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*TOP STORY* Several EU environment ministers voice support for higher 2030 emissions goal
A number of EU environment ministers on Tuesday backed a 2030 EU-wide emissions reduction target of 55% below 1990 levels, with some nations even wanting to raise the bloc’s ambition still further.
*INTERNATIONAL* Pandemic impact to hit ETS prices for 2 years, voluntary market more resilient -survey
The COVID-19 pandemic is likely to weigh on ETS prices worldwide for the next two years, with price expectations for the coming decade also dropping, according to an annual survey of carbon market participants and observers published on Tuesday. US, Singapore carbon firms partner to develop cookstove projects
Two carbon specialist firms have partnered to develop cookstove carbon offset projects with co-benefits in Africa and Asia – investments for which they are still pursuing funding.
*AMERICAS* California’s ARB to release guidance on ‘DEBs’ offsets criteria soon -source
California regulator ARB is expected to publish guidance shortly on the criteria for offsets to be classified as having a direct environmental benefit to the state (DEBs), potentially giving clarity to emitters before the provision’s implementation in 2021, a regulatory source told Carbon Pulse. California claims federal government’s ETS linkage challenge based on pure speculation
California’s cross-border ETS linkage with Quebec does not present any conflict with the Trump administration’s decision to leave the Paris Agreement, and the federal government’s Foreign Affairs Doctrine challenge to the programme is rooted in unsupported speculation, according to court filings released late Monday. Pennsylvania governor extends draft RGGI rulemaking timeline
Pennsylvania Governor Tom Wolf (D) granted an extension on Monday for regulators to craft an ETS rule aligned with the Northeast US cap-and-trade programme, with a state agency slated to use the additional time for collecting feedback from environmental justice and affected fossil fuel communities.
*EMEA* EU business eyes room for compromise in carbon border measure
Imposing a border carbon adjustment (BCA) on EU imports can be combined with continued free ETS allowances, an EU trade body said on Tuesday, seeking to soften the EU’s apparent hard line on the issue. EU Market: EUAs jump to new 4-month high as market rally continues
EUAs surged almost 4% on Tuesday, racing to a new four-month high above €25 as wider markets rallied on better-than-expected economic data and reassurances about the US-China trade deal.
*ASIA PACIFIC* Australian developer begins delivery on ERF contract after four years
An Australian project developer has delivered the first batch of carbon credits under one of the biggest contracts for the government’s Emissions Reduction Fund (ERF), nearly four years after the deal was signed.
*ICYM* Newsom, legislature drop California ETS rulemaking provision, agree to future evaluation
California officials on Monday removed a budget provision to require a cap-and-trade rulemaking by next year as part of a compromise between state lawmakers and Governor Gavin Newsom (D), though they will reassess changes by the Scoping Plan update, a legislative source said.
*BITE-SIZED UPDATES FROM AROUND THE WORLD*
*Bonn off –* The UNFCCC has opted to postpone its two-week intersessional climate negotiations
*Billions and trillions –* US House Democratic leaders on Monday unveiled the text of a broad $1.5 trillion infrastructure bill that includes billions for clean energy and clean water. The legislation would extend the 30% Investment Tax Credit for solar projects until 2025, after which it would gradually step down to 10% in 2028. The Production Tax Credit would also be extended to 2025, as would the ‘45Q’ tax credit for carbon capture and sequestration projects. The Transportation Department would also be required to issue an annual report ranking states by their CO2 emissions reductions, with the top 15 states able to use federal funds to pay for state-approved parts of the transportation projects. House leaders expect to bring the bill to a vote before July 4, but it faces an uncertain path forward amid opposition from Republicans, who call it a Democratic wish list. (Politico)
*And more billions *- Amazon has announced
*Good neighbours – *Nevada Governor Steve Sisolak (D) on Monday announced his state plans to adopt neighbouring California’s zero emission vehicle (ZEV) mandate
*Return to reporting – *Environmental reporting requirements for Alberta emitters paused by the provincial government during the COVID-19 pandemic will resume on July 15, according to ministerial
*Vroom vroom* – Britain’s automotive industry is set to benefit from a £73.5 mln government investment to develop green technologies and safeguard jobs, Business Minister Nadhim Zahawi announced Thursday
*Deal deforestation -* The buying up of tropical forests
*Tree troubles -* Large-scale tree-planting
*And finally… **Mortgage malady –* The 30-year home mortgage may not survive the climate crisis as the risks and costs of sea level rise and extreme weather are internalised into the costs of home ownership, the New York Times reported
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