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OUR TOP NEWS:
Australia on Friday changed the rules guiding how much volume it will buy from the second Emissions Reduction Fund (ERF) auction, sparking concerns among observers that it was making the market less transparent and discouraging participation.
EU carbon prices fell sharply to as low as €8.18 on Friday, cancelling out a week of gains as traders looked to take profits from units bought at lower levels.
Australia could lift its 2030 emission reduction target to 45% with only limited impacts to the economy, and at no extra cost at all if it allows the use of international units, according to government-commissioned modelling released Friday.
New Danish climate minister Lars Christian Lilleholt said his government won’t propose new policies to help meet a domestic goal to cut GHGs 40% under 1990 levels by 2020.
Australia’s greenhouse gas emissions rose 0.3% year-on-year in the 12 months to March, government data showed Friday, with increases in emissions from energy and LULUCFoffsetting cuts in carbon output from agriculture.
California carbon prices notched meager gains this week on an uptick in volumes coming after a series of quiet sessions last week in the days leading up to WCI quarterly auction on Aug. 18.
Spot NZUs traded in low volumes in a NZ$6.80-6.95 range again this week as traders await news on potential rule changes.
Closing prices, trading ranges and volumes for China’s regional pilot carbon markets this week.
Bite-sized updates from around the world:
Brazil backs the G7’s long term goal to decarbonise this century: The two powers signed a joint climate stance, after respective leaders Dilma Rousseff and Angela Merkel met for one-day talks in Brazil. Brazil aligned itself with the G7 goal, while Germany announced €525m in loans to fund the development of renewable energy sources and to preserve tropical forests, plus a €23m donation to help Brazil establish a rural land registry to boost monitoring of deforestation. (Joint statement)