Paes to Replace Bloomberg as C40 Head
The C40 Cities Climate Leadership Group announced November 26 that Rio de Janeiro Mayor Eduardo Paes will succeed New York City Mayor Michael Bloomberg as steering committee chairman. Mayor Bloomberg’s philanthropic foundation will continue to support the group, and he will continue to serve in an advisory role and to oversee day-to-day operations.
Shanghai Launches CO2 Trading System
The Shanghai Environment and Energy Exchange launched a carbon dioxide emissions trading system on November 26. Credits, representing approximately 9,500 metric tons of carbon dioxide emissions, were traded at an average of $4.26 per ton. It is the second of seven Chinese pilot programs to be launched.
ADB Climate Change Economics Report
The Asian Development Bank released The Economics of Climate Change in the Pacific on November 26. The report said climate change impacts in the region could result in economic losses between 2.9 and 12.7 percent of annual gross domestic product by 2100. It advocated for better access to climate finance; climate resiliency would require substantial investment increases in developing Pacific nations.
EU Car CO2 Agreement Delay Agreement
European Parliament and EU Council negotiators met in Brussels November 26 to discuss a carbon dioxide limit for cars. The groups agreed to a one-year delay of full implementation of 95 grams per kilometer limit. The requirement, proposed in July 2012, was set to be in place by 2020. Both groups must now ratify the agreement.
SE4ALL Advisory Board Meets
The Sustainable Energy for All (SE4ALL) Initiative’s advisory board met in New York on November 27, and following the meeting, United Nations Secretary-General Ban Ki-Moon and World Bank Group President Jim Yong Kim urged governments and private sector groups to mobilize financing in order to meet 2030 sustainable energy goals. The two said countries and groups need to follow commitments set by their peers and build upon these steps.
Hess Oil France’s Shale Gas Request Denied
French Minister of Ecology, Sustainable Development, and Energy Philippe Martin said November 28 that the government had denied Hess Oil France’s request for seven shale gas exploration permits. The company countered that it never said in its request what practices it would use. France has banned the use of hydraulic fracturing in 2011, and the Constitutional Council recently upheld the decision.
Quebec Carbon Auction Held
Quebec held an auction December 3 to sell carbon permits, and the provincial government announced the results three days later. $27.6 million was raised through the auction with roughly one-third of the allowances offered being sold. The government plans to hold four auctions per year beginning in 2014.
IEA Report on Carbon Pricing
The International Energy Agency, in its December 5 report Managing Interactions Between Carbon Pricing and Existing Energy Policies: Guidance for Policymakers, said officials should consider how carbon pricing complements existing policies like energy efficiency before setting such a price. The report warned that a price on carbon is not a silver bullet. It promoted a broad portfolio of policies to reduce emissions cost-effectively