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*TOP STORY* UK unveils post-Brexit ETS plans featuring price floor, tighter emissions cap
Britain is aiming to establish its own domestic carbon market from 2021 that may or may not link to the EU ETS, the UK government confirmed on Monday as part of its long-awaited response to a public consultation, proposing a few ambitious features of its own.
*ASIA PACIFIC* New Zealand ups fixed price option, sets inaugural ETS cap
New Zealand’s government on Tuesday announced an increase in the fixed price option for compliance with its ETS for 2020, as it also published final details for its carbon market reforms which include setting its first ever GHG caps and holding auctions. China extends key national ETS deadline
China has given provincial and regional authorities an additional two months to submit lists of companies in their jurisdictions that will be included in the national emissions trading scheme and their 2019 CO2 emissions data, extending the deadline to July 31 as the COVID-19 outbreak has made it difficult to stick to the original timetable. China set provincial renewable targets as REC scheme nears launch
China’s National Development and Reform Commission (NDRC) has distributed provincial-level renewable energy targets for 2020, pushing a slight increase in wind and solar this year as the nation prepares the launch of its mandatory market for renewable energy credits. China’s Tianjin to auction 2 mln CO2 allowances on June 10
The Tianjin municipal government will auction off 2 million carbon permits under its pilot emissions trading scheme on June 10 to help firms meet 2019 compliance, with prices likely to come in well below current secondary market levels due to how the price floor is calculated. Australian developer agrees to strict oversight to remain in carbon business
Australian project developer Country Carbon has agreed to having its business practices strictly monitored by the government for a two-year period to address ‘compliance issues’ with regulations under the nation’s carbon offset market.
*AMERICAS* California gasoline volumes rose ahead of COVID-19 pandemic, though drops expected in March
California’s WCI-capped fuel consumption rose year-on-year during February, but federal data shows the March figure significantly dropped off amid the economic fallout from the coronavirus scourge. British Columbia still planning near-term updates to large emitter programme, LCFS
British Columbia will soon release new product-based emissions benchmarks for the Canadian province’s industrial CO2 pricing mechanism, as it also updates the low carbon fuel standard (LCFS) regulation for changes slated to take effect next year, the environment ministry told Carbon Pulse.
*EMEA* EU Market: EUAs slip below €21 as US-China concerns weigh on markets
EUAs dipped below €21 in quiet holiday trade on Monday, as wider market jitters about worsening US-China relations weighed across financial markets. Investment and advisory group snaps up EIB climate finance expert
A climate finance expert with the European Investment Bank is joining a London climate advisory and investment business, Carbon Pulse has learned.
*CARBON FAST FORWARD: ONLINE CONFERENCE*
*Job listings this week*
– Head of Climate Centre of Excellence and Environment, RBS – London
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*BITE-SIZED UPDATES FROM AROUND THE WORLD*
*Share shortage -* Investors worldwide are underestimating the climate risk
*Platform proposal – *Japan is seeking to bolster global momentum for climate action by hosting an online platform and high-level political event
*Take it to the limit – *US EPA chief Andrew Wheeler signed a rule on Monday limiting state powers
*Shock block – *A new report recommends a series of steps US regulators and institutions should take to insulate the financial system from climate change shocks. The suggestions from business sustainability group Ceres include the Federal Reserve requiring stress tests to ensure financial health across a range of climate and policy scenarios, the Securities and Exchange Commission mandating climate risk disclosure rules and clarifying when such risks are considered material information for investors, and the Federal Housing Finance Authority researching climate risk to federally backed mortgages, among other things. The report comes as the Federal Reserve has taken heat from climate activists and some in the finance world, who allege the central bank’s corporate debt-purchasing programmes that Congress created to combat the coronavirus-fuelled economic crisis potentially prop up oil and gas firms that were ailing before the crisis. (Politico)
*And finally… Special delivery – *American parcel delivery company UPS on Monday announced that it will match all shipments made
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