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TOP STORY

GCF board agrees terms for results-based REDD+ funding bids

The Green Climate Fund board has approved conditions for a request for REDD+ proposals using a results-based payment system, although concerns linger about the environmental soundness of the agreed rules.

AMERICAS 

Quebec ETS emissions up 1.2% in 2016 as fuel consumption rise overshadows drop in installation output

Emissions regulated by Quebec’s carbon market rose by 1.2% in 2016 as a drop in installation-level output was outpaced by a steep rise in fuel consumption by the transportation sector.

ASIA PACIFIC

Australia unfazed by imminent China ETS launch

The imminent launch of a national CO2 emissions trading scheme in China, Australia’s biggest export market, will have no influence on Australian climate policies, according to Energy and Environment Minister Josh Frydenberg.

EMEA

EU Market: EUAs creep back to €7 on higher power, as CERs plumb new low

EU carbon prices climbed back above €7 on Tuesday in a relatively quiet, auction-free session amid strong gains in key power markets.

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BITE-SIZED UPDATES FROM AROUND THE WORLD

Having another go – The UK government is planning a new CCS scheme – the first to emerge since its billion-pound CCS funding competition collapsed two years ago. The new plans, which are expected to emerge in a few weeks as part of the government’s Clean Growth Plan, hope to cut carbon emissions from heavy industry and heating. Climate Minister Claire Perry brought CCS back to the political agenda at her Conservative Party conference this week, saying that it was a “vital technology”. (The Telegraph)

Grows on trees – Saudi Arabia received offers to supply solar electricity for the cheapest prices ever recorded, with Masdar and EDF bidding as little as $1.79 cents/KWh to supply power from a 300MW PV plant. This marks the start of Saudi’s $50 billion program to diversify the oil producer’s domestic energy supplies away from fossil fuels. If awarded, that would beat the previous $2.42/KWh record for a solar project in Abu Dhabi. (Bloomberg)

The Big Carbon-Neutral Apple – New York City aims to cut its emissions by 80% below 2005 levels by 2050, and will offset the rest. That’s according to a citywide plan released by Mayor Bill de Blasio on Tuesday, which attempts to aligns its future to the most ambitious target of the Paris deal – limiting global warming to 1.5C. De Blasio outlined the first three years worth of strategies, saying that to achieve carbon neutrality in just over three decades, New York will lead the development of a “global protocol” that could include large scale renewables, carbon sequestration and carbon offsets to account for all residual pollution. (Climate Home)

Lagging behind – ASEAN banks are falling behind on climate issues, according to a report by WWF and the National University of Singapore. A survey of 34 large banks across the region showed that none of them disclosed the climate or sustainability risks of their portfolios. Only 12 of them acknowledged the risks climate change holds for society and business. (Business Times)

Give us that CET – As many as 77% of Australians think the government should introduce a Clean Energy Target, a Climate Council survey showed Tuesday. A CET is the most recent of contentious climate policy options in Australia, but the government has yet to back it. However, 61% of the ruling Liberal party’s voters want a CET, the survey showed.

How to spend it – RGGI’s member states invested more than $410 million in auction proceeds in 2015, according to a report released on Tuesday.  The largest share of the cash (64%) went to energy efficiency programmes, with a further 16% going to clean and renewable energy. “Over the lifetime of the projects, these 2015 investments are projected to provide participating households and businesses with $2.31 billion in energy bill savings, as well as avoiding the use of 9 million MWh of electricity and 28 million MMBtu of fossil fuel.”

Wet and set – Green group Environmental Defense Fund has started work on a pilot project to design the first ever Environmental Impact Bond (EIB) for wetland restoration. The Wetlands Restoration and Resilience Pay-for-Success Environmental Impact Bond project will evaluate the feasibility of using an EIB to finance a wetland restoration project from US state Louisiana’s Coastal Master Plan. The results of the feasibility analysis will be ready next summer.

And finally… Pray for them – More than 40 Catholic institutions are set to make the largest ever faith-based divestment from fossil fuels, four times higher than a previous church record. Occuring on the anniversary of the death of St Francis of Assisi, and the Italian town of Assisi will also shed all oil, coal and gas holdings to mark the feast day. (Reuters)

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