CP Daily: Thursday January 14, 2016

Published 18:21 on January 14, 2016  /  Last updated at 18:27 on January 14, 2016  /  Newsletter  /  No Comments

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

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ANALYSIS: Korea ETS poised for revamp after torturous first year

Emitters in South Korea’s ETS, the world’s second-biggest carbon market, expect changes to policy settings and a slight rise in trading activity after an inaugural year that landed dozens of lawsuits on the government’s desk and only saw minuscule volumes change hands.

Ruling nears in latest California carbon offset probe

California’s Air Resources Board (ARB) on Wednesday said it had received all information necessary to make a ruling in its investigation over 15,070 offsets issued to a livestock methane project in Indiana.

Global low-carbon energy investment soars to new record in 2015 -BNEF

Investment in low-carbon energy sources surged in the US, China, India, Latin America and Africa in 2015, driving the global total to a record $329.3 billion, a 4% rise from 2014’s revised $315.9 billion and topping the previous peak set in 2011 by 3%, Bloomberg New Energy Finance said on Thursday.

EU Market: Carbon dips back towards €7 as power prices sink further

EU carbon prices fell again on Thursday back towards this week’s nine-month low of €7.01, adding to sentiment that Wednesday’s rise was a “dead cat bounce” rather than the start of a price rebound.

New project approvals to add supply to China’s offset market

China has released the names of another batch of projects deemed eligible to generate carbon offsets, of which nine will be able to supply around 1.1 million CCERs annually to compliance buyers in the pilot emissions trading schemes and the national ETS.

Washington state senator floats $8/t carbon tax proposal

A state senator in Washington has proposed introducing a carbon tax of $8 per metric tonne, adding to the growing list of initiatives to put a price on the state’s greenhouse gas emissions.

Bite-sized updates from around the world

Climate change and large-scale forced migration are the greatest risks facing the world according to a survey by the World Economic Forum, the organizer of next week’s meeting in Davos. (Bloomberg)

Hong Kong Chief Executive Leung Chun-ying has set a new target of reducing energy intensity by 40% by 2025, but the climate change bit of Wednesday’s policy address contained nothing on carbon pricing. Here is The Carbon Group’s take on the city’s latest climate policy announcement.

California is in “very preliminary” talks with New York to explore the possibility of linking carbon markets, said Air Resources Board Chairwoman Mary Nichols.  The idea of linking California’s cap-and-trade system with New York’s was first proposed by New York Gov. Andrew Cuomo last year.

The grid operator for much of the US Midwest believes it can meet the requirements of the Clean Power Plan through the strategic dispatch of existing and planned resources through 2025, RTO Insider reports. (via Utility Dive)

Virginians could reap significant economic benefits by implementing a carbon trading program, along with stronger renewable energy and energy efficiency standards, to comply with the CPP, according to a Union of Concerned Scientists (UCS) study released today.

Sectoral expansion of the EU ETS – A study from the Nordic Council of Ministers, an intergovernment body for the Nordic countries, sets out the barriers and solutions for including transport, heating, agriculture and fisheries, and waste. The focus is on the biggest remaining non-ETS sector, transport.

And finally… New research shows that a carbon price could drive down greenhouse gas emissions more than previously predicted, according to World Resources Institute climate economist Noah Kaufman. (Eco-Business)

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