Bloomberg reports that Chinese authorities are “mulling” a “deeper cut” in carbon quotas. It says that a “draft plan” suggests “7.9% fewer allowances per megawatt-hour generated” for “large” coal-fired power plants and 12% for those plants smaller than 300 megawatts. The outlet cites “a person familiar with the document”. It adds that China’s carbon price for 2022 is projected to be 65 yuan per tonne from 58 because of the “tighter benchmarks”, according to Qin Yan, a senior analyst from consulting firm Refinitv.

Guest post from Bloomberg