CP Daily: Friday April 1, 2016

Published 19:22 on April 1, 2016  /  Last updated at 19:22 on April 1, 2016  /  Daily Newsletter  /  No Comments

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

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EU ETS emissions down 0.5% in 2015 -preliminary data

Installations and airlines regulated under the EU ETS collectively recorded a 0.5% drop in emissions in 2015, preliminary data released by the European Commission on Friday showed when comparing on a like-for-like basis.

EU Market: Carbon posts 6.5% weekly gain as emission data roils market

EUAs were rocked by EU emission data coming in lower than expected on Friday, but they recovered to post a 6.5% weekly gain that confirms prices have broken out of their recent downtrend.

California’s SoCalGas piles criticism on ARB’s Aliso Canyon mitigation plan

California Gas (SoCalGas) has criticised a draft state government plan over how the natural gas provider should mitigate the methane leaked at its Aliso Canyon facility, pushing for the estimated amount of GHGs emitted to be slashed by some 70% in a bid to reduce the clean-up costs.

Queensland govt teams up with project developer to win ERF projects

Australia’s Queensland state government has teamed up with project developer Green Collar to bid for projects that can generate carbon credits under the federal government’s Emissions Reductions Fund (ERF).

NZ Market: Data submissions put damper on NZ carbon trading

The New Zealand emissions trading market stayed quiet this week as emitters were busy submitting their annual verified emissions to the government ahead of the Thursday deadline, but prices edged up 0.5%.

CN Markets: Shanghai sees fourth straight day of record lows

Shanghai’s carbon market ended the week by hitting a fourth straight all-time low on Friday, with allowance prices falling another 10% to close at 6 yuan ($0.93).

Voluntary market data from EEM for Apr. 1, 2016

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).

CN Markets: Pilot market data for week ending Apr. 1, 2016

Closing prices, ranges and volumes for China’s regional pilot carbon markets this week.

And… Trump proposes national carbon tax to fund US-Mexico wall

A nationwide carbon tax could raise enough revenues to fund the construction of a wall between the US and Mexico, Republican presidential hopeful Donald Trump announced Friday morning in a surprise policy U-turn on the climate change issue. Happy April 1st!

 

Bite-sized updates from around the world

**The European Commission has fixed an Apr. 21 date for a technical EU ETS discussion to assess whether the Cross-Sectoral Correction Factor (CSCF) will be necessary after 2020. The invite-only session will be webstreamed and evaluate the views of several analysts, many of whom expect the CSCF to be required only very late next decade, if at all.**

Bloomberg’s first report to transform company filings for climate – The Financial Stability Board (FSB), a global group of national financial authorities, received the first report from its year-long task force evaluating climate-related financial risks. Headed by ex-New York mayor Michael Bloomberg, the taskforce aims to help investors understand company climate risks by strengthening and standardising routine filings. The report set out their main aims.

Saudi Arabia Plans $2 Trillion Megafund for Post-Oil Era – The nation will sell shares in state-owned oil firm Aramco in 2018 or sooner and transform it into an industrial conglomerate. Deputy Crown Prince Mohammed bin Salman unveiled plans to transfer Aramco’s shares to a sovereign wealth fund that will eventually control more than $2 trillion. “IPOing Aramco and transferring its shares to PIF will technically make investments the source of Saudi government revenue, not oil. What is left now is to diversify investments. So within 20 years, we will be an economy or state that doesn’t depend mainly on oil,” he said. The fund also plans to raise its proportion of foreign holdings from 5% currently to 50%.  (Bloomberg)

On the agenda – Europe’s climate chief Miguel Arias Canete will meet Germany’s environment minister Barbara Hendricks in Berlin on Monday (Apr. 4). The visit is part of the commissioner’s roadshow to steer the post-2020 non-ETS proposal due before August. The visit may also coincide with an initial response from Germany on the ETS proposal. German officials had been finalising in recent weeks with a focus on free allocation to industry.

And finally… If you missed our story on “The Donald” and his carbon tax proposal, here it is one last time.

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