CP Daily: Thursday October 8, 2015

Published 18:07 on October 8, 2015  /  Last updated at 18:21 on October 8, 2015  /  Newsletter  /  No Comments

A daily summary of our news plus bite-sized updates from around the world.
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Experts urge G20 to co-ordinate carbon pricing to quell competitiveness fears

The Group of 20 major economies should cooperate to expand and strengthen their carbon pricing policies to overcome competitive concerns, starting at next month’s summit in Turkey, according to the New Climate Economy, an international group of experts and academics.

Flurry of KAU trades below OTC offset price raises eyebrows in Korea ETS

South Korea’s emissions market finally came to life on Thursday with 168,000 allowances changing hands, but prices remained around 10% below OTC offset levels, leaving some market participants puzzled.

Australia adopts controversial climate safeguard rules

Australia on Thursday adopted the final version of its safeguard mechanism, aimed at controlling greenhouse gas emissions from the nation’s 140 biggest emitters, with the rules largely unchanged from previous versions despite expert claims that the weak mechanism will pave the way for ballooning emissions.

ETS proponent axed in Japan Cabinet reshuffle

Prime Minister Shinzo Abe on Wednesday appointed former TV broadcaster Tamayo Marukawa as Japan’s new environment minister, sacking former minister Yoshio Mochizuki only a week after he said Japan might consider setting up an emissions trading scheme.

EU fertilizer lobby urges splitting of ETS benchmarks

The EU’s fertiliser industry has urged lawmakers to apply different tests in the way they calculate benchmarks used for determining the amount of free EUAs to give to industry to reflect different parts of the industrial process.

EUAs barely budge despite strongest auction coverage for two weeks

EU carbon prices were little changed amid thin, calm trade on Thursday despite a government auction that attracted the highest bid coverage for two weeks.

Noble hires new head of European gas, power and carbon

Commodity dealer Noble Group has hired a new head of European gas, power and carbon.

 

Bite-sized updates from around the world

IMF chief Christine Lagarde favours carbon taxes over markets. She said the potential revenue from such taxes would make it easier for developed countries also to honour their climate finance commitments for poorer countries. (AFP)

The forest fires raging in Indonesia are on track to emit more carbon emissions than the UK’s annual output, according to Greenpeace, and are forcing tough questions over how the government intends to deal with the situation. (Guardian)

The coal industry, viewed as a key contributor to global warming, is seeking a once-improbable collaborator: The Green Climate Fund set up under United Nations climate negotiations. Bloomberg reports.

Bosnia-Herzegovina submitted its INDC. It expects 2030 BAU emissions to be 20% higher than 1990 levels of 26.6 million tonnes of CO2e. It pledged to cut 2% off that unconditionally (+18% on 1990 levels), increasing to a 23% cut from BAU with international support.  “Provided that Bosnia is granted access to international development/financial mechanisms and that the relevant institutions are willing to absorb and cost-effectively use international mechanisms for the above mitigation activities, it will be possible.”

RGGI’s regulators will hold their first stakeholder meeting over the market’s 2016 Program Review on Nov. 17 in New York City. The participating states will also use the regional meetings as an opportunity to receive comments on potential compliance with the EPA’s Clean Power Plan.

US utility NRG Energy has announced that while it will complete the construction of the Petra Nova CCS project in Texas it will not invest in further projects. The $1 billion Petra Nova project, to be commissioned in 2016, aims to capture 90% of the CO2 from the existing 240 MW Parish coal plant and sell it for use in enhanced oil recovery projects nearby. NRG CEO David Crane acknowledges that CCS for EOR was attractive when oil was $75-100 a barrel, but with oil selling for $45 it is no longer viable. (Houston Chronicle, H/T CoalWire)

And finally… The Energy Collective has published a good synopsis looking at US states that are getting ready to develop Clean Power Plan compliance strategies, whether they like the scheme or not.

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