Presenting CP Daily, Carbon Pulse’s free newsletter. It’s a daily summary of our news plus bite-sized updates from around the world. Subscribe here
TOP STORY
ANALYSIS: Voluntary offset market targeted as digital firms deepen climate offerings
The voluntary carbon market could be ripe for consolidation as demand to fulfill corporate climate strategies gathers pace and digital services grow in sophistication.
ASIA PACIFIC
Intermediaries get busy in Australia’s carbon offset market
Intermediaries have gone from playing practically no part in Australia’s carbon offset market to holding some 13% of domestic credits currently sitting in the national registry, according to data released by the Clean Energy Regulator, a trend that coincides with a boom in voluntary market demand.
China’s environment ministry opposes carbon futures market -reports
China’s environment ministry is opposing an initiative to list carbon contracts on a futures exchange in Guangdong province, preferring instead to focus on developing the nation’s spot emissions market, according to local news reports.
AMERICAS
NA Markets: California allowances climb toward 2021 floor, RGGI prices drop before Q3 sale
California Carbon Allowance (CCA) prices rose toward the expected 2021 floor price this week amid increased buying as RGGI Allowance (RGA) dipped before the Northeast ETS’ Q3 auction.
US lawmaker plans tradable output-based standard for power generation
A US Democratic lawmaker is planning to introduce federal legislation that would set out a performance standard for electric and thermal power plants, with some backers believing the proposal could dovetail with federal carbon pricing efforts.
EMEA
EU Market: EUAs rise in auction-free session amid US equity sell-off
EUAs briefly jumped above €29 on Thursday in what started out as quiet, auction-free session, with carbon holding onto most of its gains and bucking weaker US equity markets.
———————————
BITE-SIZED UPDATES FROM AROUND THE WORLD
Forced hands – Under mounting pressure from customers and shareholders for action on climate change, a string of banks have announced they will withdraw credit to the most carbon-intensive natural resources projects. The world’s 35 biggest banks have lent and underwritten $2.7 trillion to oil, gas, and coal companies since the Paris Agreement was signed in 2015, according to campaigners Rainforest Action Network. (FT)
Less of the same – Canadian Prime Minister Justin Trudeau says his government will unveil an “ambitious green agenda” in the throne speech scheduled to be delivered later this month. Trudeau said green recovery is about “long-term recovery,” and that the country needs to be “leading the way” on the shift to renewable energy and addressing the climate crisis. The PM had asked Governor General Julie Payette to prorogue Parliament back on Aug. 18, effectively halting all of its business, with opposition parties able to trigger a no-confidence vote in Trudeau’s minority Liberal Party government after the speech. (Global News)
More of the same – President Donald Trump will continue to weaken US environmental regulations on industries if re-elected for a second term in November, EPA Administrator Andrew Wheeler told The Wall Street Journal. The Trump administration in a second term would establish a cost-benefit analysis of any new regulation and expand the use of “science transparency” in order to justify the science behind implementing new regulations. After three years in office, the Trump administration is reversing more than 100 major climate and environmental rules that it’s deemed burdensome to the fossil fuel industry, even as climate change accelerates and global GHG emissions continue to rise. (CNBC)
Full chamber future – The Pennsylvania Senate Environmental Resources and Energy Committee sent a bill to the full chamber on Thursday that would restrict Governor Tom Wolf’s ability to join the Northeast US RGGI carbon market without approval from the General Assembly. The 8-3 vote by the Republican-majority committee comes after the similarly GOP-controlled House of Representatives approved HB-2025 this summer. The move comes ahead of Pennsylvania’s Environmental Quality Board (EQB) meeting on Sep. 15, where the body will decide on whether to send on the Department of Environmental Protection’s draft RGGI regulations for a full rulemaking. Wolf has targeted a 2022 linkage with the power sector cap-and-trade system.
Renewables reboot – The long-awaited official draft for Germany’s updated renewables law has been made public, and reactions have been mixed. The legislation sets out pathways to increase the country’s renewable energy share to 65% by 2030 from about 50% currently. It contains incentives for more wind, with about 4 GW of tenders expected per year for onshore, alongside plans to double solar installation by 2030. The government votes on the draft on Sep. 23. (Euractiv)
Hydrogen leg-up – The hydrogen industry in France is set to get €2 bln in the government’s two-year stimulus plan unveiled on Thursday as a response to the economic impact of the coronavirus. The stimulus, totalling €100 bln in all, lines up a variety of public investments, subsidies, and tax cuts. (Reuters)
Exchanging packages – Major economies promised to recover green after COVID-19 and accelerate climate action, making the pledges during a virtual ministerial meeting hosted by Japan on Thursday. Japan’s Environment Minister Shinjiro Koizumi convened his counterparts from across the world to launch an online tool for countries to share their experiences in designing climate-compatible recovery packages for their economies. Opening the event, Koizumi said he hoped the initiative would spur greater action ahead of COP26 next November. (Climate Home)
Chasing dreams – New South Wales’ Liberal premier Gladys Berejiklian says it will not take much to reach net zero GHG emissions by 2050, and it would be “the stuff of dreams” for an Australian Coalition government to emulate the UK Conservatives and legislate that target. The comments during a Wednesday night conversation between Berejiklian and former British PM Theresa May. (Guardian)
Prize flight – A new competition launched this week is set to reward the next great leap forward in sustainable flight, offering a cash prize expected to be in the millions of pounds for the first zero carbon transatlantic passenger return flight between London and New York. The prize is open to manufacturers, researchers, and inventors for the design and flight of a 100+ seater passenger aircraft that can run entirely on renewable energy and conduct a round trip in under 24 hours. (BusinessGreen)
Unprecedented – Six Portuguese young people have filed a legal action with the European Court of Human Rights, accusing 33 countries of violating their right to life by not doing their fair share to tackle the climate crisis. If admissible, it could set an important precedent by showing the way for other climate lawsuits based on human rights arguments. (Climate Home)
To the extreme – Extreme E, the electric off-road racing series set to launch next year, has partnered with project developer ALLCOT to offset the championship’s carbon footprint, in support of its goal to have a net-zero carbon footprint by the end of its first season. As well as offsetting, Extreme E focuses on reduction of its footprint through a series of efforts which include using 100% electric vehicles, zero emission charging using hydrogen fuel cells generated by water and solar, capping team member numbers, and not having spectators at live events. Extreme E will start racing in early 2021, visiting five environments around the world, including Arctic, desert, ocean, glacier, and Amazon locations, which have already been damaged or affected by climate and environmental issues. (Racer.com)
And finally… Against the grain – The US-based Farmer’s Business Network has launched a tracking technology that allows grain to be scored based on its carbon intensity, opening a layer of transparency to consumers and potentially enabling higher prices for farmers who use more sustainable practices. Pollutants are identified as they travel down the food supply chain, from as early as when fertilizers and other chemicals are used by farmers, and are tracked as the grain moves along to buyers, such as meat producers who feed them to their livestock. (Bloomberg)
Got a tip? Email us at news@carbon-pulse.com
