Presenting CP Daily, Carbon Pulse’s free newsletter. It’s a daily summary of our news plus bite-sized updates from around the world. Subscribe here
Value of world’s carbon pricing schemes edge up year-on-year while govt revenues drop -report
The combined value of the world’s carbon markets and CO2 tax regimes rose by 7% in 2017, with eight new pricing initiatives helping to nearly double the total number over the past five years, but government revenues have dropped by some 15%, according to a new report published Tuesday.
Lawyer up: More lawsuits being filed against governments for climate inaction
Lawsuits seeking to hold governments to account for their climate-related commitments are on the rise, with over 650 filed in the US alone – almost three times the number recorded in the rest of the world.
Firms face push for transparency on internal carbon pricing -World Bank
Companies may soon have to be more transparent on how rigorously they apply internal carbon pricing amid mounting pressure to address climate risks from regulators and investors, according to the World Bank’s head climate official John Roome.
Analyst duo predicts rebound in latest WCI auction
California’s latest carbon allowance auction could be up to 80% subscribed, a pair of analysts predicted, bucking the trend of weak bidder demand seen for much of the past year.
SCE launches tender to buy low-risk California offsets
Utility Southern California Edison has launched a tender to buy California carbon offsets featuring no invalidation risk and deliverable before the final 2015-2017 compliance deadline.
EU Market: EUAs slip from month-high after failed attempt to top €5, weaker auction
EU carbon prices slipped back from a one-month high in a spate of selling on Tuesday, ending a run of five consecutive daily gains amid what appeared to be some profit-taking and after a government auction showed signs of weaker demand.
Brokers advise New Zealand to hedge against rising carbon prices
New Zealand could save billions of dollars on foreign carbon units by hedging now, for example by buying EU Allowances, instead of waiting until after 2020 when prices are likely to be much higher, according to energy and carbon brokers OM Financial.
CN Markets: Hubei’s first forward contract expired 12% above spot, market learns
The May-17 forward contract in Hubei’s emissions trading scheme expired earlier this month, it has been revealed, with few arbitrage opportunities emerging despite it settling 12% above the spot market.
CARBON FORWARD 2017: The agenda for this year’s event is taking shape…
Following the immense success of the inaugural Carbon Forward 2016 conference and training day, this year Carbon Forward 2017 will delve deeper into the issues affecting companies with exposure to the EU Emissions Trading System (ETS) and other carbon markets worldwide.
———————————
BITE-SIZED UPDATES FROM AROUND THE WORLD
California fightin’ – As President Trump moves to reverse the Obama administration’s policies on climate change, California is emerging as the US’ de facto negotiator with the world on the environment. The state is pushing back on everything from White House efforts to roll back pollution rules on tailpipes and smokestacks, to plans to withdraw or weaken the country’s commitments under the Paris Agreement. It is also strengthening carbon market ties with Canada and Mexico, as well as advising Chinese officials on their cap-and-trade plans. (New York Times)
Merkel motion – A global emissions trading system would be the ideal instrument to fight climate change, according to German Chancellor Angela Merkel. “It would be best if damaging emissions had a price worldwide. A global carbon market would be an incentive for the most efficient production possible, while ruling out a distortion of competition,” Merkel said in her speech at the Petersberg Climate Dialogue. She said this is why Germany initiated a platform for closer cooperation on this subject during its G7 presidency in 2015, and called Chinese plans for emissions trading encouraging. “This is also a subject that can be extended to the G20 very easily”. (Clean Energy Wire)
Easy does it – Fuel efficiency gains at Europe’s second-largest airline easyJet have resulted in CO2 per passenger kilometre falling below 80 grams for the first time, and they are on track to be reduced by a third in 20 years, GreenAir Online reports. The low-cost carrier attributes the milestone to improving technology and a continued long-term focus on reducing weight and improving operating efficiency. Since it began reporting on carbon emissions in 2000, easyJet’s emissions have reduced from 116.2 grams to 79.98 grams – a reduction of 31%. It is now targeting further reductions to around 77 grams by 2020 as new it adds new fuel-efficient aircraft including the Airbus A320neo.
Tax and cap – Electricity rates in Alberta would be capped under legislation introduced by the provincial government Tuesday, a move it says will protect customers from major price spikes. The government says the four-year cap of 6.8 cents per kilowatt hour is expected to be in place by June 1. It estimates that increases in power rates above the cap would cost about $10 million a month per cent above the cap, which would be covered by revenue from the Alberta carbon tax. (CTV)
RGGI re-do – Without debate and along partisan lines, New Jersey’s Democratic-controlled Assembly on Monday voted to require the state to rejoin RGGI, NJ Spotlight reports, but the approval sets up another potential veto by Governor Chris Christie. Regardless, backers of the legislation (A-4701) are banking on a new administration that will reverse course and rejoin the nine-state cap-and-trade programme early next year.
Special treatment – The Premier of Canada’s Northwest Territories has said that while the draft of the carbon pricing backstop option released by the federal government last week contains no specific mention of the country’s northern territories and their unique circumstances, “we expect Canada to honour its commitments to Northerners and our government as it proceeds with its planning. We will continue to work with Canada to provide our residents with a clear vision for a fair and effective carbon pricing approach in the NWT.” (CKLB)
My supply – Swiss firm myclimate has partnered with industry group Business Environmental Performance Initiative to work on improving global supply chain environmental performance. This will include developing auditing tools, capacity building and offsetting.
And finally… Shell shake – Shareholders in oil major Shell widely rejected a proposal by an environmental group calling for the oil company to set and publish annual targets to reduce carbon emissions. The vote is a setback for climate activists who are increasing pressure on global oil companies, including US firms Exxon Mobil and Chevron. But the shareholders overwhelmingly approved the company’s new remuneration policy, which for the first time ties 10% of executives bonuses to cutting greenhouse gas emissions. They also greenlighted a 60% pay rise for CEO Ben van Beurden, a week after rival firm BP’s 40% pay cut for its CEO Bob Dudley. (Reuters)
Got a tip? Email us at news@carbon-pulse.com
