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The year’s first quarterly RGGI auction cleared at $3.79/short ton, the market’s operator announced Friday, with compliance-oriented entities picking up the largest share of allowances in almost two years.
UN officials on Friday released a draft paper to help guide governments working on a year-end deadline to finalise rules on international emissions trade under the Article 6 of the Paris Agreement.
Alberta Premier Rachel Notley has threatened to halt any future hikes to her province’s carbon tax if the Trans Mountain oil pipeline is not extended to neighbour British Columbia’s coast.
California regulator ARB undertook several LCFS-related actions this week that included freezing the programme’s diesel CI target for all of 2018, calculating electric vehicle credits, and releasing February transaction data.
California, Quebec, and Ontario will conduct their second quarterly auction of the year on May 15, 2018, which will include over 13.4 million previously unsold units.
European carbon prices fell on Friday, briefly dropping below €11 after Germany posted the weakest EUA auction result seen so far this year.
Two men have been found guilty of fraud by a British court after selling vulnerable investors illiquid carbon credits via a ‘boiler room’ scam.
Australia has terminated another contract to buy carbon offsets under the Emissions Reduction Fund, data from the Clean Energy Regulator showed Friday, the tenth project to suffer that fate.
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.
CARBON FORWARD 2018
Don’t miss the 3rd annual Carbon Forward conference and training day. Spend two days with top experts, players, and decision-makers from the global carbon markets as they address today’s most attractive opportunities and pressing challenges. And join us for the EU ETS pre-conference training day organised by carbon market experts Redshaw Advisors, where you will learn how to effectively manage your carbon risk ahead of the looming overhaul of the bloc’s emissions trading scheme.
BITE-SIZED UPDATES FROM AROUND THE WORLD
Germany flat – A growing population and the economic boom pushed up Germany’s total energy use by almost 1% last year, but the country’s CO2 emissions likely stagnated due to the rising share of renewables and an increase in gas use, according to energy market group AG Energiebilanzen (AGEB). (Clean Energy Wire)
Southwest study – The New Mexico legislature this week posted the final version of a measure calling for the state to study a carbon tax and dividend. SM-23 calls for an unspecified legislative interim committee to look into how a carbon fee would affect emissions reductions, the economy, and health in the state of New Mexico. The measure notes that carbon fees are the most efficient and transparent ways to drive investment in alternative energy technologies and fairly and effectively transition to a low-carbon economy.
Listen up – The Transportation and Climate Initiative (TCI) will start to conduct listening sessions on bringing clean and resilience transportation policies to the US Northeast. The group launched a public consultation process in November that identified a market-based approach as one possible option to reducing carbon emissions in the region. The first listening session will be hosted by the State of New York in Albany on Apr. 9.
Mass. Action – Massachusetts Governor Charlie Baker (R) introduced a climate change adaptation bill into the state legislature on Thursday. The legislation would see Massachusetts borrow $300 million as part of a larger $1.4 billion as part of a broad effort to stimulate community-led adaptation efforts and incorporate these into the larger state-wide resilience plans. Gov. Baker announced the legislation at a lighthouse in Scituate, MA, which had been flooded by the massive nor’easter storm that hit the state several weeks ago. (Climate Nexus)
Think small – The US Energy Department agency wants to spend $175 million on a programme that would include designing at least two small-scale, coal-fired power plants in order to help the beleaguered industry. The units would have a capacity of about 200 MW, roughly one-third the size of a typical generator that uses coal, and would fire up faster than larger plants, allowing them to smooth out fluctuations in an electric grid that is increasingly dependent on renewable energy sources such as wind and solar that are subject to unpredictable weather. But the concept has left many in the coal and utility industries scratching their heads, while drawing opposition from environmental groups. Experts say the plan would be costly and represent a technological regression back to the types of small coal plants that were built decades ago. Others said small coal plants don’t address the impediments facing regular size coal plants: competition from cheaper fuel sources such as natural gas and renewables, as well as environmental permitting hurdles. (Bloomberg)
And finally… Not worth mentioning – The US Federal Emergency Management Agency (FEMA) has omitted any mention of climate change from its strategic plan for 2018-2022. Besides deleting those words, it also struck global warming, sea-level rise, extreme weather, and according to Bloomberg, “any other terminology associated with scientific predictions of rising surface temperatures and their effects”. The new language mirrors the tone set by FEMA head Brock Long, who has said that the political nature of the term climate change “keeps us from having a real dialogue”. A FEMA statement said that the agency factors in risks from hazards no matter what their cause is.
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