Newsletters > CP Daily: Wednesday April 13, 2022

CP Daily: Wednesday April 13, 2022

Published 22:56 on April 13, 2022  /  Last updated at 22:56 on April 13, 2022  / /  Newsletters

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

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TOP STORY

Indonesia confirms limited offset issuance delays, unclear on way forward

The Indonesia government has released a statement confirming it has suspended validating some carbon projects, but only in certain regions, while declining to say how long the pause will last.

EMEA

The EU’s dash for non-Russian gas could boost methane controls elsewhere

The EU’s rush to diversify its gas supply beyond Russia is giving fresh impetus to efforts to tackle methane emissions abroad, though some experts fear the bloc’s hastily-agreed supply deals lack the means to ensure leaks of the potent warming gas are plugged.

Methane leaks from ‘green’ ships cast shadow over Europe’s LNG pivot

An investigation into LNG-powered ships has uncovered significant amounts of methane being released into the atmosphere, calling into question the expected European pivot to ships powered by the fuel as part of climate action.

Euro Markets: EUAs shed Tuesday gains amid diminishing liquidity as energy markets rise

EUAs gave up Tuesday’s gains on Wednesday as continued light trading featured declining interest from buyers, while energy prices rose on lower natural gas flows from Russia and Norway.

ASIA PACIFIC

Australia’s Queensland gets top marks in industry body report card

The Australian state of Queensland has come in first in a scorecard report by the Carbon Market Institute (CMI) ranking state and federal jurisdiction’s carbon policies and ambitions against one another.

SK Market: Interest picks up, but Korea still struggles to sell out monthly carbon auction

With the annual compliance deadline drawing nearer South Korea on Wednesday saw increased buy interest at its monthly KAU auction, but still failed to find takers for all the units on offer.

INTERNATIONAL

Net zero non-governance leads to runaway climate change -report

If governments fully realise their net zero mitigation pledges the world could stabilise temperature rise at just below 2C but official UN pledges subject to international scrutiny are weaker and could see warming of as high as 3C, according to a paper published on Wednesday.

VOLUNTARY

Blockchain sets carbon negative goal, plans biggest-yet on-chain offset retirement

The Polygon blockchain has pledged to spend $20 million on climate-related issues this year to become carbon negative, including offsetting its own emissions and help boosting offsetting services on its network.

Rabobank completes its first sale of credits from carbon farming projects on Dutch and American soil

Netherlands-based Rabobank has sold the first credits generated through its pilot carbon farming project on Dutch and American soils, the bank announced on Wednesday, noting that 90% of the proceeds will flow into the pockets of the farmers taking part.

European carbon traders tie up with Web3 firm on offset pre-purchases

A Europe-based carbon commodity firm has partnered with a crypto initiative to boost the market for pre-purchasing offsets.

AMERICAS

California offset issuances top 1 mln as voluntary retirements pick up

California regulator ARB gave out more than 1 million compliance offsets for the second straight issuance period this past week, while a tech giant’s recent purchases may have boosted the number of credits retired for voluntary purposes, according to state data published Wednesday.

COMMENT

The voluntary carbon market needs ratings agencies

A new breed of ecosystem asset ratings agencies is needed to scale ecosystem markets. Their role is to fuse incentives in capital markets with conservation outcomes, and to generate huge opportunities for wealth creation, says Mani Gangadharan Venketachalam, President, BeZero Carbon.

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CONFERENCES

City Week 2022: Resetting Priorities for a Better Future – Apr. 25-27 at London Guildhall: Now in its 12th year, City Week is the premier gathering of the international financial services community. Organised in partnership with the UK Government and leading City institutions, City Week brings together industry leaders and policy makers from around the globe to consider the future of global financial markets. Each day will address a specific theme, with Day 1 focussing on “Meeting the climate change challenge – the role of financial services in achieving net zero”. www.cityweekuk.com

Reuters Events: Global Energy Transition 2022 – June 14-15 in New York City: The conference unites CEOs and changemakers from the energy, industrial, and government ecosystems to shed light on the defining issue of our time, and help companies meet a uniquely difficult challenge. Over two days and five critical themes, we will define the future of energy, inspire a decade of action, and prepare the sector for challenges still to come, with diverse voices from around the world bringing passion and expertise to deliver a new path forward. Find out more by visiting the website today: https://bit.ly/35H7cgb

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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

Joint reactor – Bulgaria and Greece have progressed in their talks about constructing a nuclear power plant, but the liability issue in case of an accident remains unresolved, according to Euractiv. Negotiations between the two countries on constructing the plant are still in their infancy, but Sofia has reported intentions towards doing so from their counterparts in Athens. The idea was first announced by Bulgarian deputy prime minister and finance minister Asen Vassilev after returning from a visit to Greece in February, where they spoke with Greek PM Kyriakos Mitsotakis.

