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- None of 14 offset standard contenders meet CORSIA aviation scheme criteria -report
- Mexico reveals emissions cap levels for pilot ETS ahead of 2020 start
- California reduces invalidation period on 1 mln offsets, while new credits languish
- China lashes out at EU carbon border adjustment initiative ahead of climate talks
- Hubei CO2 auction clears below market as a quarter of units go unsold
- New EU Commission chief promises rapid climate ambition after belated approval
- EU Market: EUAs lift to two-week high above €25 as new Brussels chief confirmed
None of the 14 carbon credit standards that have applied for eligibility under the UN’s global CORSIA aviation offsetting scheme meet the criteria set out by governments, while some of the candidates may not even be considered offset programmes.
Mexico published emissions limits and sectoral breakdowns for the first two years of its pilot cap-and-trade programme on Wednesday, bringing the long-awaited start of the market’s trial phase a step closer.
California regulator ARB granted more than 253,000 new offset credits across two protocols this week as issuances stayed low, while the agency reduced the invalidation period on nearly 1 million credits, according to data released Wednesday.
China on Wednesday said an EU plan to impose carbon border adjustments on nations failing to act on climate change would “seriously undermine” international efforts to fight global warming.
China’s Hubei province on Wednesday sold three quarters of the 2 million CO2 allowances on offer to ETS participants at an average price 2% below secondary market prices, pushing just over half a million permits on to Friday’s more open sale.
Germany’s Ursula von der Leyen vowed to provide rapid but just climate ambition on Wednesday after the EU Parliament gave final approval for her new five-year European Commission to take office from Dec. 1.
EUA prices climbed back towards €25 on Wednesday, rising amid supportive technical signals, a pause in new supply, and the confirmation of a new European Commission promising greater climate ambition.
BITE-SIZED UPDATES FROM AROUND THE WORLD
Lending light – Brussels is exploring a proposal to cut capital charges imposed on banks’ climate-friendly lending in a bid to spur green investment in Europe, but the plans are likely to stoke a battle with the European Central Bank, where officials have warned against tampering with rules designed to make bank lending less risky. (Financial Times)
And finally… Reality bites – A virtual reality start-up is helping communities from California to Maryland envision how sea level rise may affect their towns and coastlines. Virtual Planet last week installed VR headsets in one of the Santa Cruz library branches so visitors could take a virtual tour to see the projected worst impacts of sea level rise on the city’s coastline. The company also helped host a recent community meeting on sea level rise in Turner Station, Maryland, which already faces routine flooding. The goal of the project is “to start a conversation and help folks visualise the impacts [of climate change] and the solutions, and also discuss the trade-offs between them,” programme developer Juliano Calil told NPR. (Climate Nexus)
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