The ICE exchange from London closed up its operations:
- EUA spot closed at € 7.01
- EUA DEC14 futures closed at € 7.01
- CER futures contract Dec14 closed at € 0.08
- Brent Crude Front Month trade at $ 78.58
- German Power Front Month trade at € 34.85
The International Carbon Market
Together, the U.S. and China account for over one third of global greenhouse gas emissions. Last week joint announcement was the culmination of months of bilateral dialogue, highlights the critical role the two countries must play in addressing climate change.
The United States announced a new target to cut net greenhouse gas emissions 26-28 percent below 2005 levels by 2025. At the same time, China announced targets to peak CO2 emissions around 2030, with the intention to try to peak early, and to increase the non-fossil fuel share of all energy to around 20 percent by 2030.
The actions they announced are part of the longer range effort to achieve the deep de-carbonization of the global economy over time. These actions will also inject momentum into the global climate negotiations on the road to reaching a successful new climate agreement next year in Paris at the UNFCCC Conference on climate change.
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