CP Daily: Tuesday August 7, 2018

Published 23:08 on August 7, 2018  /  Last updated at 23:08 on August 7, 2018  /  Newsletter  /  No Comments

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

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TOP STORY

Ontario opposition lawmakers hit back at bill to repeal cap-and-trade, GHG targets

The Ontario government’s proposed legislation to rescind the law underlying the province’s ETS and GHG reduction targets could have serious legal, economic, and environmental ramifications, lawmakers from the opposition NDP party said on Tuesday.

AMERICAS

California unveils plan to amend vehicle emission regulations amid federal rollback

California state regulator ARB issued a proposal on Tuesday designed to prevent potential Trump administration rollbacks in federal vehicle efficiency standards from negatively impacting the state’s climate goals.

EMEA

Hedging rates continue to lag at Uniper, CEZ

EU utilities Uniper and CEZ remain behind their historical power hedging rates, their respective quarterly financial results showed on Tuesday, a potentially bullish indicator for EUAs as the companies may need to up their carbon buying over the rest of the year.

EU Market: EUAs dip below €17.50 after weaker auction

European carbon prices slipped below €17.50 on Tuesday as a weaker auction raised doubts that recent bullish momentum would sustain a renewed push towards a new seven-year high above €18.

ASIA PACIFIC

Businesses pile pressure on Australian states to fall in line on NEG

More than 20 businesses and industry groups on Tuesday called on Australian state governments to back the National Energy Guarantee (NEG) at Friday’s crucial meeting, urging the administrations to treat the issue of the scheme’s emissions target separately.

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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

Coal before COP – Polish mining and industrial unions are hosting a government-backed conference in Katowice this week – the same city to host the UN climate summit in December – to mount a defence of coal workers against the impacts of climate policies. According to an advance statement signed by three workers’ associations, the groups proposed to exempt the most efficient plants in each industry from carbon pricing, along with invoking national sovereignty and fairness arguments to shift debate in industry’s favour. COP 24 president and government minister Michal Kurtyka is expected to attend, along with other unconfirmed government representatives. (Climate Home)

Water works – Hydropower dams are “at the heart of debates about energy and the environment”, with more than 3,500 hydropower dams being planned or built around the world and potentially doubling by 2030 as countries hunt for clean energy. Brazil leads the way in terms of the number of new dams, although China is still expected to produce the most electricity using hydropower. But critics point to the inherent dangers of building too many dams, too fast and without sufficient consideration for the consequences, the story adds. “A 2012 survey found that more than 70% of people who had been resettled said they had become impoverished.” (BBC)

Must be the money – After Washington’s Secretary of State Kim Wyman announced last week that the US state’s carbon tax initiative had officially qualified for the November ballot, campaign contributions either supporting or opposing the measure are expected to ramp up. However, already over $4.5 million has been raised by these groups with the state’s election still three months away. According to State Public Disclosure Commission records, backers have brought in more than $2.7 million as of Monday, including a $525,000 contribution from green group The Nature Conservancy. On the other side, opponents have logged $1.7 million in anti-carbon tax funds, with the bulk ($1.66 mln) coming from refiner Andeavor, which operates a refinery in the coastal town of Anacortes. (The Seattle Times)

Air dud – The New York Department of Environmental Conservation (DEC) denied Competitive Power Ventures (CPV) Valley Energy Center’s air permit application for its 680 MW combined-cycle natural gas facility. The project, which has been partially working since mid-July, is expected to be the primary generator in the region once Entergy’s Indian Point nuclear plant is taken offline in 2021. However, the DEC ruled that the $900 million facility needed a Title V Clean Air Act permit prior to operating the facility in order for regulators to approve an air state facility permit renewal. (Utility Dive)

Soiled sequestration – The amount of methane absorbed in forest soils in the northern hemisphere has fallen by an average of 77% over the past 27 years, possibly diminishing the available global methane budget to keep climate change within “safe” levels. According to the lead author of the study, published in the Proceedings of the National Academy of Scientists, the world is currently “overestimating the role that forest soils play in trapping gas”. As enhanced rainfall drives increases in soil moisture, bacteria that break down and store methane are less able to function, meaning that more methane will accumulate in the atmosphere. (Carbon Brief)

And finally… Hothouse Earth – We could soon cross a threshold leading to boiling hot temperatures and towering seas in the centuries to come even if countries succeed in limiting temperature rise to 2C, according to an international team of climate researchers writing in the journal Proceedings of the National Academy of Sciences. They say the warming expected in the next few decades could turn some of the Earth’s natural forces – that currently protect us by soaking up emissions – into our enemies as permafrosts melt and rainforests die back. (The Guardian)

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