German emissions – GHG emission intensity last year increased in Germany for the first time since 2013, Clean Energy Wire reports. The country’s council said that this development should be closely watched and will be the subject of a special report to be published in autumn 2022. In 2021, the growth in GDP was smaller (2.7% up compared to 2020) than the rise in primary energy consumption (3.1%). Moreover, more coal power and less renewables shifted the composition of primary energy sources, leading to higher CO2 emissions per unit of energy. The buildings sector in Germany failed its target for a second year in a row and the transport sector also fell short. The latter did so despite the emission-reducing effects of rising fuel prices and the measures to contain the pandemic, experts noted. All other sectors (energy, industry, agriculture, waste) stayed within their emission budgets. The ministries in charge of buildings and transport must now present an action programme within three months, detailing measures that make up for the missed target as per German law.

Tax burden – Ireland’s Cabinet signed off on plans on Wednesday that will “more than offset” the cost of the increase in the nation’s carbon tax due to kick in on May 1, PM Leo Varadkar said, adding that the planned increase in the tax will cost the average household between €1.50-3 a month. The Irish Times reported that the plan is to temporarily reduce the VAT rate on gas and electricity to 9% from 13.5%, but not on petrol, diesel, or home heating oil while households will receive an additional three weeks’ payment of the fuel allowance. Ireland has a domestic carbon tax with a rising trajectory targeting €100/tonne by 2030, where all additional revenues raised are earmarked towards meeting the country’s climate objectives.

ASIA PACIFIC

Claiming credit – A new scheme launched on Tuesday in Singapore will allow EV charging point operators and fleet owners to make money from the use of battery-powered cars, in a move that aims to support the shift away from fossil fuels, Straits Times reports. The Electric Vehicle Accelerator programme, designed by local carbon trading firm CRX CarbonBank, will generate carbon credits based on the GHG emission reductions achieved through the charging of EVs. This is calculated by comparing against the emissions that would have been generated by internal combustion engine vehicles that the EVs replace.

Zero carbon airport – Central Japan International Airport and Toyota Tsusho have signed a partnership agreement to facilitate zero carbon emissions at Chubu Centrair International Airport, a press release from Toyota Tsusho stated. The initiative will develop an “airport decarbonisation promotion plan” and promote zero carbon emissions at the airport, the first initiative of its kind in Japan. The plan will be based on developing a renewable energy hub, reducing emissions from airport facilities and vehicles, utilising hydrogen, and introducing new energy management systems. (Toyota Tsusho).

Biorefinery for Gladstone – Oceania Biofuels has selected the industrial town of Gladstone, Queensland to build a A$500 mln ($371 mln) biorefinery to produce renewable diesel and sustainable aviation fuel. A Queensland government release on Wednesday noted the project would be Australia’s first commercial sustainable aviation fuel biorefinery, which will use locally sourced waste, as well as tallow and canola as feedstock, producing more than 350 mln litres of green fuel per year. The project is expected to create around 500 regional jobs during construction and operation, according to state development minister Stephen Miles. The government’s biofuel roadmap expects a A$1 bln sustainable industrial biotechnology and bioproducts sector in the state.

AMERICAS

Production peak – Gas-fired power production likely peaked in 2020 and will gradually be driven lower by higher gas prices and competition from growing amounts of wind and solar capacity, according to the Institute for Energy Economics and Finance, a non-profit group that supports moving away from fossil fuels. Any increased US liquefied natural gas exports to help Europe shift away from Russian purchases would put upward pressure on domestic gas prices, making renewable energy in the US even more competitive compared with gas-fired generation, Seth Feaster, IEEFA energy data analyst, said Tuesday during a webinar on the organisation’s US 2022 Power Sector Outlook. However, IEEFA doesn’t expect the conflict in Ukraine will in any “significant degree” affect the long-term transition toward renewable energy and battery storage in the US power sector, according to Dennis Wamsted, an editor and energy analyst with IEEFA. (Utility Dive)

VOLUNTARY

Done deal – India-based AGS Carbon Advisory Services and Switzerland’s Pact Capital have struck a deal over a LED lighting project in Gujarat, they announced. Pact will help finance and purchase offset credits from the project, which involves the distribution of over 300,000 LED lighting devices to 100,000 households, with a potential to scale up in the future.

AND FINALLY…

Sun savings – Solar-powered electronics are one step closer to becoming an everyday part of our lives thanks to a “radical” new scientific breakthrough. In 2017, scientists at a Swedish university created an energy system that makes it possible to capture and store solar energy for up to 18 years, releasing it as heat when needed. Now the researchers have succeeded in getting the system to produce electricity by connecting it to a thermoelectric generator. Though still in its early stages, the concept developed at Chalmers University of Technology in Gothenberg could pave the way for self-charging electronics that use stored solar energy on demand.
(EuroNews)

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