CP Daily: Tuesday May 10, 2016

Published 17:53 on May 10, 2016  /  Last updated at 11:43 on May 11, 2016  /  Newsletter  /  No Comments

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

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US energy-related CO2 emissions drop to 12% below 2005 levels

CO2 emissions from energy use in the US fell in 2015 for the first time in three years as natural gas use increased and coal consumption fell, the Energy Information Administration said.

IETA presses for rapid steps to further international emission trade

Carbon trading business association IETA is urging governments to build on the Paris Agreement by furthering rules to stimulate international emissions trade.

EU Market: EUAs add 3.5% after cracking technical level

European carbon climbed late on Tuesday amid technical buying after the front-year contract breached a key level.

EU utility hedging rates inch higher, CEZ ramps up thermal output

Forward power hedging rates at European utilities CEZ and Enel inched upwards in Q1, the companies said in financial results released on Monday.

NAMA Facility awards cash to projects in S. Africa, Guatemala

The €202 million ($230 million) NAMA Facility has given the go-ahead to award cash to carbon-cutting projects in South Africa and Guatemala, taking the number approved for funding to 14.

BITE-SIZED UPDATES FROM AROUND THE WORLD

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France saying ‘non’ to US shale gas – French energy and climate minister Segolene Royal is investigating legal means to ban the import of shale gas from the US because France has banned the exploration using hydraulic fracking for environmental reasons, Reuters reports.  Royal, answering a question in parliament, said contracts signed by French gas utility Engie and power utility EDF with a US producer have led to the import of LNG which contained about 40% shale gas.

The EU is taking a pass on windfall profits – The EU is on course to miss out on hundreds of billions of euros in ETS auction revenues while handing industries windfall profits to keep emitting for another 14 years.  That’s unless the bloc gets to grips with how industry passes on carbon costs to their customers, argues Thomson Reuters analyst Emil Dimantchev. He explains why the issue led the EU to give away too many free allowances in the past, and why this is likely to continue if policymakers continue to ignore it, in part because they fear it’s too difficult to assess. Dimantchev offers a solution: the Commission should convene fresh stakeholder talks on how the cost pass-through abilities of industries can be explicitly taken into account, with the likely imperfect result still far better than doing nothing. (Energy Post)

It’s good, but it’s not right – EU paper industry association CEPI offers its comments to the recent draft opinion by the EU Parliament’s industry committee on post-2020 ETS reforms.

Sudan’s first CDM project – Sudan is getting its first CDM project with the aid of a $3.65 million grant from the Global Environment Facility. The project involves planting sylvan trees across an area of 25,000 hectares. (SudaNow)

And finally… Mesmerising yet menacing – That’s how people are describing a new animated visualization created by British climatologist Ed Hawkins that shows – quite literally – how global temperatures are spiralling out of control, month after month since 1850. (Tech Insider)

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