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Nations must accelerate their deployment of carbon pricing to ensure the world fends off global warming at least cost, the World Bank said on Sunday, publishing a series of principles designed to help countries impose policies.
The number of companies worldwide that use internal carbon pricing for investment decisions has tripled to 437 since last year and will surpass 1,000 within the next two years, a new report showed Sunday.
European carbon prices continued to slide on Monday, slipping to a two-week low below €8 in range-bound trade amid a softer energy complex and weaker euro.
Guangdong on Monday sold 300,000 allowances at 16.10 yuan ($2.53) each, well above the minimum price of 12.48 yuan, the China Emissions Exchange in Guangzhou said.
California and Quebec will auction 85.5 million allowances on Nov. 17 in the WCI market’s fifth joint auction, the two governments announced late on Friday.
Government support to fossil fuel consumption and production in industrialised nations and key emerging economies remains high at $160-200 billion a year, hampering global climate action efforts, an OECD report found on Monday.
Israel’s Cabinet on Sunday approved a plan to cut the nation’s greenhouse gas emissions to 25% below 2005 levels by 2030, national media reported.
Several political groupings in the EU Parliament have appointed MEPs to co-ordinate their positions on the post-2020 EU ETS reforms, following the appointment of UK right-winger Ian Duncan last week as rapporteur to steer the proposal through the assembly.
Job listings this week:
Carbon Trader, Vertis Environmental Finance – Budapest
Sustainability Manager, CTX – New York
Senior VP of Sales, North American Voluntary Carbon Market, CTX – New York
Senior Expert in Carbon Markets and Emissions Trading Systems, DAI – China/Brussels
2 x Forest Program Associate, American Carbon Registry -Sacramento
Senior Climate Change & Forest Consultant, South Pole Group – Jakarta
Or click here to see all our job adverts
Bite-sized updates from around the world:
Environment Minister Greg Hunt survived Australian Prime Minister Malcolm Turnbull’s Cabinet reshuffle Monday, but observers say the new PM’s reorganizing of the environment ministry may signal the end of the administration’s battle against renewable energy. Two agencies that Tony Abbott tried to shut down – the Australian Renewable Energy Agency and the Clean Energy Finance Corporation – have been moved back to the environment portfolio, after being part of the industry portfolio under Abbott. (The Guardian)
India is in the finishing process of designing its INDC, but in a new paper academics say the nation’s climate policy is flawed due to institutional shortcomings that hampers policy efficiency. (Centre for Policy Research)
Equatorial Guinea submitted its INDC for a -20% emission cut on 2010 by 2030 (and -50% by 2050) “on condition that financing viable and distortions of existing market mechanisms are corrected”. Check out our INDC tracker for all national submissions so far.
Sweden said it’s targeting to become one of the first nations in the world to be free of fossil fuels and that it will invest 4.5 billion kronor ($546 million) in climate-protection measures next year as a step toward that goal. (Bloomberg)
German carmaker Volkswagen’s shares fell 25% today after it admitted to cheating on NOx pollution tests in the US, Bloomberg reported, with regulator EPA warning it could face fines of up to $18 billion and must recall over 400,000 diesel cars. Germany said it would check whether the CO2 emissions data had been manipulated in Germany and in Europe too. The pollution is not linked to CO2 output, though the issue could test the credibility of Volkswagen as the EU Commission crafts post-2020 CO2 standards due early next year.
What will happen at the Paris climate talks? Two useful and concise guides have been put out over the last few days. One from Stig Schjolset at Thomson Reuters Point Carbon (Energi Klima), and one from Renat Heuberger of South Pole Carbon (Huffington Post)
And finally… A court in Lahore has ordered Pakistan’s government to get its act together on tackling climate change following a farmer’s legal challenge. (RTCC)
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