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Norway pays Indonesia for cutting 11.2 MtCO2e under forestry deal

Published 12:59 on July 10, 2020  /  Last updated at 12:59 on July 10, 2020  /  Asia Pacific, EMEA, International, Other APAC, REDD  /  No Comments

Norway has paid Indonesia for reducing greenhouse gas emissions by 11.2 MtCO2e, the first payment under a 10-year-old bilateral forestry deal after a smaller transfer flagged last year never materialised.

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SK Market: KAU nosedive continues as market swims in units

Published 10:38 on July 10, 2020  /  Last updated at 10:38 on July 10, 2020  /  Asia Pacific, South Korea  /  No Comments

South Korean CO2 permits shed another 9.9% in Friday trade to sink to their lowest levels since Oct. 2018 as the market remained flooded with surplus allowances and bereft of demand.

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Australia’s NT outlines offset principles, vague on links to Safeguard Mechanism

Published 09:42 on July 10, 2020  /  Last updated at 09:42 on July 10, 2020  /  Asia Pacific, Australia  /  No Comments

The Northern Territory government in Australia has released principles for use of carbon offsets in its efforts to reach net zero emissions by mid-century, but did not clarify which requirements might be imposed on facilities already regulated under the federal Safeguard Mechanism.

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SK Market: Over-supplied Korean CO2 market plunges to 18-mth low

Published 10:50 on July 9, 2020  /  Last updated at 08:00 on July 10, 2020  /  Asia Pacific, South Korea  /  No Comments

South Korea’s ETS prices collapsed nearly 10% on Thursday to their lowest levels since Jan. 2019, with support disappearing as industrials continued to dump surplus KAUs they normally would have banked.

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Rio Tinto’s aluminium shutdown plan halts NZ carbon price bull run

Published 07:05 on July 9, 2020  /  Last updated at 21:51 on July 9, 2020  /  Asia Pacific, New Zealand  /  No Comments

Rio Tinto is preparing to shut down New Zealand’s only aluminium smelter next year amid high energy costs and a poor industry outlook, it said on Thursday, a move that paused the rapid rise in NZ carbon prices as traders digested the prospect of the nation’s biggest electricity consumer closing.

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IMO policy should establish higher GHG reduction threshold for biofuels than CORSIA -report

Published 22:44 on July 8, 2020  /  Last updated at 22:44 on July 8, 2020  /  Africa, Americas, Asia Pacific, Aviation/CORSIA, Climate Talks, EMEA, International, New Market Mechanisms, RINs & LCFS, Shipping  /  No Comments

The International Maritime Organization (IMO) should model its plan to decarbonise the global shipping sector on the CORSIA programme for aviation, but it should go further than its fellow UN body ICAO in setting a more ambitious carbon reduction target for sustainable fuels, according to a report published this week.

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German govt launches tender to buy 431k CERs

Published 19:06 on July 8, 2020  /  Last updated at 19:06 on July 8, 2020  /  Africa, Americas, Asia Pacific, EMEA, International, Kyoto Mechanisms, Mexico, Middle East, Other APAC, South & Central, Voluntary Market  /  No Comments

The German government has launched a tender to buy 431,300 CERs to offset the emissions from a series of activities including those associated with its EU Council presidency.

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SK Market: CO2 auction fails to sell out for third straight time, prices hit year-low

Published 09:39 on July 8, 2020  /  Last updated at 21:18 on July 8, 2020  /  Asia Pacific, South Korea  /  No Comments

South Korea failed to sell out its monthly KAU auction for a third time in a row on Wednesday, while secondary market prices fell to their lowest levels since June last year.

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Japan co-funds 10 new JCM projects across South East Asia

Published 09:30 on July 8, 2020  /  Last updated at 21:20 on July 8, 2020  /  Asia Pacific, Japan, Other APAC  /  No Comments

Japan’s environment ministry has picked 10 more projects it will co-fund under its Joint Crediting Mechanism (JCM), to help meet its emissions target under the Paris Agreement.

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Developer Corporate Carbon hires offset expert for role in advisory team

Published 13:01 on July 7, 2020  /  Last updated at 16:11 on July 7, 2020  /  Asia Pacific, Australia  /  No Comments

Australian project developer Corporate Carbon has hired an experienced offset market expert to head up the strategic development and origination team of its advisory arm.

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