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SK Market: Year’s first KAU auction fails to sell out

Published 09:01 on January 13, 2021  /  Last updated at 09:01 on January 13, 2021  /  Asia Pacific, South Korea  /  No Comments

A third of the allowances on offer at 2021’s first South Korean carbon auction were left unsold on Wednesday as the market continues to be gripped by bearish sentiment.

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SK Market: KAU price caves in after December bull run ends

Published 07:10 on January 12, 2021  /  Last updated at 00:52 on January 13, 2021  /  Asia Pacific, South Korea  /  No Comments

South Korean carbon allowances have dropped by 38% since mid-December, as bearish sentiment has returned after an end to surging demand from energy companies.

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ANALYSIS: Climate ambition gap following Paris NDC deadline leaves task to major emitters 

Published 23:00 on January 5, 2021  /  Last updated at 02:02 on January 6, 2021  /  Africa, Americas, Asia Pacific, Australia, Canada, China, Climate Talks, EMEA, International, Japan, Mexico, Middle East, Other APAC, South & Central, South Korea, Switzerland, US, Voluntary Market  /  No Comments

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.

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South Korea releases 2021 carbon auction schedule

Published 02:53 on December 31, 2020  /  Last updated at 06:22 on January 12, 2021  /  Asia Pacific, South Korea  /  No Comments

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.

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South Korea sets out plans to cut coal consumption, energy sector CO2 emissions

Published 02:37 on December 31, 2020  /  Last updated at 08:23 on December 31, 2020  /  Asia Pacific, South Korea  /  No Comments

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.

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BRIEFING: International emissions trading pilots see fourfold funding gain ahead of Paris rulebook

Published 10:08 on December 22, 2020  /  Last updated at 22:55 on December 22, 2020  /  Africa, Americas, Asia Pacific, China, Climate Talks, EMEA, International, Japan, Kyoto Mechanisms, New Market Mechanisms, New Zealand, South Korea, Switzerland  /  No Comments

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.

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SK Market: Generator buying pushes KAUs to five-month high

Published 09:07 on December 15, 2020  /  Last updated at 09:07 on December 15, 2020  /  Asia Pacific, South Korea  /  No Comments

Year-end demand from state-owned power companies pushed KAUs up by 10% on Tuesday with more upside expected in the next couple of weeks, according to market participants.

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South Korea adopts new 2030 climate target without increasing ambition

Published 08:41 on December 15, 2020  /  Last updated at 00:30 on December 16, 2020  /  Asia Pacific, South Korea  /  No Comments

South Korea is shifting from a BAU-based 2030 emissions reduction target to an absolute one, though without promising deeper cuts, it confirmed on Tuesday while laying out priorities for where the effort will be made.

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UN strikes compromise CDM deal in effort to avert shutout ahead of Paris decision

Published 16:41 on December 14, 2020  /  Last updated at 00:09 on December 15, 2020  /  Americas, Asia Pacific, Aviation/CORSIA, Climate Talks, EMEA, International, Kyoto Mechanisms, New Market Mechanisms, South & Central, South Korea, Voluntary Market  /  No Comments

UN officials agreed on Monday “temporary measures” intended to maintain the CDM into 2021 and serve as a stopgap until countries can decide whether the offset mechanism can transition into the Paris Agreement era.

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Climate Ambition Summit: World leaders strengthen pledges, celebrate Paris anniversary

Published 15:04 on December 12, 2020  /  Last updated at 20:53 on December 12, 2020  /  Africa, Americas, Asia Pacific, Australia, Aviation/CORSIA, Canada, Carbon Taxes, China, Climate Talks, EMEA, EU ETS, International, Japan, Kyoto Mechanisms, Mexico, Middle East, New Market Mechanisms, New Zealand, Other APAC, REDD, Shipping, South & Central, South Korea, Switzerland, US, Voluntary Market  /  No Comments

Over 70 world leaders addressed the Climate Ambition Summit on Saturday, a one-day virtual forum aimed at building momentum for raising national pledges to the 2015 UN Paris Agreement ahead of the pact taking effect next year.

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