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WCI’s market operators have blocked participants in California and Quebec from trading allowances with Ontario entities following Premier-designate Doug Ford’s decision to abruptly scrap Ontario’s cap-and-trade scheme and leave the North American programme.
Market participants and other experts are closely watching what Ontario Premier-designate Doug Ford’s next steps will be in dismantling the province’s cap-and-trade scheme, especially after his decision to abruptly pull the plug on the programme was met with a trading ban by WCI partners California and Quebec.
Entities regulated under Ontario’s cap-and-trade scheme that suddenly face new trading restrictions due to the province’s pending exit of the WCI programme have been advised by North America’s main emissions exchange to “take appropriate action” to honour or exit their existing obligations.
UK emitters and other stakeholders may automatically face replacement climate obligations once they exit the EU ETS under Brexit, an industry group has suggested.
EU carbon prices rose as much as 3% on Monday, briefly flirting with €15 after bearish sentiment from a fresh one-month low plumbed earlier in the day was erased by a bullish auction result.
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.
Job listings this week:
- Head of Sustainable Finance Advocacy, Climate Action Network – Remote/Flexible
- Corporate Trader (Spain), Vertis – Budapest
- Corporate Trader (Germany), Vertis – Budapest
- Corporate Trader, Voluntary Carbon Market, Vertis – Budapest
- Senior Environmental Advisor, Uniper – Birmingham, UK
- Climate/International Fellow, NRDC – Washington DC
- Senior Forests Policy Officer, CDP – Jakarta/Hong Kong
- Engagement Support Officer, CDP Europe – Berlin
- Intern, Capacity Building for the Establishment of Emissions Trading Systems in China, CIZ – Beijing
Or click here to see all our job adverts
BITE-SIZED UPDATES FROM AROUND THE WORLD
Minister mash – Top officials and ministers from 30-35 developed and developing countries will attend the Petersberg Climate Dialogue from Sunday to Tuesday in Berlin, where hosts Germany are expected to kickstart a drive to replenish the $10 bln Green Climate Fund left short by US withdrawal but that will not result in immediate new pledges. Ensuring a ‘just transition’ from fossil fuels is also a focus. (Climate Home)
Gas for now – World energy ministers representing about two thirds of the global population tussled over how the world can achieve a cleaner energy future. The compromise answer: Natural gas, at least for now. A consensus statement from G20 energy ministers meeting in Argentina cited the potential of natural gas “to expand significantly over the coming decades.” Meanwhile, the group said that nations that “opt to enhance their renewable energy strategies” should boost investment and financing within that arena. (Bloomberg)
Another missed goal – Due to the sluggish advance of its energy transition in the heating and transport sectors, Germany is set to miss the EU target of covering 18% of final energy consumption with renewables by 2020, lobby group the Renewable Energy Federation (BEE) says in a press release. Germany is estimated to reach a share of 16.4% in the target year, contributing to the country also missing its national 2020 emissions reduction target. (Clean Energy Wire)
Lawyer up – Climate change lawsuits are on the rise, and not just against governments. A big target is the oil majors. Cities such as New York and San Francisco in the US allege that big-emitting companies continued to produce and market fossil fuels while knowingly concealing climate risks. They are also being sued by private plaintiffs for being a public nuisance, for failure to warn about climate risks, climate-related negligence and trespassing. (Bloomberg)
Finn favour – EU antitrust regulators cleared have cleared Finnish utility Fortum’s bid to buy a 46.65% stake in Germany’s big emitting energy group Uniper from E.ON. The Finnish group said the €3.8 bln deal would take place no later than June 27. (Reuters)
Request for RGGI – The non-profit corporation tasked with overseeing the northeast US regional carbon market, RGGI, Inc., has released a Request for Proposals for RGGI Auction Services. The selected entrant will administer RGGI’s quarterly CO2 auctions on behalf of the scheme’s nine member states, including pre-auction services, auction implementation services, and post-auction services. Interested parties must turn in a Notice of Intent to Submit Form to RGGI, Inc. by July 2 in order to participate in a conference call on the matter July 11. Final proposals must be received by July 23.
And finally… Got him – Audi CEO Rupert Stadler has been arrested in Munich in connection with the diesel-cheating scandal, making him the highest-profile target in the probe that’s engulfed the carmaker and parent Volkswagen for almost three years. VW faces a multitude of probes both in Germany and abroad, with legal proceedings in 55 countries pending. The company has earmarked more than €27 bln in fines, buybacks and costs. Volkswagen last week agreed to pay a 1 billion-euro fine imposed by German prosecutors for cheating to get around diesel-emissions regulations. (Bloomberg)
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