SK Market: Korean auction undersubscribed, but price firms
South Korea sold 92% of the CO2 allowances on offer in Wednesday’s monthly auction, but the settlement price rose over 4% from the November sale amid a firmer secondary market.
Read MoreSouth Korea to overhaul carbon pricing system
South Korea plans to strengthen its carbon pricing system as part of its 2050 net zero emissions strategy, though Finance Minister Hong Nam-ki on Monday would not commit to putting in place a carbon tax.
Read MoreUN considers stopgap CDM deal to stave off Paris-era freeze out
UN officials are considering ways of temporarily maintaining the CDM into 2021, aiming to avert killing off the offset mechanism before countries decide whether it can transition into the Paris Agreement era.
Read MoreSouth Korea president flags tougher 2030 target by end of term
South Korea will increase its 2030 climate target before the administration’s term ends in May 2022, President Moon Jae-in said Friday.
Read MoreJapan, South Korea oppose move to bring global shipping into EU carbon market
Japan and South Korea have voiced concerns over EU plans to extend the scope of its ETS to include emissions from all voyages using the 27-nation bloc’s ports, which the European Commission is considering as part of its carbon market reform plans.
Read MoreSouth Korea to again shut coal plants over winter to tackle pollution
South Korea will close a number of coal-fired power plants during the winter months to reduce air pollution, the government announced Thursday, a move that will also mute demand for CO2 allowances in the nation’s emissions trading scheme.
Read MoreSK Market: Oversupply stunts interest at South Korea CO2 auction
South Korea on Wednesday sold just over half the allowances on offer at its monthly KAU auction, with prices coming in well below secondary market levels as expectations about oversupply tamed interest.
Read MoreMARCU MY WORDS: The importance of the Article 6 Guidelines to the success of the Paris Agreement
The absence of the Article 6 Guidelines creates uncertainty for the accounting treatment of assets in the emerging carbon market under the Paris Agreement as well as for other related markets. The importance of the international accounting treatment cannot be overstated.
Read MoreAnalysts see limited upside potential for South Korean CO2 prices
Korean CO2 allowance prices might move slightly up from current levels of 22,500 won ($19.70) during the 2020 compliance cycle, but will get nowhere near the highs seen in the first few months of this year amid sizeable oversupply, analysts said Wednesday.
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