CP Daily: Monday March 21, 2016

Published 18:04 on March 21, 2016  /  Last updated at 18:17 on March 21, 2016  / Stian Reklev /  Newsletters

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

Presenting CP Daily, Carbon Pulse’s newsletter. It’s a daily summary of our news plus bite-sized updates from around the world. Subscribe here

DIALOGUE: Will France’s ETS price corridor plan gain traction amongst EU lawmakers?

France is circulating an informal proposal that would introduce a “soft collar” for carbon allowances, with a reserve price at government auctions and a ceiling price some 3-6 times that. Can the idea gain traction amongst EU lawmakers, and what are chances that they will once again attempt to address low EUA prices?

BP in 4m Shenzhen permit buy-back, China’s biggest carbon deal to date

BP has signed a buy-back deal with a Shenzhen-based energy producer for 4 million CO2 allowances in what is the biggest deal to emerge in China’s carbon market so far, as some traders look for ways to bank in on the uncertainty surrounding the transition to a national emissions trading scheme.

California’s ARB sets out mitigation plan for SoCalGas over Aliso Canyon methane leak

California clean air regulator ARB has published recommendations over how natural gas provider Southern California Gas (SoCalGas) should mitigate the estimated 8 million tonnes of CO2e released during the four-month Aliso Canyon methane leak.

China’s central bank backs national ETS in confidence boost for carbon market

The head of China’s central bank on Sunday gave his full support to the national cap-and-trade programme and said the bank would develop ETS-related risk management guidelines that observers say are likely to boost investor participation in the market.

EU Market: EUAs dip as analysts see little cause for change

EUAs dipped slightly on Monday as analysts gave a neutral outlook, while prices continued to consolidate in a narrowing technical formation that could force a breakout by the end of the month.

EnBW scales back forward hedging, 2015 CO2 output falls 15.8%

German utility EnBW scaled back its hedging rates over the past year while selling the same amount of electricity, the company said in its financial results on Monday.

Second Brit charged by German authorities in EU ETS tax evasion probe

German prosecutors have charged a second Briton over his alleged role in a gang that evaded €138 million in tax through the EU carbon market between Sep. 2009 and Apr. 2010, they said on Monday.

IHS acquires Markit, carbon registry in $13 billion deal

UK-based financial information company Markit and its voluntary carbon trading registry have been bought by US-headquartered information and analysis firm IHS in a $13 billion deal.

California, Quebec to hold next joint carbon auction on May 18

California and Quebec will auction 77.75 million CO2 allowances on May 18 in the WCI’s seventh joint auction, the market regulators have announced.


Job listings this week:

Climate Change Specialist, European Investment Bank – Luxembourg
Head of Unit, Climate Change and Energy Environment, OECD/IEA – Paris
Communications Coordinator, Policy, Climate Action Network (CAN) – Remote working
Senior Analyst, Carbon Finance, iGDP – Beijing
Consultant, Policy Mapping, iGDP – Remote working
Communications Manager, iGDP – Beijing
Landscape Manager – Director, Land-based Framework, VCS – Washington DC
Communications Coordinator, Investor Group on Climate Change – Sydney
Climate Change Advisor, METI, Inc. – Ethiopia

Or click here to see all our job adverts


Bite-sized updates from around the world

Webinar on ETS on Developing Countries – The Ecologic Institute is hosting a third webinar in a European Commission-sponsored four-part series on Mar. 23. Guest speaker Duan Maosheng of China’s Tsinghua University will comment on China’s pilot carbon markets and experiences in becoming ETS ‘market ready’.  The event accompanies a free online course on emissions trading available here

China will not introduce a separate carbon tax, Finance Minister Lou Jiwei said in Beijing Sunday, although it is likely that a fee on CO2 emissions will be included in a wider environmental or resources tax. The finance ministry has backed a carbon tax for years, while the NDRC – which oversees China’s climate policy – backs carbon trading. It remains unclear how a tax and carbon trade would complement each other. Any final decision would have to be approved by the State Council, China’s Cabinet. (Xinhua)

The Marshall Islands has become the third country to ratify the Paris Agreement, after its fellow Pacific Island state neighbours Fiji and Palau, the Ministry of Foreign Affairs said Monday. Meanwhile, Tony de Brum – the country’s former high-profile foreign minister – has been appointed climate change ambassador, and will lead the Marshalls’ engagement in international climate talks.

Green groups launch campaign to cut aviation emissions – six campaign groups opened FlightPath 1.5, a global effort to ensure UN aviation body ICAO agrees a meaningful deal this year to cut flight emissions. They seek to cap net emissions at 2020 levels, with regular reviews, and allow airlines to meet the goal with a market-based measure (MBM) delivering “high quality emission reductions and low-carbon biofuels that promote sustainable development. The launch comes after ICAO released its latest draft MBM and embarks on its second round of global consultations. (International Coalition for Sustainable Aviation)

Why eastern EU states and benefit from deeper EU climate ambition – Campaigners Sandbag set out the benefits including the 1 billion EUAs the countries will receive from a proposed Modernisation Fund and find that with every €1 increase in the EUA prices, the value of funds CEE states increases by about €1 billion. (Sandbag)

New Zealand on Monday launched its 2016 Block Offer petroleum tender, inviting oil and gas companies to apply for permits to explore within a total offshore area of over 525,000 square kilometres. The announcement sparked protests from climate change activists who blocked delegates from entering a petroleum conference in Auckland. (TVNZ)

And finally… Todd Stern, the US’s top climate diplomat, will leave the administration next month.  He will be replaced by his former deputy Jonathan Pershing, who has been working at the US energy ministry. Stern said his goal is to begin teaching at a university in the autumn. (Politico)

Got a tip? Email us at news@carbon-pulse.com