CP Daily: Wednesday April 6, 2016

Published 17:46 on April 6, 2016  /  Last updated at 17:46 on April 6, 2016  /  Newsletter  /  No Comments

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

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On spending CO2 cash, economists urge Canada’s provinces to choose wisely, adjust often

Canada’s provinces should make wise choices when deciding what to do with the proceeds of their carbon pricing schemes, and ensure that any spending programmes are regularly adjusted as the governments’ priorities change.

Thailand confirms plans to develop national carbon market

Thailand will start the process of developing the foundations for a national carbon price using World Bank funds, which will culminate in a mandatory emissions trading scheme, a climate official said.

California’s REDD move could outpace Paris Agreement, as justice groups press for delays

California may not need to wait for UNFCCC endorsement to use foreign REDD credits in its cap-and-trade programme because the US state may transfer units before the Paris Agreement takes effect from 2020, officials told a workshop on Tuesday.

German env. ministry open to more EU ETS reforms, favours supply-side measures

The German environment ministry is willing to consider additional reforms to strengthen the EU ETS, but it said it favours supply-side measures, a ministry spokesman said on Wednesday, a preference that may clash with France’s idea for a carbon price corridor.

EU Market: EUAs hold up amid waning auction interest

EUAs traded slightly higher on Wednesday, with early gains outweighing the drop posted after it emerged that the UK’s auction saw only just enough demand to absorb the units on offer.

NZ Market: NZUs extend year-highs as market finds new momentum

New Zealand carbon allowances rose to a 2016 high for a second straight session, gaining another 25 cents on Wednesday to close at NZ$11.85 ($8.07).

 

Bite-sized updates from around the world

Renewables reign in Europe – At 29%, renewables accounted for the largest share in EU electricity supply in 2015, with moderate growth to 923 TWh from 899 TWh in 2014, according to think-tank Agora Energiewende. Germany, Europe’s largest economy and emitter, was the biggest contributor with 193 TWh. Meanwhile, the total amount of coal-based EU power generation remained largely unchanged at 833 TWh (26%). (H/T Clean Energy Wire)

The climate pros and cons of a BrexitE3G and Green Alliance have outlined the energy and climate change benefits of the UK remaining part of the EU, and they assesses the possible scenarios in the event of a ‘leave’ vote.

Catalytic cash – A group of eight banks and investors pledged $7 billion to join Bank of America’s initiative that plans to raise at least $10 billion for investments in clean energy and sustainable development, Bloomberg reported.  HSBC, Credit Agricole, and Mirova, a unit of Natixis, are among those to join the Catalytic Finance Initiative, according to a joint statement by the banks Wednesday.

That Australian intensity – Australia has launched a public consultation round on draft guidelines for developing emissions intensity benchmarks under the Safeguard Mechanism. Background documents and the consultation paper are available here. The consultation is open until May 6.

Not now, maybe later – Saskatchewan premier and anti-carbon tax advocate Brad Wall, who was re-elected in a landslide victory earlier this week, is not ruling out introducing a provincial CO2 price.  “A price on carbon, effectively we kind of have one because we’re selling CO2 right now to oil companies out of Boundary Dam 3,” he said in a post-election scrum on Tuesday night, referring to the province’s CCS project.  “But in terms of a broader application of a price, that’s possible down the road but it’s not right now.” (Canadian Press)

And finally… No carbon tax in Carbondale – Voters in the small Colorado town of Carbondale rejected introducing a carbon tax by a vote of 1,022 to 637, The Aspen Times reported.  The proposed measure would have increased residents’ power and gas bills by around $5-7 per month, and business energy costs by $10-30 per month, to raise funds for low-carbon projects to help the town reach its 2020 energy efficiency target.

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