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China and the EU have strengthened a joint statement on climate that will be delivered in Brussels on Friday, promising to step up their efforts after President Donald Trump moved to pull the US out of the Paris Agreement.
One of two California Assembly bills to extend the state’s carbon market beyond 2020 failed in a late-night vote on Thursday, marking a setback for campaigners pushing to demote the scheme while expanding it to cover air pollutants.
Michael Bloomberg, the billionaire businessman and philanthropist, has committed up to $15 million to cover any hole left in the UN climate body’s budget by the US departure from the Paris Agreement.
South Korean CO2 allowances came off recent highs on Friday, shedding 2.4% as a government confirmation of company emission reports saw record volumes trade on the Korea Exchange.
New Zealand carbon allowances softened again on Friday as the continued uncertainty over the ETS review outcome is quelling interest.
Australia’s Clean Energy Regulator (CER) issued 315,441 carbon credits this week, more than twice as many as last week, as landfill operators stepped in to receive their offsets.
Below is a table of the closing prices, ranges and volumes for China’s regional pilot carbon markets this week. All prices are in RMB, and volumes in tonnes of CO2e. Data sourced from local exchanges.
European carbon prices rose for a second day on the back of Friday’s auction and pre-weekend positioning by traders, helping the front-year EUA futures to post a small 0.6% loss for the week.
A table of Verified Emission Reduction (VER) prices and offered volumes, based on voluntary market data provided by CTX.
BITE-SIZED UPDATES FROM AROUND THE WORLD
Bad timing – As President Donald Trump prepared to pull the US out of the Paris Agreement this week, scientists at NOAA reported that 2016 had recorded the second-biggest jump in atmospheric CO2 on record. Last year’s increase in the atmospheric CO2 concentration was nearly double the average pace since detailed measurements started in 1979. (InsideClimate News)
Programme review – RGGI will hold a meeting on June 27 in New York to gather stakeholder input for the nine states’ current programme review. The meeting will be web-streamed.
Singing the same song – The Australian Energy Market Commission and the Climate Change Authority on Friday submitted advice to the government on the electricity market, recommending it set up an Emissions Intensity Scheme to ensure energy supply security while cutting carbon emissions. The full report included a long list of companies, industry groups, experts and others that have recommended the same. But given the government’s dismissal of anything akin to a carbon price, the two listed a new low-emissions target as a potential route for the government, an idea that has been floated in Canberra recently. (Guardian)
No one’s above the law – Norway’s parliament on Friday voted to put its target of cutting GHG emissions 40% below 1990 levels by 2030 into law, making it domestic legislation rather than simply a policy target. The goal will also take into account the impact of participating in the EU ETS, meaning EU-issued allowances will be allowed to be counted towards the target.
Bangladesh U-turn – Bangladesh was preparing to introduce a domestic carbon tax in this year’s national budget, senior government officials told local media last month. But lo and behold – in the end the government changed its mind. When the budget was released on Thursday, there was no mention of a carbon tax at all, Climate Home reports.
Threat follow-through? – BC NDP leader (and possibly the province’s premier-to-be) John Horgan may carry out current Premier Christy Clark’s threat to impose penalties on thermal coal exports that go through BC ports, The Globe & Mail reports. Horgan is heading to Washington to discuss the US’ raised tariffs on the province’s softwood lumber industry, which prompted Clark to make the carbon tariff threat before last month’s election. The NDP’s potential coalition partner, Green Party leader Andrew Weaver, said he would support such a move should it prove legal.
And finally… State Department MIA – You’d never know from yesterday’s White House events that it’s the US State Department on the front lines of global climate diplomacy. At least historically. Secretary of State Rex Tillerson (who was in the ‘remain’ camp) didn’t attend Trump’s speech and his department offered no comment – nothing – in response to the president’s decision to pull out of Paris or his claim that the US hopes to negotiate an altered deal. It’s a sharp contrast to John Kerry’s highly public role as Obama’s top global climate diplomat when he was Secretary of State. The State Department’s silence in contrast to EPA Administrator Scott Pruitt’s high-profile role in the Paris decision suggests a fundamental realignment of internal power centres when it comes to the (now declining) US role on the global climate stage. (Axios)
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