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The growing global patchwork of carbon markets is likely to remain fragmented for many years as governments focus on driving abatement within their own territories, a conference heard on Wednesday.
China will expand its pilot power trading reforms to more regions, a senior NDRC official said Wednesday, a move that in the longer term is expected to help make carbon trading a more efficient tool to cut emissions in the electricity sector.
Scottish Conservative MEP Ian Duncan, a member of the right-wing Eurosceptic ECR political grouping, has been appointed rapporteur for the post-2020 EU ETS reforms and is tasked with steering the package through the European Parliament.
European carbon prices rose on Wednesday, bolstered by a well-bid auction and firmer power prices, and on technical buying after the benchmark EUA contract climbed back above a key marker.
The Guangdong carbon exchange on Wednesday announced fresh rules for so-called ‘repo’ trading in a bid to regulate market activity as trading volumes rise rapidly.
Myanmar on Wednesday became the 15th nation to join Japan’s Joint Crediting Mechanism (JCM), a scheme officials in Tokyo expect will generate up to 100 million tonnes of CO2 cuts by 2030.
The US Department of Agriculture is to give green group Environmental Defense Fund (EDF) and its partners a $960,000 grant to help develop fertilizer offset protocols, the latest in a trend for the US to advance the agricultural sector’s participation in carbon markets.
Online emissions trading platform Carbon Trade Exchange (CTX) has hired a co-founder of the Chicago Climate Exchange (CCX) as a managing director for its US operations.
The EU’s emissions trading registry is to be suspended for 24 hours at the end of September to facilitate a software upgrade, the European Commission announced on Wednesday.
Bite-sized updates from around the world:
New submissions are expected to take INDC coverage to over 90% of global emissions by the end of this month, up from almost 70% currently, Carbon Pulse heard from one senior official close to the process on Wednesday. Of some outstanding big emitters, India’s submission is due by Sep. 27 and the latest, Brazil’s on Sep. 27, with Indonesia’s also imminent, according to UN climate chief Christiana Figueres.
Tunisia became the latest country to release its INDC, offering to unconditionally cut its GHG intensity by 14% below 2010 levels by 2030, or by 41% with international assistance, which would include a 46% cut in its energy sector. Tunisia added that it would back the use of carbon market mechanisms to support the financing needs of its mitigation target, including the funding of its national solar plan, mitigation in its cement industry, and developing energy and renewable energy, especially in its building sector. Click here to read Tunisia’s submission or to check out the rest of the submitted INDCs in our Tracker.
Republican congress is growing increasingly pessimistic over the chances of success for legislative challenges to Clean Power Plan, with many starting to realise that a solution may only come through the courts. (The Hill)
Germany’s largest utilities are facing their biggest challenge yet: Provisioning enough cash to dismantle the nation’s nuclear reactors and make safe equipment and fuel that may be radioactive for 100,000 years. And that burden has made E.ON and RWE, Germany’s largest power generators, the worst performers on Germany’s benchmark DAX Index in 2015. (Bloomberg)
Coal is gaining market share in the EU while the role of natural gas in the region has shrunk in the past year, putting buyers in no hurry to commit to LNG purchases, according to Qatar, the world’s biggest exporter of the supercooled fuel. (Bloomberg)
Britain should use revenues from the shale gas industry to help fund the development of CCS projects, a shale gas industry-funded task force said on Wednesday. (Reuters)
Almost half of the world’s 100 largest companies, including Procter & Gamble, Mitsui & Co., Comcast and 21st Century Fox, are obstructing climate change legislation, according a study released by London-based non-profit group InfluenceMap on Wednesday, which analysed the firms’ public statements and membership in trade groups.
The world’s biggest PR firm Edelman has ended work with coal producers and climate change deniers following criticism for its work on behalf of fossil fuel companies. (Guardian)
And finally… for anyone wondering why Australia’s new PM Malcolm Turnbull isn’t immediately trying to convince his Liberal party colleagues to do more on climate change: AAP reports that Liberal Senator Ian Macdonald on Wednesday said man-made global warming is a “fad, farce or hoax” and that Australian kids have been brainwashed about it.
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