CP Daily: Friday March 10, 2017

Published 19:49 on March 10, 2017  /  Last updated at 19:49 on March 10, 2017  /  Newsletter  /  No Comments

A daily summary of our news plus bite-sized updates from around the world.

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RGGI Q1 auction price, compliance participation at 3-year lows as interest withers

This week’s RGGI auction cleared at $3.00/ton with compliance entities picking up just 47% of the units on offer, the market’s operator announced Friday, with both figures representing three-year lows.

EUAs at €15 or above by early 2020s under ambitious Council reform plan -analysts

EU carbon prices could rise to €15 or above by the early 2020s if the deal on Phase 4 EU ETS reforms reached last week by member states becomes law, a pair of analysts said this week.

EU Market: EUAs halt slide above €5 to notch 7.7% weekly loss

EU carbon prices were little changed on Friday as buyers stepped in to halt a four-day slide just above €5, leaving EUAs down 7.7% for the week.

New NZ party pledges ETS reform, high carbon prices and no international offsets

New Zealand philanthropist Gareth Morgan on Friday outlined his new political party’s climate change policy platform ahead of the Sep. election, pledging to reform the emissions trading scheme, permanently close it off from international offsets and cancel nearly 100 million surplus government carbon credits.

Preliminary 2016 EU ETS emissions data to be published Apr. 3

Preliminary installation-level data for 2016 EU ETS emissions will be published on Monday, Apr. 3, the European Commission announced on Friday.

NAMA Facility identifies 7 more projects for support

The NAMA Facility has pre-selected seven projects to receive support to develop as NAMAs under its €60 million fourth funding call using donations from Germany and the UK.

CN Markets: Pilot market data for week ending Mar. 10, 2017

Below is a table of the closing prices, ranges and volumes for China’s regional pilot carbon markets this week. All prices are in RMB, and volumes in tonnes of CO2e. Data sourced from local exchanges.

Voluntary market data from CTX for Mar. 10, 2017

A table of Verified Emission Reduction (VER) prices and offered volumes, based on voluntary market data provided by Carbon Trade Exchange (CTX).

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**Navigating the American Carbon World (NACW) 2017: San Francisco, Apr. 19-21 – NACW brings together the most active and influential players in North American climate policy and carbon markets to address the most pressing topics in domestic and international policy, subnational leadership, carbon markets, climate finance, and carbon management initiatives. Visit the website**

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BITE-SIZED UPDATES FROM AROUND THE WORLD

Cash climbdown – G20 finance ministers are poised to scale back their climate drive at a meeting next week, according to a draft communique stripped of detail about using rich nations’ government cash to help meet a $100 billion/year climate finance commitment for poorer countries. Citing “scarce public resources” it merely referred to encouraging multilateral development banks to leverage private funds to meet the goal. The draft communique also establishes a goal for G20 nations to phase out fossil fuel subsidies by 2025 and welcomes a push for public companies to disclose climate-related risks to shareholders. (Bloomberg)

Repeal but won’t replace – The Trump Administration will attempt to roll back the Clean Power Plan without providing a replacement regulation for emissions from the power sector, an anonymous source briefed on the issue told ClimateWire.  Executive orders, originally planned for this week but now delayed until next week, will reportedly direct the EPA to “revise or rescind” the regulation and instruct the Department of Justice to halt its defense of the rule, currently under consideration by the DC Circuit Court. Though the administration reportedly will not issue a new regulation and wants to repeal the rule without replacement, it remains unclear whether the EPA will seek to eliminate carbon regulations on the power sector completely or scale the Clean Power Plan back to a less stringent rule.

We’re dying… give us a carbon price – Oil giant Royal Dutch Shell is to increase its spending on renewable energy to $1 billion a year, its CEO announced as he warned the public’s faith in the industry was “just disappearing”.  Ben van Beurden suggested the public backlash against fossil fuel firms could threaten the industry’s future, saying it was essential that countries imposed a price on carbon emissions to help phase out the use of coal and oil. (The Independent)

Where have we heard this before? – The right-wing party Alternative for Germany (AfD) questions the scientific consensus that climate change is mainly caused by humans, wants the country to exit the Paris Agreement and abolish the country’s recently adopted Climate Action Plan 2050, according to the first draft of its campaign programme for the upcoming federal elections. (Clean Energy Wire)

Greetings from Power IslandThe Local reports on plans by transmission system operators from Denmark, Germany and the Netherlands to build a giant artificial island in the middle of the North Sea where wind farms would create power for 80 million people: the North Sea Wind Power Hub.

And some more cancelled – Spanish renewable energy company Acciona has cancelled a further 217,000 CERs from a Mexican wind project to offset the firm’s 2016 emissions, bringing the total number voided this week by Acciona to 747,000.

And finally… Musk to the rescue? South Australia has suffered black-outs and electricity price spikes since last September, which have triggered fierce debates about the nation’s energy future and within that the potential role of carbon pricing. But Tesla’s Elon Musk might now come to the rescue. On Friday, he said Tesla could deliver 100MWh worth of battery storage to South Australia within 100 days, and if it failed to meet that deadline the company would deliver it for free. And the talks are mostly happening on Twitter. (Australian Financial Review)

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