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*TOP STORY* ICAO Council drops 2020 from emissions baseline for CORSIA’s pilot phase
ICAO’s Council on Tuesday agreed to omit 2020 from the carbon neutral growth baseline during the international aviation offset programme CORSIA’s first three years, while leaving the door open for the UN body’s Assembly to make that change for the entire 15-year duration of the scheme.
*AMERICAS* US House Democrats back CO2 pricing, national LCFS for 2050 net zero goal
Democrats on a US House of Representatives climate committee unveiled a sweeping roadmap Tuesday to decarbonise the economy by mid-century, including through carbon pricing and transitioning the Renewable Fuel Standard (RFS) into a nationwide Low Carbon Fuel Standard (LCFS). Researchers flag concerns on additionality, perverse incentives in California’s offset programme
California’s compliance offset approach does not eliminate the risk of over crediting emissions reductions from approved protocols, but further analysis and changes could minimise that outcome, according to an updated research report. Strict DEBs definition could yield undersupplied offset market by 2027 -analysts
Offset credits with direct environmental benefits to the state (DEBs) may be undersupplied in the post-2020 period and lead to tighter discounts to allowance prices depending on regulator ARB’s final classification, according to a new analysis published Tuesday. Eleven new California CITSS accounts opened in Q2 as allowances sunk beneath WCI floor
Eleven entities opened California-based Compliance Instrument Tracking System Service (CITSS) accounts to participate in the WCI carbon market during the second quarter of 2020 as five others closed theirs, data from state regulator ARB showed Tuesday. LCFS Market: California prices dip towards $200 ahead of PG&E sale
California Low Carbon Fuel Standard (LCFS) credit values continued their downward trend on Tuesday ahead of utility Pacific Gas & Electric’s (PG&E) latest auction.
*EMEA* EU Market: EUAs spike to nine-month high above €27 on more speculative buying, short-covering
EUAs raced to a nine-month high above €27 on Tuesday, surging on more speculative buying and short-covering to reverse early losses in volatile quarter-end trade. Raising EU GHG target to 55% possible if all sectors contribute, says energy chief
EU Commissioner for Energy Kadri Simson is optimistic about the bloc’s ability to raise its 2030 emissions target to 55%, she said at an online event on Tuesday, stressing the need to cut GHG output from heavy industry and to spur energy efficiency in buildings.
*ASIA PACIFIC* Australia’s biggest emitter launches carbon neutral product
Australia’s biggest emitter on Tuesday announced the launch of a carbon neutral electricity product that will offer offset-backed power to customers, and it plans to roll out similar options across its entire product portfolio. Australian savanna burning projects earn 420,000 carbon credits
Project developers ALFA have received around 420,000 carbon offsets in the Clean Energy Regulator’s latest credit issuance for two programmes in Australia’s Northern Territory aimed at reducing the risk of late dry season wildfires. NZ Market: NZUs rise to new record high as sellers remain reluctant
New Zealand carbon allowances rose to record highs on Tuesday as available supply remains modest and traders fix their eyes on 2021 market dynamics.
*VOLUNTARY* GHG removal platform Puro.earth focuses on web sales in search for scale
Greenhouse gas removal platform Puro.earth has paused its bi-monthly auctions, favouring web sales to bolster trade in its premium-priced credits for the voluntary carbon market.
*BITE-SIZED UPDATES FROM AROUND THE WORLD*
*Grab your shovel* – The US is to join with other major powers including China, India, and the EU in formulating plans for a global green recovery from the coronavirus crisis, in the only major international summit on the climate emergency this year, the Guardian reports
*Border backing -* Germany and France have thrown renewed weight behind calls for an EU-wide carbon border tax
*Capturing value -* Bloomberg profiles Norway’s $2.6 bln offshore carbon capture plans
*Forgotten crisis -* UK Prime Minister Boris Johnson’s plans to ‘build back greener’
*Pet sale -* Oil major BP has agreed to sell its petrochemicals business
*Contingency plan – *California lawmakers have advanced legislation (SB-350) to create a non-profit public benefit corporation that could take over Pacific Gas & Electric (PG&E) if the utility is unable to emerge from bankruptcy or fails to meet safety obligations down the road. State senators voted to concur amendments to the bill
*Bring it back – *A comprehensive energy package introduced earlier this year could come back
*Wonk corner* – The discussion on carbon pricing primarily revolves around whether it would be better to achieve this through a tax or emissions trading. A new study based on a scientifically-controlled experiment now sheds light on another aspect of this debate: the incentive effect of both options on actors who want to act morally beyond their economic interests. Around 1,000 students in Cologne participated in the experiment for the study, which was published in the journal Nature Sustainability. “We show that direct carbon pricing through a tax is associated with greater moral behaviour than the indirect form of emissions trading,” explains economist Ottmar Edenhofer of MCC-Berlin
*And finally… **Going south fast – *The South Pole warmed three times faster than the global average over the past 30 years, according to a new study. The Amundsen-Scott station, the world’s southernmost weather station, recorded warming of that higher magnitude from 1989 to 2018, the study published in Nature Climate Change showed. The record heat was driven largely by natural swings in Antarctica’s climate, the study lead author told Carbon Brief
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