CP Daily: Friday August 9, 2019

Published 22:59 on August 9, 2019  /  Last updated at 23:04 on August 9, 2019  /  Newsletter  /  No Comments

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

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TOP STORY

RIN prices plunge as EPA reportedly grants 30 RFS compliance waivers

US biofuel credit (RIN) prices nearly halved on Friday afternoon as several news outlets reported the EPA will grant 30 of the 38 outstanding compliance waivers for the Renewable Fuel Standard (RFS), ending months of speculation about whether the Trump administration would change course on the controversial policy.

ASIA PACIFIC

Emitters paid fixed price for more than half of their 2018 NZ ETS surrender obligations

Participants in New Zealand’s emissions trading scheme paid the NZ$25 fixed price option instead of surrendering permits for over half the 32.8 million tonnes CO2e in compliance requirements for 2018, government data showed Friday.

South Korean firms sign major CDM deal in Bangladesh

Korea Midland Power and trading firm Ecoeye have signed a deal with subsidiaries of Bangadesh’s state-owned oil and gas firm PetroBangla to develop a CDM project that will generate some 1 million carbon credits annually for use in the South Korean emissions trading scheme.

Australia’s weekly offset issuance triples as landfill projects claim credits

Australia’s carbon credit issuance ballooned this week, with the Clean Energy Regulator handing out over 580,000 offsets and landfill projects claiming the vast majority.

Vietnam to introduce pilot carbon tax for power, cement production

Vietnam is planning to launch a two-year pilot carbon tax for thermal power generation and cement production across four provinces as it steps up market-based efforts to stymie its rapidly rising greenhouse gas emissions.

CN Markets: Pilot market data for week ending Aug. 9, 2019

Closing prices, ranges and volumes for China’s regional pilot carbon markets this week.

AMERICAS

Provincial offset protocol list for Canadian OBPS could be delayed till fall, sources say

The Canadian government may push back releasing a list of provincial offset protocols eligible under the federal ‘backstop’ output-based pricing system (OBPS) due to delays with several jurisdictions, sources told Carbon Pulse.

California’s PG&E outlines details on PPAs ahead of bankruptcy hearing

California utility Pacific Gas & Electric (PG&E) will account for all existing power purchase agreements (PPAs) in its reorganisation plan as it seeks to finalise a proposal by mid-2020, according to a pre-hearing filing.

EMEA

UK should set post-Brexit ETS cap in line with net zero goal -advisors

The UK should set the cap for its post-Brexit carbon market in line with its recently agreed net zero 2050 emissions target, the British government’s expert advisors have said in response to a consultation.

EU Market: EUAs sink towards €28 after weak auction to post 4% weekly loss

EUAs lost ground on Friday but carbon stayed within its recent technical limits after a weak auction dented sentiment.

IncubEx lures another emissions market expert away from rival ICE

Product and business development firm IncubEx has lured another emissions market expert away from rival ICE.

INTERNATIONAL

Glasgow selected as venue for UN climate talks in 2020

Next year’s UN climate summit will be held in Glasgow, the UK government announced on Friday, assuming the country wins in its bid to host the annual conference.

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SAVE THE DATE

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BITE-SIZED UPDATES FROM AROUND THE WORLD

Restless resolution – US Democratic National Committee (DNC) Chair Tom Perez has proposed a resolution to the climate crisis that some activists fear could be an attempt to undermine the push for a presidential primary debate devoted entirely to global warming. While the proposal contains nine points about the threat posed by climate change and the Trump administration’s denial of the science, the final clause praises Democratic contenders for having discussed the topic during this summer’s debates, as well as for networks CNN and MSNBCs’ upcoming televised forums on the issue. That, say activists, appears to provide cover to the DNC to reject a resolution calling for an official debate on the climate crisis. However, the DNC said that interpretation is wrong, and that plans to consider a resolution on a climate debate haven’t changed. (Huffington Post)

Kill fill – Former US Senate Majority Leader Harry Reid (D) believes climate change should be the priority agenda issue for Democrats and that the party should eliminate the filibuster to pass climate legislation if they win in 2020. The filibuster, which requires 60 votes to pass legislation in the Senate rather than a simple majority vote, has already been removed for judicial appointments, including the Supreme Court, and cabinet appointments. Reid was the leader of Congress’ upper chamber when Democrats unsuccessfully tried to pass the Waxman-Markey cap-and-trade bill during President Obama’s tenure. Although the bill passed the House, it did not make it to a floor vote in the Senate. (Climate Nexus)

Alberta webinar – Alberta’s environment ministry will host a webinar on Aug. 16 at 1045 Mountain Daylight Time (1645 GMT) to discuss and seek input on potential updates to verifier qualifications and verification requirements under the government’s proposed TIER programme next year. The United Conservative Party (UCP) administration is planning to overhaul their NDP predecessor’s Carbon Competitiveness Incentive Regulation (CCIR), a trading programme for large emitters, into TIER on Jan. 1, 2020, pending approval by the federal Liberal administration. Officials have previously signalled that the UCP will likely backtrack on dropping the programme’s compliance charge to C$20 next year from C$30 in 2019, and more details of the overhaul are expected this fall.

And finally… Sorry, can’t stick around – A Pennsylvania power plant that was at the center of President Trump’s effort to revive the coal industry will be closing 19 months ahead of schedule, Bloomberg reports. FirstEnergy Solutions plans to shutter the Bruce Mansfield power plant’s Unit 3 in November because of “a lack of economic viability,” according to a statement Friday. The company had earlier said it would close the site in June 2021. Units 1 and 2 were deactivated in February. Bruce Mansfield was the state’s biggest coal-fired power plant but struggled to compete against cheap shale gas. One of its biggest supporters was Robert E. Murray, CEO of Murray Energy and a major supplier for the complex. He lobbied the Trump administration for policies that would help the facility, and in 2017 the Energy Department proposed a plan to pay coal generators more for stockpiling fuel on-site. The Federal Energy Regulatory Commission rejected the idea in 2018.

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