CP Daily: Thursday May 19, 2016

Published 19:29 on May 19, 2016  /  Last updated at 19:29 on May 19, 2016  /  Newsletter  /  No Comments

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

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Analysts tip China’s carbon market prices to start near $6, hit $10 in 2021

Allowances in China’s national emissions trading scheme are likely to open at around 40 yuan ($6.10) next year, and climb to 65 yuan by mid-2021 due to demand from sectors such as electricity generators and aviation, analysts ICIS-Tschach Solutions said Thursday.

Net buyer Ontario could sponge up more California allowances than expected -analyst

The induction of Ontario, predicted to be a net buyer of carbon allowances, into North America’s WCI programme from 2018 could cause the market’s overall surplus to be reduced more quickly than anticipated, an analyst said.

SK Market: KAUs jump 8.2% to fresh record highs in thin trade

Korean Allowance Units (KAUs) rose to new record highs in thin trade on Thursday as the market continued to defy bearish fundamentals.

EU Market: EUAs claw way back to €6 after oil-led losses

EU carbon prices traded lower for most of Thursday as oil prices put pressure on the energy complex but a late surge limited losses.

REDD project helps swell June voluntary offset auction to 6.8m

The volume on offer in Singapore-based CRX Carbonbank’s June 7 voluntary carbon offset auction has swollen to 6.8 million, the company said.

BITE-SIZED UPDATES FROM AROUND THE WORLD

Earth sees record warming for 12 straight months – According to US agency NOAA, April 2016 was the 12th consecutive month to break previous heat records, breaking the 1901-2000 long-term average by a record amount. There is now a 99 percent likelihood that 2016 will become the hottest year on record. NOAA also said the global average carbon dioxide concentration reached 399 parts per million in 2015. “We’re dialing up Earth’s thermostat in a way that will lock more heat into the ocean and atmosphere for thousands of years,” Jim Butler, director of NOAA’s Global Monitoring Division, said in a statement. (H/T Climate Nexus)

Most fossil fuels unburnable without CCS – The majority of fossil fuel reserves are unburnable if the world is to avoid dangerous climate change, but CCS could “unlock” greater use, a new study concludes.The white paper, from UK university Imperial’s Sustainable Gas Institute, challenges previous findings that CCS makes little difference to the quantity of fossil fuels that can be burned, within a 2C carbon budget. (Carbon Brief)

EU warned against forestry offsetting – Proposed changes in the way the EU accounts for land use and land use change (LULUCF) emissions are scientifically flawed and could lead to dangerous global warming, writes Hannah Mowat of green group FERN. (Euractiv)

And finally… “Misguided dogma” – The new Saskatchewan government’s throne speech, delivered on Tuesday by the Canadian province’s Lieutenant Governor Vaughn Solomon Schofield, the British monarch’s representative in the Canadian province, rejected climate change science as “some misguided dogma that has no basis in reality” and pointed to oil and gas, coal and uranium, livestock, and grains as sectors victimised by the environmental movement.  Read more about it from DeSmog Blog Canada.

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