CP Daily: Friday November 6, 2015

Published 23:02 on November 6, 2015  /  Last updated at 02:37 on November 7, 2015  /  Newsletter  /  No Comments

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

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UN nations to agree on HFC phase-out plan in 2016

UN nations agreed in Dubai late Thursday night to develop a plan next year to phase-out HFC emissions, a move observers say can prevent emissions of upwards of 100 billion tonnes of CO2e by mid-century.

Green Climate Fund approves first 8 projects

The Green Climate Fund board on Friday gave its approval to channel $168 million into eight climate mitigation and adaptation projects across Africa, the Asia-Pacific and Latin America.

Obama rejects Keystone oil pipeline

US President Barack Obama rejected the Keystone XL oil pipeline on Friday, ending a seven-year application process that had sharply divided oil and environmental interest groups.

EU Market: EUAs posts 2.5% weekly loss as weaker euro dents utility appetite

EU carbon prices dipped to a fresh two-week low on Friday amid weak demand for a government auction and a bearish energy complex.

Kyoto credit conversions in EU ETS slow between May-Nov.

Companies regulated by the EU ETS have converted 970,000 Kyoto Protocol carbon credits to EUAs since May 2015, the European Commission said late on Friday.

NZ Market: NZUs stay strong as sellers pull back

Spot NZUs closed 2.1% stronger this week at NZ$7.25 ($4.79) after hitting a three-and-a-half-year high of NZ$7.30 in Tuesday trade before sellers pulled back looking for higher prices.

INDCs close only a third of emissions gap needed for 2C -UNEP

Even if all INDCs are implemented fully, the world will emit 12 billion tonnes CO2e more in 2030 than needed to stay on track to limiting global warming to 2C by the end of the century, UNEP said in a report on Friday.

CN Markets: Pilot market data for week ending Nov. 6, 2015

Closing prices, ranges and volumes for China’s regional pilot carbon markets this week.

Voluntary market data from CTX for Nov. 6, 2015

A table of Verified Emission Reduction (VER) prices and offered volumes, based on voluntary market data from Carbon Trade Exchange.

 

Bite-sized updates from around the world

Can polluters block Obama’s Clean Power Plan in court? A closer look at the chances for Republicans to succeed in litigating away the US climate change strategy. (Grist)  And Greenwire tallies up which states are on either side of the looming legal war.

How the world is saving itself from coal even without a UN prod – The energy industry is easing away from coal and will keep moving in that direction regardless of what happens at the United Nations climate talks in Paris next month. (Bloomberg)

Environment Minister Greg Hunt this week said that Australia “may have some very prospective and constructive things to propose” on the opening day of the Paris talks, but it will take more than a Turnbull tease to convince China and India to back a new climate treaty, writes Peter Hannam. (Fairfax)

New York has launched a legal probe on Exxon seeking information on whether the world’s biggest oil explorer lied to investors and the public over 40 years about the impact of climate change. It follows a series of investigative articles alleging that Exxon’s scientists discovered evidence that man-made emissions were damaging the climate as far back as 1977. (Bloomberg).

Alberta Premier Rachel Notley says her government hopes to release substantial parts of its climate-change policy about one week before she leaves later this month for a global conference in Paris.  Notley said the province’s plan will include very significant changes that will put Alberta on what she calls a progressive and balanced path forward. (The Canadian Press)

Consultancy Perspectives has published a new paper examining whether debt for climate swaps may be a promising climate finance instrument.

Countries with more climate ambition should unite after Paris to form a climate club to drive deeper emission cuts, researchers at the Wuppertal Institute said in a position paper discussing what is needed at December’s summit to open a new chapter in international climate cooperation.

And finally… In a Pew Research Center public poll on climate change, a median of 78% polled in 40 countries support the idea of their country limiting greenhouse gas emissions as part of an international agreement in Paris. Poles are the least concerned Europeans, and the second-least concerned globally. But in a sting to the newly elected right-wing Polish government, 63% of Poles want their government to support a global climate agreement in Paris. And the 71% of young voters, many of whom switched their support to the incoming Law and Justice party in October’s election, favour government emission curbs. (Politico, $)

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