CP Daily: Thursday March 16, 2017

Published 22:38 on March 16, 2017  /  Last updated at 22:38 on March 16, 2017  /  Newsletter  /  No Comments

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

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US climate programmes in firing line as Trump seeks widespread funding cuts

A leaked draft executive order from the Trump Administration directs the EPA to rewrite the Clean Power Plan, alongside a host of other requirements targeting US climate policies.

Korea’s carbon market doomed to underperform -OECD

South Korea’s emissions trading scheme will be ineffective in helping the nation meet its climate targets unless the government steps in to tighten the CO2 cap and increase the share of auctionable allowances, the OECD said Thursday.

HeidelbergCement acquisition reveals clash of carbon risk strategies

HeidelbergCement’s acquisition of Italian producer Italcementi has thrown together two different carbon risk management strategies that could keep millions more EUAs withheld from the market if the Germany multinational sticks to its cautious approach.

Regulator expects lower participation in Australia’s next ERF auction

Participation in next month’s Australian Emissions Reduction Fund (ERF) auction is likely to be lower than for previous sales, the Clean Energy Regulator said Thursday, raising the prospect that the limited budget the fund has left might even be enough for another auction later in the year.

EU Market: EUAs dip lower as market weighs added Polish auctions

EU carbon prices dipped slightly on Thursday but remained within recent trading ranges as the market digested the prospect of increased auction supply from Poland and tepid bidding demand today.

NA Markets: WCI, RGGI carbon prices flat as traders await regulatory, legal progress

North American carbon prices stalled this week as participants eyed regulatory discussions due shortly that will affect the long-term future of both RGGI and WCI, while a pivotal California lawsuit nears resolution.

China accredits two more carbon credit verifiers

China has awarded accreditation to two more verifiers of carbon-cutting projects, market regulators said Thursday, in a bid to further enhance the quality of Chinese offsets generated from domestic initiatives.

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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

So what do you guys think? – The Trump Administration has been contacting US energy companies to ask them about their views on the Paris Agreement, two sources with knowledge of the effort told Reuters, in a sign the president is reconsidering his 2016 campaign pledge to back out of the deal.  The sources, who asked not to be named because they are not authorized to speak publicly on the subject, said many of the companies reached by the administration had said they would prefer the US remain in the pact, but would also support reducing the country’s commitments under the deal.

Don’t blame the “green crap” – Household energy bills are lower today than they were when the UK began serious efforts to tackle climate change in 2008, according to new analysis from the government’s independent Committee on Climate Change (CCC). Households make an average net saving of £11/month, which is composed of subsidies to wind and solar adding £9/month and rules promoting energy efficiency saving £20/month.  At the same time, CO2 emissions are down 28% since the 2008 Climate Change Act was passed and coal has all but swapped places with renewables in the UK electricity mix. Policy costs are set to increase, the report says, but these costs could once again be more than offset by savings from using energy more efficiently. Wholesale energy and transmissions charges explain the higher costs faced by industry in the UK compared to other countries, the CCC adds. (Carbon Brief)

Pumped-up pump prices – If California’s cap-and-trade scheme is extended and the state pushes forward with its tougher climate goals, the price of allowances could rise to $50/tonne over several years, according to Ross Brown from the non-partisan Legislative Analyst’s Office.  If that happens, drivers could see the price per gallon of gasoline increase by 45 cents, on top of rises stemming from the state’s low-carbon fuel standard.  (LA Times)

Coal shan’t dock here – The Port of Amsterdam aims to stop handling coal by 2030, under a sustainability strategy unveiled on Wednesday.  Western Europe’s fourth largest port saw coal volumes fall 7.5% to 16 million tonnes last year and expects a further 29% decrease over the next five years, Climate Home reports.

New boss – The Adaptation Fund Board has elected Mikko Ollikainen to be the new manager of the Adaptation Fund Board secretariat. Ollikainen has served as interim manager since October and now formally replaces his predecessor Marcia Levaggi, who served as manager for over seven years. Ollikainen has worked for the Fund since 2009.

And finally… Green gains – Much of the global press was fixated on the performance of the far-right in yesterday’s Dutch elections, but few reported on the massive gains made by pro-environmental parties.  According to The Guardian, the GreenLeft is forecast to have increased their parliamentary seats to 14 from four.

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