CP Daily: Thursday November 23, 2017

Published 22:00 on November 23, 2017  /  Last updated at 16:49 on November 24, 2017  /  Newsletter  /  No Comments

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

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TOP STORY

EU and Switzerland sign deal for first ETS link between Paris Agreement parties

The EU and Switzerland signed a formal agreement on Wednesday to connect their carbon markets, keeping the process on track to link the two schemes in 2019.

ASIA PACIFIC

Criticism builds ahead of key meet on Australia’s energy plan

Analysts and state officials on Thursday delivered fresh criticism of Australia’s National Energy Guarantee (NEG), as the federal government appeared to be scaling down its ambitions for the outcome of Friday’s key COAG meeting.

SK Market: Poor liquidity pushes Korean CO2 to fresh record highs

South Korean carbon allowances rose another 3.7% on Thursday to hit an all-time high for a second consecutive day, as some observers said demand outweighs available supply by five-to-one.

EMEA

EU Market: EUAs close up 4% following strong auction

EU carbon prices added nearly 4% on Thursday after strong demand signals from the day’s auction encouraged what several traders said appeared to be speculative buying and some short-covering.

Uniper hires ex-Vattenfall carbon trader

German utility Uniper has hired a former Vattenfall carbon and energy trader.

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BITE-SIZED UPDATES FROM AROUND THE WORLD

**Carbon Pulse’s weekly North American markets report is being postponed until next week due to the US Thanksgiving holiday**

Lone survivor – While talks over forming a German ‘Jamaica’ coalition government of the CDU, CSU, FDP and Green Party have failed, a coal phase-out compromise between Merkel’s conservatives and the Greens could survive, according to tageszeitung. Toward the end of the coalition talks, the CDU/CSU had agreed to shut down 7 GW of coal power capacity in the short term to help meet Germany’s 2020 emissions target. A CDU official added that a future administration could now not go below 7 gigawatt, “no matter who’s in the future government.” (Clean Energy Wire)

Close to home – Australia’s emissions target is ambitious enough, Environment Minister Josh Frydenberg said earlier this week, even though a ranking of climate policies in 70 nations last week placed only three countries behind Australia. But on Thursday, the nation’s first foreign policy white paper in a decade said climate change was one of its main challenges, as it is undermining stability in fragile countries on Australia’s doorstep, the Guardian reports. It remains to be seen whether the government integrates that warning in practical policy.

Flood fear – Hidden in the Trump administration’s $44 billion emergency budget request is a plan to expand an Obama-era effort to make cities and towns resilient to the more frequent storms tied to climate change. While Trump has dismissed global warming as a hoax and his administration has moved to dismantle efforts to curtail emissions, the White House budget office is seeking $12 billion for a competition for flood-prone communities that scientists say are facing more numerous storms and greater flooding because of climate change. (Bloomberg)

Tesla timing – Billionaire Elon Musk’s giant battery being built in the Australian outback will be energised in the coming days and begin testing, indicating Tesla is on track to meet a 100-day self-imposed deadline to install the power storage system. Tesla power packs have now been fully installed on a site near a windfarm north of Adelaide and will be tested to ensure the battery meets standards laid down by the energy market operator, the South Australia state government said. (Bloomberg)

And finally… Fat friends – Fatty acids released into the air from cooking may contribute to the formation of clouds that cool the climate, say scientists at the University of Reading in a study published in the journal Nature Communications. Fatty acid molecules comprise about 10% of fine particulates over London, and such particles help seed clouds. But the researchers dismiss the idea that these atmospheric aerosols from cooking fats could be used as a geo-engineering tool to reduce warming. The study was designed to help reduce uncertainties about the role of cooking fats on climate. (BBC)

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