CP Daily: Thursday November 5, 2015

Published 18:37 on November 5, 2015  /  Last updated at 18:45 on November 5, 2015  /  Newsletter  /  No Comments

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

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China central bank chief economist proposes mandatory CO2 reporting for listed companies

Listed companies in China should be bound to report environmental data including CO2 emissions, according to a new proposal by the chief economist at the nation’s central bank reported by Xinhua.

National Australia Bank pledges A$18 bln in low-carbon funding

National Australia Bank (NAB) on Thursday pledged to make A$18 billion ($12.8 billion) of funding available for low-carbon investments over the next seven years as part of an announcement that saw 12 Australian banks and utilities promise action to reduce greenhouse gas emissions.

CCS projects to capture up to 28mt of CO2 this year -report

Up to 28 million tonnes of CO2 will be captured by 15 operational CCS plants worldwide this year, according to an annual report from the Global CCS Institute that tracks developments in the nascent technology.

Russia takes baby steps to count carbon

Russia has published a draft law to enshrine the principle of the government’s right to regulate greenhouse gas emissions, signalling a basic step towards climate action for the world’s fourth biggest CO2 emitter.

EU Market: EUAs inch back up after losses, but power caps gains

EU carbon made slight gains on Thursday to take back some of the week’s losses though traders blamed falling power prices for preventing a more sustained rally.

 

Bite-sized updates from around the world

UNEP will tomorrow launch its annual Emissions Gap Report, which tracks progress on efforts to curb greenhouse gases in relation to the 2C temperature goal. This year’s report looks at how deeply emissions will be cut by INDCs and outlines the scale and depth of further action required. The launch will be broadcast at 0830 GMT here.

French economists Thomas Piketty and Lucas Chancel have proposed a €180 levy on business class air tickets and €20 on economy class, would raise the estimated €150 billion a year needed for climate adaptation. (Climate Home)

Two carbon pricing bills have been proposed by Massachusetts state senators to help meet long term emission goals and regulate the 80% of the US state’s emissions not covered by RGGI. (Inside Climate)

US Democratic presidential contender Bernie Sanders will roll out a series of environmental proposals to coincide with this month’s Paris climate conference that could also put pressure on party front-runner Hillary Clinton. (Reuters)

The European Commission has flagged the prospect of an EU-wide energy efficiency trading scheme after 2020. The suggestion was included in a consultation launched to review the Energy Efficiency Directive due to be finalised in H2 2016. The scheme would be modelled on existing effort-sharing co-operation measures to cut emissions in non-ETS sectors. (ENDS Europe, paywalled)

And finally… Fiji submitted its INDC today, more than a month after the informal deadline. The South Pacific island pledged a 30% cut from 2030 BAU with two-third of that from increasing its renewable energy share to approach 100% by 2030 from around 60% in 2013, and the remaining third from economy-wide energy efficiency improvements. It said a third of the goal was unconditional and two-thirds was dependent on external funding of $500m. On markets, Fiji said “to achieve rapid and cost efficient mitigation, a combination of robust global market based mechanisms and direct aid transfers will be essential. Achieving our conditional goal will require substantial funding including fully functional bilateral, regional and international market mechanisms such as the CDM.”

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