CP Daily: Monday January 25, 2016

Published 19:08 on January 25, 2016  /  Last updated at 14:18 on March 7, 2017  /  Newsletter  /  No Comments

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

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EU and Switzerland to link carbon markets after talks conclude

The EU is to link its carbon market to the much smaller Swiss ETS after the conclusion of five years of talks, Switzerland’s environment ministry said on Monday, though the parties did not set a start date for the connection.

CN Markets: Beijing, Shanghai CO2 prices drop to all-time lows as fundamentals catch up

Carbon prices in Beijing and Shanghai fell sharply to record lows on thin turnover Monday amid fresh supply, regulatory uncertainty and an accumulation of surplus allowances that some observers say is likely to depress prices in China’s seven regional pilot markets this year.

EU Market: Carbon sinks 7.1% to back below €6 as warm weather weakens power prices

EU carbon prices dropped back below €6 on Monday to hit a new 15-month low, wiping out late last week’s ‘relief rally’ that had given brief respite to this month’s steep losses.

India halfway to meeting 2020 GHG target despite rising emissions

India’s greenhouse gas output rose 64% between 2000 and 2010, but carbon emissions per unit of GDP fell 12% after 2005, half the reductions it aims to achieve by 2020, according to the nation’s first Biennial Update Report to the UNFCCC.

UK Treasury mulling next move for divisive carbon price floor -paper

Britain’s Treasury is considering whether to increase the country’s divisive carbon price floor in 2020-21, when the levy on fossil fuel-based power is due to be unfrozen from current levels of £18/tonne, according to the Telegraph.

Mercuria shutters London-based emissions trading desk -sources

Swiss trading house Mercuria has shut down its London-based emissions trading desk, Carbon Pulse has learned, though the company said it remains active in the market.

COMMENT: Carbon markets firmly back on the agenda

December’s historic Paris Agreement was clinched after the highest profile event of its kind, attracting the largest number of heads of state and government in history. As always, there are many interpretations of the outcome, which will enter into force in 2020. However, in terms of the market mechanisms, despite the muted language in the final text, these are firmly back on the agenda as an instrument for climate action.

Adaptation Fund to consider 23 new projects at March meeting

The Kyoto Protocol’s Adaptation Fund has received 23 funding applications for new climate resilience projects that will be assessed at a March meeting in Bonn, it announced, a slight drop from the record interest in the previous approval cycle.

Ex-Axpo carbon trading boss joins CEZ

The former head of fuel and carbon trading at Swiss utility Axpo has joined Czech state-owned CEZ to manage the energy conglomerate’s options trading desk.

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Job listings this week:

President, Climate Action Reserve – Los Angeles, CA
Senior Corporate Advisor – Climate, Nature Conservancy – Washington DC
Junior Climate Change Consultant, ICF – Washington DC
Oregon Policy Associate, Climate Solutions – Portland, OR
Sales Manager, Climate Neutral & Green Energy, First Climate – Frankfurt

Or click here to see all our job adverts

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Bite-sized updates from around the world

The Obama administration on Friday proposed a new rule aimed at curbing methane from oil and gas drilling on public land. It would force companies to use equipment to capture leaked gas and raise the costs they pay for extracting fuel on government property. (New York Times)

China is providing Iran with $3 million worth of GHG-cutting equipment, Majid Shafipour, deputy head of the Department of Environment for International Affairs and Conventions, said on Saturday.  The deal forms part of an MoU signed by the two countries.  China will install and run the equipment, while also holding training sessions for Iranian staff, IRNA reported.

Japan’s coal imports rose 4.8% to record highs in 2015 despite the nation setting a new GHG target for 2030 and signing up to the Paris Agreement, government data showed Monday. Overall power consumption fell for a fifth consecutive year, with LNG and oil imports suffering. (Reuters)

Vietnam to phase out coal, invest in gas and renewables – Prime minister says government will review plans for new coal power plants, indicating country could shift towards lower emission gas and renewables. (Climate Home)

And finally… Exxon sees a world with less carbon but higher-cost emissionsExxon Mobil Corp on Monday said efficiencies and increased use of renewable fuels will cut by half the CO2 intensity of the world’s economy by 2040, but climate policies will increase the cost of GHG emissions, according to the company’s latest long-term outlook. (Reuters)

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