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CARBON FORWARD 2017
All new UK-issued carbon allowances could be invalid from next year, regardless of Brexit talks -expert
EU carbon allowances issued or sold by the UK next year may be invalidated for ETS compliance starting Jan. 1, 2018 due to the lack of a Brexit divorce agreement by that date, rather than following the failure to agree such a deal, according to an expert.
EU carbon analysts are plotting vastly different courses for EUA prices next decade as they grapple with the unfamiliar situation of the market becoming under-supplied for the first time since 2008.
A British exit from the EU ETS carries a myriad of huge risks, including lost revenue of up to £1 billion annually for the UK by 2030.
Energy efficiency and renewable energy targets set by the EU will sap demand for EU carbon permits by almost 1 billion tonnes over 2021-2030, a utility executive said Wednesday.
France has bumped up its domestic carbon tax trajectory, which will see the levy nearly double between 2018 and 2022.
EU carbon prices dipped slightly on Wednesday in range-bound trade that contrasted with the previous two volatile sessions.
California’s Air Resources Board has handed out its largest ever batch of offset credits, with a new forestry project from Finite Carbon taking almost 14.2 million credits.
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BITE-SIZED UPDATES FROM AROUND THE WORLD
Bidding begins – Finnish power utility Fortum will launch an €8 billion takeover offer for German counterpart Uniper after it secured the agreement of its biggest shareholder and former parent company. Uniper’s management is firmly against the takeover. (Financial Times, $)
So sue me – Ministers should tighten the UK’s official climate change target or face the courts, the government’s former chief scientist has said. Sir David King is supporting a legal case forcing ministers to shrink carbon emissions to zero by 2050. He says the current government goal – an 80% emissions cut by the same date – is too weak to protect the climate. Ministers have promised more ambitious climate policies in their forthcoming and long-delayed Clean Growth plan. But Prof King told BBC News the government knew the 80% target cut behind that plan was too weak. (BBC)
And finally… Why is China doing this and we’re not? – California Governor Jerry Brown has expressed an interest in barring the sale of vehicles powered by internal combustion engines, ARB chair Mary Nichols told Bloomberg, adding that the earliest it would come into effect would be at least a decade away. If enacted, California would follow China, France and UK in announcing an end to gasoline and diesel cars. “The governor has certainly indicated an interest in why China can do this and not California,” Nichols said. Such a move would be bearish for the state’s carbon market because transportation is currently covered under it.
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