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OUR TOP NEWS:
The World Bank agreed to buy 8.7 million methane-cutting CERs for $2.40 each on Wednesday in its first reverse auction for carbon credits, adding that it will look to hold another such event after this year’s UN climate talks.
Japan will submit its INDC to the UN on Friday, Economy, Trade and Industry Minister Yoichi Miyazawa told a press conference, with the final plan unchanged from a previous draft promising a 26% drop in GHG emissions by 2030 from 2013 levels.
European carbon notched a 1.7% weekly gain after bouncing back from a weak auction result on Friday that briefly pushed prices below a key technical level.
Spot NZUs shed 5 NZ cents over the week to close at NZ$7.00 ($4.58) with volumes dropping as traders lacked incentive, market participants said.
The UK is taking views on whether to update its rules that exempt smaller emitters from being regulated in the EU ETS.
Closing prices, ranges and volumes for China’s regional pilot carbon markets this week.
A table of Verified Emission Reduction (VER) prices and offered volumes, based on voluntary market data from Carbon Trade Exchange.
Bite-sized updates from around the world:
To Clean Up Oil Sands’ Dirty Image, Alberta May Try Emission Tax – Alberta’s new government is engaged in a balancing act. It’s trying to cut carbon emissions while protecting an oil-sands industry that supports hundreds of thousands of jobs. (Bloomberg)
The WCI has launched an RFP for a market monitor. It will hold a conference call for potential applicants on July 27 and the deadline for submissions is Aug 31.
Governments need to take a serious look at new ways of sucking CO2 out of the atmosphere, as between 2-10 billion tonnes a year of CO2 need to be removed to hold global temperature rises to 2C, yet the world’s soils remove just 3.3 billion. (Vox)
Australia’s renewable energy renaissance may be over in 5 years – The lack of long-term policy settings means that the Australia large-scale renewable energy target could collapse by 2020, once the new target is met. But the uncertainty is also creating problems for current projects, because bankers and customers are nervous, reports Giles Parkinson. (RenewEconomy)
For Tony Abbott, it’s full steam ahead on coal, the ‘foundation of prosperity’ – If, as the environment movement contends, fossil fuels are the new tobacco, then Australia has cast itself as a sort of swaggering Marlboro man, puffing away contentedly as the rest of the world looks on quizzically, write Oliver Milman and Greg Jericho. (Guardian)
In a move that may boost relations ahead of December’s UNFCCC meeting, India and the US have agreed on terms for building the next Indian aircraft carrier with US technology. (Times of India)
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