CP Daily: Tuesday September 10, 2019

Published 23:23 on September 10, 2019  /  Last updated at 23:25 on September 10, 2019  /  Newsletter  /  No Comments

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

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TOP STORY

China, Russia blast “unfair” CORSIA, as EU’s resolve tested on aviation ETS

China and Russia have blasted the ICAO’s CORSIA aviation offsetting mechanism as unfairly burdening emerging economies, setting up a testing triennial Assembly of the UN aviation body that also threatens the EU’s inclusion of flights in its carbon market.

EMEA

EU Markets: EUAs soar nearly 8% on trifecta of bullish news

European carbon prices surged on Tuesday along with the wider energy complex on what traders said was a trifecta of bullish news.

Incoming Brussels chief tasks Netherlands’ Timmermans to deliver climate agenda

Incoming European Commission President Ursula von der Leyen has appointed Frans Timmermans as one of three deputies and tasked the former Dutch foreign minister to deliver on her “European Green Deal” while overseeing commissioners for agriculture, health, transport, energy, cohesion and reforms, and environment and oceans.

AMERICAS

Oregon lawmakers target ETS tweaks by Thanksgiving, working with Washington

Oregon Democrats intend to finalise revisions to their WCI-modelled ETS proposal for the 2020 legislative session by Thanksgiving (Nov. 28), while also engaging with Washington lawmakers who are hoping to enact their own cap-and-trade scheme.

PG&E bankruptcy proposal includes $18 billion for wildfire claims

California utility Pacific Gas & Electric (PG&E) plans to set aside nearly $18 billion to settle wildfire claims from residents and government entities as it seeks to exit bankruptcy by June 2020, according to a plan filed late Monday.

ASIA PACIFIC

SK Market: KAUs come off highs, but demand remains

South Korean carbon allowances fell back slightly on Tuesday after starting the week at record highs, but demand remains strong as the clock ticks towards the annual compliance deadline at the end of the month.

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SAVE THE DATE

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BITE-SIZED UPDATES FROM AROUND THE WORLD

Glasgow is a go – Turkey has withdrawn its bid to host the COP26 UN climate talks next year, officially handing the honour to the UK and Italy. “Today’s announcement means the UK is now officially backed by the group of countries responsible for nominating the 2020 host,” the government said, referring to Western European countries, who are due to host the summit under the UNFCCC’s five-year rotating system. The 2020 summit will take place in Glasgow from Nov. 9-20, with Italy hosting pre-COP talks ahead of that. Next year’s meetings are expected to provide a platform for countries to raise the ambition outlined in their NDCs, following this month’s New York City summit convened by UN Secretary General Antonio Guterres that is aimed at encouraging countries to start stepping forward with upgraded climate action strategies.

Adaptation boon – An investment of $1.8 trillion in climate adaptation in the decade to 2030 could return $7.1 trn in benefits, according to a report from the Global Commission on Adaptation, led by figures including Microsoft founder Bill Gates, World Bank chief Kristalina Georgieva and former UN chief Ban Ki-moon. Areas where investment is needed most urgently are: early warning systems, climate-resilient infrastructure and water resources, dryland agriculture and mangrove protection. (Reuters)

Slow down – Imposing speeding tickets and charging shipowners a premium on hydrocarbons have been described as realistic and acceptable measures to cut the maritime sector’s GHG emissions, according to experts speaking during London International Shipping Week. A global agreement to reduce shipping’s annual GHGs by at least 50% by 2050, combined with unilateral commitments by some states to achieve net zero emissions, have put pressure on the industry to conjure up ideas on how to achieve these goals. While most agree that alternative fuels and propulsion technologies will be necessary, putting a direct price on carbon emissions to dissuade from consuming fossil fuels is also an option. John Michael Radziwill, chief executive of dry bulk owner Goodbulk and vessel manager C Transport Maritime, said he would have no problem with paying a premium for using hydrocarbons. He was supported by Rasmus Bach Nielsen, global head of wet freight at Trafigura, with both also advocating the introduction of speed limits to immediately curb emissions. The idea has received criticism on several accounts, but a crucial one is enforcement. (Lloyd’s List)

Bye, Bye Gas – Connecticut Department of Energy and Environmental Protection (DEEP) Commissioner Katie Dykes told Utility Dive that the state’s 100% carbon-free electricity goal by 2040 could help align generation resources with emission reduction goals. Governor Ned Lamont (D) signed an executive order on Sep. 5 that directs the DEEP to analyze how to get the state’s electric grid to 100% carbon-free by 2040. Dykes said a mismatch of carbon-emitting generation for New England ISO (ISO-NE) needs and zero-emitting sources in the state could create overlapping resources. The analysis, she said, could address that issue. The state intends to study how battery storage and demand response could lower carbon emissions from the power sector. (Utility Dive)

Bamboonomics – India is currently hosting a COP for the UN Convention to Combat desertification, and it plans to present a plan there for how it can earn carbon credits and help restore the fertility of degraded land through bamboo planting, the Times of India reports. The government will over the next couple of months launch some 100 centres across three states in northeastern India that will grow bamboo. The fast-growing plant stores more carbon than most trees, and can also be used in a wide range of products, a government official said, hoping the strategy can help make a living for some of the nation’s tribal communities.

And finally… Having you for dinner – A Swedish scientist speaking at a Stockholm summit last week offered an unusual possible tactic in combating global climate change: eating human flesh. Stockholm School of Economics professor and researcher Magnus Soderlund reportedly said he believes eating human meat, derived from dead bodies, might be able to help save the human race if only a world society were to “awaken the idea.” Conservative taboos against cannibalism can change over time if people simply tried it, he said, adding that it could be the solution to future food sustainability if humans are unable to live sustainably. When asked during an interview after his talk if he personally would try human flesh, Soderlund said he was open to the idea. (Fox News)

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