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China is preparing a set of rules and standards for financial products tied to its emerging carbon market, indicating those will eventually become available for traders, though it remains uncertain if the instruments will be allowed from the start of the national emissions trading scheme.
EU emissions will decline 250-450 MtCO2e in 2020 as a result of coronavirus-triggered shutdowns, a steeper drop than that seen during the 2009 financial crisis but one that researchers expect will be shorter-lived.
EUAs climbed back above €18 on Thursday in reaction to oil prices spiking on signs of an end to the producer price war, pushing carbon to a key technical support level.
The UK should set up a national body to guarantee the credibility of domestic carbon offsetting and spur land restoration, according to a report published by a think-tank on Thursday.
California Carbon Allowance (CCA) prices rose week-on-week for the first time since permits plummeted below the current WCI floor price amid a speculator-led selloff, while RGGI allowance (RGA) prices recovered nearly all of their previous losses seen over the COVID-19 pandemic.
Colombia has prolonged temporary verification requirements for domestic offsets eligible for use against the South American nation’s carbon levy as the federal government continues work on its accreditation programme for in-country projects.
New Zealand carbon allowances gained another 2.1% in Thursday trade, pushing prices to within touching distance of the NZ$25 fixed price option.
Let this economic crisis not be a brake on the low-carbon transition, but an accelerator. With the Green Deal as a compass, we can marry our emergency spending with structural changes that will prepare us for a greener tomorrow. Because we cannot backtrack on our climate commitments, neither governments nor companies. That is more than crisis management, that is responsible policy, writes Renat Heuberger, CEO, South Pole.
BITE-SIZED UPDATES FROM AROUND THE WORLD
Greener gas – Singapore’s Pavilion Energy is asking potential LNG suppliers to help develop an industry standard for the fuel’s total GHGs as it looks for new deliveries from 2023. It also urged sellers to outline their carbon mitigation efforts as it aims to eventually make its purchases carbon neutral. Pavilion said it wants to work with other companies to promote standardisation, certification and price transparency for emissions reduction or offset certificates in Asia and to develop a marketplace and trading hub. (Reuters)
Well-oiled machine – President Donald Trump is slated to meet with top executives of large oil companies on Friday to discuss potential ways to help the sector that’s facing strong economic headwinds as prices and demand have collapsed due to the coronavirus pandemic. The meeting is slated to include CEOs of US oil majors ExxonMobil and Chevron, as well as big independent producers Occidental and Devon Energy, among others. (Axios)
Requirement relief – The Alberta government has suspended a number of environmental reporting requirements through a ministerial order signed by environment minister Jason Nixon this week, saying industry is likely to face hardship due to the COVID-19 outbreak if forced to comply with those rules. The order follows a step by the US EPA to waive enforcement on a number of environmental protections, but critics said the Alberta order went further as “almost like a blanket exemption” by not tying missed compliance back to public health and safety concerns. The Alberta United Conservative Party government already pushed back the 2019 compliance deadline for its large emitter programme due to the coronavirus situation. (CBC)
And finally… You love to sea it – The world’s oceans could experience a full recovery from humanity’s extensive damage in just 30 years if aggressive action is taken, including steps to mitigate climate change, new research shows. A scientific review published in the journal Nature documents how specific conservation efforts to restore the habitats of key ocean species like mangroves and encourage the growth of populations of endangered animals like fur seals, cormorants, and humpback whales have been successful. The study concludes that “substantial rebuilding across many components of marine life by 2050 is an achievable Grand Challenge for science and society,” noting that the process would take billions of dollars but would generate a tenfold return on investment. (Climate Nexus)
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