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Standardised voluntary emissions reduction (VER) values soared to new heights over the past week as transacted volume accelerated, while voluntary carbon market (VCM) participants noted offset prices on the non-standardised, over-the-counter market were also rising in tandem with exchange-traded products.
Canadian Prime Minster Justin Trudeau on Sunday called an election for next month, sending voters to the polls for the second time in two years amid ongoing concerns over the pandemic and climate change.
Pennsylvania environmental groups pushed back on Monday against Republican legislators and industry groups’ opposition to the state joining the RGGI programme in 2022, saying the state Independent Regulatory Review Commission (IRRC) has solid legal authority to approve the final power sector cap-and-trade regulation.
EUAs rose sharply on Monday, clawing back all of last week’s losses and settling at a new record, as dip buyers entered the market and European energy prices surged.
Germany is forecast to record its biggest rise in GHG emissions since 1990 this year as the economy rebounds from the pandemic-related downturn, according to a report published on Monday.
The UK unveiled its hydrogen strategy on Tuesday, proposing to use contract-for-difference funding that gives no preference to renewables-derived production over captured fossil gas.
China’s thermal power generation rose 12.7% last month compared to July 2020, the highest year-on-year growth rate since March, according to government data, but analysts say emissions output might slow in the second half as economic growth is projected to soften.
Job listings this week
- *Senior Manager, Digital Programme (GSIQ), Gold Standard – Remote (Europe preferred)
- *Officer, Land Use and Forests, Standards Development, Gold Standard – Remote (India/Switzerland/UK)
- *Officer, Energy, Standards Development, Gold Standard – Remote (India/Switzerland/UK)
- *Senior Program Officer, Carbon Markets, Asia Society Policy Institute – Multiple Locations
- *Associate Director of Climate, Asia Society Policy Institute – Flexible Location
- *Sales Manager, Green Energy, ClimatePartner – Munich
- *Carbon Offset Procurement and Portfolio Manager, ClimatePartner – Munich
- *Carbon Project Developer, ClimatePartner – Munich
- *Carbon Project Developer, Nature-Based Solutions, ClimatePartner – Munich
- Director of Climate Policy, Niskanen Center – Washington DC
- Program Officer, Verra – Washington DC/Remote
- Low Carbon Transportation Engineer, California Air Resources Board – Sacramento
- Project Associate, Natural Climate Solutions and/or Project Manager, Natural Climate Solutions – Charlottesville, Virginia
- Climate Finance and Land Use Consultant, Climate Focus – Bogota
- Low Carbon Policy & Advocacy Manager, Australia, BP – Melbourne
Or click here to see all our listings
BITE-SIZED UPDATES FROM AROUND THE WORLD
Capturing value – The global market for CCS could reach $2 trillion if used to cut pollution from heavy industry, according to bank Credit Suisse. Higher European carbon prices are creating a tipping point where preventing the emissions becomes a viable economic alternative. Capture technology already is used in North America and Australia, and large projects are being developed in the UK, Netherlands, and Norway. (Bloomberg)
Bring it forward – Germany’s revised domestic climate targets mean the country’s coal power phaseout will need to be completed by 2030, eight years earlier than the current phaseout timetable planned, the government said in an answer to a parliamentary question by the pro-business party FDP, confirming what analysts had long seen as inevitable since Berlin in March raised the country’s domestic emissions goal to 65% under 1990 levels, up from 55%, and EU leaders signed up to a deeper bloc-wide 55% target. Germany’s new climate target reduces the remaining emissions budget for the energy sector to 108 MtCO2/year in 2030 from 175 Mt, down from about 280 Mt currently. Assuming around 25 Mt will be emitted by heating plants, refineries, and pipeline technology, that leaves little room for coal-based emissions. (Handelsblatt, Clean Energy Wire)
Stop-GO penalty – The UK government is considering whether to reform its REGO guarantees of origin renewable power certification system to make it “smarter”, amid growing concern over the extent of greenwashing by large energy firms claiming to offer environmental benefits to as many as 9 mln retail customers on green tariffs. Energy suppliers could be forced to provide clearer information to consumers about their green tariffs, including the type of renewable energy used, such as wind or solar, and where and when the renewable power was generated. (Guardian)
Beefed-up boilers – UK PM Boris Johnson is planning to launch a £400 mln boiler scrappage scheme offering people £7,000 grants, revamping the two-year £100 mln Clean Heat Grants scheme providing £4,000 grants that is due to start in April, The Times reported, citing anonymous government sources. The PM wants to quadruple the budget and run the scheme over three years to help finance the installation of nearly 60,000 heat pumps, bringing the cost more into line with gas boilers.
Auction call – Spain will on Tuesday launch an invitation for bids for renewable generation capacity worth 3.3 GW, seeking to boost supply as one way of shielding consumers from sky-high wholesale power prices, Energy and Environment Minister Teresa Ribera said. Power prices in Spain and Portugal have scaled record highs this summer as a heat wave in recent days has boosted air conditioning use. (Reuters)
Modi’s move – India’s PM Narendra Modi used his Independence Day speech on Sunday to announce that the nation will spend 100 trln rupees on a national infrastructure plan to boost economic growth and help the country meet its climate goals. While he did not go into great detail, he said the ‘Gati Shakti’ scheme will expand the use of cleaner fuels. Modi pledged to invest more in electric mobility, solar energy, and ‘green hydrogen’ in order for the country to become energy independent by 2047. He aims to wind down energy imports and said the programme will create job opportunities for hundreds of thousands. (Reuters)
More net zero – Major Australian steel company BlueScope has become the latest major emitter to announce a net zero emissions by 2050. The company is investing in technology research to help it achieve the goal, though noted that the target is “highly dependent” on the success of technology development, the availability of cost-effective renewable energy and hydrogen, availability of raw materials, and public policy settings. According to a presentation made in connection with financial results Monday, offsets are expected to play a minor role in the 2040s, should the company struggle to reach the goal through technological achievements alone.
Awash and learn – Canada is “awash in green capital” but falling short on funding projects needed to meet its net zero goals, according to a report from RBC Economics Research. RBC projects it could cost Canada C$70 bln per year to meet its GHG reduction targets, while the bank pegs sustainable investment today at only C$10 bln annually. Canadian firms raised C$38 bln in green financing over 2010-20, but the problem is that few emissions-reducing projects generate “sizeable near-to-medium term financial returns,” and some struggle to pay off for investors in the long run. (Yahoo Finance)
SCIENCE & TECH
Methane monsters – Major oil and gas producers are emitting significantly more methane than disclosed, according to new research from Signal Climate Analytics and Geofiancial Analytics, in collaboration with a year-long Reuters examination of the world’s 250 biggest emitters. Using ultra-high-resolution satellites alongside global satellite data from January to July 2021, the study compared observed emissions with expected performance based on methane intensity reports, regulatory filings, commitment to transparent reporting, and safety incidents, making it the first to attribute methane emissions to individual companies and benchmark them to reported performance. Shell and Chevron were found to be the worst performers, followed by ConocoPhillips, Marathon, and ExxonMobil, among the top 15 producers. (Climate Nexus)
Clock is ticking – In line with the latest IPCC climate science data, the “Carbon Clock” run by the Berlin-based Mercator Research Institute has now been slightly revised. The clock ticks backwards, illustrating the remaining global budget for GHG emissions. The remaining budget for the 2C target would be used up in 25 years and 8 months from today, if emissions remain constant. The 1.5C target runs for 7 years and 11 months at constant emissions, about 1.5 years longer than before the update.
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