Issue: 8 Thursday, 07 January 2016
Dear ,
Happy New Year!
We are pleased to present the International Carbon Action Partnership (ICAP) newsletter, a quarterly summary of the latest developments in emissions trading around the world and activities here at ICAP.
For more information on operating cap-and-trade programs and those under development / consideration around the world, please visit the ICAP Interactive ETS Map on the ICAP website. It is updated regularly as new information becomes available.
Sincerely,
The ICAP Secretariat
On 16 November, the Ontario government released an options paper with proposals for its future cap-and-trade scheme. The paper draws on many design features developed under the Western Climate Initiative (WCI) through 2010, and the work done by California and Québec to implement their systems since. Several features are proposed to align with existing regulation in California and Québec including auction design, auction floor prices, a (cost containment) strategic reserve and the suggested adoption of several offset protocols from both California and Québec. The Ontario government proposes a start date of 1 January 2017 and a future link to the California-Québec system starting in 2020.Read more...
On 3 December, Manitoba Premier Greg Selinger announced a new climate change plan including commitments to reduce the province’s emissions by a third by 2030 from 2005 levels, halve emissions by 2050 and to reach carbon neutrality by 2080. To help reach these goals, Manitoba will implement an ETS for large emitters, designed to link to other programs in North America. Further details of the system will follow after public consultations are held. During the Paris climate summit, Premier Selinger also signed a Memorandum of Understanding (MOU) with the provinces of Québec and Ontario with a view to facilitating the linking of Manitoba’s planned system with the carbon market of Québec, California and Ontario.
On 17 November, the Regional Greenhouse Gas Initiative (RGGI) released a list of seven major themes that will be addressed as part of its second program review starting in 2016. The impact of the Clean Power Plan (CPP) will form a large part of the review, with RGGI states proposing to use their existing cap and trade program to comply with their assigned mass-based state goals under the CPP. According to targets set by the Environmental Protection Agency (EPA), a mass-based approach would give the RGGI states a target of 79 million tons by 2030. This is one million tons higher than the current RGGI cap set for 2020 not considering offset credits or allowances from the Cost Containment Reserve (CCR). The program review will also evaluate RGGI’s flexibility mechanisms and other technical design features.
Read more...
On 8 October 2015, New York Governor Andrew Cuomo announced plans to engage with RGGI and WCI members to explore the possibility of linking the two North American carbon markets. According to a press release issued by the Governor’s office, linking the two systems would establish a more cost-effective and stable carbon market that both supports the transition to clean energy and reductions in international greenhouse gas emissions.
In late November, the New Zealand Government began the second review of its ETS (NZ ETS). A discussion document for public consultation, released by the Ministry for the Environment, outlines the key issues that will be considered. In the first stage of the review, the scheme’s transitional measures will be assessed. Initially introduced in 2009 to ease the impact of the ETS on covered entities, they were extended indefinitely after the last review in 2011. The review will also look at operational and technical improvements, and assess the effectiveness of the NZ ETS in reaching New Zealand’s 2020 and 2030 emissions targets. The final date for public submissions is April 2016, and proposals for policy reform will likely be developed by the end of the year.
In late September 2015, the Ukraine Ministry of Environment published a draft concept (Ukrainian) for the implementation of a national ETS starting in 2017, which would aim to be ready to link with the European Union ETS (EU ETS) in 2019. The concept identifies emissions trading as the main national policy instrument to harness the low-carbon potential of Ukraine’s energy-intensive sectors by 2030. The ETS is also to help Ukraine fulfill its international obligations with regard to emissions reductions, as well as stimulate carbon finance and investments into low-carbon and energy-efficient technologies.
On 15 December, the China Beijing Environment Exchange (CBEEX) and the Korea Exchange (KRX) signed a MOU to cooperate on emissions trading. The agreement was signed during a high-level meeting between senior KRX and CBEEX officials in Beijing. According to CBEEX, the two exchanges plan to cooperate in research on: market management and system development, membership development, capacity building, product development, and future linking.Read more...
CNY 40.52 (USD 6.21)**CNY 12.50 (USD 1.92)**CNY 18.85 (USD 2.89)**CNY 11.80 (USD 1.81)**CNY 24.40 (USD 3.74)**CNY 40.05 (USD 6.14)**CNY 22.82 (USD 3.50)**
31.12.2015
Tanjiaoyi News Service (Chinese)
Carbon News New Zealand
1 Reported in short tons; 1 short ton = 0.907185 metric tonWhere available, prices reported are the clearing price at the latest auction (denoted with *).Where no auction prices are available, secondary market prices are reported (denoted as **).For conversion into USD, the exchange rate of 06.01.2015 was used.
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