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Dozens of poorer nations seeking to sell emission reductions to help decarbonise their economies are likely to face disappointment because barely any rich countries are willing to outsource their abatement efforts through buying carbon credits.
India, the world’s third biggest greenhouse gas emitter, has pledged to cut the carbon intensity of its economy 33-35% below 2005 levels by 2030 and continue its push to install more renewable energy and increase forest coverage.
European carbon prices were steady on Friday to end with a 1.9% weekly gain, while CERs continued their march upwards to touch their highest level so far this year.
Prices in the US RGGI market continued to gain in the wake of the Sep. 11 auction, with Dec-15 allowance prices surging by some 15% to a record $6.82 last week before settling back to $6.78 on Thursday.
Spot NZUs clawed back some lost ground this week, closing Friday at NZ$6.75 ($4.32), up 2.7% from last week, when it fell to a 15-week low.
The UN’s climate change secretariat on Friday warned participants in the CDM to expect “unavoidable delays” in the processing of administrative actions including payments, due to UN-wide system reforms being implemented over the next month or two.
Mexican airline Aeromexico on Friday announced that it had agreed a deal to buy CERs to help meet international emission reduction goals adopted by the sector.
Swedish-owned utility Vattenfall has appointed a new senior emissions trader at its Amsterdam office.
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
The CDM, the UN’s 18-year-old greenhouse gas market, will probably be killed off unless carbon trading forms a key part of the global climate pact in Paris in December, according to the International Emissions Trading Association. (Bloomberg)
EU trade union leaders are calling for workers in regions dependent on carbon intensive industries to be given financial and other support to help them find new jobs. (EurActiv)
One sure way for Europe’s car industry and regulators to restore trust in them is to include the transport sector in the EU ETS, traders Redshaw Advisors argue in a blog posted on their website.
Half of the world’s coal isn’t worth digging out of the ground at current prices, according to Moody’s Investors Service. Bloomberg reports.
And finally… Nearly 50 countries missed the Oct. 1 UN deadline for submitting their carbon-cutting plans. Whether due to limited means, sloth or belligerence, Climate Home rounds up which big nations are not playing ball.
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