CP Daily: Wednesday October 21, 2015

Published 01:16 on October 22, 2015  /  Last updated at 01:23 on October 22, 2015  /  Newsletter  /  No Comments

A daily summary of our news plus bite-sized updates from around the world.
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California regulators back REDD offsets in cap-and-trade scheme from 2018

California emitters may use offsets from REDD projects in countries like Brazil and Mexico to comply with the state’s cap-and-trade scheme from 2018 if a new proposal from the Air Resources Board (ARB) is approved.

Concerns raised over sustainability of California’s carbon market revenues

Concerns over the sustainability of California’s cap-and-trade revenues have been raised by at least one major company vying to build trains for the state’s proposed 800-mile high-speed rail network.

South Africa to publish new carbon tax bill, may again delay -finance minister

South Africa is due to publish by next week a draft carbon tax bill, Finance Minister Nhlanhla Nene said on Wednesday, adding that the government could opt to delay its planned 2016 introduction.

Italy gives 16 mln free EUAs to industry awaiting 2014, 2015 allocations

Italy this month issued more than 16 million free EUAs to more than 70 installations that had been waiting to receive allowances for 2014 and/or 2015.

EU Market: EUAs touch new 3-yr high in early trade

EU carbon extended last week’s three-year high early on Wednesday, stretching the mark by 3 cents to reach €8.54 on one of the few days on the 2015 calendar not to have any fresh supply from government auctions.

INDCs to slow energy sector emission growth to crawl by 2030 -IEA

If INDC pledges are met, global energy-related emissions will all but halt by 2030, the International Energy Agency said Wednesday.

Iran says can do four times more to cut emissions if sanctions lifted

Iran can cut as much as four times more carbon emissions if the economic sanctions against it are lifted, its chief negotiator to UN climate talks told Bloomberg.

Indonesia lacks credibility in climate plan -analysts

Indonesia’s INDC lacks both credibility and transparency and is an inadequate contribution to the world’s effort to keep global warming below 2C, analysts Climate Action Tracker said Wednesday.

China announces £billions in UK low-carbon investments

China announced a number of new low-carbon investments in Britain valued at upwards of £10 billion during Chinese President Xi Jinping’s state visit this week.

GEF approves $795 mln project to protect 80% of Amazon, fight climate change

The Global Environment Facility (GEF) has approved a $795 million project to help protect over 80% of the Amazon and boost efforts to combat climate change.

 

Bite-sized updates from around the world

Paris climate deal unlikely to need Senate approval, says US envoy – Todd Stern tells Capitol Hill committee new UN climate deal will be crafted under existing treaties, bypassing requirements for lawmaker approval. (RTCC)

Up to 11% of US nuclear power plants are at risk of early retirement, potentially putting at risk the Clean Power Plant’s emissions reduction goals. UBS, Moody’s and Fitch collectively identified a dozen units they considered “at risk” of early retirement largely due to their inability to compete in power markets. (Utility Dive)

The EU’s ‘legal loophole’ classifying biomass as emissions neutral means it is turning a blind eye to tens of millions of tonnes of CO2 emissions each year as member states spend hundreds of millions of euros to incentivise power plants to burn more wood, Climate Central argues in a multi-part investigation.

Nigeria, one of the last large emitting nations to have not yet submitted its INDC to the UN, is expected to do so this week or next at the latest, a government source told Carbon Pulse.

Norway has renewed its long-term partnership with South Africa on CCS research and has made available about $1.2 million to the World Bank’s Carbon Capture and Storage Capacity Building Trust, which will partly assist in funding a pilot project in the emerging economy. (BDlive)

Organisers of the Rio 2016 Olympic Games set a target to offset the 3.6 million tonnes of GHGs they expect the event to generate, using a local public and private projects. It will partner with Dow Chemical to offset 2 million via fuel switching at the firm’s Brazilian power plants and new product development at its food processing businesses. The Rio government will also restore degraded forest areas. (Reuters)

The Australian government’s offer to host a Bjorn Lomborg climate consensus centre has been withdrawn under new PM Malcolm Turnbull, AAP reported.

And finally… “When Harper first became prime minister, people at climate negotiations would ask ‘what happened to Canada?’, as if you were at a high school reunion and you found out that the valedictorian had just been busted on child pornography and crystal meth,” Green Party leader and former Sierra Club of Canada executive director Elizabeth May said. Read more from Bloomberg on how Trudeau will reset Canada’s ‘crystal meth’ approach to climate change.

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