CP Daily: Thursday August 3, 2017

Published 18:36 on August 3, 2017  /  Last updated at 20:40 on August 4, 2017  /  Newsletter  /  No Comments

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

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TOP STORY

Inefficient coordination a major threat to China ETS success, experts warn

A lack of coordination between government bodies is impeding progress in developing China’s national emissions trading scheme and could hurt the programme’s chances of success, experts have warned.

AMERICAS

Australia’s Aboriginal Carbon Fund partners with Canadian First Nations group on offsets

Australian project developer the Aboriginal Carbon Fund (AbCF) has signed a cooperation agreement with the First Nations Energy and Mining Council (FNEMC) in Canada to develop offset projects in indigenous communities.

ASIA PACIFIC

Lack of certainty for foresters in New Zealand ETS announcement could spur deforestation, experts say

Carbon forestry is the chief mitigation source under New Zealand’s emissions trading scheme, but the failure to address the sector in last week’s ETS review announcement could cause further deforestation, according to observers.

CN Markets: Chongqing prices, volumes spike despite unknown compliance requirements

The normally dormant Chongqing emissions market saw more transactions than all the other pilot markets combined on Thursday, as prices for the cheap local allowances rose some 20% despite traders remaining in the dark regarding 2016 compliance.

EMEA

EU Market: EUAs end flat despite auction, energy complex showing bearish signs

European carbon prices ended flat on Thursday, consolidating near recent highs despite slightly bearish signs coming from the day’s auction and wider energy markets.

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BITE-SIZED UPDATES FROM AROUND THE WORLD

Up, up, up – Australia on Thursday released quarterly emissions data for Q1 2017, showing GHG output had increased 1.6% relative to the previous quarter on a seasonally-adjusted and weather-normalised basis. Emission levels have been steadily growing since the Coalition government ditched the carbon pricing mechanism in 2014. However, per capita emissions are 34% below 1990 levels, the environment ministry said, though Australia’s economy remains more carbon intensive than that of China. The recent emissions increase was due to an expansion in LNG exports, which saw a production increase of 39.7% over the previous year, the ministry added.

The CCS Holy Grail – A British inventor is close to ‘Holy Grail’ of CCS at zero cost, The Telegraph reports ($). A new type of gas power plant that hopes to capture CO2 at no extra cost – or even a profit – is nearing completion near Houston, Texas. The plant is based on the “Allam Cycle”, designed by British inventor Rodney Allam, who came out of a brief retirement after being urged by US investors to develop the idea with NET Power – the firm set up to build the new 50MW plant.

And then there were 52 – The US Congress’ bipartisan Climate Solutions Caucus has added Republican Representative Ed Royce of California, chairman of the Foreign Affairs Committee, according to the Citizens’ Climate Lobby, which tracks membership of the group.  Axios reports that the addition of a powerful Republican – bringing total membership to 52, divided evenly between both parties – adds weight to the group led by GOP Rep. Carlos Curbelo and Democratic Rep. Ted Deutch. “The growth of the caucus is a rare bright spot for advocates seeking more GOP interest in addressing global warming,” though it remains unclear exactly what, if any, legislation the caucus will propose or support.

A good old-fashioned Manitoba coalition-off – A new pro-carbon pricing coalition launched in Manitoba on Thursday, urging the provincial government to put a price on GHGs. The Manitoba Carbon Pricing Coalition, made up of climate activists and public policy experts from groups including the Green Action Centre and the Canadian Centre for Policy Alternatives, launched on the steps of the Legislative Building on Thursday morning. It comes weeks after the inception of an anti-carbon pricing coaltion – Manitobans Against Carbon Taxes – whose members include the Canadian Wheat Growers Association, the Canadian Federation of Independent Business, and the Canadian Taxpayers Federation. Manitoba’s conservative government, along with Saskatchewan’s, are being called the two provincial holdouts on the federal government’s carbon pricing plan, which requires all 10 of Canada’s provinces and territories to have put a price on GHGs by next year. (CBC)

And finally… A department he can remember? – US Energy Secretary Rick Perry is among the candidates being considered to replace John Kelly at the Department of Homeland Security, three people familiar with the deliberations told Bloomberg. Kelly became White House chief of staff on Monday, and President Donald Trump has not made a decision about who should succeed him as Homeland Security secretary. White House officials are considering others for the position, the people said. They asked not to be identified discussing a personnel matter. It’s not clear Perry even wants the job.

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