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The Swiss and EU carbon markets are due to link from 2019 after the European Commission on Wednesday published proposals to advance the process.
EU carbon prices climbed 4.9% on Wednesday after Poland’s auction cleared well above the secondary market, extending the previous session’s five-month high amid a bullish energy complex.
An anonymous buyer has placed a low bid for 1 million Chinese CO2 credits through the Guangdong carbon exchange in what some market participants say could be a test of sellers’ resolve amid unclear government offset policies.
The Australian government has ruled forestry plantations eligible to generate carbon credits, partly in an effort to reverse a decade of decline in the sector.
New Zealand carbon allowances rose for a third straight day on Wednesday, with healthy demand pushing the spot contract to its highest levels since July 31.
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BITE-SIZED UPDATES FROM AROUND THE WORLD
Flood snub – US President Trump signed an executive order revoking an Obama-era climate measure requiring federally-funded infrastructure projects to consider flood-risk measures such as sea level rise and coastal flooding. Trump’s order also seeks to streamline approvals for bridges and other infrastructure upgrades that campaigners warned would undermine public consultation and waste public funds on flood-prone schemes. (Bloomberg)
Hot one – Last month tied July 2016 as the hottest July in recorded history, according to a preliminary analysis by NASA, one of three major global temperature monitoring research units. That also meant it tied with August 2016 and July 2016 as the hottest months ever recorded. Last month was about 0.83C warmer than the monthly 1951-1980 July average. (Climate Nexus)
And finally… pandemic pay-outs – The use of climate risk insurance as a form of aid to developing countries is gathering pace worldwide, with initiatives proliferating such as those for pandemic outbreaks to cover for the cost of droughts and floods, the Financial Times writes. Just $46 billion of $166 bln of economic losses was covered by insurance in 2016 with much of the rest left to unpredictable and often late-arriving humanitarian aid. Yet critics such as development charity Oxfam say the policies don’t always pay out, with donor governments reluctant to pay premiums that may not pay out under before the next election. They add that the focus on insurance can detract from spending cash to build more resilience to such risks.
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