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CARBON FORWARD 2017
Negotiators face huge challenges to track emission cuts under the Paris Agreement because national pledges are so different and views vary over how to treat pre-2020 carbon credits.
Nova Scotia has introduced legislation underpinning its proposed cap-and-trade scheme, with the Canadian province’s market expected to include just 20 companies when it launches late next year.
Manitoba could soon unveil its carbon pricing plan as it awaits a legal opinion on the constitutionality of the federal government’s Pan-Canadian carbon pricing framework.
Ontario will auction 25.3 million current allowances and 3.1 million V2020 allowances in its final auction of 2017, taking place on Nov. 29.
EU Market: EUAs notch modest weekly gain to end Q3 up 41% despite power, gas prices falling away late
European carbon posted a small rise on Friday, holding onto gains amid a strong auction result and despite European power and coal prices falling as the week and quarter drew to a close.
A emissions trader formerly with Shell has joined Statkraft to help the Norwegian state-owned power company expand its business in China.
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
Trump turnaround – The US administration has backed down on its delay of Obama-era vehicle emissions rules following a lawsuit filed by eight states last week. Federal officials announced Thursday they would reverse course and move forward with the Greenhouse Gas Performance Measure, which requires states to measure and regulate emissions from certain federal highways. California led the lawsuit challenging the Trump administration’s May announcement that it would suspend the measure. However, the states’ victory could be short-lived: the Federal Highway Administration indicated it “has initiated additional rulemaking procedures” to repeal the measure by next year. (Associated Press)
Sinking feeling – New research challenges the long-held belief that forests act as “carbon sinks” by storing more carbon than they emit. As a result of the dual effects of deforestation and land degradation, tropical forests are now seen as emitting more carbon than they are able to absorb. They could have experienced a net loss of around 425 million tonnes of carbon from 2003 to 2014, the lead author tells Carbon Brief. The findings suggest that curbing deforestation and protecting existing forests could be instrumental in fighting future climate change. (Carbon Brief)
More coal coming – A court in Lower Saxony ruled against objections by environmental organisations and decided that chemical company Dow may build a coal-fired power plant in the northern German state, reports the tageszeitung (taz). The plaintiffs had argued that the construction of a new coal-fired power plant was not in line with Germany’s climate targets. The project is the last planned coal plant in northern Germany for the foreseeable future. (Clean Energy Wire)
And finally… DIY tax planning – Think-tank Resources for the Futures (RFF) has developed a carbon tax calculator to analyse the impact of a US levy on the country’s future emission levels. The calculator allows users to choose a carbon tax policy beginning in 2018, then specify an initial tax rate and its growth rate over time. The calculator then reports emission and tax revenue projections from 2018-2030.
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