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China confirmed long-expected news on Friday that its national emissions trading scheme will start in 2017, a year later than planned, meaning its seven pilot carbon markets are likely to operate for an additional 12 months at least.
UK power generator Drax has pulled out of a carbon capture and storage (CCS) project after company profits were severely hit by “critical reversals” in the British government’s green policies, the Financial Times reported late Thursday.
WCI market: California’s low-CO2 power goals to shield market, offset developers from CPP’s clutches
The WCI carbon market and its offsets developers in particular are likely to be shielded from California’s compliance with the federal Clean Power Plan, as state regulators anticipate easily meeting the goals.
German companies regulated under the EU ETS expect carbon prices to reach €25.45 by 2030, lower than the €30 mark they say is needed to incentivise emission reductions, according to an annual survey.
A new batch of INDCs were published on Friday, ahead of an informal Oct. 1 deadline and ending a busy week that saw more than a dozen countries submit their climate pledges, including major emitters South Africa and Indonesia, a handful of African nations, and three former Soviet republics.
European carbon prices climbed back above €8 on Friday afternoon after hitting a three-week low near a key technical support level, but still posted a weekly 1.5% decline.
Belgian MEP Ivo Belet, who steered the MSR through the EU Parliament, will co-ordinate the position of the centre-right EPP on the post-2020 ETS reform proposal, he said Friday.
Spot NZUs closed at NZ$6.57 ($4.16) on Friday, down 2% on last week, as they hit their lowest levels since mid-June amid waning interest from traders.
Closing prices, ranges and volumes for China’s regional pilot carbon markets this week.
A table of Verified Emission Reduction (VER) prices and offered volumes, based on voluntary market data from Carbon Trade Exchange.
Bite-sized updates from around the world
India is likely to release its INDC on Oct. 1, a day ahead of Mahatma Gandhi’s birth anniversary, the Economic Times reported, citing an anonymous source. According to local media, the country is expected to pledge to reduce the carbon intensity of its economy to 35% below 2005 levels by 2030.
Japan’s government is considering new steps to tighten regulations on coal-fired power stations, but some experts said these would not be enough to help meet its goals on curbing carbon emissions over the next couple of decades. (Reuters)
The Sustainable Innovation Forum will hold a webinar on Sep. 30 on how organisation can best develop strategies to effectively engage in evolving carbon markets. On the panel are Wayne Sharp of carbon exchange CTX, Megan Flynn of airline Qantas, and the World Bank’s Bianca Sylvester.
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