CP Daily: Friday February 26, 2016

Published 19:05 on February 26, 2016  /  Last updated at 19:11 on February 26, 2016  / Stian Reklev /  Newsletters

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

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South Korea abandons 2020 GHG target, puts ETS in new hands and lifts early action credit cap

South Korea on Friday announced a raft of climate policy changes, including abandoning its GHG emissions target for 2020, stripping the Ministry of Environment of its responsibility for the emissions trading scheme, and lifting a cap on Early Action Credits that observers say could boost the market’s supply by more than 40 million tonnes.

Kazakhstan suspends ETS until 2018 -minister

Kazakhstan will suspend its emissions trading scheme until 2018 following complaints from industry that the emission reduction demands under the system are too strict and the legal foundation too weak, Vice Energy Minister Asset Magauov said.

Ontario releases draft cap-and-trade regulations: plans steep CO2 cuts, soft penalties

The Ontario government on Thursday released draft regulations for its cap-and-trade system, proposing annual emission cuts of more than 4% but mild penalties for non-compliance and a free ride for industry.

EU Market: Carbon dips to €5 to post another weekly loss

EU carbon prices slipped to €5 on Friday to post their seventh weekly loss out of eight for the year, though traders grew more certain that a bottom has been reached.

NZ Market: NZUs bounce back on minister’s comments

Spot NZUs bounced back this week after six straight weeks of losses, gaining 2.7% following comments by the climate change minister that carbon prices need to go up.

Washington State to revamp ETS proposal after stakeholder comments

Washington State has withdrawn its proposed rules for a cap-and-trade system after receiving stakeholder feedback and will reissue an updated plan this spring, the state’s Department of Ecology said Friday.

South African government to revise carbon tax bill following consultation

South Africa’s government will revise the draft carbon tax bill tabled last November in order to take into account the nearly 100 submissions received to date through its public consultation.

Finnish business group urges EU to deepen 2030 goal early

Finnish business group Climate Leadership Council (CLC) is urging the EU to deepen its 2030 emissions goal within the next two years to help ensure longer term climate change goals are met.

Managing director of EU carbon trading house Virtuse leaves after selling stake

The managing director of Czech-based carbon and energy trading firm Virtuse has left after selling his stake in the firm.

CN Markets: Pilot market data for week ending Feb. 26, 2016

Closing prices, ranges and volumes for China’s regional pilot carbon markets this week.

Voluntary market data from CTX for Feb. 26, 2016

A table of Verified Emission Reduction (VER) prices and offered volumes, based on voluntary market data from Carbon Trade Exchange.

Bite-sized updates from around the world

Australia’s 10 biggest companies accounted for 49.3% of the country’s total direct CO2 emissions, Clean Energy Regulator data showed Friday. AGL was by far the biggest emitter, releasing 38.3 million tonnes of CO2 into the atmosphere in 2014-2015. The others that made the list were Energy Australia, Origin Energy, International Power, Stanwell Corporation, CS Energy, OzGen, Loy Yang, Woodside Petroleum and Glencore.

The Washington state Senate has ruled out a bill that specifically aimed at blocking the administration from regulating GHG emissions by implementing a cap-and-trade system on orders from Gov. Jay Inslee. The bill was ruled X-file, a state term for bills that become ineligible for consideration after missing various cut-off dates.

EU analysis of 2030 energy saving goals – The EU’s in-house researchers JRC compared various scenarios for a 2030 EU energy efficiency goal: 27%, 30%, and 40%. It found that if a 40% target is adopted, the sum of energy savings and renewables would overtake the sum of energy from imported fossil fuels all together in 2030. It added that as the EU is likely to miss its 20% energy saving goal for 2020, to help ensure its 2030 is met the bloc should scale up private investments and introduce a guaranteed fund to remove the perceived risk by investors.

And finally… The massive methane leak in Southern California that spewed nearly 100,000 tons of gas was the “worst accidental discharge of greenhouse gases” in US history, according to a new study. The 112-day leak, which doubled the methane emissions of the entire Los Angeles area, was equivalent to the annual greenhouse gas emissions of nearly 600,000 cars. The Aliso Canyon leak “will have by far the largest climate impact” of any single incident, and will “substantially impact the state of California greenhouse gas emission targets for the year,” the study said. These kinds of leaks will likely continue to occur, one author added. The EPA hopes to tighten methane emissions from oil and gas extraction, but is facing pushback from some industry and state officials. (H/T Climate Nexus)

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