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South Korean President Moon Jae-in on Monday said he would shut down ageing nuclear plants and abandon construction of new ones in a bid to improve national security, though the move could also put at risk the nation’s ability to meet its climate change commitments.
EU environment ministers were split over proposals to extend non-ETS sector emission cuts on Monday but appeared more united in their dismay over the US move to withdraw from the Paris Agreement.
China’s Legal Affairs Office has released draft regulations that would establish a New Energy Vehicle (NEV) credit trading market to increase the share of low-emission cars sold in the country.
The Beijing municipal government on Monday issued a warning to 22 local emitters that missed last week’s compliance deadline in the emissions trading scheme, meaning they face fines if they fail to surrender CO2 permits by June 29.
EU carbon prices on Monday nudged back towards the €5 mark with which they have flirted for the past three sessions, despite this week’s 73% jump in auction supply.
A US-based private investment fund has made its first investment in a grasslands conservation project, expected to generate 55,000 carbon offsets during its lifetime.
Job listings this week:
International Policy Director, IETA – Geneva/Brussels/London/Washington DC
Emissions Trader, Direct Energy – Calgary
Expert, Sustainable Supply Chain, South Pole Group – London/Stockholm
Climate Data & Policy Outreach Lead, World Resources Institute – Washington DC
Researcher, climate/carbon markets policy, ICTSD – Brussels
Intern, climate/carbon markets policy, ICTSD – Brussels
Intern, Carbon Market Watch – Brussels
Intern, Capacity Building for China’s ETS, GIZ – Beijing
Or click here to see all our job adverts
BITE-SIZED UPDATES FROM AROUND THE WORLD
Ground-breaking – The Bank of England will probe banks’ exposure to climate change as it steps up efforts to tackle what it says are “significant” financial threats posed by global warming. Climate change experts said the BoE’s decision to do an internal review of the banking sector, which the central bank revealed on its website last Friday, marked a first. “This is ground-breaking,” said Ben Caldecott, director of the sustainable finance programme at Oxford University’s Smith School of Enterprise and the Environment. “This is the first time a financial regulator has looked at climate risk in such a comprehensive way and at the banking sector in particular.” (FT via Carbon Brief)
Coal no-go – Dutch coal-fired power plants won’t close by the end of the next government in 2022, according to the leader of the Green Left party, which ended talks in May to join the government’s centrist coalition partly due to the issue. The government has yet to publicly decide on the fate of its coal-fired generators. (Reuters)
Carbon Yield – Launched today, the Carbon Yield quantifies the climate change mitigation that green bonds enable, allowing issuers and investors alike to better understand the impact of their activities and portfolios. The methodology for calculating the Carbon Yield is publicly available at www.carbonyield.org. Pioneered by Lion’s Head Global Partners, South Pole Group and Affirmative Investment Management (AIM), with support from The Rockefeller Foundation, the new methodology comes at a time when the Green Bond market is set to exceed $100 billion in issuance and demand continues to outpace supply.
And finally… Peer pressure – Following his failed bid to regain his role as lead EU Parliament negotiator for EU ETS reforms, Ian Duncan looks set to quit the Brussels for a prestigious post in the UK government. This is despite narrowly failing in a bid to get there by conventional means via the country’s general election. The UK Conservative government is to appoint him as a peer to the UK parliament’s upper House of Lords – a life-long position – from where it will position him as a Scottish office minister, over the heads of his party’s 12 elected lawmakers and much to the annoyance of rival parties, which claim the move is “an affront to democracy”. (The Telegraph)
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