COP25: Amid record high carbon prices, South Korea pins hopes on UN solution
South Korean negotiators play a far more active role than usual at this year’s UN climate negotiations in Madrid, hoping to push through rules that would allow Korean ETS firms to buy up to 55-60 million international carbon credits annually throughout the 2020s in a bid to avoid runaway domestic CO2 prices.
Read MoreCOP25: Roundup for Friday, Dec. 13
New Article 6 text dropped well behind schedule at the UN climate summit on Friday, with numerous contentious issues still remaining on agreeing the rulebook to international emissions trading under the Paris Agreement.
Read MoreCOP25: Roundup for Thursday, Dec. 12
Negotiations on the rulebook with International emission trade plodded along in Madrid on Thursday, as slow progress on other elements of operationalising the Paris Agreement solicited fears the UN Climate Summit would once again run well into the weekend.
Read MoreCOP25: Roundup for Wednesday, Dec. 11
The nearly 200 parties to the Paris Agreement on Wednesday dove headfirst into forging an agreement on the market-based Article 6 of the Paris Agreement, while dozens of attendees from environmental and indigenous groups were kicked out by UN security for protesting the slow pace of the talks.
Read MoreSK Market: Korean auction clears at new record high on strong demand
South Korea’s monthly KAU auction cleared at a record 40,900 won ($34.24) on Wednesday with secondary market prices also hitting all-time highs as strong demand and limited supply continue to push up prices.
Read MoreCOP25: Roundup for Tuesday, Dec. 10
The high-level segment of the UN climate summit kicked off Tuesday as national ministers descended on the Spanish capital, with the Paris Agreement’s market-based Article 6 text still requiring a substantial amount of work. Below is a running summary of those efforts, as well as other happenings at the summit.
Read MoreCOP25: Roundup for Monday, Dec. 9
UN climate negotiations in Madrid shift into high gear this week with the arrival of ministers from most of the nearly 200 countries attending the COP25 talks tasked with finalising work on emissions trading rules under the Paris Agreement’s Article 6. Below is a running summary of those efforts, as well as other happenings at the summit.
Read MoreSouth Korea to auction 8.25 mln CO2 allowances in 2020
South Korea has released the monthly auctioning schedule for its emissions trading scheme next year, with total volume slightly above this year’s levels.
Read MoreCOP25: With the rules still in flux, governments and businesses scramble to pioneer Paris carbon markets
Businesses and governments on the sidelines of the Madrid climate talks are busy building the foundations for a Paris era international carbon market and carving out a role for themselves, even as delegates remain gridlocked in negotiations over the rules.
Read MoreSouth Korea dismisses calls to intervene against high carbon prices
South Korea will not bow to industry pressure by intervening in its domestic carbon market to lower CO2 prices, but instead will help companies reduce emissions, the environment ministry said.
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