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Restrictions on post-2020 offset use in California’s cap-and-trade scheme are unlikely to be matched by WCI partners Quebec and Ontario, according to government sources and market participants.
The UN has launched a tender to buy a total 170,200 CERs, including those from projects in LDCs, Argentina and Colombia, as well as from initiatives with co-benefits for women.
EU carbon prices continued to slide in another choppy session on Friday, as buyers emerged to curb heavy selling while support from power prices fell away to help deliver a 1.7% weekly loss for EUAs.
If Australia is going to continue its reliance on coal, it should mandate coal-fired generators to buy carbon offsets to keep the nation on track to meeting its Paris targets, an industry group said Friday.
California and Quebec will hold their final joint auction of the year on Nov. 14, offering an additional 15.91 million unsold allowances up for grabs in the quarterly sale.
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.
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BITE-SIZED UPDATES FROM AROUND THE WORLD
Replace, not repeal – The Trump administration may offer its own replacement for the Obama-era Clean Power Plan rather than just repealing it altogether, Politico reports. A ‘mend-it-don’t-end-it’ approach to the CPP could appease power companies that say the EPA needs to impose some kind of climate regulation – even if it’s much weaker – to avoid triggering courtroom challenges that would cloud the industry in years of uncertainty. Any replacement would be based on a narrow interpretation of EPA’s authority and is unlikely to make a meaningful dent in CO2 levels compared to its predecessor. And replacing rather than repealing would run afoul of demands from some conservative activists, who have pressured EPA boss Scott Pruitt to reject the idea that climate change is a problem requiring federal action. The agency aims by early October to issue a proposal to undo the CPP along with a separate advance notice of its intent to consider a replacement. Environmental groups are expected to sue no matter which path Pruitt and Trump take.
Turning tankers – UN shipping chief Kitack Lim has hailed as “miraculous” the progress the industry has made on tackling its CO2 footprint over the past year, with industry chiefs at London International Shipping Week admitting the issue was “the big one now” while still baulking at the notion of absolute emission targets, Climate Home reports. Meanwhile, BusinessGreen reports that the shipping industry may be softening its stance against a carbon tax, with the chair of shipping major BW Group suggesting the industry would need a carbon price of $100/tonne by 2027 and $130 by 2030, adding that annual rises of $10 were workable. However, other industry voices were more sceptical about shipowners’ willingness to accept carbon pricing.
Survey says – Europeans have become increasingly concerned about climate change and a large majority believe that taking action will boost the EU economy and jobs, according to a new survey. Nearly 75% of EU citizens now see climate change as a very serious problem (up from 69% in 2015) and almost 80% believe that fighting climate change and using energy more efficiently will bring economic benefits, show the results of a special Eurobarometer opinion poll published today, which surveyed almost 28,000 people. Some 43% said they consider climate change to be among the most serious problems facing the world, ranking it third after poverty, hunger and lack of drinking water (first) and terrorism (second). Climate change is seen as the most serious global problem in Sweden (38%) and Denmark (29%), while this view is held by less than 10% of respondents in several countries in Southern and Eastern Europe. Nearly 80% agreed that more public funds should be spent on the transition to clean energies through reduced fossil fuel subsidies.
How to spend it – California lawmakers on Friday approved a $1.5 billion plan for spending cap-and-trade revenue, with most of the money going toward financial incentives to get dirty cars, trucks, buses and other vehicles off the road. The plan, which was included in Assembly Bills 109 and 134, was negotiated by Governor Jerry Brown and legislative leaders. The centerpiece of the plan is $895 million for clean vehicles, which will be divided among programs aimed at electric cars, school buses, farm equipment and other priorities. (LA Times)
Choose your own infrastructure adventure – Mercator Research Institute on Global Commons and Climate Change (MCC) has rolled out a new interactive online map illustrating what the reduction of fossil fuel subsidies can contribute to the financing of the infrastructure in each country. MCC says redirecting the entire $550 billion could ensure widespread access to clean water, electricity, sanitation and telecommunications across the developing world. Users of the MCC Subsidy Map can determine what proportion of the current subsidies for fossil fuels should be phased out, and then define the rates of access to these basic needs, which form part of the UN’s Sustainable Development Goals (SDGs).
And finally… Bigger storms – Despite penning breathless tweets on the record-breaking size of both storms, President Trump has rejected the connection between Hurricanes Harvey and Irma and climate change. “We’ve had bigger storms” than these two most recent ones, Trump told reporters on Air Force One after being asked if the hurricanes had shifted his views on climate change. Trump went on to describe unnamed storms from the 1930s and 1940s. Hurricane Irma broke several speed and strength records as it churned in the Atlantic, while Hurricane Harvey dumped historic levels of rainfall. Trump ignored a follow-up question on his personal views on climate change, according to the pool report. (Climate Nexus)
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