CP Daily: Monday May 9, 2016

Published 21:55 on May 9, 2016  /  Last updated at 21:59 on May 9, 2016  /  Newsletter  /  No Comments

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

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ANALYSIS: Four-year old lawsuit looming larger on California carbon market

A four-year old lawsuit brought by manufacturers against California’s carbon market, and specifically its auctioning system, has become the top concern among the scheme’s participants, who fear that it could deter other states from joining the WCI programme while stifling investment.

Shanghai restricts use of surplus CO2 permits in ETS

Emitters holding surplus allowances after the first trading period in the Shanghai emissions trading scheme will only be allowed to use a third of them each year over 2016-2018, the municipal government said Monday.

Australian govt advisors to hold back ETS report until after July 2 election

Australian Prime Minister Malcolm Turnbull on Sunday confirmed the nation will be going to the polls on July 2, but a report by an advisory body to the government thought to recommend setting up an emissions trading scheme has been delayed until after the election.

EU Market: EUAs sink further as analysts sound bearish warnings

EU carbon prices slipped to a two-week low on Monday as analysts warned of bearish pressure and a late sell-off in oil dragged down the energy complex.

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Job listings this week:

Principal Environmental Economist, EBRD – London
Senior Economist, Climate and Environmental Finance, EBRD – London
Institutional Investors Group on Climate Change, Programme Manager – London
Associate Director of Forest Carbon Development, Finite Carbon – Florida/Pennsylvania
Project Manager, South Pole Group – New Delhi
Policy Advisor for Climate Finance and Development, Germanwatch – Bonn

Or click here to see all our job adverts

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BITE-SIZED UPDATES FROM AROUND THE WORLD

Clinton on climate – US Democratic presidential front-runner Hillary Clinton likely wouldn’t prioritize a sweeping rule on climate if elected, but would likely focus on smaller legislative actions and employ executive powers given the Republican opposition to many global warming measures in Congress. That’s according to John Podesta, her campaign chairman and former climate adviser to President Barack Obama. “If lightning strikes, and there’s the possibility of maybe forging an agreement with Congress, I’d certainly try and take it. But I would think I would concentrate on the Hill with more what can we get done, where we can find some common ground, on the investment side, on the clean energy side, etc., and not go for a grand attack on an economywide program,” he said, adding that putting a nationwide price on carbon was “not that simple.” (E&E)

India plant closures – India plans to shut aging coal-fired power plants with a combined capacity of 37 gigawatts to cut emissions and reduce the use of fuel and water, Bloomberg reports.  The plants are more than 25 years old and have turned uneconomical, said S.D. Dubey, chairman of the Central Electricity Authority, the planning wing of the country’s power ministry. They will be replaced by super-critical units, which are more efficient, at the same sites, he said, without giving a timeline.

EPH raising alarm bells – It’s very unlikely that Vattenfall’s German lignite assets will be able to meet the profit expectations of Czechia owners EPH without detriment to German taxpayers, writes Julian Schwartzkopff at think-tank E3G. He said this should raise alarm bells in Berlin, but also in Stockholm, as Vattenfall’s Swedish government owners have pledged to cut emissions in a socially responsible manner. (Energy Post)

Dawn of the renewables – Strong winds and ample sunshine all over Germany might have pushed renewable power production to a new record on Sunday. Renewable generation covered 95% of German power consumption at 1100 on Sunday morning, according to preliminary data from energy think-tank Agora Energiewende. While power consumption was estimated at around 58 gigawatts (GW), solar provided some 26 GW, wind almost 21 GW, hydro 3 GW, and biomass 5 GW. (H/T Clean Energy Wire)

Bargaining power – The Australian election campaign has begun, and Prime Minister Malcolm Turnbull on Monday took a swipe at the opposition Labor party’s proposal to raise the 2030 target to a 45% cut below 2005 levels (versus 26-28% currently). If Australia unilaterally increases its target it will lose bargaining power in UN climate talks, Turnbull said. The Climate Institute’s John Connor was of a different opinion though, saying Australia was not invited to last month’s meeting in the High Ambition Group because its target was too low. (Guardian)

And finally… Unleash the permafrost – The massive wildfire raging in the heart of Canada’s tar sands could unlock vast reserves of CO2 stored in the region’s underlying permafrost. Fire destroys the protective layer of vegetation that keeps permafrost frozen, and warm conditions spur microbial activity, generating CO2 and methane emissions. “This is carbon that the ecosystem has not seen for thousands of years and now it’s being released into the atmosphere,” said Merritt Turetsky, an ecosystem ecologist at the University of Guelph in Ontario. (New Scientist)

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