CP Daily: Wednesday August 7, 2019

Published 22:55 on August 7, 2019  /  Last updated at 22:55 on August 7, 2019  /  Newsletter  /  No Comments

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

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TOP STORY

Former Deutsche Bank London carbon trader charged in German tax fraud probe

A former London-based Deutsche Bank carbon trader has been charged by German authorities for his suspected role in using the EU ETS to commit tax fraud.

AMERICAS

Alberta carbon tax lawsuit honing in on national concern argument

Alberta’s lawsuit against the federal ‘backstop’ CO2 tax will focus more closely on the national concern branch of the Canadian constitution than previous Conservative-led legal challenges, while also arguing that strategies other than a minimum carbon pricing standard can drive GHG reductions.

EMEA

EU Market: EUAs climb back from one-week low as daily auctions paused

Sellers kept EU carbon prices near their recent lows on Wednesday, despite the supply dearth created by a one-day auction pause amid a month of halved sale quantities.

ICYM

Fourteen offset programmes apply for ICAO’s CORSIA aviation mechanism

UN aviation body ICAO’s expert panel will consider 14 emissions unit programme applications for the global offsetting mechanism CORSIA, with the submissions ranging from Kyoto era offset programmes and REDD initiatives to jurisdictional schemes in China, the Middle East, and Poland.

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SAVE THE DATE

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BITE-SIZED UPDATES FROM AROUND THE WORLD

Out of coal – Australia’s Commonwealth Bank (CBA) has become the latest to pledge an exit from coal, promising to stop funding new coal projects in 2030 on the condition that Australia has a secure energy platform at that stage, ABC reports. The bank also said it would only fund new oil, gas, and metallurgical projects if they are deemed environmentally sustainable and in line with the temperature goals of the Paris Agreement.

Coal crimp – India’s coal ministry is preparing a plan to cut imports by at least a third over the next five years, counting on an increase in domestic production and a jump in renewable output, Bloomberg reports from anonymous sources. Coal imports are expected to fall below 150 mln tonnes by the year ending March 2024, down from 235 Mt in the last fiscal year. State miner Coal India will aim to raise its annual output to 880 Mt by 2024 while a record addition of green power capacity is also seen weighing on demand. (Bloomberg)

Fiji plans – Fiji’s climate minister Aiyaz Sayed-Khaiyum has announced an upcoming climate change act for the tiny South Pacific island that will include a framework to reduce its emissions to net-zero by 2050, the introduction of a carbon credit scheme and the establishment of procedures for the relocation of communities at risk. (The Guardian)

Farmland funds – US Senator and Democratic presidential candidate Elizabeth Warren outlined a new policy proposal on Wednesday that would pay farmers to fight climate change. Through her plan, Warren would expand the Department of Agriculture’s Conservation Stewardship Program to $15 bln annually from $1bln currently and increase the number of sustainable practices accepted under the programme. Other climate-related focuses of her plan include committing $400 bln toward research and development of green manufacturing, which would invest in innovations for decarbonising agriculture practices. (The Hill)

In the works – California’s Climate Action Reserve is planning to develop a standardised offset project protocol for N2O at adipic acid production facilities. The production of adipic acid (a raw material used in the production of nylon, as well as other polymers) produces significant volumes of N2O, a highly potent GHG with 298 times the global warming potential of CO2. The CDM’s N2o adipic acid methodology came under scrutiny earlier this decade after it was found to be incentivising the production of the gas, which led the EU to ban the use of those types of offsets from its carbon market. CAR’s development process will be initiated with a public kick-off meeting and a call for applications for the stakeholder working group. A forthcoming announcement will include the dates and details for these activities.

Fire fault – Russian prosecutors said that some of the Siberian wildfires over an area larger than Belgium, which environmentalists have dubbed a climate emergency, were started on purpose by arsonists trying to conceal illegal logging activity. The Emergencies Ministry said that the fires, which have prompted states of emergency to be declared in some regions, had been reduced by a quarter. Greenpeace, however, said the fires had not diminished in size and were releasing nearly as much CO2 into the air as emitted by 36 million cars in a year. (Reuters)

A promotion – British MP Kwasi Kwarteng has had the responsibility for “Clean Growth” added to his ministerial title. Kwarteng was last month named as Minister of State at BEIS in charge of energy, but it was initially unclear whether someone had been appointed by new PM Boris Johnson to specifically handle the ‘clean growth’ file that had been previously overseen by Claire Perry. Perry stepped down from the job to focus her attention on a role she’s less likely to lose following a post-election change in government: President of the COP26 climate talks that will probably be hosted by the UK next year.

And finally… Not the wurst idea – German lawmakers have proposed raising the VAT tax on meat from the discounted 7% to the standard 19% to help protect the climate and improve animal welfare, spurring a debate in a country renowned for its love of sausages. (Reuters)

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