EU ETS Allowance Price Increase
After the European Union cut the 2014 supply of carbon emissions permits under the Emissions Trading Program by one-fifth last year, the bloc had their biggest monthly gain in a year this month. The price of December allowances increased nine percent on the ICE Futures Europe exchange, extending the monthly gain to 28 percent.
EU Approves ETS Fix
European Union member states finalized a regulation February 24 reducing by 900 million the number of carbon permits to be distributed from 2014-2016 participants to the block’s Emissions Trading System, postponing auctions until 2019-2020. The measure is designed to boost the system’s carbon price, which has already risen in expectation of backloading.
EU Vehicle Regs Tightened
The European Parliament approved a regulation February 25 to limit carbon dioxide emissions from new passenger vehicles to 95 g/km by 2021. The current standard limits emissions to 135 g/km between 2012-2015. EU member states must formally adopt the regulation.
Japan Seeks Seat in Solar Trade Case Debate
Japan requested February 25 a set in consultations between the United States and India at the World Trade Organization on an American complaint against India’s domestic solar content requirement, citing trade interest in the matter.
Canada to Comply with WTO Ruling
Canada outlined steps February 26 that Ontario has taken to comply with a World Trade Organization ruling striking down local content requirements in the province’s green energy program. A proposal eliminating domestic requirements from the Feed-In Tariff program is still pending.
Natural Gas Important for Renewable Expansion
The International Energy Agency released a report February 26 examining the economic impact that a significant increase in variable renewable energies’ share of overall energy production would have on total electricity costs. The agency said that the United States has massive potential to increase the share of wind and solar in its power generation, and that natural gas should play a role in providing the necessary flexibility to achieve the increase.
Figueres Urges Climate Action
Executive Secretary of the United Nations Framework Convention on Climate Change urged representatives from 50 countries at a climate summit February 27 to do as much as possible this year to make climate change progress ahead of the 2015 talks in Paris.
Straightforward Climate Science Q&A
The United States National Academy of Sciences and the United Kingdom Royal Society released a report February 27 providing simple answers to common questions about climate change science.
Climate Laws Up
Global Legislators Organisation and the London School of Economics Grantham Research Institute released a study February 27 finding that 66 countries representing 88 percent of global greenhouse gas emissions have passed almost 500 climate change-related laws, up from fewer than 40 in 1997.
IPCC GHG Reporting Guidance
The Intergovernmental Panel on Climate Change released two technical documents February 28 to assist countries in their required greenhouse gas emissions reporting. The first details how to account for wetlands, and the second outlines best practices learned from Kyoto Protocol implementation.