CP Daily: Wednesday April 11, 2018

Published 22:50 on April 11, 2018  /  Last updated at 22:50 on April 11, 2018  /  Newsletter  /  No Comments

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

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TOP STORY

Finland opts for €100/tCO2 coal phase-out branded “cosmetic” by industry

Finland’s government has opted to ban coal in energy production from 2029, a move that the power sector branded “cosmetic” for reducing a tiny amount of residual emissions for €100 per tonne of CO2.

EMEA

EU Market: EUAs lift as auction demand regains strength

EUAs hit a one-week high on Wednesday as a stronger auction prolonged bullish momentum while traders played down prospects of a near-term correction.

AMERICAS

No California offsets issued for first time in over two years

California regulator ARB did not hand out any California Carbon Offsets (CCOs) on Wednesday, the first issuance round since June 2015 where no new offsets were distributed.

Environmental concerns arise as US Senate committee hears CCUS bill

Several US senators expressed their concerns that a new bill to support the development of carbon capture utilisation and storage (CCUS) technologies could undermine environmental regulations during a committee hearing on Tuesday.

ASIA PACIFIC

Australian minister holds firm on NEG, eyes August deal

Australia’s Environment and Energy Minister Josh Frydenberg wants the final rules of the National Energy Guarantee (NEG) agreed by August and legislated by the end of the year, he said Wednesday, showing little interest in compromising on issues that critics have identified as shortcomings of the scheme.

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CARBON FORWARD 2018

SAVE THE DATE: Carbon Forward 2018 – Survive and thrive in the global carbon markets

Don’t miss the 3rd annual Carbon Forward conference and training day. Spend two days with top experts, players, and decision-makers from the global carbon markets as they address today’s most attractive opportunities and pressing challenges. And join us for the EU ETS pre-conference training day organised by carbon market experts Redshaw Advisors, where you will learn how to effectively manage your carbon risk ahead of the looming overhaul of the bloc’s emissions trading scheme.

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BITE-SIZED UPDATES FROM AROUND THE WORLD

Japan open – An advisory panel to the Japanese government, whose recommendations will feed into a review of the country’s 2030 basic energy plan and its measures to cut carbon emissions by 2050, listed nuclear as a future energy option. It still said Japan should reduce its dependence on atomic power, shift from coal to gas and boost renewable energy but did not give a proposed energy mix for future years. Nuclear shutdowns since the 2011 Fukushima disaster have boosted Japan’s reliance on coal and gas and endangered efforts to cut emissions. (Reuters)

Well wisher – North Dakota has been given the first licence to take waste CO2 from coal-fired power plants and store it in underground wells. The EPA approved this licence on Tuesday, with Administrator Scott Pruitt saying that it will continue to work with the state in ensuring the quality of the state’s drinking water after implementing the programme. However, critics have said that North Dakota may not be able to reliably manage the programme due to a decrease in tax revenues. (Climate Nexus)

Sayonara, solar – A South Carolina bill that would have removed a limit on the amount of solar energy used in the state fell short at a full House vote on Tuesday. While the chamber voted favourably on the bill by a 61-44 margin, opponents had labelled the bill as a property tax increase, which rendered the legislation nine votes short of a two-thirds majority necessary to approve tax raises. (AP)

Marine meltdown – Heatwaves throughout the world’s oceans are now happening over a greater amount of time and intensity than in the early 20th century, according to a new study. Between the periods 1925-54 and 1987-2016, marine heatwaves have grown 34% more likely and 17% longer, with the total number of days to experience a heatwave increasing by 54% over that time. (Carbon Brief)

And finally… Lost in base – A movement to oust embattled EPA Administrator Scott Pruitt now has an additional base of support: the majority of his department. The American Federation of Government Employees Council 238, which counts roughly 8,000 of the agency’s 14,000 employees as members, has joined the “Boot Pruitt” campaign, started last month by green groups Friends of the Earth and the Sierra Club to remove Pruitt after a series of scandals involving the EPA reached a critical mass this spring. (Bloomberg)

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