CP Daily: Monday October 12, 2015

Published 21:55 on October 12, 2015  /  Last updated at 21:55 on October 12, 2015  /  Newsletter  /  No Comments

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

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China boosts offset project portfolio by 31%

China on Monday published a list of 55 new projects that have been approved to generate offsets for the domestic carbon market, increasing the total by 31%, with the majority being new initiatives that are eligible in most of the pilot markets and are likely to generate CCERs for the national ETS.

ANALYSIS: Cheap coal trumps climate to elevate risk of high-carbon lock-in

Low prices and reliability are trumping climate concerns as emerging economies keep fossil fuels at the forefront of plans to feed massive growth in energy demand, while campaigners are forced to look beyond weak UN negotiations in an effort to stop them.

EU Market: Permit prices retreat after testing 2015 high on spec-driven buying

European carbon prices tested their 2015 high in speculator-driven trade on Monday, but closed in the red after the buying momentum ran out of steam.

Global decarb rate doubles in 2014, still short of 2C requirements -consultants

Carbon intensity among the Group of 20 major economies declined in 2014 at its steepest rate since 2000, an early sign that the world is beginning to decouple GDP from emissions, an analysis by consultancy PwC found.

Canadian election frontrunners coy on emissions cuts

The leader of Canada’s Liberals, which recent polls show have built a comfortable lead over the ruling Conservatives ahead of the Oct. 19 federal election, won’t commit to deepening the country’s emissions reduction targets despite slamming the environmental record of current PM Stephen Harper.

Bolivia INDC calls for global carbon budget, destruction of capitalism

Bolivia became the 151st party to submit its INDC on Sunday, calling for a global carbon budget skewed towards poorer nations and continuing its opposition to the use of carbon markets.

BP hires ex-BNEF emissions analyst

Oil major BP has hired an emissions analyst formerly with Bloomberg New Energy Finance (BNEF) in London.

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Job listings this week:

European Parliament climate campaigner, Sandbag – Brussels
Press Officer, Carbon Market Watch – Brussels
Senior Forestry Specialist, World Bank – Washington DC
Senior Manager, Air Quality & Climate Change (Principal Mgr, Environmental Affairs & Compliance), Southern California Edison – Rosemead, California

Or click here to see all our job adverts

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Bite-sized updates from around the world

The world’s top development banks pledged Friday to boost their climate funding. The World Bank will mean boosting financing by a third, potentially making $29 billion a year in additional funding available by 2020. Pledging to essentially double their lending were the smaller Asian, European, African and European multilateral development banks, French finance officials said. The African Development Bank said it would triple its climate financing to nearly $5 billion a year by 2020. (AP)

For all their efforts to get 200 governments to commit to the toughest possible cuts in greenhouse gas emissions, climate negotiators have all but given up on creating a way to penalize those who fall short. Reuters explains the bottom-up process of the Paris climate pact.

“There is an unavoidable need to price the carbon emissions,” new IPCC chief Lee Hoe-sung said Monday. “The pricing methods vary and it must be chosen based on each country’s conditions. But one thing is sure that they need to pay as much as they release greenhouse gases.” (Korea Herald)

Heads of 11 companies that generate a third of the world’s electricity urged governments to agree clear, long-term policies to underpin a shift to lower-carbon energy as part of the Paris agreement. The Global Sustainable Electricity Partnership also issued a report about how new technologies can both raise electricity supplies and limit greenhouse gases. (Reuters)

INDCs are too entrenched in self interest instead of being focussed on a common goal and the science of cooperation is being ignored, argue academics from prominent universities in the US, UK and Germany in a paper published in the journal Nature. Instead, they say, the UN climate negotiations should focus on a common commitment on the global price of carbon, though admit that the idea is likely to have much influence just weeks away from the crunch Paris summit. (BBC)

And finally… Greenpeace has been invited to submit a formal expression of interest for Swedish-owned Vattenfall’s German lignite operations before Oct. 20. German news outlet Die Welt also notes that two Czech companies are bidding. (H/T Clean Energy Wire)

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