Shanghai carbon trading scheme opens for business

Today’s top five climate change stories chosen by RTCC
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1 – Shanghai starts carbon trading
China’s latest emissions trading scheme (ETS) came online earlier today. According to state news agency Xinhua 200 companies, including steel mill Baosteel and hotel operator Jin Jiang will take part. Bloomberg say 11,000tCO2e will be traded at $4.1-4.4/t, in line with EU prices. Shenzhen became the first Chinese city to start carbon trading when its online platform began in June. Beijing’s ETS opens on Thursday.

2 – Brazil plans solar boost
The northern state of Pernambuco plans to boost capacity in its solar sector with an 180MW auction on December 20. The country already has 10.1MW online or under construction. “Brazil’s sunniest region is the northeast and Pernambuco is right in the middle of this,” the state’s energy chief told Bloomberg. “It’s got great transport links and Suape Port, which can be used to export equipment to other states and countries.”

3 – Banks issue €2.2bn green bonds
Bank of America, EDF and Vasakronan last week launched a series of bonds aimed and generating investment in renewable energy and low carbon infrastructure, reports Business Green. It’s good news according to the Climate Bonds Initiative: “Expect this to be a dam-breaker – now we just need to make sure the myriad banks and corporates that will surely follow comply with robust standards and that green credentials are reviewed by qualified third party actors.”

4 – US and China must “deliver” on rhetoric
German environment minister Peter Altmaier says leaders in Beijing and Washington will have to take “a position” on climate change to ensure international negotiations maintain momentum. He told the Guardian: “Both President Obama and the new Chinese leadership have said they will prioritise climate protection, but that has to become visible in practice.”

5 – Kiribati – sinking into the sea?
With its highest parts just two metres above the sea, Kiribati is the “poster child” of climate change. “The outer island communities have been affected, we have a village which has gone, we have a number of communities where the sea water has broken through into the freshwater pond and is now affecting the food crops,” Kiribati’s president, Anote Tong tells the BBC.

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