CFEL24: UK hopes to kickstart removals by bringing them into ETS
The UK’s plan to integrate greenhouse gas removals into its Emissions Trading Scheme (ETS) is designed to boost demand for credits at a time when the UK market faces turbulence and uncertainty, speakers said at Carbon Forward Expo London on Wednesday.
Read MoreCFEL24: No need to panic about end of EU ETS allowances in 2039, says Commission
A European Commission official said there is “no need to panic” about running out of EU ETS allowances in 2039, due to the expansion of the system’s scope to include additional sectors and auctioning of allowances for aviation.
Read MoreCFEL24: Delayed industrial hedging defers EU carbon price hike, traders say
How and when industrials start hedging allowances on the EU ETS will be key to price dynamics, but that behaviour may be delayed depending on the enforcement of the Carbon Border Adjustment Mechanism (CBAM), according to industry traders who spoke on Wednesday at the Carbon Forward conference in London.
Read MoreCFEL24: Analysts forecast 50-cent rise in fuel prices due to EU ETS2
The price of petrol and diesel is expected to jump on average by €0.50 per litre at the pump across Europe when the EU’s new Emissions Trading Scheme for road transport and heating fuels (ETS2) comes into force, analysts have said.
Read MoreDenmark joins call to impose ‘solidarity levies’ on biggest polluting sectors
Denmark has thrown its weight behind calls for ‘solidarity levies’ to be imposed on sectors like shipping, aviation, and fossil fuel extraction, one month ahead of a UN climate summit that will be focused on agreeing a new global climate finance goal.
Read MoreClimate tech firm launches spin-off for carbon capture and fertiliser production
A Swiss climate technology company has launched a new entity that will take over key projects, such as transforming sulphur into ammonium sulphate fertiliser and developing carbon capture solutions, it announced on Wednesday.
Read MoreGlobal tax on aviation, shipping could raise $200 bln annually by 2035 -IMF
International transportation, especially aviation and shipping, must be “urgently taxed” as that would raise up to $200 billion a year in revenues by 2035, potentially tripling current global climate finance, a paper released by the International Monetary Fund (IMF) has found.
Read MoreEnergy emissions will peak in 2024, but Paris goals still out of reach -report
Global energy-related emissions will likely peak in 2024 and start a sustained decline for the first time since the industrial revolution – yet global warming will remain on track to shoot past 2C, according to a report on Wednesday.
Read MoreEuro Markets: EUAs jump 4% as funds extend net short to highest since March
European carbon allowances rebounded on Wednesday as they snapped three consecutive loss-making sessions, eyeing key technical levels to the upside even as TTF gas prices continued to correct lower, while investment funds raised their net short position to the highest level since March.
Read MoreUK govt agency finds most ecosystems at higher risk
Almost all the UK’s ecosystem assets are at high or medium-high risk, requiring public and private investment, the government’s nature department said in a report published on Wednesday.
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