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Anxiety is building over whether California will be able to extend its cap-and-trade scheme beyond 2020, with observers warning that failure could severely dent efforts across North America to use markets to fight climate change.
Explicit carbon pricing rising to around $50/tonne next decade and $100 in the 2030s is needed among other policies to ensure global emissions are cut in line with Paris Agreement goals, according to a report backed by several energy companies, investors and non-profit organisations.
EU carbon prices ducked below €4.50 on Tuesday to extend last week’s 2017 low as traders anticipate more weakness amid limited scope for further 2016 compliance buying.
Ecosystem Marketplace’s Steve Zwick has come to suspect that lots of people want to offset their emissions but don’t know how. This is his effort to correct that.
BITE-SIZED UPDATES FROM AROUND THE WORLD
Vulnerable number – The Climate Vulnerable Forum (CVF) of the world’s 49 most climate vulnerable countries have called on the G20 to finally set a date – preferably 2020 – for a phase out of fossil fuel subsidies. The G20 has only thus far promised to phase them out over the “medium term”. Those calls were repeated on Sunday by the finance ministers of the Climate Vulnerable Forum (CVF), a political grouping of the countries that are the most vulnerable to the effects of climate change because of geography and poverty. (Climate Home)
Green banking – A consortium led by Australian bank Macquarie is vowing to boost global spending in clean energy technologies after it agreed a £2.3 billion deal to buy the UK’s Green Investment Bank from the British government. The bank aims for £3 billion in new spending over the next three years, with the government establishing a “golden shareholder” to ensure it maintains its obligation to invest “exclusively in accordance with its green purposes”, though some lawmakers have questioned whether this could still allow the bank to invest in fracking or outside the UK. (Bloomberg)
Cancelled – The UNFCCC has approved the voluntary cancellation of more than 277,000 CERs this week, including 161,000 credits from a South Korean tidal power project that are bound for the country’s ETS and 106,200 voided to offset the carbon footprint of Mumbai’s airport for 2016-17.
And finally… Forest firing – Brazil’s government has sacked Thelma Krug, the head of Brazil’s anti-deforestation department, a row about deforestation data precision amid rising pressure on the administration after a long-term deforestation trend was bucked over the last two years. Experts were shocked but happy that she was replaced by Jair Schmitt, a hardliner credited with fining Santander bank last year for financing illegal deforestation. (Climate Home)
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