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OUR TOP NEWS:
Australia on Wednesday released a new draft of its ‘safeguard mechanism’ that takes a small step towards creating an offset market, including the potential use of UN-issued carbon credits, but includes so many loopholes for big emitters that experts say CO2 output from covered companies could increase as much as 20%.
So many Asia-Pacific countries are implementing carbon pricing measures that those not doing so risk falling behind, the World Bank’s vice president and climate envoy Rachel Kyte said Wednesday.
Indonesia has pledged to curb its emission growth to 29% below business-as-usual levels by 2030, adding that this goal could be deepened to a 41% cut if it gets international support, according to the country’s final draft of its INDC seen by Carbon Pulse on Wednesday.
The UN climate talks in Paris should only set a future emission target for 2025 because the INDCs submitted so far put the world on track to emit 17-21 billion tonnes of CO2e more in 2030 than required to meet the 2C target, analysts Climate Action Tracker said Wednesday.
A coalition of 25 institutional investors with over $69 billion in assets under management is calling on nine large London-listed companies to review their membership of lobbying groups they say seek to obstruct EU climate policy.
Denmark’s Liberal government is planning to drop national emission goals introduced by the previous administration and to cut 340 million kroner (€45.5m) of green funding over 2016-2019, the Information newspaper reported on Tuesday, citing leaked Treasury documents.
France has prepared a series of carbon budgets that it will allocate to key sectors to help curb GHG emissions under the country’s new strategy to transition itself to a low-carbon economy, the French environment ministry said late on Tuesday.
European carbon prices rose by 1.4% on Wednesday on a mix of speculative and compliance buying, as technical support built below the €8 level and traders returned from holiday.
UK coal-fired power plant Eggborough said on Wednesday it may close in March next year amid weak power prices and high carbon taxes.
Ethiopia is preparing to levy a carbon tax on vehicles as the African nation attempts to curb its GHGs, local media reported.
Closing prices, trading ranges and volumes for China’s regional pilot carbon markets this week.
Bite-sized updates from around the world:
Courtesy of Clean Energy Wire – Germany can shut down its coal-fired power plants by 2040, despite the nuclear phase-out and without endangering power supply, according to a study by the Institute for Future Energy Systems (IZES) (in German). But in addition to the planned expansion of renewables, the country would have to build more gas-fired plants, which emit much less CO2 than coal-fired stations, according to an article in Spiegel Online about the findings (also in German). This would cause an increase in the power price until 2030, between 0.7 and 2.7 cents per kilowatt-hour, but would bring overall cost reductions for consumers from 2035, according to the article.
Does the UK have a Paris climate plan or is the government calling our bluff? It’s been four months since Prime Minister David Cameron’s new majority government came into power and there are just three months before the Paris climate conference. So, what do we know about the UK’s contribution to the COP21 international climate change negotiations? Turns out, not much. (Op-ed in Huffington Post by DeSmog UK deputy editor Kyla Mandel)
And finally… an editorial by Bloomberg View on why regulators should let the free market kill coal.
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