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Fears are mounting that ICAO’s international aviation offsetting mechanism could collapse well before its 2021 start as China backtracks and other nations resist, while the scheme’s rules get severely weakened or delayed by infighting.
The former chief executive of a Canadian conservative media company and provincial gaming corporation was sworn in as Ontario’s new environment minister on Friday, making him a lead actor in efforts to scrap the province’s cap-and-trade and reject the federal government’s ‘backstop’ carbon price.
The Colombian Senate approved a climate bill this week that provides for the creation of an emissions trading scheme, but the country’s recent presidential election has cast uncertainty on when the carbon market would launch.
Iceland will probably need to buy carbon credits to ensure it meets its 2020 obligations under the Kyoto Protocol, according to the country’s environment minister.
EU carbon prices ended just below the €15 level they have been straddling all week, posting a 0.9% weekly decline but staying just within positive territory for June.
Shanghai has pushed back its compliance deadline to July 31, giving the local ETS participants one more month to fulfill their commitments, the city’s government said on Friday.
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
Feelin’ hot hot hot – After a sizzling June with heatwaves in the UK, Scandinavia, and northern France, next month is forecast to stay hotter-than-normal with the sunny weather seen boosting solar output and cutting power prices. An area of high pressure centered over northern Europe in June will shift more toward the central region, boosting output from solar panels in Germany, Europe’s biggest power market, according to brokerage Marex Spectron Group Ltd. All five forecasters in Bloomberg’s monthly weather survey agreed that next month will be warmer-than-usual for most of the continent.
Compo dues – As part of annual EU requirements, the UK confirmed that it paid out £16.8 million (€18.97) in 2017 compensation to industry for the indirect ETS costs resulting from higher power bills. Steel and chemicals got the most with £5.9 mln each, paper £4.6 mln and non-ferrous metals £0.4 mln.
Kosovo coal goal – Coal-reliant Kosovo has seen its first wind turbine installed this week, the first step in the Balkan country’s plans to generate a quarter of its energy from renewable sources by 2020 to meet the standards of the EU, which it aspires to join. Yet Kosovo’s biggest energy investment in nearly 30 years is set to be a coal plant. (Reuters)
And finally… Paging Indiana Jones – A mad rush is needed to preserve or catalogue thousands of Arctic archeological sites before they are washed away by warming hastening the thaw of permafrost and coastal erosion, a study said Thursday. For millennia, the cold has conserved ivory artifacts, driftwood houses, and human remains in often near-perfect conditions. But with faster and more severe climate change in the poles than the rest of the world, the situation has become desperate, with far more sites that will soon be lost than scientists have the time or resources to document. (AFP)
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