UN launches $70 trillion alliance to standardise net zero commitments around science-based targets
UN climate envoy Mark Carney and a dozen government and financial leaders on Wednesday unveiled an alliance to coordinate standards and practices for net zero commitments worldwide in the lead-up this fall’s COP26 climate summit.
Read MoreSK Market: KAUs claw back lost ground as new demand enters market
South Korean emissions allowances notched a fifth consecutive session of gains Wednesday, as the temporary price floor and fresh demand pushed prices to a two-week high.
Read MoreSouth Korea sets temporary ETS price floor
South Korea will from Monday introduce a temporary minimum price in its emissions trading scheme, to halt declining price levels that have seen KAUs drop to 5-year lows, the environment ministry announced Friday.
Read MoreSouth Korea posts 6% drop in carbon market emissions in 2020
Participants in South Korea’s emissions trading scheme emitted 6% less CO2 in 2020 than in the previous year, according to the environment ministry, which said it likely would take further measures to address weak demand and plummeting KAU prices.
Read MoreSouth Korea postpones carbon auctions until June
South Korea has postponed its scheduled CO2 allowance auctions for April and May amid the lowest secondary market KAU prices in more than five years, shifting the volume to the June sale just weeks ahead of the annual compliance deadline.
Read MoreCarbon tax can put dent in Asia-Pacific emissions, IMF says
A carbon tax of $25/tonne could put a significant dent in Asia-Pacific greenhouse gas emissions, but would have to be raised to three times that level to be in line with a 2C or lower global warming target, according to the International Monetary Fund (IMF).
Read MoreSK Market: KAUs stoop to 5-yr low as cancellation concerns diminish value
South Korean carbon allowances fell to their lowest levels in more than five years in Monday trade as prospects of having to cancel millions of units due to the oversupply weighed on sentiment.
Read MoreSK Market: KAU prices nose dive even as analysts revise down oversupply estimates
South Korean allowance prices have plummeted almost 15% so far this month amid a large oversupply for 2020, even though analysts now say the permit surplus won’t be as large as previously expected.
Read MoreSouth Korea issues first internationally generated offsets for domestic use
South Korea has issued its first batch of Korean Offset Credits (KOCs) generated abroad and intended for use in its domestic emissions trading scheme.
Read MoreSouth Korea to appoint three new ETS market makers
South Korea will appoint three additional market makers to boost liquidity in its emissions trading scheme, the environment ministry has announced, just days after amending the rules to allow private-sector entities to fill the role.
Read More