CP Daily: Tuesday August 24, 2021

Published 23:13 on August 24, 2021  /  Last updated at 23:13 on August 24, 2021  /  Newsletter  /  No Comments

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

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TOP STORY

ANALYSIS: Flush with ambition, China will need time to deliver on green hydrogen

Zhangjiakou, the northern Chinese city that will co-host next year’s Winter Olympics, is busy putting in place the nation’s largest green hydrogen capacity, though experts predict China’s push to develop the fuel will take years to make an impact.

AMERICAS

RGGI compliance entities took varied approach to carbon market in Q2, quarterly reports show

Large RGGI emitters took different approaches to the power sector cap-and-trade programme over the second quarter, with some adding length as allowance prices rose and others trimming holdings, according to quarterly reports.

Few significant California LCFS impacts foreseen from gubernatorial election

California Low Carbon Fuel Standard (LCFS) prices could see some volatility should voters recall Governor Gavin Newsom (D) next month, but the programme itself is likely to persist, traders and regulatory sources said.

Oregon Clean Fuels Program logs historic deficit during Q1

The Oregon Clean Fuels Program (OCFP) posted its largest ever quarterly deficit during the first three months of 2021 due to a spike in fossil-based fuels and a decline in renewable alternatives, according to state data published Tuesday.

ASIA PACIFIC

Myanmar submits revised Paris pledge strong on REDD, including Article 6 programme

Myanmar has submitted a revised NDC to the UN featuring its first mitigation goals and specifically referencing a South Korean programme it intends to develop under the Paris Agreement’s Article 6 international trading provision.

Expectations grow that NZU auction will tap into reserve

The spot price for New Zealand carbon allowances has risen above NZ$50 ($34.54) after the government announced changes to the ETS settings from next year, firming expectations that next week’s NZU auction will tap into the 7-million cost containment reserve.

EMEA

Euro Markets: EUAs lift towards €57 as gas outage supports

Carbon prices extended their gains for a third session amid quiet trading on Tuesday, supported by higher gas prices amid production outages at a North Sea field.

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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

INTERNATIONAL

Floating plans – Three Pacific island nations – the Marshall Islands, Solomon Islands and Kiribati – are calling for zero-carbon shipping by 2050, with an effort to raise the IMO current target of a 50% reduction by mid-century. In a proposal to the UN’s shipping body, the nations cited the IPCC’s report last month that said to limit warming to 1.5C, global CO2 emissions must fall rapidly and reach net zero by 2050. The proposal will be considered at the IMO’s next environmental meeting Nov. 22-26. (Climate Home)

Climate connection – The US and Singapore announced a new climate partnership Monday as Vice President Kamala Harris tours the country and South East Asia. The climate partnership includes collaboration on climate finance, research and development, and establishing climate standards. It also comes as the US tries to bolster its standing on global climate leadership ahead of COP26 – and as the US and other Western democracies aim to counter China’s growing energy and infrastructure ambitions outside its borders. Harris plans to continue discussing climate issues on her tour as she heads to Vietnam later this week. (Politico)

EMEA

Vessel book – Danish shipowner Maersk has ordered eight new vessels capable of running on green methanol from Hyundai Heavy Industries due for delivery in early 2024, with an option for four more the following year. That makes it the first container shipping company to order large carbon-neutral vessels capable of sailing from China to Europe and across the Pacific, having ordered a small carbon-neutral feeder vessel in February. Each vessel costs about 10-15% more than a traditional ship as it will be able to run on both bunker fuel and carbon-neutral methanol, which costs about double bunker fuel. Maersk executives believe customers such as Amazon were willing to pay up for green transport. (FT)

Feeling the forest – Germany’s forests can provide the annual sink capacity needed to achieve negative emission targets under Germany’s Climate Action Law of 25 MtCO2 of annual sink capacity by 2030 and 40 MTCO2 by 2045, according to a report by Oeko-Institut researchers that contradicts a recent statement by the agriculture ministry’s scientific advisory board. Oeko said the board’s findings underestimate the future ability of Germany’s forests to permanently store carbon and projected that a gap of 17 Mt could be closed to 3 Mt. Clean Energy Wire)

VOLUNTARY

Common sensing – Israeli satellite imagery startup Albo and Mauritius-based hydropower project developer Tembo on Tuesday announce a strategic partnership deal for remote sensing of carbon stocks in Sub-Saharan Africa. The high-resolution maps will be used to evaluate ecosystem health and monitor the areas for deforestation, as well as to generate carbon offsets. Albo and Tembo will start collaboration by developing carbon credits from two national parks in Cameroon, whose total size is 786,000 hectares.

SCIENCE & TECH

Applying attribution – Heavy rain as intense as the downpours behind the recent deadly flooding in Germany and Belgium has been made between 1.2 and 9 times more likely by climate change and 3-19% more intense, according to a “new rapid attribution” study from the World Weather Attribution group of researchers. The scientists calculated the role of climate change on the intense rainfall that caused the floods by analysing weather records and computer simulations to compare today’s climate, which is about 1.2C warmer on average globally than in pre-industrial times, with that of the past. (BBC)

AND FINALLY…

Betting on bedding – BP and Maryland-based CleanBay Renewables on Tuesday announced a 15-year agreement where the oil major will purchase renewable natural gas (RNG) processed from poultry litter – a mixture of manure, feathers, and bedding – and sell it as fuel in the US transportation market. Through this agreement, BP’s trading and shipping team will sell the fuel to its customers, initially in California, where there is strong demand for RNG under the state’s low-carbon fuel standard (LCFS).

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