Carbon Match recently reported:
Spot NZUs closed the month of October at $18.50 on reasonable volume, then sat still yesterday, bid at $18.45 and offered at $18.55.
Global climate change talks commence formally in Marrakesh next Monday, just a day before the US Presidential election.
Overnight, in an uncharacteristic move, the Chinese have openly criticised Donald Trump’s signalled plan to back out of the Paris agreement, with Reuters reporting China’s top climate negotiator as saying that “”If they resist this trend, I don’t think they’ll win the support of their people, and their country’s economic and social progress will also be affected.”
China and the US co-operate strongly on climate change, with the two countries choosing to jointly table their Paris ratification documents earlier this year and sharing technical details on their respective strategies for mid-century, low-greenhouse gas emission development.
But candidate Trump once tweeted that Climate Change was a concept invented by the Chinese to harm US industry.
It’s not all bad – indeed Trump’s threats might well have contributed to the unprecedented momentum that has underpinned the recent entry into the force of the Paris Agreement. And that Agreement contains provisions which would impose a four year process on any country seeking to withdraw from the Agreement.