CP Daily: Tuesday March 14, 2017

Published 19:28 on March 14, 2017  /  Last updated at 19:28 on March 14, 2017  /  Newsletter  /  No Comments

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

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Leaked UK government documents suggest CO2 trade requires separate EU exit bill -media

Leaked government documents suggest an emissions trading bill is one of 13 the UK will require to cover exiting the EU, though officials are considering ‘replicating EU structures’ to cut that number, according to The Times newspaper.

Canada’s frozen northern territories gradually warming to carbon pricing

They may be laying out conditions and aggressively pushing for exemptions, but Canada’s three northern territories appear to be warming to the idea of carbon pricing.

SK Market: KAUs drop to 2-month low as sellers finally come to market

South Korean CO2 allowances fell to their lowest levels since Jan. 24 on Tuesday on the back of increasing supply as sellers have become convinced the government will restrict their ability to hoard surplus units.

RWE advances hedging rates as margins bite

RWE, the EU’s biggest emitting company, advanced its hedging percentages substantially over the fourth quarter, which could prove bearish for carbon prices as it may lower the utility’s future demand for EUAs.

EU Market: EUAs hold ground as nations warm to higher energy efficiency goal

EU carbon remained lodged near a technical support level above €5 for the third straight day on Tuesday as it emerged that lawmakers are warming to a tougher energy efficiency goal that could weaken carbon prices.

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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

Merkel trajectory – Germany should specify its 2050 climate ambitions at the start of the country’s next legislative period [from late 2017], Chancellor Angela Merkel told a conference by local utility association VKU. She added that this must clarify whether to aim for 80% or 95% below 2050 levels, the current goal range, while not alienating people from the country’s coal mining regions. (Clean Energy Wire)

New plan, no pricing – South Australia Premier Jay Weatherill on Tuesday announced a new energy plan for the state, which included building Australia’s largest energy battery storage and building a new natural gas-fired power plant. However, Weatherill – a staunch supporter of an emissions intensity trading scheme for the electricity sector – did not opt for a state-wide carbon pricing scheme for SA. Last week he urged Prime Minister Malcolm Turnbull to put a nationwide pricing programme back on the agenda for a national energy policy.

Renewable shipping – Oil giant Shell and shipping group Maersk are fitting a 245m-long oil tanker with two ‘rotor sails’ built by Finland’s Norsepower to see if they can cut fuel costs as much as 10% and test whether sail power has a role in modern shipping. The UK Energy Technologies Institute, a government-funded research group, is footing most of the £3.5 million bill. (Financial Times)

And finally… The name’s Tracker. Wayne Tracker – US Secretary of State Rex Tillerson used an alias email address for discussing climate change issues during his time as CEO of ExxonMobil, New York Attorney General Eric Schneiderman claimed in a letter Monday. The AG is trying to establish whether Exxon for years might have misled investors about climate change’s potential impact on the company’s business. However, an Exxon spokesman said the alias address was set up to allow Tillerson to effectively discuss a wide range of issues with senior company officials as his regular inbox received too many messages. (Bloomberg)

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