CP Daily: Monday July 31, 2017

Published 20:43 on July 31, 2017  /  Last updated at 20:45 on July 31, 2017  /  Newsletter  /  No Comments

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

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TOP STORY

Ontario environment minister Murray resigns to lead Pembina Institute

Ontario’s Environment and Climate Change Minister Glen Murray has resigned from the government and will lead Canadian clean energy think-tank The Pembina Institute, he announced on Monday.

INTERNATIONAL

Multinationals use voluntary pledges to replicate CO2-capped operations worldwide

A growing number of big-emitting corporations are expanding carbon-cutting strategies from their operations in CO2-capped jurisdictions to facilities worldwide as part of voluntary pledges to the Paris Agreement.

EMEA

EU Market: Carbon rises as market enters month of curtailed auction volume

European carbon prices gained ground on Monday thanks to a solid result from the day’s auction, as the market enters its annual period of curtailed sale supply.

ECOSYSTEM MARKETPLACE

Where will JPMorgan Chase put its 200 billion green dollars?

Earlier this year, Moody’s Corp said the green bond market would double in 2017, from $93 billion last year to $206 billion. On Friday, JPMorgan Chase lent that projection credence by committing to funnel $200 billion into clean energy and general sustainability projects between now and 2025, and to get all of its energy from renewable sources by 2020. Steve Zwick chimes in on how that cash might be spent.

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BITE-SIZED UPDATES FROM AROUND THE WORLD

Poor odds – There is only a 5% chance that the Earth will avoid warming by at least 2C come the end of the century, according to new research that paints a sobering picture of the international effort to stem dangerous climate change.  Global trends in the economy, emissions and population growth make it extremely unlikely that the planet will remain below the 2C threshold set out in the Paris climate agreement in 2015, according to the study published in Nature Climate Change. (The Guardian)

You down with SCC? – Minnesota regulators last week updated the estimated cost of carbon that utilities must consider in planning for new infrastructure projects, increasing it to a range of $9.05-43.06/short ton by 2020 from the current $0.44-4.53. The new values, based on the Obama-era federal social cost of carbon (SCC) measurement, align closely with the range utility Xcel Energy proposed to regulators earlier this year. The Trump administration suspended use of the SCC for federal planning in March. (Utility Dive)

And finally… Power rate hike blah blah – British Gas on Monday briefly published an incomplete statement on its website, promising to explain why it’s about to raise raise electricity prices. Titled “Why we’ve had to raise electricity prices – our first increase since November 2013,” the post only contained the body text “blah blah,” suggesting the upload was unintentional. The statement, posted a day before the company reports half-year earnings, was promptly removed. A spokesman for British Gas told Bloomberg the company did not post a statement and does not speculate about future electricity pricing.

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