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Higher European carbon prices are here to stay, according to a poll of 11 analysts, none of whom predicted that EUAs would average below €6 for the foreseeable future.
The Canadian government has the constitutional authority to impose its carbon pricing plan on provinces and territories, a legal expert commissioned by Manitoba has found, adding that the Supreme Court would likely dismiss any legal challenge.
EU member state envoys on Wednesday agreed a united line on a measure to protect the bloc’s ETS from an uncoordinated UK exit, passing the one-line amendment with wide support and only minor changes, a well-placed EU source said.
EU carbon prices ended near flat on Wednesday after climbing to a fresh one-month high, consolidating the previous session’s 6% rise ahead of EU lawmaker talks that could bring to an end a two-year negotiation on ETS reform.
The Beijing government will set up a pilot market in carbon allowance futures as part of the Chinese capital’s push to green its financial system.
Japan this week for the first time issued carbon offsets to two projects registered under its Joint Crediting Mechanism (JCM) deal with Vietnam.
China’s northern city of Shenyang plans to set up its own emissions trading scheme that could in time be linked to the national market, regulators said this week.
The UK and Canada will promote a global alliance to encourage other nations to follow their lead in transitioning away from unabated coal-fired power to cleaner alternatives, their respective climate ministers said Wednesday, but they declined to say whether additional funding would be provided for the sector.
California’s Air Resources Board issued 1.18 million offset credits this week, with almost a million going towards a new forestry project.
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BITE-SIZED UPDATES FROM AROUND THE WORLD
Coal coalition – Germany’s environment ministry fears high emissions from coal-fired power plants and transport will make the country miss its domestic 2020 climate targets by a wider margin than previously anticipated. The ministry’s warning adds further pressure to make fast progress on climate-related issues in next-week’s launch of talks aimed at forming a new government following September’s general elections. Aspiring coalition partners CDU and the Green Party agree that the country will have to phase out coal-fired power production, but the parties’ energy representatives argued over its speed and shape at an event in Berlin. The Greens say a German coal exit is inevitable to reach Germany’s 2020 climate targets, whereas the ruling CDU wonders whether these emissions reduction targets can be met at all. (Clean Energy Wire)
BNP snubs – French bank BNP Paribas said it will stop financing shale and tar sands projects, as well as oil and gas production or exploration projects in the Arctic. The bank has previously committed to spending billions of euros on renewable energy financing and energy efficiency, and has ceased support for coal mines and coal-fired power plants. (Reuters)
Mo’ money – The British government confirmed on Wednesday up to £557 million of funding for the next clean electricity auctions for less-established renewables. The next so-called contracts-for-difference (CfD) auction will take place in spring 2019, the government said in a statement but has not yet confirmed how much will be available for that auction. (Reuters)
Coal wars – Former New York mayor Michael Bloomberg’s charity gave $64 million to the Beyond Coal campaign that aims to slash the number of US coal-fired plants by two thirds by 2020. Bloomberg Philanthropies added to the $46 million it has donated since 2011, a day after President Donald Trump’s environmental regulator announced a move to scrap former President Obama’s Clean Power Plan. The Trump administration called the move an end to the “war on coal”. Since 2011 nearly half of the country’s coal-fired power plants, or nearly 260 plants, have been closed. (Reuters)
Sterilising Nemo – Climate change is making clownfish infertile, the Daily Mail reports, as warming seas degrade the coral reefs that they live in and stress the fish, thereby lowering the creatures’ sex drive. This has reduced the numbers of their offspring by three quarters, according to a new study in Nature Communications. “While no effects on adult anemone survival were observed, the effects of bleaching on reproduction and population demography were likely even greater than demonstrated here”, said Professor Suzanne Mills, of EPHE PSL Research University, Moorea. The study, which was done off the coast of Moorea Island in French Polynesia, is is one of the first to attribute hormonal stress responses to climate change in the wild. (Carbon Brief)
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