CP Daily: Tuesday February 2, 2016

Published 18:41 on February 2, 2016  /  Last updated at 18:45 on February 2, 2016  /  Newsletter  /  No Comments

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

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EU ETS reform plans won’t trigger EUA allocation haircut -ICIS Tschach

Industrial companies will not see their free EUA allocations slashed under the Cross-Sectoral Correction Factor (CSCF) next decade under proposed post-2020 reforms because regulators will allocate units more selectively, analysts ICIS Tschach Solutions said on Tuesday.

EU Commission to host meeting on EUA allocation haircut

The European Commission will host a technical EU ETS discussion in Q2 assessing whether the Cross-Sectoral Correction Factor (CSCF) will be necessary after 2020.

EU Market: Wider energy complex leads EUAs to 2.5% gain following new low

European carbon hit a fresh 20-month low on Tuesday morning before reversing course and finishing 2.5% higher after oil and wider energy prices staged a turnaround.

China adds 49 offset projects aiming to generate 7 mln CCERs per year

China on Tuesday published the names of 49 recently approved offset projects designed to generate over 7 million CCERs a year, though less than half are eligible for use in the country’s pilot markets.

Two former emissions traders join South Pole Group

Project developer and carbon credit vendor South Pole Group has announced a series of new hires including two former emissions traders.

Korean trading firm seeks to buy CERs through UN platform

A Korean carbon credit company has filed an expression of interest with the UNFCCC to buy at least 100,000 CERs from projects in South Korea that are eligible in the domestic ETS, UN data showed.

UK revises down historical GHG emissions back to 1990

The UK has revised down its GHG emissions figures going back to 1990, the Department of Energy and Climate Change (DECC) said on Tuesday, reporting that it emitted 6 million fewer tonnes of CO2e in 2014 than previously estimated.

 

Bite-sized updates from around the world

UN shipping body IMO likely to consider a GHG target for the sector this spring, according to newly appointed chief Kitack Lim. He appears to be taking a different tack to former head Koji Sekimizu, who last year spoke out against the need for such a measure while the IMO’s MEPC environment committee rejected a motion to start work on it. (This year’s MEPC meeting is on April 18-22) (Climate Home)

The Adani coal mine in Australia came one step closer to being built on Tuesday when the Queensland state government approved the project, angering environmentalists. There are, however, still some formal hurdles that need clearing before construction can begin, plus the minor issue of securing funding. The mine is expected to increase global CO2 emissions by 128 million tonnes per year if built. (Brisbane Times)

The US federal government’s proposed limits on methane emissions from oil and gas wells on public land will protect the atmosphere against one of the most potent greenhouse gases known to science. Now the government needs to impose similar restrictions on wells on private land, argues the Bloomberg editorial board in this op-ed.

British Columbia indigenous groups mull developing offset projects: Eight Kwakwaka’wakw First Nations in the Canadian province are interested in offset and clean energy project development within the Great Bear Rainforest, spokesman Dallas Smith said at the signing of a landmark deal to protect much of the land from industrial logging. (Vancouver Sun)

ICAP, a multilateral forum working on carbon markets, will host its 15th training course for on emissions trading for emerging economies and developing countries in Sao Paulo from May 3-12. It is for nongovernmental, academic, private sector stakeholders and policymakers and open to applicants from Latin America and the Caribbean countries that are eligible to receive ODA.

And finally… With the Iowa primaries done, here’s a reminder of where the Republican presidential contenders stand on climate change, courtesy of Bloomberg BNA. (Not to focus a disproportionate amount of attention on the GOP, but we know where the Democrats stand on this)

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