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US grid operator PJM will not implement a carbon pricing mechanism in its regional wholesale power market unless jurisdictions independently decide to charge for emissions, though it will continue to explore potential design options for such a programme, officials said Friday.
EU coal power output fell 19% over H1 as higher carbon prices and cheaper renewables displaced big-emitting generation in almost every country, according to a report published Thursday.
EU carbon prices fell for a third straight day on Friday, retreating further from this week’s 13-year high as energy prices declined and Europe’s heatwave receded.
A recent deal struck by California and four automakers on higher vehicle GHG standards in the next decade could operate alongside proposed weaker federal benchmarks, but the long-term outcome may still depend on a future court decision, a legal source told Carbon Pulse.
Australia’s Clean Energy Regulator has distributed nearly 300,000 carbon credits over the past two weeks, as issuance rates return to near average levels.
Closing prices, ranges and volumes for China’s regional pilot carbon markets this week.
A global CO2 tax of $200 per tonne would only reduce GHGs from oil production by 4% over the next century, as the price would not be high enough to make a large dent in existing and undiscovered reserves, according to new research.
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BITE-SIZED UPDATES FROM AROUND THE WORLD
No more cash – The world’s largest development bank is mulling a ban on financing fossil fuel projects, in a move hailed by climate campaigners, Climate Home reports. The European Investment Bank (EIB) revealed the strategic shift in a draft on energy lending policy on Friday. If adopted by EU finance ministers on Sep. 10, the policy will pull the plug on finance for infrastructure dedicated to coal, oil, and gas by the end of 2020. Instead, it will pivot to clean energy projects.
Climate conversations – US news outlets will host climate-themed conversations with 2020 Democratic presidential hopefuls, following repeated calls over recent months from activists to host a debate exclusively focused on the issue. CNN announced Thursday it will host a climate change town hall on Sep. 4 with any candidates who meet the Democratic National Committee’s 2% polling threshold for the September primary debate – a list that so far includes eight candidates. The Daily Beast also reported Thursday that MSNBC is planning to partner with the Georgetown Institute of Politics and Public Service and environmental news outlet Our Daily Planet for a climate forum on Sep. 19 and 20, inviting all 2020 hopefuls including Republicans and third-party candidates to participate. (Climate Nexus)
Eyes on 2045 – Billionaire philanthropist and US Democratic presidential candidate Tom Steyer on Thursday released his climate platform to achieve net zero emissions by 2045. The plan would devote $2 trillion in federal funding over 10 years for investments in climate-friendly transit, building efficiency, electricity infrastructure, and more. Steyer would also formally declare climate change a “national emergency” to spur government-wide executive actions in the event Congress does not act. (Axios)
Survey says – Most Britons care more about climate change in the long-term than Brexit, a new poll has found. Around 71% of people agree that climate change will be more important than the UK’s departure from the EU, while the majority (61%) do not believe the government is doing enough to prioritise climate change. Even people in some higher Brexit voting parts of the UK such as Wales (78%) and the East Midlands (74%) are slightly more likely than the total (71%) to say that climate change is a more important issue than Brexit in the long-term. The ComRes survey commissioned by Christian Aid also found that two thirds (66%) of UK adults agree that climate change should be a top priority for the next PM.
The ART of TREES – The voluntary international initiative Architecture for REDD+ Transactions (ART) will publish a new standard for jurisdictional land-based emission reductions on July 29, known as The REDD+ Environmental Excellency Standard (TREES). The standard will aim to accurately compare the reduction efforts of one country against another, as well as preventing against double counting. Public comments will be accepted through Sep. 27. (Ecosystem Marketplace)
And finally… Down with the sickness – As the planet warms, dangerous infectious diseases will quickly spread to new areas and drug makers could stand to profit, a new report said this week. A note from US investment bank Morgan Stanley found that between 383-725 mln more people may be exposed to mosquito-borne diseases by 2050, and between $50-100 bln’s worth of new vaccines will be necessary by then to help stop the diseases’ spread. Sanofi and GlaxoSmithKline, pharmaceutical giants with well-established drug pipelines, are best positioned to capitalise on the need for new vaccines, the report said, while Takeda and Merck are developing vaccines for dengue fever – one of the diseases most likely to spread with climate change. (Climate Nexus)
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