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China could rule out the use of offsets when it launches its national emissions trading scheme later this year in a bid to bolster demand for allowances, according to sources familiar with the situation, a move that would also cut off potential funding for thousands of domestic carbon-cutting projects.
The World Bank-led Partnership for Market Readiness (PMR) has granted $8 million to support India in developing market-based mechanisms to drive carbon emission cuts.
South Korean carbon allowances extended losses on Thursday after news broke that the government has made it easier to release fresh supply from the market stability reserve.
EU carbon prices were pinned close to €5 on Thursday in rangebound trade that failed to test the previous session’s one-month low as governments continued to process free allowance allocations to their industries.
Activity in California’s carbon market picked up in the last week as traders began rolling March positions into the April contract while Ontario drew interest for its first auction.
Australian Energy and Environment Minister Josh Frydenberg on Thursday introduced a bill seeking to fix issues that have made it hard for some savanna projects to enter the carbon market.
BITE-SIZED UPDATES FROM AROUND THE WORLD
Resisting Trump – The governors of California, Oregon and Washington, and the mayors of Los Angeles, Oakland, Portland, San Francisco and Seattle, have issued a joint statement ahead of President Trump’s anticipated executive order to slash down on climate action. Pledging to resist Trump’s policy lead, the west coast leaders said that “our cities and states will continue to assert our leadership and position our region for economic success. We urge states, cities and businesses from across the country to join us in leading and re-affirming our commitment to cut carbon emissions and reverse the damaging impacts to our communities of unfettered pollution”.
CO2 price supreme – Germany will have to replace its current renewables (EEG) surcharge model with more market and taxation-based mechanisms, using a CO2 price as “a leading indicator”, the country’s top climate official Jochen Flasbarth told a conference by Green Budget Germany in Berlin. He said Germany’s cap on renewables expansion should be lifted after Sept. elections to ensure Germany continues on its clean energy path and advance the electrification of transport and heat. (Clean Energy Wire)
Agreement on something – An Oregon business task force on GHG emission reductions have released a report announcing their backing of carbon pricing, although they did not manage to agree on what type of carbon pricing initiative they support, Oregon Business reported. The group encouraged businesses to participate constructively in legislative processes, as five carbon pricing bills are currently in the state legislature.
Two more bite the dust – Economists Danny Price and John Quiggin have both resigned from Australia’s Climate Change Authority, an independent government advisory body, this week, the Guardian reported. Quiggin said he saw no point in participating as the government listens more to the anti-science right-wing of its own party than expert advice. The two follow ethics professor Clive Hamilton, who left in February. The Authority last year submitted a special report to the government recommending a number of new policies including an emissions intensity trading scheme, but the government has yet to even formally respond to the report despite being legally bound to do so.
Cancelled – Some 138,400 Indian CERs have been voluntarily cancelled this week, with the majority annulled by India’s Oil and Natural Gas Corporation. The multinational said it cancelled the credits to offset the annual carbon footprint from its four production installations.
And finally… If you can’t stand the heat, get INTO the kitchen – The UN Development Programme (UNDP) is launching a new cookbook to show how climate change is impacting the food supply of vulnerable communities. It focuses on the daily lives of families in Cabo Verde, Cambodia, Haiti, Mali, Niger and Sudan and is being launched at a cocktail event in Brooklyn on Apr. 3.
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