CP Daily: Thursday October 29, 2015

Published 19:46 on October 29, 2015  /  Last updated at 19:49 on October 29, 2015  / Stian Reklev /  Newsletters

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

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ANALYSIS: Australian buyers drive flurry of bargain deals in old cheap CERs

Demand from a small number of Australian buyers has led to an unexpected flurry of deals in soon-to-expire CER credits at rock-bottom prices, a rare spike in trade in the UN’s moribund carbon market.

Panama considering carbon trading amid rapid growth, shipping concerns

Panama, Central America’s logistics and finance hub, is considering carbon pricing options for its fast-growing economy, a move that could pave the way for a regional emissions market.

Paris won’t give global carbon price decree, but will bring moves towards convergence -Fabius

Several initiatives stemming from the December Paris climate talks will help carbon prices worldwide converge over time, French Foreign Minister Laurent Fabius said on Thursday.

Australia govt to develop more project types for ERF

Australia’s Department of Environment is currently developing a series of new methods to allow more project types to become eligible to bid for contracts under the Emissions Reduction Fund.

EU Market: EUAs turn upwards to touch fresh 3-yr high amid volatile energy complex

EU carbon rebounded to hit a fresh three-year high of €8.71 on Thursday, extending the previous mark touched earlier in the week by a cent as traders reacted to choppy energy trade.


Bite-sized updates from around the world

At least 80 world leaders, including Barack Obama, Xi Jinping, David Cameron and Narendra Modi, will attend the Paris climate summit, the UN has confirmed. Unlike in Copenhagen, the leaders will come for the opening of the event rather than the end. (AFP)

Brazil is shouldering more of the burden of climate action than countries of comparative wealth, according to its environment minister Izabella Teixeira, who singled out INDCs by Singapore and South Korea as “inexcusable” at an event on Wednesday. (Climate Home)

But Brazil doesn’t escape scrutiny, analysts at Climate Action Tracker assessed the INDCs of Brazil, Peru, Chile and Argentina, and rated none of them as “sufficient”. They rated Brazil and Peru’s as “medium” and has given an “inadequate” rating to both Argentina and Chile.

Politico reports that a handful of moderate Republican senators will launch “a new informal coalition … in an effort to broaden the Republican conference’s approach to environmental policy beyond its crusade to overturn EPA regulations … The establishment of the working group shows the shifting political dynamics at play over environmental policy, with some in the GOP worried that Republicans’ skepticism of mainstream climate science and opposition to air and water regulations isn’t sustainable in the long-term.”

The US federal court that will weigh whether to block the EPA’s Clean Power Plan will not make a decision until after December’s UN climate summit, according to a court order issued on Thursday. (Reuters)

Alberta is pushing ahead with a plan to phase out coal power plants, support renewable energy and improve energy efficiency, Finance Minister Joe Ceci said in delivering the government’s budget earlier this week. (Bloomberg)

Indian PM Narendra Modi said Thursday he would take the opportunity while in Paris to call for an alliance of solar-rich countries, which would advocate the transfer of money and solar technology to developing countries. Over 100 countries are expected to join, according to the Times of India.

And finally… The UK and Iceland will revisit a plan to lay what could be the world’s longest subsea cable, which will connect the two countries and transport electricity generated by geothermal and hydro sources from the mid-Atlantic island nation to power British homes. (Reuters)

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