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The post-2020 EU ETS reform bill remains in the balance a day ahead of a crunch vote as the UK may seek to extract further guarantees that its share of 2018 EU carbon allowances will be valid for compliance, according to sources close to the process on Tuesday.
California and Quebec’s final joint carbon auction of 2017 sold out, with prices hitting their highest premium to the sale floor in four years despite nearly 16 million additional units being on offer.
Tough test awaits Australia’s new energy, carbon policy as industry groups urge governments to play nice
Australia’s proposed new energy policy, which could kick-start a secondary offset market and establish an indirect carbon price, faces the first of a series of tests this week when federal and state energy officials meet, with some of them deeply suspicious about the scheme.
The Fujian Haixia Equity Exchange, which hosts CO2 trading China’s Fujian province, on Tuesday released regulations for carbon repo deals aimed at reducing default risks.
EU carbon prices dipped for a second straight day on Tuesday as news that a key ETS reform vote may still be hanging in the balance caused a late sell-off.
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BITE-SIZED UPDATES FROM AROUND THE WORLD
Dragging on – 46% of market participants and observers expect post-2020 EU ETS reforms to take until Q2 2018 to be completed, according to a short survey by Argus Media ahead of its 2018 Emissions Markets conference, to be held in Amsterdam on Mar. 6-7.
Adapting on – The UN’s $100m/yr Adaptation Fund was given a boost in the dying hours of last week’s UN climate talks in Bonn, as developing nations succeeding in persuading richer countries to agree it had a future in the Paris Agreement. Poorer nations like the way the fund has managed to disburse small pots of cash to the worst-hit communities and hope it can port its knowledge into the much-bigger $10bln Green Climate Fund. The Adaptation Fund was formerly funded by a share of proceeds levy on CDM projects but has since been topped up by western European governments. (Thomson Reuters Foundation)
Forest fever – Up to $941 billion in turnover from publicly-listed companies is dependent on commodities linked to deforestation, including soy, palm oil, cattle and timber. Some 87% of companies reporting to investor-led non-profit CDP identify risks from deforestation, and 32% are already experiencing impacts on their business from those risks. Investors are increasingly concerned about deforestation, but a lack of information is leaving them in the dark. In 2017, less than a quarter of the 838 companies approached by CDP on behalf of investors responded to the request for information, according to CDP’s 2017 Global Forests Report.
Spy vs. Spy – The Russian government is using anti-spying legislation to silence environmental campaigners, a leading watchdog warned on Tuesday. Human Rights Watch (HRW) found 29 environmental NGOs had been labelled “foreign agents” under a law brought in five years ago. Of these, at least 14 have shut down, researchers confirmed through interviews with former directors. Only four were still evidently active, with the rest unreachable or unwilling to comment. (Climate Home)
And finally… Pardon the poop – As you sit down for your holiday dinners in the days and weeks to come, spare a thought for the animal whose poop could have been used to power your homes. Israeli researchers report findings from a study suggesting that turkey, chicken and other poultry droppings may have a future as a biofuel, according to Israel21c. The treated poultry excrement, when converted into combustible solid biomass fuel (biochar and hydrochar), could replace approximately 10% of the coal currently used in electricity generation, reducing GHGs and providing an alternative energy source, according to researchers at Ben-Gurion University (BGU).
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