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UK gambling with climate targets over carbon capture, say campaigners

www.theguardian.com 26-12-2024 09:00 1 Minutes reading

Potential IPCC rule changes could award planned carbon savings from burning US wood pellets to the exporter, not the importer

The UK government is gambling with its own climate targets on claims that the Drax power plant will create “negative emissions” because new rules could hand the carbon savings to the US, campaigners say.

The owners of the North Yorkshire power plant have promised ministers that a key project to capture the carbon emissions created from burning biomass wood pellets imported from US forests will count as negative emissions in Britain’s carbon accounts.

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More drama in the currency markets!

India’s currency, the rupee, hit an all-time low today before rebounding – sparking speculation that the Indian central bank was selling dollars via state-run banks to curb the weakness.

The Reserve Bank of India “stepped in heavily” near the 85.80 level, which helped the rupee recover, a trader at a foreign bank said.

Dollar demand related to maturing non-deliverable forwards (NDF) and currency futures weighed on the rupee on Friday while panic dollar buying from importers compounded the pressure, traders said.

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