CP Daily: Tuesday March 19, 2019

Published 22:21 on March 19, 2019  /  Last updated at 22:21 on March 19, 2019  /  Newsletter  /  No Comments

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

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TOP STORY

Australia’s offset market oversupplied despite rising voluntary demand

Voluntary demand for carbon credits has increased to dwarf buying interest from Safeguard Mechanism companies, but Australia’s offset market is still oversupplied by some 730,000 credits in FY2018-19, the Clean Energy Regulator said Tuesday while setting its next ERF auction date.

AMERICAS

Alberta carbon tax fate hanging in the balance as election called for Apr. 16

Alberta Premier Rachel Notley announced on Tuesday that voters will head to the polls next month for the provincial election that could have major ramifications for the future of the Canadian jurisdiction’s carbon levy and pricing system for large emitters.

California’s ARB to discuss possible cost containment amendments for LCFS next month

California regulator ARB will hold a public hearing on Apr. 5 to consider possible amendments to the cost containment provisions of the state’s Low Carbon Fuel Standard (LCFS), with the aim of keeping prices below the yearly Credit Clearance Market rate.

ASIA PACIFIC

Exchange EEX maintains interest in China ETS despite delay

Exchange EEX maintains plans to get involved in China’s national emissions trading scheme, it announced Tuesday, despite delays in the launch of the cap-and-trade programme that has forced a number of domestic market participants to look elsewhere for opportunities.

EMEA

EU Market: EUAs slip further on weak energy, unclear Brexit path

EUAs lost further ground on Tuesday, extending their March low amid a bearish energy complex and continued Brexit uncertainty.

REPORT

ICAP Status Report 2019: Emissions Trading Worldwide

Carbon Pulse partner ICAP has published its annual Status Report “Emissions Trading Worldwide”. The 2019 edition provides a comprehensive overview of the latest developments and design elements of all ETS in operation, scheduled and under consideration around the world.

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BITE-SIZED UPDATES FROM AROUND THE WORLD

Yeah, no, maybe, probably not – Australia’s shadow climate minister, Labor’s Mark Butler, on Tuesday told a forum that he personally was not keen on using carry-over credits from the Kyoto period to help meet the country’s Paris obligations. That’s according to a Guardian story citing a person who attended the forum. The ruling Coalition wants to use as many as 367 mln surplus credits to meet Paris, while Labor so far has refused to confirm one way or another what it would do with those credits if it wins the upcoming May election. Butler’s statement Tuesday is seen as an indication that it will pass on using them for Paris, a move that would have been risky for Labor both at home and abroad.

Africa unlocks – Article 6 of the Paris Agreement could power sustainable development in Africa by more closely linking carbon markets to sustainable development. This is just the kind of bold, collaborative thinking that is required to unlock this vast potential, according to Mandy Rambharos, who works for South African utility Eskom and is a climate negotiator for South Africa. She writes in the first of a series of one-off articles for carbon market trade association IETA, which is switching from its previous quarterly publications. (IETA)

Budget breakdown – Canadian Finance Minister Bill Morneau released the country’s 2019 budget on Tuesday, which coincided with proposed refinements to the federal carbon pricing system. Ottawa proposed expanded relief from the C$20 carbon levy on fuels for electricity generation in remote communities; a rebate for exports of fuel under certain conditions; integration of the Saskatchewan output-based performance standards system with the federal fuel charge; and expanded relief of the fuel charge for farmers for gasoline and light fuel oil delivered at cardlock facilities. Comments on the refinements are due by Apr. 19. Within the budget itself, the federal government proposed C$3 million for Fiscal Year 2019-2020 and C$15 million through FY 2023-2024 to develop the information technology infrastructure and tracking systems for a national carbon offset system under the Output Based Pricing System (OBPS) for large emitters. The budget also included incentives for consumers to buy zero-emissions vehicles (ZEVs), capped at vehicles worth less than C$45,000, as well as offering tax breaks for companies that buy electric vehicles for their fleets.

Under the umbrella – A year-old coalition of large US oil and power companies working to promote carbon capture and storage (CCS) is now under the umbrella of the powerful lobbying group National Association of Manufacturers, Axios has learned. The new affiliation of the Energy Advance Center (EAC), which includes companies such as ExxonMobil, Chevron, Southern Company, and Mitsubishi Heavy Industries America, comes after the EAC brought on a former Mitsubishi  government affairs official in Christopher Romans as its executive director earlier this year. The National Association of Manufacturers fought against Obama-era emissions regulations, such as the Clean Power Plan, though it has supported the ratification of the Kigali Amendment to phase out HFCs.

And finally… Parting like it’s 1999 – Hot weather records in cities across the US over the past 20 years have been broken twice as much as cold weather records, the AP reports. An analysis of 424 weather stations conducted by the news agency found that 87% of the stations had seen more hot records than cold ones since 1999, with 42 of the weather stations having broken at least five hot records for every cold one since the turn of the century. In contrast, the 1960 and 1970s only had about 1.5 hot records for every cold one. (Climate Nexus)

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