CP Daily: Monday June 11, 2018

Published 23:21 on June 11, 2018  /  Last updated at 23:21 on June 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

Undersubscribed South Korean carbon auction settles at discount

South Korea’s June 1 CO2 permit auction sold 85% of the allowances on offer, settling at a 2% discount to the secondary market, according to a government official on Monday.

EMEA

EU Market: EUAs dip to 1-week low as auction supply loads up

EU carbon prices lost ground for a second day on Monday, sinking to a one-week low as traders grew preoccupied by coming weeks of high auction supply and a looming option expiry date.

ASIA PACIFIC

China to carry out mass inspections in one-year anti-pollution campaign

China’s environmental regulators on Monday started a one-year campaign to ensure the enforcement of anti-emission measures across the nation’s most polluted cities as part of efforts to reduce its reliance on coal, according to an official statement.

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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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Job listings this week:

Or click here to see all our job adverts

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BITE-SIZED UPDATES FROM AROUND THE WORLD

G6 picks – A calamitous meeting of G7 leaders failed to mend a rift on climate action. With Paris Agreement abandoner US sticking to its guns, the other six leaders reaffirmed their commitment to the 2015 pact with wording that included reference to a ‘just transition’ and stressed the importance of carbon pricing. A spat over Trump’s recent metal import tariffs led to the US President refusing to endorse any final document. Read our take on the tariffs here.

Papal warning – There is “no time to lose” in transitioning the world to low-carbon energy sources, Pope Francis told oil and gas executives and money managers at the end of a two-day conference. He called climate change a challenge of “epochal proportions” and urged the participants to become leaders in the global energy transition. “Civilization requires energy but energy use must not destroy civilization,” Francis said. (AP)

Med head – EU climate commissioner Miguel Arias Canete said the recent changes in government in Spain and Italy were noticeable in Monday’s Energy Council summit of all EU energy ministers. “In the past their positions were less ambitious and now they have supported the more ambitious position taken by the parliament,” said the Spaniard, in relation to headline 2030 renewables and energy efficiency targets. Closed-door trilogue talks to finalise the targets continue later this week. (EUObserver)

Getting serious – The largest asset manager in Britain and the second-largest in Europe will vote against reappointing leadership at firms that have not taken action on climate. Legal & General Investment Management said Monday that it would also sell shares from the offending eight firms, which includes Dominion Energy, Occidental Petroleum, Rosneft Oil, Subaru and Sysco Corp, from its $6.7 billion Future World index fund. (Climate Nexus)

Admitting it – The German government’s Climate Protection Report 2017 will confirm that the country is set to miss its 2020 national climate target by a wide margin. A draft, seen by the Clean Energy Wire, says that Germany will only reduce GHGs by 32% compared to 1990, instead of its 40% goal. The government will its measures were not enough to close the gap due to “the unexpected dynamic economic development and the unexpected significant population growth”. It is now working on a programme for 2030 target, based on Germany Climate Action Plan 2050, says the draft. The report is set to be decided by the cabinet on June 13.

And finally… Greenwash Cup – Football body FIFA has promised a “more sustainable” World Cup, which starts later this week in Russia. In its sustainability strategy, FIFA said it would continue its 2016 commitment to using the UNFCCC’s “Climate Neutral Now” portal to offset the World Cup’s emissions. Swiss-based developers South Pole Group estimated the event’s direct and indirect carbon footprint at 2.1 million tonnes of CO2, for which FIFA intends to offset with carbon credits “obtained from low-carbon projects in Russia and abroad”. But the move was condemned as “the highest level of greenwash” by campaigners, who said the offsets come from a flawed scheme and do not cover the full climate impact of the event. FIFA said it would offset 2.9 tonnes per ticket-holder up to a maximum 100,000 tonnes, which equates to around 34,500 fans. In contrast, several million fans are expected to make the trip to Russia over the next month. In addition, Climate Neutral Now gives consumers access to offsets from CDM projects, but with Fifa saying some of the facilities will be located in CDM-ineligible Russia, it perhaps suggests that some credits could come from JI projects, which were found by experts to be highly-problematic and widely lack environmental integrity. (Climate Home)

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