CP Daily: Tuesday November 24, 2015

Published 00:47 on November 25, 2015  /  Last updated at 09:22 on November 30, 2015  /  Newsletter  /  No Comments

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

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New Zealand prepares to toughen ETS but leaves agriculture out

New Zealand on Tuesday released a discussion paper that aimed to make its emissions trading scheme a more efficient tool in cutting carbon, but said agriculture, its biggest-emitting sector, would not be brought into the scheme.

Ukraine in non-compliance with Kyoto Protocol -UN data

Ukraine has failed to comply under the Kyoto Protocol’s first commitment period (CP1), even though the country held a sufficient number of carbon units in its UN registry account, UN data showed late on Tuesday.

Five US states, capital to investigate market-based solution to curb transport CO2

Five US states and Washington DC on Tuesday announced they will collaborate to develop potentially market-based policies to cut CO2 emissions from transportation, the largest source of GHGs in the region.

WCI auction clears all 75.1m CO2 units at $12.73, bid coverage dips

All 75.1 million front-year WCI allowances on offer were sold at $12.73 (C$17.00) in last week’s joint California-Quebec quarterly auction.

RGGI’s secondary market heating up, but bearish bets mounting -report

Secondary trade in RGGI allowances heated up in the third quarter, according to a report by the market’s monitor, but a rise in activity in options trading suggested that participants could be preparing for record-high prices to fall.

EU Market: EUAs lift as strong auction sets tone

EU carbon prices gained for a second consecutive session after building on momentum from Tuesday’s government auction clearing above market.

Business groups issue Paris climate text wishlist

A coalition of green-minded businesses and investors on Tuesday set out text proposals they want to see in December’s UN climate agreement, wording they said would drive bold climate action that included a call for “meaningful” carbon pricing.

Ontario releases climate change strategy with 2020 GHG reduction goal in sight

Ontario released a new climate change strategy on Tuesday that seeks to enshrine the Canadian province’s planned cap-and-trade scheme in law and as its centrepiece policy.

Companies, governments voluntarily cancel 491k CERs

The UN has cancelled 490,725 CERs from its registry on request from companies and governments, some of which will be used as offsets in South Korea’s emissions trading scheme or the voluntary market.

News Corp Australia announces climate news website closure days before Paris COP

News Corp-owned The Australian newspaper has announced that it will shut down the Climate Spectator website, just days before the crucial UN climate conference in Paris kicks off.

 

Bite-sized updates from around the world

The White House will next August release of the final carbon trading model (aka model rule) that will give states a roadmap for compliance with the Clean Power Plan. (Utility Dive)

Energy-related CO2 emissions in the United States increased by 50 million tonnes, or 0.9%, y/y in 2014, said a new report released by the Energy Information Administration. The rise was driven by a real GDP growth of 2.4%, but offset somewhat by a decline in carbon and energy intensity of the US economy, the report said.

US federal agencies will reduce GHG emissions from their operations to 41.8% below 2008 levels by 2025, the White House announced on Monday. The cuts will come from across the government’s 360,000 buildings, 650,000 vehicles and from its extensive supply chain.

The Pacific island nation of Micronesia on Tuesday submitted its INDC, pledging unconditionally to cut its GHG emissions from electricity generation and transport (80% of the national total) to 28% below 2000 levels by 2030. With financial, technical and capacity-building support, the target could be increased to 35%. Micronesia will not use any market mechanisms to meet the target.

The INDCs of Kuwait and Bahrain were also released Tuesday. Kuwait’s plan was only published in Arabic, while Bahrain’s avoided setting a specific target, instead listing some “plans and actions the Kingdom is undertaking which may contribute to low greenhouse gas emission development”.

Germany’s Allianz SE, one of the world’s largest financial asset managers, said Tuesday it would over the next six months decrease investments in companies using coal and boost funding on those focused on wind power. (Washington Post)

Airlines could cut emissions in half without taking half the planes out of the sky – New materials, fuels, and traffic management measures could halve carbon pollution from air travel by 2050, a new study finds. (Take Part)

South Africa’s proposed carbon tax will boost growth in the economy provided the revenue is reinvested in green-energy projects, according to Folsom, California-based Applied Development Research Solutions. (Bloomberg)

Australia’s Department of Environment has named the Carbon Market Institute its partner as it prepares to change the rules of its voluntary carbon market and launch an awareness campaign in order to stimulate bigger participation. The department initially announced the planned market reform in September.

Microsoft has bought 35,000 of 37,000 VERs generated by the Nisqually Carbon Project, the first forest carbon project in the US Pacific Northwest to be certified under the California Air Resources Board Protocol for US Forests.

And finally… NPR visits the Beijing Environment Exchange and speaks to some Chinese experts about the country’s upcoming national carbon market.

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