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New Zealand Prime Minister-elect Jacinda Ardern on Friday confirmed that the country’s emissions trading scheme would stay as part of the new government’s wide-reaching climate policies, as NZU prices surged 2.7% to their highest levels in over a year.
Carbon Pulse examines in-depth the EU’s efforts to protect its carbon market from the effects of an uncoordinated UK exit, breaking down the amendment, mapping its next steps, and examining how it could impact EUA prices, ETS participants and other stakeholders.
Growth in global CO2 emissions remained stalled for a third straight year in 2016, according to an annual assessment by the EU’s Joint Research Centre and the Netherlands Environmental Assessment Agency.
Polish Prime Minister Beata Szydlo said she will raise the issue of climate policy at December’s EU leaders’ summit if the concluding post-2020 EU ETS reform process fails to allocate the country adequate compensation for transitioning away from coal.
EU carbon prices dipped again on Friday to leave the benchmark contract further away from its 21-month high reached early in the previous session, but it still managed a 3.4% weekly gain.
Australia’s Clean Energy Regulator this week issued almost 400,000 carbon credits to 22 projects, with an NSW-based forest regeneration scheme earning 145,000 of those.
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.
In the end-user marketplace, prices have remained fairly steady for most standards and project types, according to market sources. *This article is available to Carbon Pulse subscribers and free account holders (ex-trialists)*
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BITE-SIZED UPDATES FROM AROUND THE WORLD
A market by any other name – Australian PM Malcolm Turnbull has denied his revamped energy plan represents a form of carbon trading despite concerns from government MPs who likened it to a cap-and-trade scheme. Turnbull said the National Energy Guarantee (NEG), which will set an emissions intensity benchmark for retailers, was “market-based” and would not involve subsidies. But Labor frontbencher Anthony Albanese argued it put a new price on carbon. The policy is expected to boost the share of renewables in the energy mix to between 28-36% by 2030. (The Australian)
Cash for coal – The eastern German coal mining region of Lusatia should receive €100 million in public funds annually from 2019 to facilitate the “structural development” of its local economy, which is currently centred on lignite production, think-tank Agora Energiewende said. Lusatia’s economy, civil society, infrastructure, and research institutions ought to be “assisted in a gradual phase-out of lignite” by providing each access to a quarter of the annual sum, which the respective representatives could then use for whatever purpose they deem appropriate, the think-tank added.
See no evil – The US Environmental Protection Agency has removed dozens of online resources dedicated to helping local governments address climate change, part of an apparent effort by the agency to play down the threat of global warming. An Environmental Data and Governance Initiative analysis found that an EPA website has been scrubbed of scores of links to materials to help local officials prepare for a world of rising temperatures and more severe storms. The site, previously the EPA’s “Climate and Energy Resources for State, Local, and Tribal Governments” has been renamed “Energy Resources for State, Local, and Tribal Governments.” About 15 mentions of the words ‘climate change’ have been removed from the main page alone, the study found. (New York Times)
And finally… Reserved for Berlin BBQs – The German capital has decided to ditch coal power generation by 2030. The state coalition of Social Democrats (SPD), the Left Party, and the Greens has passed a corresponding law, according to a news report (in German) by press agency dpa carried by Handelsblatt. The city stopped using brown coal for power production a few months ago, but it still operates three hard coal power plants. “Coal must be reserved for BBQs in Berlin,” said Greens’ climate spokesperson Georg Kössler. According to the Berlin daily taz, the new emission limits could lead to an even earlier coal phase-out. (Clean Energy Wire)
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