CP Daily: Wednesday May 18, 2016

Published 21:21 on May 18, 2016  /  Last updated at 21:31 on May 18, 2016  /  Daily Newsletter  /  No Comments

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

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Trump says would renegotiate Paris climate deal if elected

Donald Trump would seek to renegotiate the US’ obligations under the Paris Agreement if he were to be elected president, he said Tuesday, although a provision in the UN pact may defeat his efforts to wriggle out of the deal.

ICAO climate talks yield quality boost for flight offsets

Governments were praised by environmental groups for taking a step towards ensuring only high-quality carbon offsets would be included in a global aviation mechanism, one of the few positive signs to emerge from last week’s high-level talks.

New Korea ETS exchange listing to boost transparency, align prices

Korean Offset Credits (KOCs) will be listed on the Korea Exchange from May 23, a move market participants said would help overcome some of the opaqueness in the market and align prices for different carbon contracts.

MEP Duncan to delay EU ETS reform report by one week

UK MEP Ian Duncan will delay his draft report on post-2020 ETS reforms by one week but still intends to stick to the EU Parliament’s reform timetable.

EU Market: Carbon pares losses on UK auction, firmer energy

European carbon finished steady after climbing back from its session lows on a somewhat bullish UK auction and a firmer energy complex.

Greens want plan for bringing agriculture into New Zealand ETS

New Zealand must set a firm date within the next four years for bringing agriculture into its emissions trading scheme, the Green Party said Wednesday.

Ex-UN climate chief de Boer steps down from GGGI

Yvo de Boer has resigned as Director-General of the Global Green Growth Institute (GGGI) for personal reasons and will leave the Seoul-based intergovernmental organisation in September.

BITE-SIZED UPDATES FROM AROUND THE WORLD

Ontario’s in – The Canadian province passed legislation on Wednesday establishing its emissions trading scheme, which is poised to start next year with the first auction in March.  Read Carbon Pulse’s coverage of Ontario’s cap-and-trade scheme here.

Baseline down, emissions up – The latest inventory of national GHG emissions indicates that Australian emissions increased 1% over the 2015 calendar year, growing to 3% above 2000 levels – and forecast to be above Australia’s target to cut emissions to minus 5% on 2000 levels by 2020, according to analysts Reputex. (Renew Economy)

The battle of the exchanges – China has indicated it may allow as many as 10 exchanges operate in the national carbon market, although the number may turn out to be lower. A number of provinces are positioning themselves to be approved for this, as exchanges in China can provide policy advice in addition to hosting trade. The latest is Fujian, where the government last week issued a plan for its financial sector and added among its objectives to have an exchange for the national ETS. Local media reported Wednesday (in Chinese) that Fujian aims to have it up and running by October.

Get out of coal – Australia’s big four banks, which have all pledged to help the world meet the 2C target, could get out of coal funding in only five years if they wanted to, according to analysis by Market Forces. (Guardian)

Carbon market mini-series – In the sixth and final instalment of ClimateWire’s series about the highs and lows of carbon markets, John Fialka asks what it will take to build a global carbon market.

And finally… 107 hours of pure Portuguese renewable goodness – From the morning of May 7 to the afternoon of May 11, Portugal’s electricity consumption was fully covered by renewable sources, CS Monitor reports.  For 107 straight hours, Portugal’s grid was powered by biofuels, hydropower plants, wind turbines, solar panels, and geothermal heat.

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