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OUR TOP NEWS:
China has been operating pilot emissions trading schemes for two years to gain experience ahead of the 2016/2017 launch of the national carbon market. What are the main takeaways so far for Beijing as it designs what will eventually become the world’s biggest ETS?
Around 80% of the EU’s New Entrants Reserve (NER) remains unclaimed nearly a third of the way into the current ETS trading phase, after nations allocated 21.7 million free EUAs to new or expanding installations over the past six months, the European Commission said Thursday.
European carbon prices continued their march upwards, extending recent 2.5-year highs as utility and speculator buying was met by a dearth of selling, traders said.
EU carbon allowances are likely to take a breather soon following their recent rally to 2.5-year highs, though trading could remain volatile, French investment bank Societe Generale said Thursday, adding that it had left its price forecasts unchanged.
Chinese state-owned oil and gas company Sinopec has traded nearly 3.9 million allowances in the Chinese pilot carbon markets so far, a company official said, roughly 10% of the volumes that have traded on the seven exchanges and OTC so far.
Scotland-headquartered utility SSE plc slashed its coal-fired power output by 77% in the second quarter compared to a year ago, while increasing its renewables and gas- and oil-based generation.
Private investors bought price guarantees for 8.7 million tons of methane emission reduction in an innovative auction, attracting bidders form across the globe, writes World Bank Carbon Finance Specialist Scott Cantor.
Bite-sized updates from around the world:
Foundation floats interstate compact to fight Clean Power Plan – The Texas Public Policy Foundation (TPPF) yesterday unveiled a potential interstate compact aimed at U.S. EPA’s proposed Clean Power Plan, which seeks to reduce carbon dioxide emissions from existing power plants. (EnergyWire)
Republicans call for further review of Obama climate rule – Key congressional Republicans say the Obama administration should conduct a “full interagency review” of a major carbon rule for power plants before the rule goes public this summer. (The Hill)
GOP Snubs Vatican Climate Summit – No Republican mayors accepted an invitation to a two-day meeting on global warming, which included remarks by the Pope. (US News)
Poll: Voters in 3 swing states back Pope Francis on climate change – Voters in Colorado, Iowa, and Virginia strongly support the pontiff’s message on global warming. (Bloomberg)
Labor embraces renewables at the cost of good climate policy – At this weekend’s ALP National Conference, Bill Shorten is likely to propose a target of 50% renewable electricity by 2030 as Labor’s central climate change policy. This proposal demonstrates in spades how poisonous climate change politics has trumped good policy in Australia, writes the Grattan Institute’s Tony Wood. (The Conversation)
Can a carbon tax save Canada’s oil sands, asks David Yager of OilPrice.com
And lastly… we missed this one from a few weeks back, but it’s definitely worth a read: The latest sign that coal is getting killed – Coal is a sick dragon, and the bond market wields a heavy sword. (Bloomberg)
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