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The threat of a ‘no-deal’ Brexit may be dissipating amid cross-party efforts by UK lawmakers, but analysts say there remains much uncertainty for UK emitters and allowance prices in the EU ETS.
EUAs jumped to near €26 early on Wednesday as the risk of a no-deal Brexit lowered substantially overnight amid a cross-party effort by UK lawmakers to avert such an outcome.
The Western Australian government on Wednesday launched a public consultation on landholder consent for regeneration projects, a process that’s expected to unblock around 40 projects with some A$65 million ($44 mln) in government offset contracts and pave the way for new development.
California Low Carbon Fuel Standard (LCFS) credits set a new all-time record on Tuesday as prices smashed through the $200 mark that has served as a psychological barrier over the past year.
This dossier gives an overview of RGGI dynamics including recent price and trading developments, fundamentals, membership and details on the 2016 programme review. It also features a summary of key elements by the International Carbon Action Partnership (ICAP).
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BITE-SIZED UPDATES FROM AROUND THE WORLD
Dane divest – Danish pension fund MP Pension has said it would sell its stakes in 10 of the world’s biggest oil firms, shedding almost $100 million of investments as it seeks to divest major sources of carbon emissions from its portfolio. It said it would sell its stakes in ExxonMobil, BP, Chevron, PetroChina, Rosneft, Shell, Sinopec, Total, Petrobras and Equinor. MP Pension said BP, Shell, Total, and Equinor had shown signs of progress, while the remaining six had made little headway in moving to greener energy. (Reuters)
Plastered with plans, part 2 – The remaining US Democratic presidential candidates who had not released climate plans yet did so ahead of network CNN’s seven-hour climate town hall Wednesday night. California Senator Kamala Harris’ plan called for $10 trillion in private and public funding to create a carbon-neutral economy, while South Bend, Indiana Mayor Pete Buttigieg targeted a price on carbon and “thriving” carbon removal industry by 2040. Those new announcements came alongside Massachusetts Senator Elizabeth Warren adopting multiple elements of former candidate and Washington state Governor Jay Inslee’s climate goals, including spending $3 trillion over 10 years to decarbonise the US power sector. (Politico)
Suit up – The Canadian Federal Court of Appeal on Wednesday agreed to hear appeals from opponents determined to overturn the ruling Liberal government’s approval of the Trans Mountain pipeline expansion project. The court agreed to take up simultaneously six of 12 possible appeals to the federal cabinet’s approval, including whether Ottawa adequately consulted with indigenous peoples before greenlighting the project for a second time in June. That decision also came as the Canadian Civil Liberties Association filed a lawsuit against the Ontario government for its legislation forcing gas station owners to display stickers showing the cost of the federal ‘backstop’ CO2 tax. The liberties group says the law mandating the stickers violates free speech provisions of the Canadian Constitution, and that it is really geared towards Ontario Progressive Conservative Premier Doug Ford’s political campaign against the federal Liberals. Others have criticised the stickers, which carry a C$10,000 per day penalty for multiple offenses, for not reflecting the rebate cheque that most consumers will receive from paying the C$20 carbon tax. (CBC, The Canadian Press)
Brexit busting – The beleaguered UK government – which this week lost its working parliamentary majority in the ongoing Brexit turmoil – unveiled one-year spending plans. The business ministry (BEIS) that controls climate policy got a 2.2% budget increase for 2020-2021 with an extra £30 million going towards new projects to accelerate the UK’s progress to net zero emissions – a sum Aurora Research pointed out was just 0.1% of the £20-40 bln the government advisers have said was needed to reach the country’s net zero 2050 emissions target. (BusinessGreen)
And finally… Because of the shame – The Swedish-born “flight shaming” movement over climate change concerns that has hit air travel in Europe is primed to come to North America, according to global lobby International Air Transportation Association (IATA). Despite acknowledging that the lack of a viable train alternative in the US was a hurdle for the movement picking up steam across the Atlantic, IATA chief Alexandre de Juniac told journalists on Tuesday the flight shaming movement will spread to the continent before branching out further to Asian countries like Japan and South Korea. “If you believe or think that the environmental concern is a world concern touching everyone on the planet…there’s no reason to believe that other young people won’t react,” De Juniac said. (Reuters)
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