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A meta-registry connecting different carbon standards and coalitions of nations could help stamp out risks associated with bilateral and multilateral emissions trading under the Paris Agreement, experts said Tuesday in response to a new legal analysis published on the subject.
The UK will hand out 39.1 mln free carbon allowances in 2021 – the first year of the country’s new emissions trading scheme – the government announced Tuesday, confirming that it was slashing the allocations by a third versus what it has originally earmarked.
EUAs added another euro to their record highs on Tuesday, making further gains amid stronger energy and continued solid buying from investors even as equities took a major hit.
The European Commission is considering whether to propose financing an EU-wide carbon contracts for difference (CCfD) scheme through the ETS Innovation Fund, a senior EU official said Tuesday.
EU member states will in an upcoming EU summit discuss the fate of the bloc’s Effort Sharing Regulation setting national emissions targets in non-ETS sectors, with a draft document asking Brussels to maintain the same scope and distribution formula while ramping up overall climate ambition, according to media reports on Tuesday.
Czech utility CEZ saw a decline in coal-based generation over Q1 even as other forms of output made increases, according to the company’s financial results on Tuesday.
The Kenyan government is “at an advanced stage” in establishing a national emissions trading system, a government official said Tuesday.
A former emissions trader for Bank of America Merril Lynch and Gazprom has joined a London-based carbon investment firm.
California electricity consumption declined in 2020 due to the impacts of the COVID-19 pandemic, but more carbon-intensive sources fulfilled this demand, according to preliminary California Energy Commission (CEC) data released Tuesday.
The New Brunswick Progressive Conservative government on Tuesday said it will reduce personal income taxes to blunt the impact of the Canadian province’s abbreviated C$40/tonne carbon levy on fossil fuels, resurrecting an idea put forth by the federal Liberal Party over a decade ago.
Singapore is developing a taxonomy and guidelines for carbon credits as part of its push to secure a role as a hub for the global voluntary offset market, a minister said Tuesday, a process that could include setting up a new exchange.
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BITE-SIZED UPDATES FROM AROUND THE WORLD
Forecasts renewed – Renewable power grew at its fastest pace since 1999 last year to account for 90% of global power capacity expansion, and will continue to grow in the next two years, according to the IEA, upping its capacity forecasts 25% from just six months earlier. New renewable energy capacity in 2020 rose by 45% to 280 GW, with China accounting for 50% of the capacity growth. Around 270 GW of new capacity is forecast to be added this year and nearly 280 GW in 2022. (Reuters)
Regrowth spurt – An area of forest the size of France has regrown naturally across the world since the year 2000 and could take in 5.9 bln tonnes of CO2 – more than the annual emissions of the US, according to analysis published by NGO collective Trillion Trees. It adds that the Atlantic forest in Brazil and boreal forests in northern Mongolia have been identified as regeneration hotspots. However, environmentalists are warning that vastly more trees are being burned and cut down each year worldwide. (BBC)
Working together – The EU and India have pledged to collaborate more closely on climate change. Leaders from the two regions met on May 8 for a virtual summit, with climate action featuring high on the agenda alongside discussions on efforts to overcome the COVID-19 pandemic and strengthen global health security. The leaders on both sides reaffirmed the urgency of addressing international climate challenges and stated their commitment to a successful COP26 in Glasgow this November. They also agreed to work together on concrete issues across climate mitigation, adaptation, and resilience. For instance, the leaders plan to strengthen cooperation under a 2016 energy and climate partnership in order to speed up the deployment of renewables, promote energy efficiency, collaborate on smart grid and storage technology, and modernise the electricity market.
Gas capture – SSE and Equinor have unveiled plans for a new 900MW CCS plant at a gas-fired power station at SSE’s site in Peterhead in Scotland, capable of capturing 1.5 MtCO2 a year from 2026, Bloomberg reports. The move follows the two firms’ plans last month for a hydrogen and gas power CCS project in England’s Humber. Both will vie for £1 bln of promised UK government funding for at least one CCS project by mid-decade.
