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Launching an emissions trading system for large-scale emitters would help Pakistan to rapidly deploy climate-friendly solutions while also achieving major co-benefits such as reductions in its air pollution levels, according to a UN-backed study.
California Carbon Allowance (CCA) prices may trend marginally higher in the next decade if the Trump Administration successfully prevents the Golden State from implementing higher vehicle GHG standards, analysts said Wednesday.
RGGI allowance (RGA) prices rose with increased activity on the secondary market this week, while California Carbon Allowance (CCA) prices stagnated as participants focused on shifting deliveries further out on the curve.
San Diego County is appealing last year’s California court decision that threw out its climate plan allowing for out-of-jurisdiction voluntary offsets, while green groups are reiterating their steadfast opposition to the strategy.
Two Pakistani suspects in a €136 million tax evasion and money laundering scheme linked to the EU ETS have been arrested at Frankfurt airport, while another man charged in several similar French cases has been spotted hiding out in Israel.
EUAs moved further above their €25 support levels on Thursday, gaining late on after a choppy session that saw prices weighed down by bearish fundamentals.
Australia’s Clean Energy Regulator swelled its carbon credit issuance to over 700,000 this week, with energy firm EDL earning the vast majority for emission cuts at a number of landfill sites.
NZU trade has been moribund in recent sessions, with outlook turning slightly negative amid reports that the government is struggling to finalise a deal to bring agricultural emissions into the ETS.
South Korean carbon emission contracts set fresh records across the board again on Thursday, as the impending 2018 compliance deadline and a bullish long term outlook kept pushing up prices.
A carbon pricing instrument could support Pakistan reducing its greenhouse gas emissions and set the country into a lower-emissions pathway. However, carbon pricing cannot be seen in isolation, as an end in itself, and therefore it is important to ensure such approach is aligned with national priorities and that it can support and reinforce other existing policies, UNFCCC carbon pricing consultant Syeda Hadika Jamshaid argues in this op-ed.
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BITE-SIZED UPDATES FROM AROUND THE WORLD
Green trade deal – New Zealand has initiated a set of trade rules that aims to deal with climate change and other environmental issues, PM Jacinda Ardern has announced. It will begin negotiations in Feb. 2020 with Norway, Iceland, Costa Rica, and Fiji over the Agreement on Climate Change, Trade, and Sustainability (ACCTS), which will include removing tariffs on environmental goods, commitments to phasing out fossil fuel subsidies, and developing voluntary guidelines for eco-labelling. International trade rules are uniquely placed to be part of the solution, Ardern said.
Trading up – The current financial system cannot deliver public goods on the scale needed to cope with climate change and only a global Green New Deal can provide governments with the monetary muscle needed to take on the climate crisis, according to the UN Conference on Trade and Development (Unctad), Among a battery of global reforms, Unctad recommended granting debt relief and revising the way that debt was structured in order to allow developing countries to pay for green policies. (Climate Home)
Fitz and the Taxtrums – US GOP Representative Brian Fitzpatrick introduced a carbon tax bill on Thursday to fund improvements to infrastructure. The bill, similar to the legislation unveiled last summer by former Republican Congressman Carlos Curbelo and co-sponsored by Fitzpatrick, would impose a CO2 tax in exchange for repealing the federal taxes on gasoline, diesel, and aviation fuels. Fitzpatrick’s version of the bill also would use some of the revenue for carbon capture and storage (CCS) technologies, along with restricting the EPA’s authority under the Clean Air Act to regulate GHGs from stationary sources. (Washington Examiner)
Control costs – A group of noteholders for California utility Pacific Gas & Electric (PG&E) on Wednesday proposed injecting $29.2 bln into the bankrupt company in exchange for control of the entity and new debt ahead of Thursday’s deadline for the utility’s exclusive filing period. The proposal includes $14.5 billion to pay fire victims and $11 billion for insurance subrogation claims, with the noteholders in exchange requesting 59.3% of PG&E’s outstanding common stock. On Wednesday, the utility also requested a federal bankruptcy judge extend its period of exclusivity, during which only it can propose a reorganisation plan, until Nov 29. (Utility Dive)
Slowing the pACE – New York and the other states challenging the US EPA’s Affordable Clean Energy (ACE) rule asked that the case be put on hold Wednesday, echoing a similar request made by environmental groups last week. The EPA has wanted a quick resolution to the case that can still occur during President Trump’s first term, while the challengers want the case to play out slowly for the inverse reason. For reference, the Obama administration didn’t respond to reconsideration petitions to the Clean Power Plan – the stayed predecessor to ACE – until Jan. 2017, more than 14 months after publishing the rule. (Politico)
Impeachment impasse – The US House of Representative’s impeachment inquiry against President Donald Trump may delay a pending Renewable Fuel Standard (RFS) deal meant to boost biofuels demand, sources told Reuters. Two weeks ago, representatives from the competing oil and biofuel sectors, along with US senators, attended White House meetings to hash out the details of a “giant package” related to ethanol Trump had promised in August, following widespread backlash to 31 RFS compliance waivers given out for 2018. However, sources said that Trump’s interest has waned on the matter in the wake of the impeachment investigation, with the promised package potentially on hold indefinitely.
And finally … Keep your money – Swedish newspaper Dagens ETC has announced it will stop taking advertising that promotes fossil fuel-based goods and services with immediate effect, deeming it “crucial for our credibility” despite the hit to its finances. ETC has about 10,000 daily subscribers and 200,000 weekly readers online. (The Guardian)
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