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Three African nations have now signed deforestation reduction agreements under the World Bank’s Forest Carbon Partnership Facility (FCPF) that could form the base of possible international emissions trade, with more deals expected to come later this year.
European carbon prices slipped back on Friday, consolidating yesterday’s strong gains and holding above €29, as some traders had mixed views as to whether EUAs would top €30 or even their all-time highs in the supply-starved weeks to come.
German emitters increased their EU Allowance buying in June as prices rallied, a government report published on Friday showed.
California fuel consumption dropped for the third consecutive month in April as diesel sales remain below 2018 totals, while power generation continues to dip amid milder weather in the Golden State, according to datasets.
Australia’s Emissions Reduction Fund (ERF) has barely contributed to cutting carbon output since 2017, as over the past 18 months contract terminations have shed almost as much volume from the fund’s portfolio as the Clean Energy Regulator has signed in auctions.
Closing prices, ranges and volumes for China’s regional pilot carbon markets this week. All prices are in RMB, and volumes in tonnes of CO2e. Data sourced from local exchanges.
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BITE-SIZED UPDATES FROM AROUND THE WORLD
Spare a dime – Just 10-30% of the $370 billion in support for fossil fuels around the world would pay for a “global transition to clean energy”, according to an International Institute for Sustainable Development report covered by the Guardian. It notes that shifting this money would “decisively tip the balance in favour of green energy”, making it the cheapest electricity available, and quotes Richard Bridle of the IISD who says if such a move was enacted renewables would become “an absolute no-brainer”. (Carbon Brief)
Homework for insurers – The Bank of England for the first time is asking British insurers to gauge how global warming might impact the value of the stocks and bonds they hold – and its potential to upend financial markets. The central bank included three scenarios related to climate change in a broader stress test of how robust the industry would be in times of strain. It’s asking for answers by Oct. 31. The exercise, which started in June, is part of a broader effort by BOE Governor Mark Carney to focus the attention of investors both on environmental issues and on how those are creating new risks for the financial system. (Bloomberg)
Head east – Six African countries have established the East African Alliance on Carbon Markets and Climate Finance to utilise the Paris Agreement’s Article 6 to meet their GHG targets. The Alliance, officially launched during the UNFCCC interim climate change negotiations in Bonn this June, is designed to promote a common vision of carbon markets and climate finance in the region, along with fostering an active and better coordinated participation of delegates from the region in UNFCCC negotiations. The group is also working towards the smooth transition of selected CDM projects that meet Article 6 requirements the Paris era. The founding countries are Burundi, Ethiopia, Kenya, Rwanda, Tanzania, and Uganda.
More records – The latest data from the World Meteorological Organisation shows the month of July “at least equalled if not surpassed the hottest month in recorded history”, following the hottest June ever, UN Secretary-General Antonio Guterres said Thursday. The UN chief told reporters that this year’s possible record was even more significant because the 2016 high occurred during an El Nino year, which was the not the case this July. (AP)
Stick to the schedule – The Canadian government is pushing back against Saskatchewan’s request to have the Supreme Court delay hearing its challenge of the federal carbon tax. The press secretary for federal Environment and Climate Change Minister Catherine McKenna calls Saskatchewan’s move an irresponsible example of Conservative politicians battling climate action using taxpayers’ money. Sabrina Kim says the federal government has submitted arguments as to why the case should be heard in a timely manner, including that it creates certainty for businesses and families. Saskatchewan recently applied to have the top court push back its Dec. 5 hearing in order to better co-ordinate its challenge with ones from other provinces. (The Canadian Press)
Flight to zero – The German Aviation Association (BDL) said it wants to bring CO2 emissions from air traffic to zero – after months of rising criticism from politicians and activists such as the Fridays for Future climate movement. In a declaration, the association proposed a list of ideas – without including any timeline for their implementation – including investing in more energy efficient aeroplanes and participating in pilot projects for the production of sustainable power-to-liquid fuels as an alternative to kerosene. Previously, BDL has only committed to ensuring carbon neutral growth. (Clean Energy Wire)
Up the cuts – The UK’s air navigation service provider NATS helped airlines cut their CO2 output by 113,500 tonnes last year, according to the company’s latest business report. However, the company also confirmed it is set to miss its target to cut emissions by 10% per flight by 2020 against a 2006 baseline. The report said NATS expected its plan for 2015 to 2020 to ensure the 10% goal was met, but the plan was delayed pending further evaluation, partly due to increased concerns about the negative environmental and social impacts from aircraft noise. (BusinessGreen)
And finally… Scoot to thrill – The rise of dockless e-scooters is worse for the climate than most other forms of transportation, with the exception of driving, according to new research. A study published in the journal Environmental Research Letters on Friday found that the carbon footprint of electric scooters exceeded their replacement transportation 65% of the time. The researchers’ baseline case found that riding one mile (1.6 km) on a scooter produced the equivalent of 202 grams of CO2, half that of a car. However, the scooters’ emissions are still much more than riding a moped (119 gCO2), taking a bus (82 gCO2), biking (8 gCO2), or walking (0 gCO2). Companies’ nightly collection and redistribution of scooters accounted for 43% of their total carbon footprint. (The Los Angeles Times)
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