CP Daily: Monday February 29, 2016

Published 23:03 on February 29, 2016  /  Last updated at 23:14 on February 29, 2016  / Carbon Pulse /  Newsletters

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

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World Bank to hold second PAF auction on May 12

The World Bank will hold its second auction under its Pilot Auction Facility (PAF) on May 12, expanding eligibility beyond the CDM to methane-cutting projects under the voluntary market.

Canadian govt to press ahead with national CO2 price, likely above C$15/t -reports

The Canadian government will press ahead with plans to impose a nationwide minimum carbon price despite opposition from some provinces and territories, but it may be higher than C$15/tonne, local media has reported.

CEO of carbon brokers Vertis dies in plane crash

The CEO of Budapest-based carbon and energy brokers Vertis died in a plane crash on Sunday, the company said in a notice on its website.

Analysts revise down China 2015 CO2 reduction on fresh data

Analysts have revised their estimates for CO2 emissions from fossil fuel consumption in 2015 to a 1-2% annual reduction, down from their previous 3% forecast, after China’s National Bureau of Statistics released final energy data for last year.

NZ Treasury doc reveals ministers have already dismissed idea of CO2 price floor

New Zealand Cabinet ministers have already considered and dismissed putting a floor price on carbon permits in the emissions trading scheme, even though the issue is part of the ongoing ETS review, according to a confidential Treasury document.

Slovakia gets EU clearance to compensate industry for indirect ETS costs

Slovakia will give its heavy industry up to €250 million to cover higher electricity prices after the EU concluded that the move would not breach competition rules.

RGGI sees big bump in Q4 trading volumes

Trading volumes and prices in the Regional Greenhouse Gas Initiative (RGGI) soared in Q4-2015, a report by the independent market monitor showed, but data indicated that traders had expected growing price volatility well before the February price crash.

EU Market: Carbon nudges higher in quiet trade as views mixed on next move

European carbon prices ended marginally higher on Monday amid light volume and a narrow trading range.

Carbon traders Virtuse sees two staff depart China office -sources

Two staff have left the China-based office of EU-headquartered carbon trading house Virtuse, leaving a sole trader to handle business from the Shenzhen and Guangdong ETS, according to sources.


Job listings this week:

Reserve Administrator, Climate Action Reserve – Los Angeles
Business Development Manager, Climate Action Reserve – Los Angeles
Air Pollution Specialist, California Air Resources Board – Sacramento
Operations Manager, Climate Policy Initiative – Delhi

Or click here to see all our job adverts


Bite-sized updates from around the world

In just three years the increasing rate of land-clearing in Queensland and other Australian states will create enough additional carbon emissions to cancel out emissions savings the government says it will make under the ERF, according to a report seen by the Guardian.

The US Democratic Party has released a video slamming Republican presidential hopefuls for their opposition to action on climate change. The video features Republican front-runner Donald Trump and his two closest rivals, Marco Rubio and Ted Cruz, denying man-made global warming, juxtaposed with images of U.S. flooding, wildfires, droughts and heat waves. The video can be seen here. (Reuters)

India is to double its coal tax to 400 Rupees (around US $6) under new plans to boost investment for clean energy and the environment.  The move will likely raise power costs across the country, which relies on coal for over 70% of electricity production and has plans underway to boost coal capacity 50%.  Finance minister Arun Jaitley made the announcement in his 2016-17 budget speech on Monday, where he also revealed over $430 million of funding for a new nuclear power programme. (Climate Home)

Japan is preparing to test its biggest project yet for capturing and storing GHGs under the seabed despite concerns about cost and the safety of pursuing the technology in a region prone to earthquakes.  Engineers plan to inject CO2 into deep saline aquifers off the coast of Hokkaido at the northern tip of the nation starting in April. (Bloomberg)

Although not a UNFCCC party, Taiwan has produced a 2015 National GHG Inventory showing its emissions rose 117% to 284.5 mtCO2e in 2013, compared to 1990 levels. The document, including an abstract in English, is available here.

The UK’s CO2 emissions fell by 4.3% in 2015 on the back of the largest recorded annual drop in coal use outside of a miners’ strike, according to a Carbon Brief analysis of government energy use figures. The reduction leaves UK CO2 emissions 31.5% below 1990 levels and takes consumption to its lowest level since the start of the industrial revolution.

EU and Canadian negotiators reach preliminary deal on a revised free trade agreement (CETA), replacing the controversial Investor-State Dispute System (ISDS) based on private arbitration with an independent investment court system resembling both national legal systems. The move makes it less likely that EU parliamentarians will now block the proposal and piles pressure on the larger US-EU TTIP trade deal to reach a similar compromise following the EU parliament’s opposition last year. The ISDS in the 12-nation Trans-Pacific Partnership had been at the heart of concerns among climate campaigners that it might hinder attempts to reform the NZ ETS as it could leave the government open to lawsuits by foreign investors. (EurActiv)

EU utility association Eurelectric urges the EU Council and Commission to study all options for a possible increase in EU decarbonisation under its 2030 framework as well as in a 2050 perspective. “We believe that there is potential to achieve further ambition in the EU ETS up to 2030 by addressing the current surplus in the market,” it said in an open letter.

Interactions between the EU ETS and complementary energy policies – A paper by French think-tank I4CE and analysis firm Enerdata assessing policy interactions under the EU’s energy and climate 2030 goals.

EU’s ban on inefficient toasters delayed to avoid pro-Brexit press attack – Measures to save 10 million tonnes of CO2 emissions per year have been delayed amid concerns highlighted by ‘toastergate’. (Guardian)

And finally… Leonardo DiCaprio used his Oscar acceptance speech to call attention to climate change. “Making The Revenant was about man’s relationship to the natural world, a world that we collectively felt in 2015 as the hottest year in recorded history. Our production needed to move to the southern tip of this planet just to be able to find snow,” he said of filming the movie in Argentina. “We need to support leaders around the world who do not speak for the big polluters or the big corporations, but who speak for all of humanity, for the indigenous people of the world, for the billions and billions of underprivileged people who will be most affected by this.” (Hollywood Reporter)

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