CP Daily: Tuesday February 23, 2016

Published 20:43 on February 23, 2016  /  Last updated at 20:51 on February 23, 2016  /  Newsletter  /  No Comments

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

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Trade in China’s pilot carbon markets grew by 87% in 2015 -report

Trading volumes on China’s seven emissions exchanges increased by 86.5% last year, but the financial value of the transactions rose by just 50% due to falling prices, an annual report on China’s carbon markets said Tuesday.

EU Market: Carbon drops over 9% to fall back below €5

EU carbon prices fell sharply on Tuesday, dropping below €5 to give back all of the previous week’s meagre gains and nearing their 22-month low.

Emissions Trading Worldwide: ICAP Status Report 2016

The International Carbon Action Partnership’s Status Report 2016 shows emissions trading is gaining ever more importance in the fight against climate change.

Two-thirds of Canadians back cap-and-trade, study finds

Two-thirds (66%) of Canadians support the idea of implementing cap-and-trade to combat climate change, according to research conducted by five universities.

Drax’s CO2 unit needs drop 20% as it converts more generation to biomass

UK utility Drax needed to buy 20.5% fewer EUAs in 2015 as it continued to convert more of its power output from coal to wood pellets, according to its annual results on Tuesday.

Canada’s Yukon reiterates opposition to CO2 tax amid talk of national strategy

The premier of Canada’s Yukon territory on Monday reaffirmed his government’s opposition to the introduction of a carbon tax to help cut GHG emissions in the country’s northern regions.

US greenhouse gas emissions rose 0.9% in 2014

US GHG emissions rose 0.9% year-on-year in 2014 to 6.87 billion tonnes of CO2e, as carbon output from energy and transport increased, according to data released by the Environmental Protection Agency (EPA).

CTX hires new SVP for North American voluntary market business

Carbon Trade Exchange (CTX) has hired a new senior vice president in its North American voluntary carbon markets division, the online emissions exchange operator said on Monday.

Bite-sized updates from around the world

The UK needs its own version of Germany’s “Energiewende” (energy transition), said Lawrence Slade, chief executive of industry group Energy UK.  The British public, media and politicians have not yet caught up with the fundamental changes going on in the UK energy sector, and there needs to be a national conversation and narrative around them. (Carbon Brief)

With current government policies, Germany will miss its climate targets and must therefore push renewables in all sectors, according to a study commissioned by the German Renewable Energy Federation (BEE). In a BAU scenario, German CO2 emissions will only fall by 32% below 1990 levels by 2020 compared to its 40% target. By 2050, emissions would be reduced by 58% under current policies, compared to its target of 80-95%. (H/T Clean Energy Wire)

World crude steel production for the 66 countries reporting to the World Steel Association was 128 million tonnes in Jan. 2016, a -7.1% decrease compared to the same month last year.  Production in the EU dropped by 7.6% year-on-year, while Chinese production was down 7.8%.

New analysis released today by the Union of Concerned Scientists shows that strengthening Minnesota’s clean energy policies, together with a national ETS, provides a cost-effective way for the state to cut emissions, deliver significant health and economic benefits to residents, and comply with the EPA’s Clean Power Plan.

Is it time for New Zealand to include agriculture in its ETS, asks Kate Gudsell in this RadioNZ story. Meanwhile, MOTU Research’s Suzi Kerr examines the case for treating some sectors more leniently than others.

Lebanon has saluted 41 private institutions that have voluntarily audited, reported and communicated their respective GHG emissions. This is the third year this event has been held, with just eight firms recognised in the first ceremony. (namanews.org)

And finally… These seven firms bear the $3 billion brunt of California’s carbon market – The Golden State’s biggest fuel suppliers, led by Tesoro Corp. and Chevron Corp., face the biggest costs under California’s cap-and-trade system, with expenses that may top $3 billion a year for the whole industry, according to a Bloomberg Intelligence report released Tuesday.

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