CP Daily: Wednesday November 4, 2015

Published 00:54 on November 5, 2015  /  Last updated at 01:20 on November 5, 2015  /  Newsletter  /  No Comments

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

Presenting CP Daily, Carbon Pulse’s newsletter. It’s a daily summary of our news plus bite-sized updates from around the world. Subscribe here.

 

California’s capped emissions rose by 0.8% in 2014 -data

California’s emissions covered by the WCI carbon market rose 0.8% in 2014 to 146.1 million tonnes, up from 145.0 million a year earlier, data released by regulator ARB on Wednesday showed.

VW crisis tests EU climate credibility, if not targets

Europe’s climate targets won’t be risked by news that the Volkswagen scandal has widened to CO2 emissions but the bloc might find it harder to lay ground for global carbon markets at next month’s Paris talks.

China’s coal use up to 17% higher than reported -NYT

China has burned as much as 17% more coal each year than previously reported, meaning its annual greenhouse gas emissions are close to 1 billion tonnes of CO2e higher than estimated, the New York Times reported.

Bigger volumes, lower prices expected as Australia launches second ERF auction

Australia on Wednesday opened the two-day bidding window for the Emissions Reduction Fund’s second auction, with observers expecting prices around A$11-13 per tonne and the contracted volume to be bigger than the 47 million bought in the first auction.

Record trade in RGGI futures as Q3 emissions increase 10%

RGGI permit prices jumped 1.2% amid record trade on Tuesday after the market administrator published data showing Q3 emissions across the nine-state market rose 9.8% year-on-year.

Canada names new climate change minister as Paris talks loom

Catherine McKenna has been named as Canada’s new minister for environment and climate change under incoming Liberal Prime Minister Justin Trudeau, just weeks before UN climate talks in Paris kick off.

EU Market: EUAs dip to extend two-week low

EU carbon fell on Wednesday to briefly extend the previous session’s two-week low by 3 cents as a bullish energy complex failed to tempt buyers.

 

Bite-sized updates from around the world

The US power sector is on track to hit a 20-year low in CO2 emissions, thanks largely to massive numbers of coal power plant closures, the Sierra Club said. (The Hill)

South Africa’s Chamber of Mines has urged the government to delay the introduction of the country’s carbon tax by up to five years to allow for a “proper” impact assessment on the economic costs and benefits. “In the absence of a global deal on climate change and carbon taxes, for South Africa to adopt a carbon tax would not materially reduce global carbon emissions (the country only accounts for 0.9% of global CO2 emissions),” it said. “Further, the imposition of a carbon tax in South Africa would make it the only developing country in the world to do so (and ahead of a number of competing developed countries – such as Australia).” Read more from Carbon Pulse about the draft carbon tax bill published earlier this week.

The European Commission last month transferred Finland some 10 million AAUs to compensate the country over changes made in forestry carbon accounting rules between Kyoto’s first and second commitment periods, the Finnish environment ministry said on Tuesday (in Finnish). Finland said it is committed to invalidating any unused AAUs at the end of CP2.

Goldman Sachs pledged to be “selective” in financing coal-industry projects as part of its response to climate change, a stance that underwhelmed environmentalists who want Wall Street to stop backing the most polluting fossil fuel, Bloomberg reports.

And finally… A Belgian brewery has had to temporarily halt production, and it’s blaming climate change.  The Cantillon craft brewery is known for making Lambic beers – a sour, flat beer that can only be brewed in Brussels. Cantillon uses open vats to expose its mixture to local airborne bacteria and yeast, in sharp contrast to modern methods that ensure the mixture is closed to prevent any exposure to the air, but the brewers have had to pour recent batches away because nighttime temperatures are well above seasonal norms. (Quartz)

Got a tip? Email us at news@carbon-pulse.com

Comment