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The number of EU ETS-covered companies holding a surplus of allowances has more than halved over the past year, according to a worldwide survey by Thomson Reuters Point Carbon.
Thomson Reuters Point Carbon has upped its EU carbon price forecasts in light of the recent rally, but predicted that EUAs will retreat somewhat in the coming months.
Imposing national or regional carbon price floors within the EU would risk market distortions in exchange for no environmental benefit, business group IETA said Wednesday.
EU carbon prices edged higher in a choppy session on Wednesday, though they failed to hold above €16 for a second straight day despite a stronger auction result.
A veteran EU environmental campaigner has joined a global public affairs consultancy firm, Carbon Pulse has learned.
An anti-carbon market businessman will square off against California’s lieutenant governor in the state’s gubernatorial election this fall, as voters on Tuesday defeated a measure that would have given Republicans more control over cap-and-trade funds.
US biofuels credits shot up on Wednesday from 5-year lows seen earlier this week as President Trump reportedly nixed a plan to implement major reforms to the federal Renewable Fuels Standard (RFS).
A number of China’s pilot emissions trading schemes have announced carbon credit auctions, offset eligibility rules, and fresh sanctions ahead of the upcoming annual compliance deadlines.
A group of 11 major Chinese solar power investors on Wednesday said a recent cut in feed-in tariffs has created major problems, urging the government to instead introduce a market-based mechanism to help the industry become self-sufficient within 3-5 years.
CARBON FORWARD 2018
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.
BITE-SIZED UPDATES FROM AROUND THE WORLD
Finally – After multiple delays, Germany has finally launched official talks on phasing out coal in power generation. The government on Wednesday announced the 31-member task force that will determine the path Germany, the self-proclaimed energy transition pioneer, will take to ditch the extremely CO2-intensive fossil fuel, Clean Energy Wire reports. Meanwhile, Germany’s energy minister Peter Altmaier said there won’t be any changes to fees on power and heat during his term, refuting the idea of a price for CO2 emissions floated by coalition partner SPD and the environment ministry. In an address delivered on the eve of the launch of the phase-out commission, Altmaier dwelt exclusively on energy and the economy – but he hardly mentioned coal. The policy agenda for his ministry will be driven by grid expansion-related issues and a priority task is to meet the country’s 2030 climate targets.
Up the ambition – A leading government think-tank has said that China should consider upping its ambition in its Paris Agreement pledge early. In a paper published this week, the National Centre for Climate Change Strategy and International Cooperation (NCSC) said that the country had “the potential and conditions for improving” its Paris commitment, and could update its 2030 target of peaking CO2 emissions growth in 2020. (Climate Home)
Up the ambition, pt. 2 – Spain’s newly-appointed energy and environment minister Teresa Ribera said that her country plans to join a seven-country EU bloc advocating for higher GHG cuts in line with the Paris Agreement targets. In a conversation with Climate Home, Ribera said that Spain will “intend to increase, to raise ambition on climate and the speed of the energy transition” from the bloc’s current target of a 40% cut in GHGs below 1990 levels by 2030, though any changes are subject to negotiation between all member states, including eastern members that have historically resisted more stringent climate goals.
Proof please – The US EPA must produce the evidence on which its administrator Scott Pruitt has relied to claim that humans are not the primary drivers of global warming, a federal judge has ruled. E&E News reports how Pruitt has so far resisted attempts to show his workings, with critics saying such evidence does not exist. “If the case proceeds, it could mean that Pruitt would have to produce such research in the coming months or next year,” E&E News explains. (Carbon Brief)
Registry revisions – Carbon offset registry Climate Action Reserve (CAR) announced that it has updated its Grass Tool and Grassland Project Handbook for projects registering under the Grassland Protocol Project. The tool was revised in order to fix an error regarding the calculation of electricity emissions and also updates the global warming potential and eGRID values. Additionally, CAR updated its Offsets Marketplace database to now display project developer information, like contact details and the project types in which the developer specialises.
Hour power – The California Public Utilities Commission (CPUC) has put forth a new hourly accounting methodology to better capture emissions associated with the resources necessary to match the state’s energy load profiles. Starting Aug. 1, utilities will be required to file integrated resource plans using the Clean Net Short Methodology (CNSM), which will apportion GHG emissions to each load-serving entity (LSE) based on projected hourly electrical demand. Proponents say that this will more granularly capture actual emissions versus the annual tracking system used before, while some stakeholders have advocated for other improvements like the consideration of air quality impacts and GHG emissions from behind-the-meter combined heat and power resources, along with incorporating lifecycle emissions into the assumptions. (Utility Dive)
Come what May – The lower 48 US states experienced their warmest May on record last month, according to the National Oceanic and Atmospheric Administration (NOAA). At 65.4 F (18.6 C), the average temperature came in 5.2 F (2.9 C) above normal, with nearly 8,600 daily warm station records broken or tied over the course of the month. Minneapolis experienced its earliest-ever 100 F (38 C) reading, while record rainfall drenched the Southeast and Mid-Atlantic states due to Subtropical Storm Alberto.
And finally… Beware foreign agents! – Two Republican members of the US House Natural Resources Committee have written a letter demanding that green group Natural Resources Defense Council (NRDC) register as “foreign agents”, reported the Washington Post. The letter claimed that because the NRDC is often supportive of China’s stance on climate and environmental issues while criticising the US, the group should produce documentation that clarifies its relationship with the Chinese government. “The NRDC’s relationship with China has many of the criteria identified by US intelligence agencies and law enforcement as putting an entity at risk of being influenced or coerced by foreign interests,” said the letter, ironically adding that the NRDC’s positions are detrimental to the US’ international standing on environmental issues.
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