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President Trump’s decision to withdraw the US from the Paris Agreement and his wider rollback of national climate policies has raised concerns over whether the country will fulfil its pledge to initially partake in the UN’s global aviation offset scheme, leading many to hope the issue stays off his radar.
France’s Engie reported a stronger H1 than rival EDF on Friday as it advances a plan to sell off €15 billion in fossil fuel assets, fulfilling a pledge made in the wake of the Paris Agreement.
EU carbon prices ended in positive territory on Friday to post a 1.8% weekly gain after failing to hold on to several auction-led price jumps.
Trading volumes have increased in New Zealand’s emissions market since the government earlier this week announced some of its plans for market reform, but prices have remained stable amid a lack of detail and price-moving elements in the plan.
Australia’s Clean Energy Regulator this week made its first offset issuances since late June, awarding a total 38,916 carbon credits to five different projects.
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.
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
Pause button – A landmark climate change lawsuit brought against the US federal government by 21 children has encountered yet another hurdle on its way to trial, The Washington Post reports. A higher court has just stepped in and ordered a temporary stay on the proceedings while it considers an unusual petition from the Trump administration that could prevent from the case from moving forward at all. The petition, filed last month by the Justice Department with the US Court of Appeals for the 9th Circuit, requests a rarely invoked legal procedure known as a ‘writ of mandamus’, which allows higher courts to independently review – and potentially overturn – decisions made by lower courts before they have even held a trial. In this case, the petition calls for the appeals court to step in and independently review a decision made by a federal judge last year to allow the climate lawsuit to move to trial. The Trump administration has also requested a stay on the lawsuit’s proceedings until the 9th Circuit makes a decision on its petition.
Let this sink in – The amount of carbon locked up in dead organic matter, such as woody debris and litter, in Chinese forests has increased over the past two decades, a new study suggests. A national estimate puts the amount of carbon in dead organic matter during 2004-08 at 925 million tonnes. Between 1984−88 and 2004−08, this has increased by around 7 mt of carbon a year, the study finds, primarily due to increasing forest area.
And finally… Winning the fight – The US Department of Energy’s press team yesterday tweeted that secretary Rick Perry is ‘winning the fight’ against climate scientists. The tweet, which drew lots of attention and criticism from the left, links to an op-ed in The Hill by climate skeptic Canadian economist and Cato Institute scholar Ross McKitrick that praises Perry for questioning the dominant scientific views about human-driven global warming. According to Axios, the decision to highlight the column – and repeat phrasing about fighting scientists – underscores the Trump administration’s head-on confrontation with the scientific mainstream. “It’s a contrast with the impression given by some Cabinet nominees during their confirmation hearings,” Axios added.
— DOE Press Staff (@EnergyPressSec) 27 July 2017
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