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EU leaders have failed to achieve consensus on targeting net zero emissions by 2050, declaring a deal had been reached but acknowledging that one member state was unable to commit to the goal at this point.
UK ELECTION SPECIAL
EU carbon prices bounced back above €25 on Thursday, recovering all of the previous day’s losses after hitting a six-day low this morning, as wider energy prices rebounded from their recent streak of declines and the market readied for the UK election results and their impact.
January’s start of carbon allowance sales for the EU’s Innovation Fund is being delayed due to “necessary practical arrangements” not yet being in place, auction host EEX announced late Thursday.
Negotiations on the rulebook with International emission trade plodded along in Madrid on Thursday, as slow progress on other elements of operationalising the Paris Agreement solicited fears the UN Climate Summit would once again run well into the weekend.
The Transportation and Climate Initiative (TCI) collaborative will release potential ETS cap levels and allowance price expectations as part of the draft Memorandum of Understanding (MOU) that will be published next week, a US state official said at the UN climate summit Thursday.
The US state of Minnesota is in the early stages of researching a low-carbon fuel standard (LCFS) to help reduce emissions from the transportation sector, a state official said Thursday at a UN COP25 side event.
The vast majority of Australian businesses polled in a survey want access to international emissions markets, but worry about the risk of other nations slapping border carbon adjustments on Australian goods over the government’s lack of climate action.
The New Jersey legislature will discuss two proposals next week that would cement the state’s participation in the Northeast RGGI ETS, potentially putting safeguards in place if Republicans regain the governorship.
California Carbon Allowance (CCA) prices rose slightly on the secondary market as participants looked to push positions further out on the curve, while RGGI Allowance (RGA) prices dipped following the release of the Q4 auction results.
BITE-SIZED UPDATES FROM AROUND THE WORLD
Registered interest – Nigeria is entering into final talks with Global Environmental Markets (GEM) to use the London-based firm’s system to build a registry designed for handling ITMO carbon credit transactions, Enviro News Nigeria reports. Read Carbon Pulse’s article on how GEM aims plans to offer its registry solution to multiple nations and is one of several businesses and governments on the sidelines of the Madrid climate talks carving out a role for themselves in the Paris era international carbon market.
Doing it – The government of Fiji and Australian industry group the Carbon Market Institute on Thursday agreed to develop an MoU that will see the Australian organisation help Fiji develop carbon markets related to Article 6. The Pacific island nation has draft legislation out for public consultation that will provide a domestic legal basis for hosting activities that can generate credits eligible for Paris Agreement trade. The country’s main project potential lies within forestry and mangrove protection and restoration.
New target – Australia’s New South Wales is expected to shortly announce an interim target of cutting GHG emissions 35% below 2005 levels by 2030 en route to achieving net zero emissions, RenewEconomy reports. According to a number of reports, Cabinet has signed off on the target, though any potential new policies have not been announced. NSW Energy Minister Matt Kean – who belongs to the same Liberal party that refuses to increase federal targets – earlier this week made a speech connecting climate change and the ongoing bushfires, which has caused a storm of criticism from Australian right-wing media outlets.
And finally… Not quite right – In a recent statement (which we reported), 350Africa stated that “the President of Senegal Macky Sall announced the cancellation of the Bargny coal-fired plant, in line with the country’s commitments under the Paris Agreement”. This statement was partially incorrect, as the president has actually given instructions to turn the Bargny power plant into a gas-fired one.
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