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Having now ditched its carbon-cutting plans, the US must explain to the rest of the world how it will meet its emission targets if it stays in the Paris Agreement, EU climate chief Miguel Arias Canete said Thursday, while promising that the EU and China would carry on leading the fight against climate change.
Norway will look at possibly downscaling its CER buying programme after the government revised down emissions projections due to more citizens opting for electric cars.
More than 24 million allowances left over from California/Quebec auctions are likely to be consumed by the Ontario market if the jurisdictions link up in early 2018, helping to keep a lid on OCA prices.
The UK’s greenhouse gas emissions fell by 6% in 2016 due mainly to coal-to-gas switching in the power sector, making transportation the top emitting sector for the first time ever and cutting into demand for EU Allowances.
US carbon markets shrugged off news of President Trump’s executive order rolling back many of the climate protections enacted by his predecessor, though some traders were seen positioning for big price moves.
EU carbon prices gained 3.4% on Thursday, nearing the €5 mark for the first time this week on short-covering and as a jump in oil prices lifted the energy complex.
BITE-SIZED UPDATES FROM AROUND THE WORLD
May day – President Trump is planning to decide by late May on whether the US should stay in the Paris Agreement, according to White House press secretary Sean Spicer. White House aides “are currently reviewing issues related to the agreement” and the administration expects to announce a final decision by May 26 – the beginning of a conference in Italy for the G7 – or even sooner, The Hill reported. That would come after the May 8-18 intersessional UN climate meeting in Bonn, making for an uneasy and unproductive time for any attending US officials.
Sticking to the plan – Many of America’s biggest corporations including Apple, Wal-Mart, Mars, Staples and The Gap are sticking by their pledges to fight climate change even as President Donald Trump guts his predecessor’s environmental policies. Companies say their pledges, coordinated by the Obama administration, reflect their push to cut energy costs, head off activist pressure and address a risk to their bottom line in the decades to come. (Bloomberg)
Read the fine print – Environment Canada told Environment and Climate Change Minister Catherine McKenna early in her mandate that a price on carbon would have to go as high as $300 per tonne in 2050 for Canada to meet its climate targets, according to a government document obtained by the conservative party through a freedom of information request. However, the ministry notes that this forecast was a worst-case scenario based on a complete lack of new, supportive regulations. (National Post)
And finally… Don’t mention it – Employees of the US Department of Energy’s Office of International Climate and Clean Energy were told this week not to use the phrases “climate change,” “emissions reduction” or “Paris Agreement” in written memos, briefings or other written communications, sources told Politico, though a DOE spokeswoman denied that this was true. That comes as officials at the State Department and in other DOE offices report they’ve stopped using climate-related terms in their own written work given the administration’s new direction on the topic, despite not having received a banned words list.
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