CP Daily: Thursday November 12, 2015

Published 23:16 on November 12, 2015  /  Last updated at 03:43 on November 13, 2015  / Stian Reklev /  Newsletters

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

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Australia buys 45.5 million tonnes of CO2e cuts at average price of A$12.25/t in second ERF auction

Australia has contracted the purchase of 45.45 million tonnes of CO2e abatement at an average price of A$12.25 ($8.75) per tonne from 131 projects in the second ERF auction, the Clean Energy Regulator announced Thursday.

EU court adviser says regulators handed out too many free EUAs

An adviser to Europe’s highest court has said the European Commission’s Cross Sectoral Correction Factor (CSCF) calculations to decide free EUA allocation should be annulled as they had set too high a ceiling for distribution and resulted in too many free units being given out.

RWE scales back hedging in Q3 but levels remain up on last year

Utility RWE scaled back its hedging during the third quarter but had still hedged slightly more of its power compared to last year, it said in financial results on Thursday.

Former Polish environment minister set for third term under new govt

A former Polish environment minister is set to be reappointed to the role for a third time under the country’s newly-elected Law & Justice (PiS) government, local media reported this week.

Norway and Brazil dominate REDD+ cash scene -report

Norway has been by far the biggest donor of funds to protect tropical forests under REDD+ and Brazil the largest recipient to date, a report found.

China releases MRV rules for 10 key sectors in move to collect quality CO2 data

China’s National Development and Reform Commission (NDRC) this week released draft rules and guidelines for tracking carbon emissions in 10 key industrial sectors, taking the total to 24 as it steps up efforts to ensure its national ETS and climate policy targets are based on sound data.

CN Markets: Shanghai CCER prices rise 26% amid record volumes

CCERs trading on the Shanghai carbon exchange have soared 26% over five sessions to close Thursday at 18.60 yuan ($2.92) as speculative buying drove record volumes.

EU Market: EUAs sink as power prices continue to slide

EU carbon prices dipped for the second consecutive session on Thursday as falling power prices quelled buying appetite.

Bioenergy investments could cut Australia’s GHG emissions -report

Australia could cut emissions by up to 9 million tonnes of CO2e per year with fresh investments of A$3.5-5 billion ($2.5-3.6b) in bioenergy, closing 12% of the gap to meeting its 2020 target, the Clean Energy Finance Corporation said Thursday.


Bite-sized updates from around the world

Row over legal nature of Paris climate deal – France’s foreign minister says US secretary of state John Kerry must be ‘confused’ after he questioned whether any COP21 accord would be legally binding, Reuters reported.  But Kerry told the FT that he might be open to some role for Congress. “I suppose, depending on what comes out of it, they (Congress) may well try to review it in one form or another … We don’t have a problem with (that). I mean, it’s fine. I mean, it depends on whether it is a poison-pill effort or a genuine effort just to review it.”

As part of its ongoing efforts to reform the electricity market and free up prices, China is in talks with industry to set up two power trading exchanges in Beijing and Guangzhou, Reuters reported. Power market reform is seen as a key step to help carbon pricing become an effective tool to cut emissions from power generators.

New Canadian PM Justin Trudeau has invited Canada’s 10 premiers and three territorial leaders to a meeting in Ottawa on Nov. 23 to discuss a new climate policy for the country, roughly one week before they will head to Paris for COP-21.  Separately, Foreign Affairs Minister Stephane Dion said all Liberal cabinet ministers have been charged with ensuring the success of the new government’s climate change strategy. (CTV, Globe and Mail)

US presidential hopeful Hillary Clinton’s proposal for $30 billion in aid for people suffering from the decline of the coal industry drew a mixed-to-hostile response Thursday from critics of President Obama’s environmental policies — raising doubts about whether she can arrest the Democratic Party’s electoral slide in coal country. (Politico)

Pakistan submitted its INDC to the UN on Thursday, but but did not set a specific target because it lacks reliable data on when it may be able to peak its emissions. “A process of calculating the country’s future emission projections through detailed studies and analysis is currently underway. Potential for mitigation exists in all sectors of the economy,” said the one-page document. This is in contrast to an earlier reported draft of a 30% cut from 2008 levels of around 148 million tonnes by 2025. The country’s emissions are rising at 6% a year and media reports this year have suggested Pakistan was considering curbing deforestation, replacing coal- and oil-fired industrial power units with waste-burning ones, converting its diesel-power water tubewells to run on biogas, and launching a domestic carbon market to help meet its target.

Iraq also submitted its INDC, currently only available in Arabic.  One observer tweeted that it pledges to reduce CO2 emissions by 13% (presumably below BAU) by 2035, a plan that is predicated on the country achieving “peace and stability”.

During Indian PM Narendra Modi’s visit to the UK this week, the two countries reaffirmed the importance of addressing climate change and promoting secure, affordable and sustainable supplies of energy.  They also agreed a comprehensive package of collaboration on energy and climate change that encompasses £3.2 billion of commercial agreements, joint research programmes and initiatives to share technical, scientific, and financial and policy expertise. “This will encourage the research, development and eventual deployment of clean technology, renewables, gas and nuclear,” the UK government said. “As part of the package, we’re announcing the UK Climate Investments joint venture with the Green Investment Bank. This will invest up to £200million in renewable energy and energy efficiency in India and Africa.”

A law student in New Zealand has sued the government over its greenhouse gas emissions target. The lawsuit argues that the government failed to carry out its responsibility to review its target after the latest IPCC report in 2013 and also that the 2030 target announced earlier this year was “unreasonable and irrational”. Prime Minister John Key dismissed the lawsuit as a “joke”. (New Zealand Herald)

And finally… Ever wonder where the first carbon offsetting took place?  NPR speaks to the woman who claims to have invented the concept.

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