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Chinese carbon allowances are likely to trade around 40 yuan per tonne ($6.30) when the country’s national ETS opens in 2017, and climb slowly towards 70 yuan ($11) by the end of the decade, market analysts ICIS Tschach Solutions have forecast.
South Australia is looking at the option of launching a state emissions trade scheme in lieu of a federal carbon pricing policy and has received interest from New South Wales, Queensland and Victoria, InDaily reported Thursday.
Carbon pricing must be clearly referenced in the global climate pact to be signed in Paris and details on a global market-based system must be outlined in subsequent years, according to Morocco’s Hakima El Haite, who will likely steer the UN summit to be held next year in her home country.
The EU ETS risks overcompensating industries not needing full carbon leakage protection and the UK will push for a tiered approach to better target those industries that need it most, Britain’s climate and energy minister Amber Rudd said on Thursday.
European carbon prices were steady along with the rest of the energy complex on Thursday, as traders held back from making any big moves ahead of this evening’s Fed decision on US interest rates.
Former UK Foreign Minister William Hague has joined the boards of Intercontinental Exchange, Inc. (ICE) and ICE Futures Europe, the operators of Europe’s largest emissions market, and will assume the role of chairman of the latter from Jan. 2016.
Bite-sized updates from around the world:
CNN tried to highlight the differences between Republican presidential candidates over the issue of man-made global warming last night, but the plan to get GOP candidates to go head-to-head on climate failed. (Daily Caller)
German utility and top EU emitter RWE’s situation is catastrophic, writes Karl-Heinz Büschemann in a commentary for Süddeutsche Zeitung. “There does not seem to be any halt on the way downhill. The shares are in free fall. Soon, the paper might cost less than ten euros, after it cost around 100 euros in 2008. In only seven years, a value of almost 50 billion euros was destroyed,” writes Büschemann. (H/T Clean Energy Wire)
Separately, RWE wants to sell some of its hydropower stations because they don’t make profits, “insiders” told the Frankfurter Allgemeine Zeitung. Officially, the company says the plans to sell a dozen plants with a total capacity of 7,200 KW are due to “organisational improvements”. The newspaper has learned that many investors are interested in the assets, and RWE says it plans to wrap up the sale by year-end. “Compared to gas- or coal-powered stations, these are mini-plants that don’t really fit into the usual company structures,” writes the author. (And again, Clean Energy Wire)
The small African archipelago of Comoros on Thursday submitted its INDC, pledging to cut its emissions by an ambitious 84% below BAU levels by 2030. Click here to see all submissions in Carbon Pulse’s INDC Tracker.
Norway will make a final $100 million payment to Brazil this year to complete a $1 billion project that rewards a slowdown in forest loss in the Amazon basin, Norway’s Environment Ministry said this week. (Reuters)
And finally… Time to sue governments for climate inaction? This Dutch lawyer thinks so. (Thomson Reuters Foundation)
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