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Major cities, states and provinces in the US and China will pledge to enact faster and deeper cuts in their GHG emissions, the White House announced on Tuesday, building on a climate agreement inked between the two countries late last year.
EU nations are struggling to agree wording on how strongly the bloc should signal its readiness to deepen its 2030 emissions target under a five-year UN review of national pledges, but appears set to push for the international use of carbon markets to be included in the global deal.
Incoming Prime Minister Malcolm Turnbull may have opted for party harmony over headline changes to Australia’s climate change policy, but the safeguard mechanism might provide him with the opportunity to subtly tighten up some of his predecessor’s loose ends, according to observers.
The EU and South Korea on Tuesday announced that they would launch an initiative next year to increase technical cooperation on their emissions trading schemes, potentially laying the first pieces of groundwork towards an eventual linkage between the two markets.
EU carbon prices were pulled lower for a second straight day by falling energy prices, though trading activity down the EUA futures curve was robust.
Business association IETA is urging the European Commission to reveal which sectors are likely to receive free EUAs under post-2020 rules and how many emissions those groups represent.
Bite-sized updates from around the world:
New Australian PM Turnbull must change climate policies or he will perish – Climate groups must put the pressure on Turnbull to deliver policy outcomes now, while he has the political capital to act. (Guardian)
When the International Energy Agency reported in March that global CO2 emissions had stayed flat in 2014, even as the world economy grew, the news was hailed as a turning point in the struggle to curb climate change. But more recent data about Chinese coal consumption, seen by Reuters, raise doubts about whether that historic decoupling of economic growth and emissions from energy use actually occurred.
Rich nations are stubbornly divided ahead of talks in Paris on Thursday to seek a deal to phase out coal plant technology subsidies, with Japan leading opposition, in a foretaste of the difficulty of agreeing on action to curb global warming in Paris in December. (Reuters)
US activists push ‘supply side’ climate strategy– A coalition of environmental organizations want the US president to use his authority to stop new leases for the development of fossil fuels in public lands and waters — a dramatic change in policy that would not only affect major companies but could also decrease future federal revenue collected from these leases. (Washington Post, $)
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