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A group of investors with more than $18 trillion in assets under management has called on the UK to ensure that a carbon pricing mechanism acts as the principal driver of the country’s long-term decarbonisation efforts post-Brexit.
Tightening emission baselines for its 140 biggest emitters has become unavoidable if Australia is to meet its Paris Agreement obligations, analysts said Wednesday, a move that would likely drive carbon credit demand from large industrial facilities over the next decade.
Western Balkan nations, in their plans to build up to 10 new coal-fired power plants, are overlooking the CO2 costs that they will likely be required to pay once they join the EU ETS, a watchdog group warned on Wednesday.
Korean CO2 allowances recorded their first gains since Feb. 23 on Wednesday, but market participants expect prices to stabilise until the government clarifies its intention on market intervention.
EU carbon prices ended almost flat on Wednesday, giving back early gains made in the wake of Poland’s auction clearing 6 cents above the secondary market, comfortably absorbing the highest government sale in four years.
German utility EnBW has scaled back its hedging rates over the past year while selling slightly less electricity, blaming thinner margins for producing power in what was a mixed hedging period for Europe’s biggest utilities.
BITE-SIZED UPDATES FROM AROUND THE WORLD
Every single car in India – With India’s government aiming for every single car, scooter and motorbike to be 100% electric by 2030, petroleum players do not want to be left behind, Climate Home reports. The goal is 6-7 million EVs by 2020, up from 130,000 registered today, and to become more self-sufficient in energy – India is a net oil importer – and ultimately export cleaner transport technology to China and Europe. And the Indian Oil Corporation (IOC) – Asia-Pacific’s largest national oil producer and number 18 in the world – is among those researching the technology. If trials are successful, it may invest in battery production. “In our quest for feasible and eco-friendly options for the upcoming EV market, lithium-ion batteries can be an emerging option,” said NS Raman, a top research official at IOC.
China’s CCS boom – China is expected to displace North America and take the lead in the next wave of carbon capture and storage projects after its first large-scale endeavor with the technology advanced, Bloomberg reports. Of the 16 large-scale CCS projects operating around the world, two-thirds are in North America, according to the IEA, and four out of five new projects under construction are also based in Canada or the US. But the next wave of projects is expected to happen in China, which accounts for about half of all CCS projects under serious consideration or planning, the IEA said, adding that in 2020, China will have 330 GW of coal-fired plants that could potentially be retrofitted with emission-reduction technology.
Taiwan target – Taiwan has previously set a long-term goal of cutting GHG emissions to half of 2005 levels by 2050, and the Environmental Protection Agency will now begin the process of breaking that down into nearer-term five-year targets. A goal for 2016-2020 will be finalised after a round of public consultation and a final approval by the executive branch of government, the EPA said this week. The five-year targets are likely to guide the cap in Taiwan’s planned emissions trading scheme.
Carbon neutral airports – India’s Bangalore International Airport has become the latest aviation hub to go carbon neutral according to guidelines drawn up by the Airport Council International. To help achieve the goal the company bought and cancelled 40,000 CERs from a hydro power project in the Philippines, a UN website showed.
And finally… Big Al’s back – The trailer has been released for former US vice president Al Gore’s follow-up to his award-winning 2006 documentary An Inconvenient Truth – and like many sequels, the film features a new mega-villain (you can probably guess who it is).
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