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China has suspended until 2018 the construction of new coal-fired power plants in 15 provinces in a bid to slash over-capacity in thermal power generation, local media reported Thursday, but observers say the move is not far-reaching enough.
There is strong interest among project developers to participate in Australia’s third auction under its Emissions Reductions Fund (ERF), the Clean Energy Regulator said Thursday, a trend analysts say is likely to weigh on prices.
Chinese offset traders surveyed by analysts at Point Carbon expect their current CCER holdings to nearly triple in size by June, suggesting prices in the country’s pilot emissions trading schemes may face additional downward pressure before the mid-year compliance deadlines.
Major cement plants and power companies in Inner Mongolia’s two biggest cities will join the Beijing emissions trading scheme, in a rare move to boost cross-provincial trading ahead of next year’s national China market launch.
EU carbon prices lifted on Friday to move further away from Thursday’s one-month low, but they posted a 1.8% weekly loss in stagnant trade that kept carbon stuck in a narrowing range.
The recent bull run in New Zealand’s emissions trading scheme ran out of steam this week as spot NZUs shed 0.9%, but prices held above NZ$11 and observers eyed further gains ahead.
California’s Air Resources Board (ARB) handed out around 416,000 offsets in the last two weeks, a below-average issuance round that boosted total supply to date to nearly 38.9 million.
The EU ETS is still in a dire predicament, argues Sanjeev Kumar of Brussels-based Change Partnership, but he has a solution to fix it.
A table of Verified Emission Reduction (VER) prices and offered volumes, provided by European Environmental Markets (EEM) and based on voluntary market data from Carbon Trade Exchange (CTX).
Bite-sized updates from around the world
Court date set for ETS allocation free allocation ruling – The European Court of Justice will rule on the EU ETS Cross Sectoral Correction Factor on Apr. 28, according to court listings. It will decide whether to uphold a surprise legal opinion that would force the European Commission to come up with a new method of free allocation within a year, having set too high a ceiling for distribution.
US, Argentina sign climate pact, urge aviation emissions deal – Obama’s climate diplomacy drive continues, agreeing to work with Argentina and Cuba on efforts to decarbonise global economy. (Climate Home)
Alberta’s oilsands and agricultural sector are to be exempt from the province’s carbon tax when it is launched next year, the Calgary Herald reports, citing government sources. Oilsands will remain regulated under Alberta’s SGER programme, under which the carbon price will rise to $30/tonne by 2018, level with the provincial carbon tax.
An Oslo waste incineration plant is trialling carbon capture and storage (CCS) technology, Reuters reports. The Klemetsrud incinerator, which burns household and industrial waste as well as rubbish imported from Britain, emits more than 300,000 tonnes of CO2 a year, or 0.6% of Norway’s total.
And finally… Tough times for Exxon Mobil – The US Securities and Exchange Commission has ruled the world’s largest publicly traded oil major must include a climate change resolution on its annual shareholder proxy, marking a defeat for the firm, which had argued it already provides adequate carbon disclosures. And separately, the Rockefeller Family Fund said it would divest from its holdings in Exxon Mobil over allegations that the firm misled the public about climate change risks. Though only a sliver of the endowment’s $130 million in AUM is invested in fossil fuels, the move is notable because a century ago John D. Rockefeller Sr. made a fortune running Standard Oil, a precursor to Exxon Mobil. The charity said it would also divest from coal and Canadian oil sands. (Reuters)
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