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South Korea has posted the final rules on use of UN-issued carbon credits from international projects in its domestic emissions trading scheme.
Four research institutions have partnered to test a forest carbon trade that would involve transferring REDD carbon credits from Colombia to South Korea to help meet Paris Agreement goals.
CO2 emissions from fossil fuel combustion in the EU rose by an estimated 1.8% in 2017, according to the bloc’s statistics office Eurostat.
Companies regulated by the EU ETS exchanged 10.57 million Kyoto Protocol credits for allowances over the last six months to use for compliance, the European Commission said Friday, continuing the slow usage rate as the market’s overall quota is almost exhausted.
EU countries handed out a further 3.68 mln free carbon allowances to industry for 2018 in the past two weeks, European Commission data released late Friday showed, as the deadline for surrendering units against last year’s emissions passed.
EU carbon prices nudged back above €13 on Friday to halt a run of three straight daily losses notched since the 2017 compliance deadline passed, as a looming week of tighter auction supply deterred selling.
Australia’s Clean Energy Regulator this week handed out 738,134 carbon credits to maintain its recent above-average issuance rate as a small secondary market for carbon offsets continues to form.
The Guangdong provincial government this week issued some 61,000 carbon credits in its first issuance since last June, as China’s national offset programme remains sidelined.
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 – Oct. 16-18, 2018 in London.
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
No insurance for you – Europe’s largest insurer Allianz has stopped selling policies to coal companies in an effort to fight climate change. The company said it would immediately pull its coverage from single coal-fired power plants and coal mines, and that it would phase out all coal risks by 2040. Allianz added it would stop investing in companies that do not cut their GHG emissions, which would apply to €664 billion in investments.
Anything’s possible if you set your mind to it – Germany can take the heaviest emitting coal power stations off the grid by 2020 while also accelerating its nuclear exit without putting supply security at risk, according to an analysis (in German) by Friends of the Earth Germany (BUND). In a detailed “shutdown timetable”, the environmental NGO argues that coal-fired generation can be cut much more rapidly than currently under discussion. “In the first quarter of 2018, Germany exported the power production of five large power stations on average. Against this backdrop, it’s surprising the new government has not agreed on a short-term shutdown of the most climate-damaging power stations,” said BUND head Hubert Weiger in a press release. “Much more is possible given the political will to do so.” (Clean Energy Wire)
Story time – Delegates and non-party stakeholders at the UN climate change conference in Bonn are getting ready Sunday’s Talanoa Day, a whole day dedicated to ‘story telling’, or exchanging experiences and best practices of climate action around the world. The forum is supposed to inspire progress among countries and encourage them to increase their climate ambition. By Mar. 2020, the parties must update their NDCs, which currently are not sufficient to reach the 2C let alone the 1.5C target of the Paris Agreement. This weekend marks the half way point in the two-week intersessional talks. According to the Global Strategic Communications Council, sources say the conference presidencies are starting to think about what questions to elevate to ministers, including at moments such as the Petersberg Dialogue. Negotiators are working to overcome process disagreements as they continue to discuss predictability and transparency of finance, while areas including transparency, implementation and compliance negotiations “remain constructive and are advancing smoothly”.
Turkey time – In the second article of a new series on how key emitters are responding to climate change, Carbon Brief looks at Turkey. As a major economy straddling Europe and Asia, Turkey is the world’s 20th largest GHG emitter. With its expanding energy needs mostly being met by fossil fuels – in particular, coal for generating electricity – Turkey’s emissions are set to rise significantly. However, it has promised some efforts to constrain its emissions growth.
I’ll be known in September – Canadian Finance Minister Bill Morneau said details on how much the federal government will cost consumers will be published in September, after each province and territory reveals their carbon pricing strategies. The opposition Conservatives are pressuring the ruling Liberal government to divulge analysis it’s done on the upcoming ‘backstop’ levy, which will be revenue neutral overall.
A step too far? – Britain’s zeal to protect consumers from higher energy prices may be about to upend measures to rein in fossil fuel pollution, Bloomberg reports. Power grid operators warned they won’t be able to break even on future investments to upgrade the electricity system if a proposal to slash authorised profit margins takes effect. Backing that view is Moody’s Investors Service, which said tighter limits from the regulator Ofgem would have a knock-on effect of reducing the credit quality of network companies.
What a crack – Electricity output from Scotland’s 965MW Hunterston B nuclear power station could fall by 40% this year after dozens of cracks were discovered in one of the reactors, BBC reports. The fall in low-carbon generation could have an impact on UK power sector emissions. The plant is due to be decommissioned in 2023.
Dire data – The atmospheric concentration of CO2 recorded at the Mauna Loa Observatory in Hawaii topped 410 parts per million last month, the highest levels in recorded history. The reading stands 46% higher than levels recorded during the Industrial Revolution in 1880. (Climate Nexus)
And finally… Terrible temps – The Southern Pakistan city of Nawabshah may have recorded the highest ever global temperature for April at 50.2 C (122.4 F). While the existing global temperature record for April of 51 C (123.8 F) in Santa Rosa, Mexico in 2001 is said to be “of dubious reliability”, the World Meteorological Organisation does not undertake official reviews of these temperature extremes. Nevertheless, the recording from Pakistan is now the warmest April temperature ever recorded in both Pakistan and the entire Asian continent. (The Washington Post).
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