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Mention of carbon markets was largely left out of the main draft Paris agreement released Monday, though references to building an international carbon market regime made it into a draft decision for negotiators to craft detailed rules on later.
Poland on Monday agreed to sell Italy 20 million zloty (€4.7 million) worth of Assigned Amount Units (AAUs), helping the Mediterranean nation cover a carbon unit deficit it was facing under the treaty’s first commitment period (CP1) and likely marking one of the last deals of its kind.
Front-end CER futures prices jumped to their highest level for two years on Monday following large trades, as the futures curve slid deeper into backwardation.
EU steelmakers and aluminium producers may need more support from EU ETS reforms while tomato pulp and underwear producers could be getting more than necessary, according to Dutch MEP Gerben-Jan Gerbrandy.
RGGI states will sell 15.4 million allowances on Dec. 2, the US scheme’s regulator announced by email on Monday in what will be the market’s 30th quarterly auction.
Job listings this week:
Sales & Trading Manager, European Environmental Markets – London
Finance and Operations Manager, European Environmental Markets – London
Sustainability Services Manager, European Environmental Markets – London
Senior Policy Adviser, Climate Finance, E3G – London
Originator, Carbon & Renewables (100%), South Pole Group – London or other European location
Legislative Analyst, US Climate Political Affairs Program, EDF – Washington DC
Program Officer, Verified Carbon Standard (VCS) – Washington DC
Or click here to see all our job adverts
Bite-sized updates from around the world
Germany pledged over $1.1 billion of investment in Indian solar power projects as Asia’s third-largest economy looks to reduce its dependence on fossil fuels. That’s in addition to more than $1.1 billion for a green-corridor project in India, Prime Minister Narendra Modi said at a joint briefing with Chancellor Angela Merkel in New Delhi on Monday. (Bloomberg)
Read the full India-Germany statement here.
That cash will come in handy. At $2.5 trillion, India’s INDC has a far higher price tag than the $1 trillion cost for the 90 other developing nations seeking cash in their INDCs . India’s pledge would mean its emissions climb 90% on current levels and could eclipse the EU and US in total emissions, but still be lower in per capita terms. (Carbon Brief)
Will China cheat on cap-and-trade? US newspaper the LA Times asks in an op-ed whether China has the institutions to make cap-and-trade, a system suited to Western capitalist countries, work?
In a scenario where units for international transfer are adequately credited or debited to the domestic targets of buyers and sellers, the CDM could be a universal tool for globally consistent Measurement, Reporting and Verification (MRV) as well as a mechanism capable of promoting the private sector investment that is needed, says Philipp Hauser, co-chair of the Project Developer Forum. (LinkedIn Pulse)
A successful outcome at COP-21 will be crucial in encouraging ICAO member states to make further progress on reducing emissions from international aviation, said Dr Olumuyiwa Benard Aliu, President of ICAO’s governing Council, at an aviation industry conference. (GreenAir Online)
And finally… a new study shows that US Republicans are the only conservative party in the world to continue to deny the existence of climate change. (Guardian)
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