CP Daily: Thursday October 15, 2015

Published 22:54 on October 15, 2015  /  Last updated at 22:54 on October 15, 2015  /  Newsletter  /  No Comments

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

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Single largest California carbon offset issuance boosts existing supply by 20%

California’s carbon market regulators issued 4.86 million offsets in the past fortnight, the most ever handed out over a two-week period and increasing existing supply by 20%, according to data published Wednesday by the Air Resources Board.

First Quebec carbon offsets bought in C$2 million deal

The first offsets issued under Quebec’s emissions trading scheme have been bought by natural gas distributor Gaz Métro, it announced on Thursday.

Industry, green groups release Ontario carbon market wishlist

Ontario’s new emission trading scheme should start by 2017, cover a minimum 85% of the economy, and feature a price corridor and purchase limits for allowances, as well as a very low level of free allocations for industry that declines annually.

MiFID II could still hit EU ETS compliance firms -industry groups

MiFID II rules impose “inappropriate” regulations on EU ETS compliance companies that risk hampering market liquidity, business groups said Thursday, urging EU institutions to request changes.

EU Parliament pushes member states to ringfence EUAs for climate finance

The full EU Parliament on Wednesday voted to urge member states to ringfence some of the revenue to be raised from auctioning post-2020 EUAs for foreign climate aid, piling further pressure on finance ministers to stump up money for poorer nations.

EU ministers sent questions in bid to advance talks on ETS reforms

EU environment ministers have been sent three questions on post-2020 ETS reforms by Luxembourg, current holders of the bloc’s presidency, in order to advance discussions on the bill.

Australia reapproves gigantic Adani coal mine, Indian CO2 emissions to soar

Environment Minister Greg Hunt on Thursday reapproved the construction of Adani’s Carmichael coal mine in Queensland, Australia’s biggest ever which will see around 60 million tonnes of coal exported to India annually.

North Dakota simultaneously preparing CPP lawsuit, compliance plan

North Dakota will file a lawsuit against the EPA’s Clean Power Plan while simultaneously making preparations to comply with the rules, the state’s attorney general said this week.

EU Market: EUAs extend 3-yr high after strong auction

European carbon prices hit a fresh three-year high early on Thursday, but ended flat despite an EU auction that cleared well above market and sent a bullish signal to the market.

Thomson Reuters hires ex-EDF, BNEF carbon analyst for Americas

Thomson Reuters has hired a former EDF Trading and BNEF analyst to cover North American carbon markets.

 

Bite-sized updates from around the world

While more than a dozen states and a host of coal companies are lining up to challenge President Obama’s Clean Power Plan, utilities are generally accepting the mandates because most were already on a path to a cleaner energy future, and the new rules simply add regulatory certainty to market forces already driving change. (Utility Dive)

Calling for action on climate change is as trendy as it gets for corporations these days, but the latest businesses to declare support for a global deal on greenhouse gases may turn some heads. The 14 companies that issued a joint statement Wednesday endorsing international negotiations include leaders from some of the world’s most carbon-intensive industries. (Bloomberg)

And finally… While OECD countries are procrastinating, major emerging countries like China and India are moving forward in limiting support to coal. That’s according to a joint report published by a number of green groups.

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