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The US will increase its CO2 emission reduction target from power plants to 32% below 2005 levels by 2030, compared to the previous goal of 30%, the White House said ahead of Monday’s release of the final rules for the Clean Power Plan.
Two environmental campaign groups said Monday that the EU must scale up GHG-cutting efforts to ensure it contributes fairly to global climate action, but differ on whether this would be best done by reforming the ETS itself or supporting it with other policies. Sandbag included a call for the EU to buy 1.6 billion international carbon credits and to use them as an ETS cost containment reserve.
EU carbon prices climbed to as high as €7.98 in early trade on Monday, the first session of a month that will see auction supply halved in a scheduled reduction to account for lower summer demand.
The safeguard mechanism proposed by Australia’s government will fail to impact more than half of the CO2 emissions it aims to regulate and cover none of the nation’s 20 biggest-emitting facilities, according to a report by analysts Reputex.
China last week issued a batch of CCERs to 18 projects that is likely to have totalled some 5.1 million, analysts Crystal Carbon said Monday, taking the total amount of offsets issued for the Chinese carbon market to around 25 million.
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Business leaders in Australia who speak out in favour of pricing carbon emissions face a strong backlash from the government, former National Australia Bank CEO Cameron Clyne said Monday. Clyne, who wrote a Fairfax op-ed arguing Australia’s lack of diversification is economically reckless, said he suffered months of email and abuse after backing a carbon price in 2011. (Renew Economy)
193 nations agreed a UN deal on sustainable development goals to 2030 this weekend that will replace 8 Milllenium Development Goals with 17 new ones to tackle hunger, poverty, gender equality, water, energy and climate change. Meeting the goals – due to be signed off by world leaders at the UN in September – would cost between $3.3 trillion and $4.5 trillion a year in state spending, investment and aid, an amount roughly equivalent to the US 2016 federal budget of $3.8 trillion. (Thomson Reuters Foundation)
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