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China is expected to announce the launch of its emissions trading scheme next week after a government document surfaced on Thursday showing the National Development and Reform Commission (NDRC) is organising a teleconference with relevant ministries and provincial governments about the ETS on Dec. 19.
Australia bought 7.95 million offsets in last week’s Emissions Reduction Fund auction, the Clean Energy Regulator said Thursday, marking the lowest volume in any of the six auctions held so far.
New Zealand carbon allowances rose another 1.2% on Thursday to breach the NZ$21 ($14.71) barrier for the first time since Apr. 2011, as supply constraints continue to beef up prices.
The EU will not finalise its post-2020 climate laws this year after all-night talks on the Effort Sharing Decision for non-ETS sectors broke down early Thursday morning.
European carbon prices firmed slightly on Thursday after a new two-month low attracted buyers.
Ukraine’s environment ministry has submitted plans for government approval that include drafting laws next year to require big emitters to audit their emissions, with a view to developing a functioning ETS by 2020.
The Progressive Conservative party’s promise to cancel Ontario’s cap-and-trade programme could lead to a “messy divorce” between the province and the remaining WCI jurisdictions, analysts have warned.
New Brunswick on Thursday unveiled new climate change legislation that will impose Canadian federal rules on the province’s large emitters and redirect existing fossil fuel taxes to fund decarbonisation programmes.
North American carbon markets began to wind up ahead of the holiday season and the expiry of the current front-year contracts.
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BITE-SIZED UPDATES FROM AROUND THE WORLD
No more coal funding – The National Australia Bank (NAB) on Thursday outlined its new climate policy,becoming the first bank in the coal-heavy country that has vowed to stop funding new thermal coal mining projects. But NAB said it would continue to support projects already on its books, the Guardian reported.
Pentagon prep – The US Department of Defense must do more to prepare its overseas bases for the impacts of climate change, according to a government watchdog. The Government Accountability Office said in a report made public Wednesday that integration of climate adaptation in overseas projects and planning is lacking, finding that only one-third of the plans the office reviewed addressed the impacts of climate change. (The Hill)
And finally … gas gauntlet – US EPA chief Scott Pruitt jetted to Morocco this week to promote natural gas, prompting suspicion from politicians and industry insiders for the cost, purpose and methods around the trip. The agency disclosed the trip in a press release after Pruitt had already arrived–not usual practice for cabinet officials. (Axios)
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