CP Daily: Thursday May 10, 2018

Published 23:52 on May 10, 2018  /  Last updated at 23:52 on May 10, 2018  /  Newsletter  /  No Comments

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

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TOP STORY

UN adds more Paris rulebook talks as higher CO2 prices raise demand hopes

Governments have agreed to hold an extra week of negotiations on international emissions trade and other rules under the 2015 Paris Agreement, as two weeks of UN climate talks in Bonn ended Thursday yielding little progress.

EMEA

EU Market: EUAs hit new 7-year high amid energy gains, lack of fresh supply

EU carbon prices hit a fresh seven-year high on Thursday, posting a third day of strong gains in the past four amid a supply-starved week and as the wider European energy complex marched higher.

Utility Enel keeps up accelerated hedging pace over Q1

Italian utility Enel reported a more advanced hedging position in Q1, continuing its accelerated rate from the previous quarter as EUA prices rose.

ASIA PACIFIC

Chinese CO2 verifiers under pressure as disgruntled traders, consultants join fray

The delay of China’s national emissions trading programme has forced a number of carbon specialist firms to refocus their business, sparking a price war in the greenhouse gas verification industry.

China spends CDM cash to help ease natural gas shortage

China’s CDM Fund has approved a 65 million yuan ($10 mln) loan to a Shanghai-based natural gas project in a bid to ramp up fuel supply seen as crucial to help bring down coal consumption and cut CO2 emissions.

AMERICAS

Smartphone sequestration: App targets small forest owners for California offsets

Historically, small landowners have had a difficult time accessing carbon markets in which to sell their forest-based offsets.

NA Markets: WCI prices stall near floor price as auction looms large

Carbon prices on both North American coasts stalled this week as participants found little incentive to trade ahead of the next round of quarterly auctions.

Connecticut energy bill passes House but draws ire of solar advocates

A bill to expand Connecticut’s Renewable Portfolio Standard (RPS) and revise the state’s energy plan passed a final floor vote in the House on Wednesday, but not before some legislators unsuccessfully tried to put forth an amendment amidst backlash from environmental groups.

VOLUNTARY

New initiative markets ‘blue carbon’ credits for climate resiliency

Green group The Nature Conservancy and insurance company XL Catlin have teamed up to develop ‘Blue Carbon Resilience Credits’ for marketing the benefits of ecosystems that combine carbon sequestration and climate change resiliency.

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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 – Oct. 16-18, 2018 in London.

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

First to zero – New Costa Rican president Carlos Avarado announced that the country will ban fossil fuels and become the first country in the world to decarbonise. This builds of his announcement last month that Costa Rica would begin steps to end fossil fuel use in transport, coinciding with the 200th year of the country’s independence. While Costa Rica receives 99% of its energy from renewable sources, experts have said that ending fossil fuel use completely, especially in the transport sector, is a massive challenge, with over two-thirds of the country’s energy-based emissions stemming from transportation. (The Independent)

Northern disclosure – Alaska Governor Bill Walker and Lieutenant Governor Byron Mallet’s Climate Action Leadership Team (CALT) released the newest version of the state’s draft climate policy on Wednesday. While similar to a previous version that circulated in April, the text of the new draft includes carbon offsetting in the state’s efforts to encourage opportunities for natural resource sequestration, and still considers the implementation of a ‘carbon fee and dividend programme’. Additionally, the new draft raises the ambition of the state’s GHG target to 30% below 2005 levels by 2025, as well as increasing energy efficiency by 15% and having the state source of 50% of its electricity from renewables by 2025. Residents are encouraged to review the draft and submit comments on the proposal by June 4.

No sleep til solar – The California Energy Commissions (CEC) approved a new requirement on Wednesday that will mandate solar panels be installed on new homes and low-rise apartment buildings starting in 2020. Exempt from the regulations include homes where solar panels aren’t feasible, like houses covered in shade or units where it is not cost-effective, while installing storage batteries and allowing community-sharing solar generation are additional options. The move still needs the support from the state’s buildings standards commission, and Republicans legislators have warned that the measure will further push up California housing prices past the point of affordability. (The Guardian)

Investor instructions – Over 50% of shareholders in pipeline operator Kinder Morgan passed two climate-related resolutions at its annual meeting on Wednesday, going against the company’s wishes. While the results of the vote are non-binding, the resolution calls on the company to issue a yearly sustainability report along with another yearly update on it plans to align its business model with limiting global temperatures to 2C. (Climate Nexus)

Getting back to black – Canadian energy company Enbridge will sell a US gas pipeline business and a portion of its renewable energy portfolio to jumpstart its debt reduction plan, the company announced on Wednesday. The sale, which will bring in a combined $2.5 billion, includes selling off a 49% stake in the company’s North American and European wind and solar assets, along with Midcoast Operating LP, which operates facilities to process and treat natural gas and natural gas liquids. The company has been under pressure to get rid of its non core assets since purchasing US-based Spectra Energy last year for $28 bln, with the company’s long-term debt mounting to $60.87 bln at the end of 2017. (Reuters).

And finally… Seattle suit – Washington state’s King County, which includes the city of Seattle, sued five oil and gas giants on Wednesday, the latest in a series of municipal-led lawsuits seeking damages from fossil fuel companies related to the cost of climate change. The complaint, filed in the King County Superior Court, cites ocean acidification, sea level rise, a decreasing winter snowpack, and more frequent heatwaves among the deleterious environmental impacts that have resulted from the business of fossil fuel extraction. Shell, BP, Chevron, Exxon Mobil, and ConocoPhillips are the five companies named. The legislation follows similar suits filed by New York, Massachusetts, and several California cities in recent months. (Think Progress)

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