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Australian Prime Minister Malcolm Turnbull on Monday said his government will not try to legislate an emissions target for the electricity sector under the National Energy Guarantee (NEG) as opposition from a handful of MPs from his own party meant the policy would likely not make it through parliament.
EU carbon allowances are expected to continue to climb for the rest of the year as speculators keep buying in anticipation of further increases and utilities lend support, analysts said, following several weeks of strong price increases that have already pushed prices to their highest for a decade.
European carbon prices advanced nearly 2% on Monday to extend further their 10-year high above €18.50 as observers continued to predict additional rises.
The Trump administration is expected to unveil its replacement draft for the US EPA’s Clean Power Plan (CPP) on Tuesday, a proposal that would reportedly result in far fewer GHG reductions than the previous Obama-era iteration and limit the scope of eligible emissions reduction activities.
Australia’s decision Monday to drop the emissions target in the National Energy Guarantee (NEG) has left the energy sector concerned that investment certainty might be further away than ever, and that the nation could put itself on track to face international repercussions for missing its Paris obligations.
Calls are emerging for the New Zealand government to raise the price ceiling for NZUs immediately to avoid emitters paying the NZ$25 fixed price for 2018 compliance instead of surrendering permits.
This dossier features an overview of this intensity-based scheme, its price history, key reforms and regulatory issues. It adds details on the programme’s use of international credits, its forestry loophole and potential to include agriculture. It also features a summary of key elements by the International Carbon Action Partnership (ICAP).
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:
- Global Director, Climate Programme, WRI – Multiple Locations
- Senior Analyst, US Climate Policy, EDF – Washington DC
- Climate Change Consultant, Itad – Brighton & Hove, East Sussex
- Midwest Climate & Energy Policy Advisor, the Nature Conservancy – Multiple Locations
- Executive Director, Carbon Market Watch – Brussels
Or click here to see all our job adverts
BITE-SIZED UPDATES FROM AROUND THE WORLD
Brand power – Behavioural economists have discovered that one way to make carbon taxes acceptable is to rebrand them as ‘fees’ or ‘contributions’. Alberta, in Canada, and Switzerland call their taxes ‘levies’. A more substantive fee and dividend’ approach returns the money raised to citizens or affected businesses and Democrat-controlled state legislatures in California and Massachusetts are debating such measures along with a group of Republican grandees. ” (The Economist)
Wildfire lesson – Sweden’s burgeoning far right could be denied victory in the Sep. 9 general election next month by a surge of anxiety about climate change after the country’s hottest month for 260 years. The far-right, anti-immigration Sweden Democrats have suffered in recent polling as wildfires tore across more than 240 sq km. The disaster has elevated the environment from a niche political interest to the second most prominent issue on the agenda after immigration. (The Times)
Poll temperature – Almost two-thirds of people think the UK is being hit by longer and hotter heatwaves as a result of climate change, according to a poll commissioned by the environmental legal charity ClientEarth. Some 62% thinks that the UK government is not doing enough to tackle climate change. (Press Association)
And finally… Getting stuck – Global warming in the Arctic is causing the jet stream to weaken and slow, resulting in “stuck” weather patterns, according to research published in Nature Communications. A new review paper published in Nature Communications showed that this phenomenon is causing short-term heat waves to stick around for far longer, exacerbating extreme weather events in the process. While previous research had mostly focused on winter weather patterns, the new study found that there was plenty of evidence to prove this weather was stalling during the summer as well, when heat waves are particularly dangerous. (Climate Nexus)
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