CP Daily: Tuesday May 3, 2016

Published 01:07 on May 4, 2016  /  Last updated at 01:14 on May 4, 2016  /  Newsletter  /  No Comments

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

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The case of the skull ring: Poker pro, Polish broker on trial for French carbon “crime of the century”

A trial of 12 people accused of carrying out or facilitating up to €1.4 billion worth of tax fraud in the EU carbon market kicked off in Paris this week, in a case dubbed France’s “crime of the century” and featuring a plotline worthy of a Hollywood film.

UN selects Mexico’s Patricia Espinosa as new climate chief

The UN has selected former Mexican foreign minister Patricia Espinosa as its next UN climate chief to succeed Costa Rica’s Christiana Figueres, who will step down in July.

Poll shows 57% of Australians back carbon market proposal

More than half of Australians back the opposition Labor party’s proposal to raise the nation’s 2030 CO2 target and introduce an emissions trading scheme, a poll showed Tuesday.

Australian climate policy vacuum looms as government halts funding to ERF

The budget proposed by the Australian government Tuesday contained no fresh funding for the Emissions Reductions Fund (ERF), meaning the country’s primary tool to drive carbon cuts looks likely to run out of cash at the end of the year.

EU Market: EUAs sink to “last chance saloon” below €6

EU carbon sank below €6 on Tuesday as lower energy prices and a weak auction triggered a sell-off to unwind all of last week’s rapid gains.

European Commission publishes ‘naughty list’ for 2015 EU ETS compliance

Around 95 installations have been marked by the European Commission as being non-compliant for not surrendering enough carbon allowances or offsets against their emissions for last year, according to data published this week.

CN Markets: Hubei spot CO2 permits fall to record lows even as speculators drive up forward prices

Spot allowances in the Hubei carbon market plunged 6.8% on Tuesday to all-time lows, while speculators drove the new May 2017 forward contract higher on record volumes, leaving traders and analysts questioning what was going on.

BITE-SIZED UPDATES FROM AROUND THE WORLD

Germany wants stricter ETS The government will also push for a stricter EU ETS alongside key domestic measures such as phasing out coal power “well before 2050” and halving CO2 emissions from the energy sector by 2030 compared to 2014 levels. That’s according to a draft environment ministry document seen by Reuters and yet to be signed off by minister Barbara Hendricks. The ministry is crafting a 2050 climate plan and aims to get full government sign-off this summer. (Here’s Carbon Pulse’s take on some of the issues it faces).

EU 2015 energy emissions up 0.7%Early estimates by the bloc’s statistical office Eurostat showed the biggest increase last year was in Slovakia, where emissions rose 9.5%. Portugal and Hungary were next with 8.6% and 6.7% respectively. Out of the EU’s 28 member states, pollution rose in 17, fell in eight and was unchanged in two. (Eurostat)

Big fund pressures big oil – Norway’s $870 billion sovereign wealth fund said it will vote at Exxon and Chevron’s annual general meetings on May 25 in favour of shareholder proposals that call for the companies to disclose their financial risks to climate change and climate policies. The California Public Employees’ Retirement System (CalPERS) and the Church of England also recently said they will support these shareholder proposals. (H/T Climate Nexus)

The first US climate refugees –  The US government is awarding $48 million in first-of-their-kind “climate resilience” grants to resettle residents of a flooded strip of land in coastal Louisiana.  In January, the government earmarked $1 billion in grants to 13 US states to help communities adapt to climate change, by building stronger levees, dams and drainage systems. The New York Times profiles its residents in the first in a series exploring how tens of millions of people may be displaced from their homes by floods, droughts and storms.

And finally… There’s no denying the heat on Palin – American comedian and TV host Jimmy Kimmel dedicated an extended portion of his late-night show to addressing former Alaska governor Sarah Palin’s latest crusade promoting the film Climate Hustle, which questions climate science. He fired back with a video laced with ‘F-bombs’, in which real climate scientists explain exactly what makes the film and its message so destructive. (The Daily Beast)

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