CP Daily: Monday December 21, 2020

Published 01:06 on December 22, 2020  /  Last updated at 22:20 on December 22, 2020  /  Newsletter  /  No Comments

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

**CP Daily will not be published between Dec. 24 and Jan. 3. Carbon Pulse will file stories and send out CP Alerts on merit during that period. Regular coverage will resume Jan. 4.**

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TOP STORY

Just four TCI jurisdictions sign on to final framework for regional US fuel sector carbon market

Only four members of the US Transportation & Climate Initiative (TCI) on Monday endorsed a final Memorandum of Understanding (MOU) to implement a fuel sector cap-and-programme in 2023, with eight other states agreeing to continue to collaborate on the regional effort.

ASIA PACIFIC

Japan PM instructs officials to draw up carbon pricing proposal

Prime Minister Yoshihide Suga has instructed the environment ministry to draw up a carbon pricing proposal as an option for the country’s climate policy strategy.

Australia Market Roundup: ACCU issuance holds up, regulator extends Safeguard baselines

Australia’s Clean Energy Regulator has issued 320,000 carbon credits in its latest awards round, while also extending baseline determinations for dozens of facilities due to COVID-19 interruptions.

EMEA

Delayed EU ETS Phase 4 carbon allowance auctions to start in late January

Carbon allowance auctions for Phase 4 of the EU ETS (2021-30) will start in late Jan. 2021, the European Commission announced late Monday, with the delay in new supply somewhat shorter than anticipated.

European HFC prices tumble since 2018, but smuggling seen a factor -EU Commission

Prices for HFCs in the EU have tumbled from their 2018 peak amid a rise in less potent and more climate-friendly alternatives, though part of the reason for this is also likely to be more illegal imports of the greenhouse gas into the bloc.

EU Market: EUAs dip below €30 as wider markets fall

EUAs briefly tumbled below €30 on Monday, hitting a two-week low as financial markets buckled on fears about a mutating coronavirus strain, even as US lawmakers struck a long-awaited stimulus deal.

AMERICAS

California offset developer may face ongoing issuance halt following invalidation, emails suggest

An offset project subject to invalidation by California regulators earlier this year could face an ongoing halt to issuances unless non-compliance issues are resolved, according to emails obtained by Carbon Pulse.

California power sector emissions rise in October to reach parity with 2019

California electricity sector emissions rose for the third consecutive month as higher demand and more carbon-emitting sources pushed year-to-date CO2 output even with last year, according to California Independent System Operator (CAISO) data.

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BITE-SIZED UPDATES FROM AROUND THE WORLD

Shell shock – Oil major Shell will write down the value of oil and gas assets by $3.5-4.5 bln following a string of impairments this year as it adjusts to a weaker outlook. Its finances have been hit as the coronavirus pandemic decimated oil and gas demand, and fuel sales volumes remain weak, with the latest figures show the pain is not yet over for the company. CEO Ben van Beurden on Feb. 11 will unveil Shell’s long-term strategy to sharply reduce its emissions and expand its low-carbon energy and power businesses. (Reuters)

Early Christmas present – The US House of Representatives on Monday released the 5,593-page bill text that combines year-end appropriations with a COVID-19 economic recovery package, including several measures to reduce GHG emissions and boost CCS and clean energy technologies. As expected, the bill sets out a programme to phase down emissions of potent HFC gases by 85% over the next 15 years. Additionally, it features a two-year extension to the ‘45Q’ tax credit for constructing CCS technology and investment tax credit for solar energy and other resource. Congress is expected to approve the bill Monday night.

Gusty record – Blustery winter weather helped Great Britain’s windfarms set a record for clean power generation, which made up more than 40% of its electricity on Friday. Wind turbines generated 17.3 GW on Friday afternoon, according to figures from the electricity system operator, narrowly beating the previous record set in early January this year. High wind speeds across the country helped wind power’s share of the electricity mix remain above 40% through Saturday. Coal and gas plants made up less than a fifth of electricity generated over this period. (Guardian)

Peru pledge – Peru submitted its updated Paris NDC on Friday, increasing the ambition of 2030 GHG reduction pledges. The South American country will now aim for an unconditional emissions reduction goal of 30% below business-as-usual levels by 2030, up from 20% in its 2015 pledge. Should Peru receive further international financial support, it said it would aim for a conditional NDC target of 40% below BAU, up from 30% previously.

Fe(rry)dEx and UPS(ubway) – Public transport should be used for urban parcel deliveries to reduce traffic jams caused by the boom in online retailing, German transport minister Andreas Scheuer has said. “Innovative and creative traffic concepts are needed,” Scheuer told the Sueddeutsche Zeitung, adding that the forwarding of goods with public transport was one such idea. “For example, you could transport parcels with the tram from a logistics hub into a city centre, where the recipient could pick them up in a micro hub, or they are delivered with cargo bikes.” Delivery services are open to the idea because they know city infrastructure has already reached its limits, according to the article. Frank Appel, CEO of logistics group Deutsche Post, told the paper he saw evidence suggesting the idea was not a mere flash in the pan. In the German city of Karlsruhe, the local public transport company already plans to use a tram prototype to transport people and goods from 2022. Market analyses have shown that half of consumers are prepared to pay a surcharge of up to €1-2 for an environmentally friendly delivery. (Clean Energy Wire)

Bye-Lee Ray – JPMorgan Chase said Lee Raymond, the company’s longest-serving director, is resigning from the board. Raymond, the former Exxon Mobil boss who’s been on the board of the biggest US bank for more than three decades, notified JPMorgan of his intention to resign effective Dec. 31, according to a regulatory filing Friday. The decision was “not the result of any disagreement with the company,” the filing said. JPMorgan said in May it was planning to name a replacement for Raymond after nonprofit groups and some large investors pushed to remove him due to his track record on climate change. (Bloomberg)

And finally… You hate to 5G it – The deployment of 5G in France will likely increase GHG emissions in the next decade, the country’s High Council on Climate said Saturday. The independent body’s report said the GHG impact of 5G deployment could be 2.7-6.7 Mt of CO2e in 2030, a significant increase compared to the tech sector’s environmental impact of 15 MtCO2e in 2020. The report was commissioned by the French Senate in March to assess the impact of 5G on GHG output. (Politico)

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