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OUR TOP NEWS:
Australia has finally released its 2030 emissions target, but is it a fair contribution to fighting climate change? Will it require the government to design new policies, and could a carbon market emerge to help meet the target?
India’s chief economic advisor has urged the government to focus less on getting climate funding from developed nations and more on reducing emissions, while aligning with other coal-rich nations instead of its traditional developing-nation allies, the Business Standard reported on Wednesday.
Benchmark EU carbon prices hit their highest levels since November 2012 on Wednesday as a lack of supply from government auctions and fatter profitability for coal-fired utilities encouraged speculative buying.
EON, Europe’s third biggest emitter, sold less forward power in Europe while appearing to hedge a smaller proportion of it, according to first-half results released on Wednesday.
Dutch utility Eneco is working with UK offset provider CarbonNeutral Company to expand the scope of its PoA in Nepal to help fund the rebuilding of schools damaged in the April earthquake.
Kenya’s biggest power company, KenGen, plans to offer carbon credits to voluntary domestic buyers via the Nairobi Stock Exchange next year as its CDM funding expires, according to local media.
Bite-sized updates from around the world:
Developed nations are on track to cut their greenhouse emissions by almost 30 percent by 2030, Reuters calculations show, falling far short of a halving suggested by a U.N. panel of scientists as a fair share to limit climate change. (Reuters)
Coalition modelling shows 2030 target will hit coal sector hardest – Yet-to-be-released forecasts show large decline in sector that Australia PM Tony Abbott has said is ‘good for humanity’ owing to new greenhouse gas targets taking effect. (Guardian)
Some American Catholic church groups are reviewing whether their investments in fossil fuels are compatible with the Pope’s recent push on climate change. (Reuters)
UK manufacturers’ group EEF sets out its position on the Paris climate talks. It writes that President Obama’s decarbonisation plan for US power plants has been hailed as an important step towards achieving a deal at this year’s UN climate talks in Paris, even though the carbon dioxide savings are very modest. The EU’s negotiating team should take note in its efforts to get a global deal that ensures the rest of the world catches up with the EU’s ambition as quickly as possible. (EEF)
EU greenhouse gas emission savings due to final renewable energy consumption in electricity, cooling/heating and transport sectors rose at a compound annual growth rate of 8.8% from 2009 to 2012, confirming renewables’ great potential in climate change mitigation, according to a report from the European Commission’s research unit JRC. Nearly two thirds of the total savings came thanks to renewable energy development in Germany, Sweden, France, Italy and Spain.
While others scale back, Japan is re-fitting dozens of utilities with its super-efficient yet still highly CO2 intensive coal power plants. And its spending billions of dollars worth of public money to encourage its poorer neighbours to buy them too. (Politico). For further details, the article features an NGO report Carbon Pulse wrote about in June.
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