IEA promises net zero global energy roadmap, warns of post-pandemic GHG rebound
The IEA plans to publish a roadmap for how the global energy sector can reach net zero emissions by 2050, it announced Monday, while flagging that GHGs were set to rebound from pandemic-induced drops seen this year.
Read MoreANALYSIS: Climate ambition gap following Paris NDC deadline leaves task to major emitters
Most countries have missed a year-end deadline to update and enhance their GHG reduction commitments as the Paris Agreement took effect on Jan. 1, putting more focus on the need for greater climate ambition from large emitters this year to help close the gap to achieving the pact’s temperature goals.
Read MoreSouth Korea releases 2021 carbon auction schedule
South Korea will auction more than 18 million CO2 allowances in 2021, with monthly volumes rising in the second half of the year as tighter regulations for the third phase of the emissions trading scheme kick in, the annual auctioning schedule shows.
Read MoreSouth Korea sets out plans to cut coal consumption, energy sector CO2 emissions
South Korea wants the share of coal in the nation’s energy mix to fall by a quarter over the next 14 years, but an increase in LNG consumption means the power sector’s 2030 emissions reduction target is less ambitious than its goal for the overall economy.
Read MoreBRIEFING: International emissions trading pilots see fourfold funding gain ahead of Paris rulebook
Governments have committed $1.37 billion towards international emissions trading pilot programmes to help meet Paris Agreement goals, according to a report that charts a fourfold rise in finance inside 18 months.
Read MoreNew Zealand makes U-turn on carbon auction technical reserve price
New Zealand will opt for a technical reserve price at its NZU auctions after all, Climate Change Minister James Shaw has said, a move intended to ensure government sale prices don’t drop far below secondary market levels.
Read MoreJapan PM instructs officials to draw up carbon pricing proposal
Prime Minister Yoshihide Suga has instructed the environment ministry to draw up a carbon pricing proposal as an option for the country’s climate policy strategy.
Read MoreAustralia Market Roundup: ACCU issuance holds up, regulator extends Safeguard baselines
Australia’s Clean Energy Regulator has issued 320,000 carbon credits in its latest awards round, while also extending baseline determinations for dozens of facilities due to COVID-19 interruptions.
Read MoreCheap units from emerging nations dominate voluntary offset supply, survey shows
Low-cost offsets from emerging or developed nations dominated voluntary carbon market supply in 2019, while market participants fear efforts to standardise pricing will make premiums even harder to achieve for high quality activities, according to a report published Friday.
Read MoreWorld needs to cut CO2 intensity five times faster to hit 1.5C Paris goal -report
An annual decarbonisation rate of 11.7% is now needed to keep global warming below 1.5C, representing more than five times the 2.4% reduction level reached before the pandemic, according to a report published on Friday.
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