CP Daily: Wednesday April 12, 2017

Published 00:32 on April 13, 2017  /  Last updated at 00:36 on April 13, 2017  /  Newsletter  /  No Comments

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

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Spate of new projects helps California offset issuances hit fresh 2017 high

California regulators handed out their largest batch of offsets so far this year, with 1.2 million credits going to a wide array of projects including 10 new ones.

EU nations make scant progress on remaining 2017 free EUA allocations since late March

EU member states made little progress on the remaining 2017 EUA allocations since the end of March, handing out just 3.4 million free units to emitters.

EU Market: EUAs nudge only slightly higher after breaking €5 mark

EU carbon ended slightly higher on Wednesday in quiet pre-Easter trade after briefly climbing above €5 for the first time this week.

Lowball CCER listing follows China’s offset freeze

A batch of 56,000 CCERs was offered on the Guangdong carbon exchange on Wednesday at 8-10 yuan ($1.16-1.45), well below recent levels, suggesting prices are suffering from the uncertainties surrounding China’s offset market.

NZ Market: NZUs slip from 3-week high amid weakening demand

New Zealand carbon allowances fell for the fourth consecutive session on Wednesday as buyers stepped away, failing to prop up last week’s gains.

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BITE-SIZED UPDATES FROM AROUND THE WORLD

Stick to the plan – China, Brazil, India and South Africa issued a joint statement Tuesday calling on wealthy countries to stick to their finance commitments under the Paris Agreement, and representatives from the four major developing economies highlighted concerns over the US’s new climate policies at a subsequent press conference. China’s lead climate negotiator Xie Zhenhua told Reuters that US-China climate “discussions were going on at multiple levels.” Xie’s assurances may echo a firmer stance from the international community: Deputy UN chief Amina Mohammed told Newsweek Tuesday that world leaders will be working to bring Trump “back to the table” on the Paris Agreement and climate change. And draft G-7 documents obtained by Politico show that during Monday’s negotiations over an ultimately scuttled statement, G-7 officials “refused to agree to stronger language touting fossil fuels without assurances from the United States that it would stay in the Paris climate change agreement.” (Climate Nexus)

US coal play – The US coal lobby is in the market to build a new plant, a prospect that would have been unthinkable just months ago. Emboldened by President Trump’s efforts to roll back climate regulations on fossil fuels, the American Coalition for Clean Coal Electricity (ACCCE) says it is in talks with an unnamed state’s governor and lawmakers about providing incentives for a power company to plan a new coal-fired facility. (E&E)

It’s in Benin – The 9th Africa Carbon Forum will be held in Cotonou, Benin on June 28-30 and will focus on how engagement between state and non-state actors can be further strengthened in the key sectors for Africa (energy, agriculture and human settlements), including the role of future carbon markets to achieve enhanced climate action, towards the goals of sustainable development.

And finally… Time’s up – Influential environmental lawyers at ClientEarth have given the UK government 21 days to explain why it has failed to produce its legally-required Emission Reduction plan. Under the terms of Britain’s Climate Change Act, the government must come up with a plan to meet its fifth CO2 budget for cuts of by 57% under 1990 levels by 2032.  The document was due to be published at the end of last year, but has been repeatedly delayed. (The Independent)

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