Net zeroing in on Japan – Jera – Japan’s biggest power producer – has signed an MoU with Norwegian company Yara on the production, delivery, and supply chain development for blue and green ammonia, the companies announced Tuesday. Under the agreement, Jera will buy an undisclosed amount of ammonia from Yara each year that will be used towards decarbonising its supply chain as well as its power generation. The MoU included working together on sequestering already captured CO2 at Yara’s ammonia plant in Australia, which the firms said would enable the production and supply of blue ammonia to Jera.
Big bonding – China has already become the world’s biggest market for green bonds, and in recent months local actors have been trying out carbon neutral bonds. The latest addition to this emerging financial market is sustainable development bonds, according to local media reports. Industrials Guangxi Group last week issued a 500 mln yuan ($78 mln) bond tied to the NOx intensity of steel production, though future issuances will likely include carbon as well. Story in Chinese by Idea Carbon.
Hydrogen helper – Canadian oil sands producer Suncor is partnering with utility Atco on a “multibillion-dollar” project to produce more than 300,000 tonnes per year of hydrogen and reduce Alberta’s CO2 emissions by 2 Mt annually. The Calgary-based companies say the project will capture and store more than 90% of the CO2 from the energy required to make the hydrogen. Suncor is to build and operate the hydrogen production and CCS facilities, and Atco would construct and operate the associated pipeline and hydrogen storage facilities. About 65% of the hydrogen would be used by Suncor in refining processes and cogeneration of steam and electricity, reducing emissions by up to 60% at its Edmonton refinery. Another 20% would be added to the provincial natural gas grid to reduce emissions from uses such as home and business heating. The rest will be sold to various users. (Canadian Press)
You down with OMB? – The US Office of Management and Budget asked for public comment last week on its interim social cost of carbon and other GHGs, which are used by federal agencies in rulemakings and other policy matters. The interim figures were rolled out in February and hewed closely to Obama-era figures adjusted for inflation. The OMB’s notice comes not long after Louisiana and other Republican-controlled states asked a judge to block agencies from using the interim values, saying they violated notice-and-comment regulatory requirements. OMB’s notice asks for ideas about how to update the social cost of carbon calculations to reflect scientific and economic advancements. A final update is expected in Jan. 2022, and climate activists hope it will significantly increase the level, making regulation easier. (Politico)
Stick stickly – BP will stick with the American Petroleum Institute, US Chamber of Commerce, and National Association of Manufacturers following those groups’ support for carbon pricing and other climate proposals, the oil giant said in its annual sustainability report. BP has committed to reducing its emissions to net zero by 2050 and said that it will leave the trade groups if it feels their climate plans no longer align. “We’ve been working to influence those associations to be more progressive on climate and in our latest update we’re pleased to report that they all have made considerable progress,” the company said in a statement. (Politico)
Standard pranksters – Armed with fake moustaches, a mockup corporate website, and the support of prominent climate campaigners, youth activists are putting pressure on Europe’s biggest coal backer to close the loopholes in its fossil fuel lending policy. In an elaborate prank, campaigners from Fridays for Future spotlighted Standard Chartered’s ongoing support for coal, oil, and gas, and accused the British bank of “greenwashing”. The day before Standard Chartered’s annual general meeting, the activists issued a fake press release announcing the bank would end all funding for coal-fired power plants by the end of the year and support for fossil fuel infrastructure by 2023. In addition, the bank would provide recovery payments to communities that had been most affected by the coal projects it had financed. And during a staged press conference, promoted as the moment the bank would reveal its new lending policy details, young women activists with drawn-on moustaches and beards ironically acted out Standard Chartered’s leadership team. This comes after Standard Chartered was accused of hypocrisy on climate change by an influential pressure group, which warned the bank will be the target of shareholder action unless it tightens its fossil fuel lending policies. (Climate Home)
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