CP Daily: Friday July 30, 2021

Published 22:37 on July 30, 2021  /  Last updated at 22:38 on July 30, 2021  /  Newsletter  /  No Comments

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

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TOP STORY

RGGI Q2 emissions surge as COVID-19 restrictions lifted

CO2 emissions rose significantly over the second quarter for emitters regulated in the Northeast US RGGI cap-and-trade programme as COVID-19 precautions were eased, with the cumulative six-month figure running close to estimated compliance holdings after the June auction.

EMEA

Threat of imminent UK ETS market intervention averted after permit prices drop

The UK’s carbon market Cost Containment Mechanism’s triggers for the next three months were invalidated on Friday, with July’s drop in UKA prices averting any potential near-term supply-side intervention.

Euro Markets: EUAs slide 5.4% in July amid energy rally and investor outflows

EUAs ended the month of July down 5.4% as prices settled back amid investor withdrawals. A month-long rally in energy markets couldn’t reverse carbon’s decline, with front-month TTF gas setting new record highs earlier in the week

Private equity firm Bridgepoint acquires stake in carbon traders ACT

Private equity investor Bridgepoint has bought a minority stake in Amsterdam-based environmental and energy commodities trading company ACT, which said the move will help expansion plans including more than doubling its headcount within five years.

Major European airlines rely on easing restrictions to rebound from COVID crisis

Two of Europe’s major airlines are relying on the easing of restrictions across the continent to rebound from the COVID-19 crisis, but their long-term recovery outlook remains uncertain.

AMERICAS

California LCFS bank veers back below 8 Mt during Q1

California’s Low Carbon Fuel Standard (LCFS) registered a 3% draw on the bank during the first quarter of the year, as heightened deficit generation from gasoline and lower ethanol and biodiesel volumes helped shrink the cumulative credit bank to under 8 million tonnes.

Major California-based financial firm opens new carbon funds

A multi-trillion dollar investment firm opened two funds on Thursday that appeared to focus on California Carbon Allowances (CCAs), according to US Securities and Exchange Commission (SEC) data.

Speculators add to California carbon positions, regulated entities trim holdings

WCI speculative firms bolstered their California Carbon Allowance (CCA) positions this week as prices declined on the secondary market, while emitters cut their net holdings for the first time in two weeks, according to US Commodity Futures Trading Commission (CFTC) data published Friday.

US Carbon Pricing and LCFS Roundup for week ending July 30, 2021

A summary of legislative and regulatory action on carbon pricing, clean fuel standards, and clean energy at the US subnational and federal level this week, including developments in Pennsylvania and Illinois.

ASIA PACIFIC

CN Markets: Price, volume slip as China’s carbon market stifled by access restrictions

The Chinese Carbon Emissions Allowance (CEA) price edged down this week as liquidity thinned further, a trend market participants said may continue until more companies are given market access.

Australia Market Roundup: Regulator hands out 430,000 ACCUs, as govt secures path to fund CCS, soil carbon

The Clean Energy Regulator has issued more than 430,000 new carbon credits this week, while the government on Friday said it has introduced regulations that ensure it can use the renewable energy agency ARENA to fund new technologies, including offset-eligible CCS and soil carbon.

INTERNATIONAL

A flurry of countries submit NDCs ahead of UN reporting deadline

Some 10 nations submitted revised nationally determined contributions to the Paris Agreement on Friday, a day ahead of a deadline for including the pledges in a major UN report.

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BITE-SIZED UPDATES FROM AROUND THE WORLD

Carbon Pulse has teamed up with CME Group to provide its clients with regular updates on the global carbon markets. Check out these briefs for the latest insights on pressing trends and events impacting markets, published every other week. Registration required

EMEA

Carbon calculus – Irish budget airline Ryanair will soon roll out a new ‘carbon calculator’ the company says will allow customers to fully offset their flight emissions – a claim that has been met with scepticism by climate campaigners, Euractiv reports. The digital tool will calculate the emissions per passenger on each Ryanair route, enabling customers to pay to offset the carbon cost of their journey. But the efficacy of offsets have long been questioned by environmental campaigners, who portray them as more token action than real climate solution. The International Council on Clean Transportation, a mobility research organisation, warned that while offering offsets is a step towards addressing emissions, it does not necessarily make Ryanair a “greener” airline, as claimed.

Ben’s belief – Shell has no plans to change its strategy despite a Netherlands court ruling calling for the company to make a 45% cut to its emissions by the end of the decade, according to the oil giant’s chief executive Ben van Beurden. Shell plans to appeal against the court’s ruling, but van Beurden said the firm’s strategy was “very much in line” with what the plaintiffs in the case wanted. He also dismissed concerns over Shell’s plan to help explore for new oil prospects off the UK coast. “For as long as the UK still needs oil and gas in its [energy] consumption, it’s better to produce in its own backyard,” he said. (The Guardian)

AMERICAS

Last best blitz – A coalition of climate-focused groups is readying a multimillion-dollar blitz of advertising, organising, and public events over the US Congress’s recess in August, seeing it as their best and last opportunity to influence members before Democrats start crafting crucial climate legislation this fall. The coalition will host more than 500 events nationally, aiming to engage more than 1 mln Americans, with a focus on states represented by moderate Democrats in the House and Senate who could make or break a deal. In total, the groups appear set to spend more than $20 mln over the six-week period when members of the House and Senate leave Washington and head home to hear from their constituents. (HuffPost)

The ties that non-bind – The White House and automakers could soon unveil a nonbinding deal to have electric vehicles reach at least 40% of new car sales by 2030, per reports in the Washington Post, Reuters, and elsewhere. Reported discussions on the nonbinding pledge are occurring as President Joe Biden’s administration prepares to propose new regulatory vehicle emissions and mileage standards. But negotiations around a related and voluntary target – which Reuters notes could be as high as 50% – suggest that White House officials are seeking ways to complement planned mandates. (Axios)

The big unit – Chevron on Thursday announced the creation of a new unit to manage the second largest US oil producer’s low-carbon investments, with an initial focus on alternative energy sources like hydrogen, CCS, and offsets. Company insider Jeff Gustavson will head the ‘New Energies’ unit from Aug. 2, and Chevron said it will provide more details on the unit in a presentation on Sep. 14. (Reuters)

AND FINALLY…

Full metal jacket – Entire buildings can be wrapped in jackets to save energy, Scientific American reports, profiling a project in the Dutch capital of The Hague. The new building skin, prebuilt in a factory, was one of a dozen such facades to be attached to local buildings, each structure measured to millimetre precision. The installation is part of a concerted effort to transform energy-inefficient public housing into a set of ultralow-emission homes — without having to open a wall or remake an attic. The building was being wrapped in the equivalent of a winter jacket—or summer beer koozie—avoiding the need to insert insulation inside dozens of walls, lofts, and attics.

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