CP Daily: Wednesday March 23, 2016

Published 17:58 on March 23, 2016  /  Last updated at 17:59 on March 23, 2016  /  Newsletter  /  No Comments

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

China likely to allow banking of pilot CO2 permits, reduce free allocation

China is likely to let allowances from the pilot carbon markets be banked to the national emissions trading system, but at the expense of reduced allocation levels, the market’s lead architect said Wednesday.

China to overachieve 2020 carbon target -Xie

China is on track to cut its carbon intensity by 49% below 2005 levels by 2020, its special representative on climate change said Wednesday, far surpassing the country’s self-imposed 40-45% target.

Australia sets up $760m clean energy fund in break from Abbott climate policy

Australia on Wednesday announced it will set up a A$1-billion ($760m) Clean Energy Investment Fund which will be jointly managed by two climate institutions that former PM Tony Abbott attempted to abolish.

Senators move to block US contribution to Green Climate Fund

A group of 26 Republican senators has written to the US Senate Appropriations Committee, which oversees the use of international climate finance, asking it to stop future transfers of funds to the UN-led Green Climate Fund.

Switzerland approves Paris Agreement, outlines strategy to meet climate pledge

Switzerland’s Federal Council on Wednesday approved the Paris Agreement and outlined its strategy for meeting its carbon reduction pledge, setting it up as one of a handful of nations intending to make substantial use of international credits.

EU Market: EUAs climb back from 1-mth low to remain above technical supports

European carbon prices climbed back from intraday lows to end flat, closing above key technical support levels for a second day.

Italian utility Enel catches up on hedging in Q4

Italian utility Enel advanced its hedging over the final quarter of 2015 but its forward power selling rates still slightly lagged the previous year’s levels, the company said in its full-year results on Wednesday.

Bite-sized updates from around the world

China’s campaign to slim down its bloated industries could be derailed by more than $1.5 trillion of debt in its steel, coal, cement and non-ferrous metal sectors, which threatens to overwhelm local banks. The contraction, if it goes as planned, is expected to contribute to slower GHG growth over the next few years. (Reuters)

Canada’s British Columbia this week appointed former Fraser Institute analyst Fazil Mihlar its new deputy climate minister. Mihlar once wrote a paper arguing that BC should abolish its environmental assessment act, causing the appointment to anger many observers who say it shows Premier Christy Clark’s real priorities are to develop LNG and other fossil fuel opportunities. (National Observer)

Industrialised nations must lead fossil fuel exit strategy – Investments in efficiency and renewable energy must become the rule, and investment in fossil structures the exception with clearly defined timelines for an exit, argues Rainer Baake, state secretary at Germany’s economy and energy ministry. “By adopting this forward-looking policy, we will avoid misallocations of investment and lock-in effects. It will enable Germany to follow a sustainable path of growth– whereas a continuation of investment in fossil fuels brings incalculable economic risks,” he said. (The Guardian)

Read Carbon Pulse’s feature on Germany’s plans for achieving deep emission cuts while phasing out coal.

And finally… FIlling car seats to tackle climate change. Vox showcases a video on tackling one of the most persistent problems in decarbonising road transport: slack automotive capacity (aka empty seats).

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