CP Daily: Tuesday March 8, 2016

Published 23:59 on March 8, 2016  /  Last updated at 01:16 on March 9, 2016  /  Newsletters

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

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Advisor at EU’s top court rejects German firms’ appeal for more CO2 allowances

An advisor to Europe’s top court on Tuesday rejected appeals filed by four German industrial firms over the European Commission’s decision to refuse their request for more free EU carbon allowances.

BRIEFING: The World Bank’s triple-play for the future of carbon pricing

During its more than 15 years of involvement in carbon finance, the World Bank has shifted focus several times but remains keen on having a prominent role in shaping the carbon instruments of the future by spearheading three major initiatives.

SK Market: Korean CO2 price hits new highs in face of bearish news

Prices in the Korean carbon market surged to new all-time highs this week despite recent changes in the administration of the ETS that have brought widespread anticipation that supply will increase.

EU Commission launches aviation carbon market consultation ahead of 2017 ETS “clock” restart

The European Commission on Monday launched a public consultation on policy options for using market-based measures (MBMs) to cut CO2 from international aviation, including during the years before the proposed 2020 start of the global mechanism due to be agreed by the sector’s UN body later this year.

RWE cuts emissions 3%, hedges more dirty power in 2015

German utility RWE reported Tuesday that it cut its EU-based emissions by 3% last year, adding that it had hedged a higher proportion of its future lignite and nuclear power compared to a year ago but a lower percentage of its hard coal and gas-fired power output.

EU Market: EUAs hauled down by oil after hitting 7-day high

European carbon hit a seven-day high on Tuesday but was dragged lower by sliding crude oil prices, rebuffing meatier utility profit margins.

EU ETS emissions up marginally in 2015 -BNEF

Emissions covered by the EU ETS increased by just 4 million tonnes or 0.2% to 1.87 billion tonnes in 2015, according to forecasts by Bloomberg New Energy Finance.

JP Morgan scales back coal investments, says on par with illegal logging, child labour

JP Morgan has announced that it will pull back from investing in coal mines and power plants, putting such transactions in the same category as those that support illegal logging or child labour.

Australia brings cities, buildings into carbon neutral scheme

Australia on Tuesday expanded its National Carbon Offset Standard to add cities, precincts and buildings to actors that can be certified as carbon neutral through cutting their GHG emissions or buying voluntary or UN-issued offset credits.

Ireland to miss 2020 non-ETS emissions goals -EPA

Ireland is unlikely to meet its 2020 EU greenhouse gas reduction targets for sectors outside the bloc’s ETS, the country’s Environmental Protection Agency said on Monday.

South Africa aims to publish offset rules next month

South Africa aims to publish draft regulations in late April establishing which domestic offset types can be used to comply with the country’s planned carbon tax.

Japan amends climate change bill but adds little substance

Japan’s Cabinet on Tuesday approved amendments to the nation’s climate change bill, but made no change that would bind emitters to stepping up climate action.

CDM-EB elects new chairs

The CDM’s executive has elected two new chairs to head the board this year, the UN’s climate change secretariat announced by email on Tuesday.

ICE extends fee holiday for daily EUA future spread trades

Market operator ICE Futures Europe is extending its fee holiday for trades that involve the bourse’s daily EUA futures, it said on Tuesday.

Bite-sized updates from around the world

The International Carbon Action Partnership (ICAP) and the World Bank’s Partnership for Market Readiness (PMR) on Tuesday released ‘Emissions Trading in Practice: A handbook on design and implementation’. The book is meant as a how-to guide for officials in nations and regions planning on introducing carbon markets.

Oklahoma’s attorney general, one of the most vocal opponents of the US Clean Power Plan, said the 27 states suing to stop the rules are not confident they will succeed, adding that the cause needs another Supreme Court Justice like the late Antonin Scalia for it to stand a chance. (ClimateWire)

The United States has paid $500 million into the Green Climate Fund, the first instalment of the $3 billion the Obama administration pledged at the Paris summit in December. Officials said the payment shows the US is serious about following through on its international promises despite the hiccups the CPP has run into at home. (Guardian)

Meanwhile, the GCF has revealed it is considering the merits of 22 projects worth more than US$5 billion as it seeks to ramp up support to developing countries in 2016.  Nine proposals in Africa worth $900m and six in Latin America and the Caribbean valued at $1.5bn are among those in an advanced stage of assessment, according to a recent update. (Climate Home)

And in this article, the Thomson Reuters Foundation’s Megan Rowling looks into whether the GCF can overcome its teething troubles.

Vietnam’s Ho Chi Minh City, with a population of 10 million, has released a draft climate action plan proposing to cut its GHG emissions 19.1% below BAU levels by 2020, with part of the target conditional on external assistance, the government announced.

After its untimely death last year, Rhode Island’s carbon tax proposal will be back in front of the state legislature’s House Environment and Natural Resources Committee on Mar. 10. (providence.suntimes.com)

And finally… The next UN Secretary General should be a woman after current UN head Ban Ki-moon finishes his second term this year, said outgoing UN climate chief Christiana Figueres, adding that she has no plans to seek the job. (AP)

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