CP Daily: Wednesday March 2, 2016

Published 23:14 on March 2, 2016  /  Last updated at 23:18 on March 2, 2016  /  Newsletter  /  No Comments

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

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EU should focus on current 2030 goals until 2018 UN stocktake, keep handing out free EUAs -Commission

The EU should focus on meeting its current proposed 2030 climate and energy goals until a worldwide stocktake of climate pledges in 2018, the European Commission said on Wednesday, disappointing environmental campaigners who say the bloc’s CO2 reduction aim falls short of globally-agreed commitments.

Carbon whodunit: Macro factors, utilities, speculators seen as culprits in EUA price crash mystery

The recent 40% collapse in EU carbon prices was triggered by worsening macroeconomic conditions, and exacerbated by speculative selling and changes in utility hedging strategies.

Global airline deal to pave way for international carbon trade as countries move slowly

A global carbon market mechanism for aviation is being tipped to shape international emissions trade as governments are likely to move more slowly in crafting new measures under the Paris Agreement, a conference heard on Wednesday.

No further fixes for EU ETS before MSR launch, says European Commission official

The European Commission will not propose further measures to address low carbon prices or the oversupply in the EU ETS before 2020, a senior Commission official said Wednesday.

Chinese analysts eye CO2 peak in 2025, sharp drop in coal use

China’s CO2 emissions will peak in 2025 as a sharp drop in coal consumption by industrial users means the carbon intensity of the Chinese economy is set to fall 54% over the next fourteen years, according to the China Energy Outlook 2030 released this week.

Alberta Premier to back nationwide carbon price floor -reports

The Premier of Canada’s biggest-emitting province will back a nationwide carbon price floor when premiers meet with Prime Minister Justin Trudeau later this week, but only as long as the revenue stays in the province it is raised.

EU Market: After early dip, carbon continues to consolidate around €5

European carbon prices ended slightly lower on Wednesday, continuing to consolidate near the €5 mark following two months of declines.

Second ex-Mercuria emissions trader joins Hartree Partners

A second emissions trader has joined the London office of Hartree Partners LP after leaving Mercuria.

COMMENT: Governance is key for pricing carbon in China

A well-functioning national Chinese carbon market would not only deliver verifiable emissions reductions at lower cost, it would also elevate domestic market infrastructure with higher operational standards, but good governance will be crucial.

Bite-sized updates from around the world

It’s nearly 6 years since Norway offered Indonesia $1bn to stop chopping down its trees– In a far-reaching and in-depth special report, the Financial Times outlines what happened next and what it could mean for the future of REDD.

For all the frothy rhetoric and legal tumult over the US Clean Power Plan, an “unprecedented” wave of of mandates for light bulbs, microwaves, vending machines, air conditioners and other appliances stand to make a sizable dent in the country’s GHG emissions, even as they draw just a fraction of the attention. (U.S. News & World Report)

US President Barack Obama and Canadian PM Justin Trudeau are working on the details of a climate change deal that can be announced when the two leaders meet next week. Details are unclear but sources say the agreement is expected to deal with tighter fuel and auto-emission standards and measures to foster innovation such as electric cars, charging stations, self-driving vehicles and ride-sharing apps. (Globe & Mail)

The fledgling Green Climate Fund will need more staff if it is to meet a goal of allocating $2.5 billion this year to fulfill its aim of becoming a major channel to finance clean energy and adaptation projects in poorer nations, its executive director Héla Cheikhrouhou said. She will ask the fund’s board to approve an increase of between 80 and 120 new staff when it meets next week. The higher number would triple the size of the fund’s secretariat. (Thomson Reuters Foundation)

South Pole Group and CDP Europe, along with research partners University of Reading and University of Hamburg, have partnered together with Climate-KIC, the EU’s main climate innovation initiative, to develop the first climate impact rating for European investment funds. The three-year innovation project, dubbed “CLIMPAX”, will enter beta-testing phase, which will include extensive consultation with practitioners and civil society on key aspects of the rating. The project comes at a time when more and more investors – private and institutional – are concerned about the climate impact of their investments and the risk that climate change poses to their savings.

And finally… Osama bin Laden wrote a letter calling on the American people to help President Barack Obama fight “catastrophic” climate change and “save humanity”, in the latest evidence of his worries about environmental issues, newly released documents show.  The letter was among materials that were seized in the May 2011 US raid on bin Laden’s hideout in Pakistan.  The undated, unsigned letter “to the American people,” which US intelligence officials attributed to bin Laden, appeared to have been written shortly after Obama began his first term in 2009, based on the letter’s references to events. (Reuters)

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