CP Daily: Monday December 4, 2017

Published 01:10 on December 5, 2017  /  Last updated at 11:12 on December 8, 2017  /  Newsletter  /  No Comments

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

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TOP STORY

Defiant Saskatchewan unveils carbon tax-less climate plan with international links

Saskatchewan on Monday released its new climate change plan, opting for a suite of proposed measures including a market-based system that allows both provincial and international units but excluding an economy-wide price on carbon, defying the Canadian federal government in the process.

AVIATION

IAG chief says airline climate goals insufficient as airlines seek EU ETS exit 

Aviation’s global climate goals are not enough in the long term, according to IAG boss Willie Walsh, who said the sector eventually faces being suppressed by governments if it cannot achieve environmental sustainability.

EMEA

EU court advisor dismisses Poland’s effort to scrap ETS’ Market Stability Reserve

Europe’s highest court should reject Poland’s lawsuit seeking to annul the EU’s decision to introduce the supply-curbing MSR to the bloc’s carbon market, one of its top advisors said last week.

EU Market: EUAs slide but remain stuck in narrow 30-cent trading range

European carbon slipped on Monday as prices continued to see-saw within the roughly €7.45-75 range in which the front-year contract has been stuck for the past week.

ASIA PACIFIC

NZ Market: NZUs come off highs as buyers hesitate

New Zealand carbon allowances were knocked down 1.25% on Monday as buyers continued to hesitate stepping above the NZ$20 threshold.

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BITE-SIZED UPDATES FROM AROUND THE WORLD

Running out of options – It does not look promising for Indian firm Adani’s plans to build the massive Carmichael coal plant in Australia after a second Chinese bank on Monday released a statement saying it was not interested in funding the project. The ICBC ruled out putting up funds for the mine after the China Construction Bank recently did the same. All major Australian banks have also declined involvement in the project, which is targeting large coal exports to India that would release millions of tonnes of CO2e annually as well as threaten Australia’s Great Barrier Reef. (ABC)

Double it, then double it again – The price of emitting a tonne of CO2 in Europe should be at least €25-30 “for a start”, Johannes Teyssen, head of German utility E.ON, said in an interview with Spiegel Online. Teyssen’s proposed price would be up to four times higher than the current price in the EU ETS, which according to him “doesn’t work” due to excessive quantities of EUAs granted to European companies. Teyssen argues that the next German government should heed French President Emmanuel Macron’s proposal and introduce a carbon floor price in the EU, which “if necessary could initially only be used in a few countries”, such as France, Germany, and the UK. The CEO, who before E.ON’s recent decision to spin off its renewables division and conventional generation into separate companies had been an avid supporter of coal-fired power production, says he has made “misjudgements” about the technological progress of renewable energy sources, and also about “the will in the whole world to invest in them”. (Clean Energy Wire)

Pricing > subsidies – EU countries should place far greater emphasis on developing effective carbon pricing mechanisms than on delivering subsidies for renewable electricity if they want to drive decarbonisation, according to LSE’s Grantham Research Institute on Climate Change and the Environment. Research presented to policy makers in Brussels today by the academic institution points out that the EU’s decarbonisation of the power sector is now entering a “new phase” thanks to dramatically falling costs of renewables such as wind and solar power, which will soon mean they no longer need state subsidy support to encourage development. (BusinessGreen)

And finally… Send money – The state-owned Electricity Authority of Cyprus (EAC) is requesting an additional €45 million for from lawmakers this year, mostly to cover the higher-than-expected cost of fuel purchases and carbon credits. Of that, €7.5 million is required to buy EUAs, primarily due to more fossil fuel use and because EAC budgeted for prices of €4/tonne (they’ve averaged around €6-7).  A higher-than-expected 4% increase in consumption and poor weather for renewables have also contributed to EAC’s budget shortfall. The supplementary budget request will be voted on by the plenary this Friday. (CyprusMail)

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