CP Daily: Wednesday October 23, 2019

Published 02:58 on October 24, 2019  /  Last updated at 14:47 on October 25, 2019  /  Newsletter  /  No Comments

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

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TOP STORY

Trump administration sues California, WCI over Quebec cap-and-trade linkage

The US Justice Department (DOJ) on Wednesday filed a lawsuit against California’s cap-and-trade programme linkage to the Canadian province of Quebec, claiming the WCI market link is unconstitutional because the state overstepped its authority.

ASIA PACIFIC

New Zealand drops plan to bring agriculture into the ETS

The New Zealand government has backed down on plans to bring agriculture into its emissions trading scheme, agreeing instead to work with the sector to develop a separate carbon pricing mechanism for farmers by 2025.

South Korea approves post-2020 CO2 reduction rate for ETS companies

South Korea’s cabinet has approved a climate action plan that will see the CO2 cap in the emissions trading scheme drop at a progressively faster rate over the next decade.

Australian offset panel weighs crediting mechanism for Safeguard facilities

A government-appointed panel examining ways to increase Australia’s supply of carbon credits has listed the possibility of awarding offsets to facilities in the Safeguard Mechanism that outperform their benchmarks as a potential option.

EMEA

EU Market: EUAs slide below €25 as Brexit doubts weigh heavily

EUAs slipped below €25 on Wednesday as the Brexit process appeared to be heading for yet another extension that keeps UK emitters’ ETS participation in doubt.

AMERICAS

California offset issuances hit 1.5-year low ahead of interim compliance deadline

California regulator ARB granted under 89,000 offsets (CCOs) this week, marking its lowest weekly issuance since spring 2018, according to data released Wednesday.

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BITE-SIZED UPDATES FROM AROUND THE WORLD

Missing fund – Czechia, Hungary, and Poland want more money before committing to the EU’s net zero 2050 emission goal and think a €5-billion Just Transition Fund is in prime place to deliver that cash. But explicit mention of the fund disappeared from the final conclusions of last week’s European Council meeting, as some nations such as Portugal and Spain fear that the cash pot would become too energy-based and therefore exclude their ability to tap it. (EurActiv)

Prepping for another environmental market – The government in China’s Henan province has issued a notice to its 107 biggest energy users to prepare for the launch of its pilot energy consumption credit scheme. That comes after Sichuan launched its programme last month. Those two, along with Fujian and Zhejiang, have been picked to pilot such markets, which may go nationwide eventually if the test schemes are successful. The Henan companies, which include major energy producers, chemical firms, and industrials, will receive all their permits for free in the initial stage unless they exceed their individual caps.

What could go wrong? – Australia is eyeing South East Asia as a promising growth market for its coal export industry, but expecting a coal boom in the region is ‘delusional’, energy market experts told the Guardian, saying it’s more likely to be a fizz than a boom as planned new coal-fired capacity in the region is being cancelled.

Maritime measures – Shipping companies are exploring many ways to reduce their carbon footprint as investor and activist pressure increases, from higher-quality paint to state-of-the-art propellers. While questions loom over whether shipping can meet its 2050 emission target to halve emissions without an overhaul of the types of cleaner fuel available and infrastructure, firms are making individual efforts to change in a shake-up seen costing billions. (Reuters)

Macron in motion – On the international stage, Emmanuel Macron likes to wear the mantle of climate hero. However, on France’s streets the same protesters he has lauded to the UN are being subjected to increasingly violent policing and aggressive pursuit through the courts – all under his watch. (Climate Home)

And finally… Back to the future – Progress is fairly slow on getting the international shipping industry, but some companies are taking it upon themselves to equip ships with sails to carry goods like coffee, wines, and other cargo, while avoiding using carbon-heavy bunker fuels – just like in the old days, writes the Guardian.

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