CP Daily: Wednesday March 16, 2016

Published 17:48 on March 16, 2016  /  Last updated at 17:48 on March 16, 2016  /  Newsletter  /  No Comments

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

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Questioning its future role, the CDM continues to scour for demand lifelines

The CDM’s Executive Board is monitoring post-Paris developments to see how the Kyoto Protocol scheme could fit into a new international carbon market regime, while continuing to scour the global landscape for new sources of demand.

Global carbon emissions flat for second straight year -IEA

Global energy-related CO2 emissions stayed flat for the second year in a row as China continued to wean itself off coal and renewables dominated new electricity sources, the IEA said Wednesday.

EU ETS rules help prop up European cement sector emissions -Sandbag

Europe’s cement sector emissions are kept higher by rigid EU ETS rules that incentivise overproduction and have even turned the bloc’s producers from importers into exporters, environmental campaigners Sandbag said in a report Wednesday.

With forecast 2016 upside of 35%, EU carbon still a buy -SocGen

Analysts at French investment bank Societe Generale on Wednesday left their forecasts for EU carbon prices unchanged, predicting that front-year EUAs would gain some 35% from current levels by year’s end.

Dropping the 2-for-1 rule in NZ ETS is a matter of ‘when, not if’ -minister

New Zealand Climate Change Minister Paula Bennett on Wednesday gave the clearest hint yet that the 2-for-1 provision is about to be dropped from the country’s ETS, telling a conference in Wellington that it was a matter of ‘when and how, not if’, local media reported.

Coca-Cola, Starbucks among new entrants in Beijing cap-and-trade system

Western conglomerates Coca-Cola and Starbucks are among the companies that will see their Beijing-based CO2 emissions covered by the city’s carbon trading scheme from this year, according to an announcement by the Chinese capital’s municipal government.

Any ‘realistic’ carbon price unlikely to be sufficient to take Australia’s net emissions to zero -report

A carbon price would be an important tool for Australia to meet its short-term emissions targets, but achieving a high enough price to set the country on the path to net-zero emissions is politically infeasible so additional policies are needed, the Melbourne-based Climate Institute said Wednesday.

Key climate-related takeaways from the UK 2016 budget

Herein are Carbon Pulse’s main climate-related takeaways from the UK’s 2016 budget, which was delivered on Wednesday by Chancellor of the Exchequer George Osborne.

EU Market: Carbon edges higher but late selling keeps prices below €5

EU carbon prices edged higher on light volume on Wednesday, pulled higher by firmer energy complex, but late selling prevented them from closing above the key €5 mark.

Carbon traders Redshaw Advisors expand European ops with new hires, partnership

London-based carbon trading and advisory firm Redshaw Advisors has made two new hires and agreed a partnership with a Belgian energy consultancy, effectively doubling its efforts as it makes a concerted push to expand its European activities.

Bite-sized updates from around the world

US President Barack Obama on Wednesday named Merrick Garland as his nominee for the Supreme Court to replace late Justice Scalia.  According to SCOTUSblog, Garland “has in a number of cases favoured contested EPA regulations and actions when challenged by industry, and in other cases he has accepted challenges brought by environmental groups.  This is in fact the area in which Judge Garland has been most willing to disagree with agency action.”

Four months after sealing a global climate pact, UN diplomats are required back in Paris.  The French presidency of the climate talks has called an informal gathering to prepare for sessions in Bonn and Marrakech later this year.  Outgoing chair Segolene Royal will host the Apr. 15-16 event with her Moroccan successor, foreign minister Salaheddine Mezouar, according to an invitation seen by Climate Home.

India’s work to put together the architecture, policy and regulations required for it to meet its Paris pledge has been done in fits and starts so far, as many ministries have failed to provide input on the role they can play and industry is disengaged from the process. (Business Standard)

The EU-wide share of renewable energy increased to 16% in 2015, agency Eurostat estimates, curbing the bloc’s reliance on fossil fuels and bringing it closer to its renewables goal of 20% by 2020.  (European Environment Agency)

Green groups have alerted the Australian Securities and Investments Commission to a number of Australian creditors at risk should Peabody Energy, the world’s largest private coal company, file for bankruptcy.  In addition, Australian state governments could be left to foot the bill for rehabilitating the company’s nine operating mines in the country.  Meanwhile, Peabody has recently announced layoffs across its US operations, while warning that it may not be financially strong enough to remain in business in its current form and therefore could seek bankruptcy protection.

Yale has become the first university to join the Carbon Pricing Leadership Coalition. It has been running a ‘Carbon Charge Project’ since 2014 and hopes CPLC membership will offer the opportunity to work with and learn from companies and governments engaged in similar carbon-pricing efforts.

And finally… US Republican presidential candidate John Kasich has been portrayed as the only GOP candidate that accepts the science behind climate change, and after Marco Rubio dropped out and Kasich won the primary in his home state of Ohio on Tuesday, he is emerging as a potential, yet very unlikely, winner. But anyone hoping for a climate-sensible Republican candidate should think again as Kasich is firmly in the “no action” camp and just as bad on climate as Donald Trump, writes Grist.

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