SK Market: Auction cancellation fails to halt KAU slide
Korean carbon allowances continued to fall in Thursday trade, hitting their lowest since Feb. 2016 despite the government abandoning plans to auction millions of permits next week.
Read MoreSouth Korea suspends 5.1 mln allowance auction as KAU price crashes
South Korea on Wednesday announced it has cancelled plans to auction off 5.1 million CO2 permits next week with no plans to make those available before the June 30 annual compliance deadline, after the spot price in the secondary market has collapsed by nearly 20% in the past two days.
Read MoreEU emitters turn in nearly 1.6 bln Kyoto credits since 2008, as cheap ETS compliance option ends
Companies regulated by the EU ETS used almost 1.6 billion Kyoto Protocol offsets against their surrender obligations over the past 13 years, data published by the European Commission late Tuesday showed, as the window finally closed on this cheaper compliance option.
Read MoreWorld sees 18% increase in global carbon pricing revenue in 2020 -World Bank
Government revenue from global carbon pricing instruments swelled by almost a fifth last year as programmes largely withstood the impact of the coronavirus crisis, according to an annual report released Tuesday by the World Bank.
Read MoreCOMMENT: Financing carbon dioxide removals – what role for ETS in the race to net zero?
Carbon pricing and specifically emissions trading systems can play an important role in incentivising removals necessary for achieving Paris Agreement emissions targets, according to the ICAP Secretariat.
Read MoreSouth Korea falling behind on climate promises, should toughen ETS -report
South Korea is lagging in its efforts to meet its 2030 NDC and its promise reach net zero emissions by mid-century, according to a report released Monday that also urged the government to slash allocation levels in its emissions trading scheme to drive a quicker decarbonisation of its energy sector.
Read MoreUK plans for in-person COP26 climate summit, explores COVID safeguards
The UK is planning on host the COP26 UN climate negotiations as an in-person summit in Glasgow in November and is considering various ways of ensuring protection against the coronavirus pandemic, the meeting’s president Alok Sharma said on Friday.
Read MoreSK Market: KAUs rebound, but remain frail as traders await news on market balance
South Korean carbon allowances have rebounded 28% since hitting a 5-year low last month, though uncertainty is high in the market as the government has yet to announce the exact ETS emissions balance for 2020.
Read MoreNew Paris climate pledges to help cut projected warming to 2.4C -scientists
The new climate pledges announced during April’s US-led climate summit are projected to put the world on track for global warming of 2.4C above pre-industrial levels, a report published Tuesday showed, reflecting a drop from 2.6C previously but still far off the Paris Agreement’s 1.5-2C goals.
Read MoreGermany, Russia sign MoU to ship hydrogen via controversial gas pipeline
Germany and Russia have signed a €2 billion memorandum of understanding (MoU) to leverage the controversial gas pipeline Nord Stream 2 for the eventual distribution of hydrogen, even as the European Parliament called for the project to be halted due to rising tensions with Moscow.
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