to around 1.7 billion tonnes in 2016, according to a European Commission official.
A cross-party committee of US lawmakers held their first hearing on the country’s social cost of carbon (SC-CO2) assessment on Tuesday in what some observers said what the new administration’s first attack to the climate action tool.
**2017 Climate Leadership Conference: Chicago, Mar. 1-3 – Business, city, and organization leaders engaged in sustainability and climate action will share what they are doing to reduce emissions, deploy clean energy, and prepare for climate impacts. Come hear UNFCCC Executive Secretary Patricia Espinosa as well as executives from AECOM, Apple, Bank of America, Edison Energy, Exelon, Ford, GE, GM, IBM, Intel, Lockheed Martin, Microsoft, NRG, Pacific Gas & Electric, United Airlines. Visit the website**
**Navigating the American Carbon World (NACW) 2017: San Francisco, Apr. 19-21 – NACW brings together the most active and influential players in North American climate policy and carbon markets to address the most pressing topics in domestic and international policy, subnational leadership, carbon markets, climate finance, and carbon management initiatives. Visit the website**
BITE-SIZED UPDATES FROM AROUND THE WORLD
Climate costs – Climate change will add $241 billion per year to annual infrastructure investments needed in Asia-Pacific nations between now and 2030, according to a new report by the Asian Development Bank. The bank calculated that its 45 member states need to invest $1.7 trillion annually in infrastructure to be able to maintain growth momentum, reduce poverty and address climate change. Some $200 billion each year is needed to cut carbon emissions from the power sector, while an additional $41 billion is required for adaptation, primarily in the transport sector, the bank said.
Running out of patience – Energy Australia, the nation’s second biggest emitter of CO2, is the latest company to call for lawmakers to quit politicking and come up with a national plan for how to transition to renewables from the current coal-reliant system. “The single-biggest barrier to investment is uncertainty around policy settings,” managing director Catherine Tanna told ABC. A growing number of companies, organisations and experts have recently criticised the government and MPs for being more interested in scoring cheap political points than finding a bipartisan solution to what to do with Australia’s ageing electricity system.
And finally … No. 1 – The Marshall Islands became the first nation to ratify the Kigali Amendment on HFCs, it said in an announcement. The treaty includes a goal of cutting production and consumption of HFCs 80% over the next three decades, avoiding emissions of 80 billion tonnes of CO2e by mid-century.
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