Newsletters > CP Daily: Friday September 17, 2021

CP Daily: Friday September 17, 2021

Published 22:47 on September 17, 2021  /  Last updated at 22:48 on September 17, 2021  / Carbon Pulse /  Newsletters

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

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TOP STORY

UN says world on pathway to 2.7C of warming despite Paris targets

Global GHG emissions will be 16% higher in 2030 than they were in 2010 – levels aligned to 2.7C of warming – even if all nationally-determined contributions (NDCs) submitted under the Paris Agreement are fully achieved, according to a UN updated NDC synthesis report released Friday.

CONFERENCE

CARBON FORWARD 2021: Amid global carbon credit boom, experts gather to discuss risks, opportunities

The sixth instalment of Carbon Forward – the premier annual environmental markets conference – is back, and it’s stacked with a first-class line-up of speakers to discuss the global boom in carbon credit prices, as well as government- and corporate-led efforts to scale up these markets.

EMEA

Euro Markets: EUAs fail to top €60 amid determined selling, post 2.4% weekly loss

EUAs ended the week 2.4% down from last Friday’s settlement as energy markets moderated their spectacular gains of earlier in the week, and determined EUA selling capped a carbon rally.

AMERICAS

Lowest WCI auction volumes since Q1 announced ahead of Nov. 17 sale

The Q4 California-Quebec auction will feature the lowest volume since the first quarter due to a reduction of unsold allowances, with the auction announcement on Friday coming on the heels of all-time highs on the secondary market this week.

US Carbon Pricing and LCFS Roundup for week ending Sep. 17, 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 Illinois and Pennsylvania.

WCI emitters added to short positions for second consecutive week as financials remain static

WCI regulated entities increased their open short positions for the second consecutive week as prices began to rebound in the futures market, while speculators’ holdings rose slightly over the period, according to US Commodity Futures Trading Commission (CFTC) data published Friday.

ASIA PACIFIC

CN Markets: CEAs rebound somewhat, but activity remains low amid talk of further delays

Chinese Carbon Emissions Allowances (CEAs) rose by 7% over the past week, though activity remains low as talk of further delays in allocating an outstanding 5 billion permits weighs on traders.

VOLUNTARY

Inpex inks carbon neutral propane deal amid calls for greater offset scrutiny

Japanese oil and gas company Inpex signed a carbon neutral propane gas deal with major LPG player Astomos Energy this week, broadening the list of fossil fuel product trades that are controversially claiming carbon neutrality.

New offset-backed crypto currency aims to drive up voluntary carbon prices

A new US-based digital currency protocol is closing its ‘fair launch’ auction on Friday, raising funds it intends to use to buy voluntary carbon offsets in a bid to drive up market prices and force big companies to reduce their emissions.

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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

Liese leads – Germany’s Peter Liese will be, as rapporteur, the MEP tasked with steering the main EU ETS portion of the bloc’s wide-ranging Fit for 55 climate package through the European Parliament’s environment (ENVI) committee and ultimately representing the assembly in talks with member states to finalise the bill, Bloomberg reports. His centre-right EPP colleague, Sweden’s Sara Skyttedal, will steer the energy (ITRE) committee’s work on the file, which will give its opinion for ENVI to consider. The EPP was last week given control of the ETS file among others, with the centre-left S&D will steer work to reform the EU ETS’s Market Stability Reserve and the carbon border adjustment mechanism (CBAM).

Earlier end – German utility RWE is ready to close down its coal-fired power stations earlier than the 2038 date prescribed by the country’s coal exit law, CEO Markus Krebber told Spiegel Online. He said RWE wouldn’t claim further compensation payments for this, but it would be essential that renewable power sources are expanded faster and more consistently. He said the next German government would have to make “all the important decisions” on climate and energy policy during the first half of the legislative period. (Clean Energy Wire)

Cementing ties – Germany-based HeidelbergCement has partnered with Norway-based Sintef Energi to install a pilot CCS plant at its Gorazdze cement facility in Poland. The project, known as Project ACCSess, has received €15 mln-worth of funding from the EU’s Horizon 2020 industrial emissions reduction programme, and it aims to store the CO2 in Nordic nations. The project is due to conclude in 2025. (Global Cement)

AMERICAS

Six month hiatus – California’s Independent Emissions Market Advisory Committee (IEMAC) announced Friday that it would hold a meeting on Sep. 28 to discuss its 2021 report. The watchdog group has not held a meeting since March, with two of the five members taking positions in the Biden administration at the beginning of the year. IEMAC hopes to discuss current environmental policies, including updates on the 2022 Scoping Plan process, while also prioritise issues for its 2021 report.

Big showdown for big oil – The US House Oversight Committee has called on several oil major and a prominent lobby group to testify before Congress next month over their role in spreading disinformation about the role of fossil fuels on climate change, according to a New York Times report. The committee has requested top executives from BP, Chevron, Exxon, Royal Dutch Shell, and lobbying group American Petroleum Institute to testify. In their letter to the companies and API, the committee said they are worried about a “coordinated effort to spread disinformation to mislead the public and prevent crucial action to address climate change.”

Lightning struck – Ford will increase its investment and add jobs at a Michigan plant due to soaring demand for its all-electric F-150 truck, the company announced Thursday. Ford plans to add $250 million and 450 jobs to the production facility, with those additions enabling output of 80,000 F-150 Lightning. The company said it had already received 150,000 preordered, prompting the new investments this week.

AND FINALLY…

Kicking emissions – The UK’s Tottenham Hotspur vs Chelsea game this weekend is being promoted by broadcaster Sky Sports as the “first net-zero premiere league football match.” The game will take place in the new £850 mln stadium run on carbon-neutral gas and renewable energy. Other initiatives to reduce the game’s carbon footprint include offering only vegan food sales, running team coaches on biofuel, and certifying the pitch as organic. Sky says it will offset any emissions they can’t abate, including those from the 60,000 fans expected to travel to the game, and is working with developer Natural Capital Partners on forest-based projects to make this happen. (Positive.News)

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