CP Daily: Monday May 23, 2016

Published 00:21 on May 24, 2016  /  Last updated at 00:21 on May 24, 2016  /  Newsletter  /  No Comments

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

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China air pollution move to swell share of emissions covered by ETS

China will close down thousands of small-scale industrial boilers and residential heating stoves by 2020, replacing them with energy generated by power plants, the government said Monday, a move that would significantly escalate CO2 emissions in ETS-covered sectors.

SK Market: KOCs close at 9.8% discount to KCUs in first day of exchange trade

Korean Offset Credits (KOCs) closed at 18,500 won ($15.61) on Monday, the first day it was listed on the Korea Exchange, ending at a discount of nearly 10% to Korean Carbon Units (KCUs), the main offset type in the nation’s emissions trading scheme.

New Zealand to comfortably meet 2020 target despite steep emission growth -data

New Zealand will meet its 2020 greenhouse gas target under the UNFCCC with 92.6 million carbon units to spare despite emissions in 2014 rising to 23% above 1990 levels, government figures showed.

EU Market: Energy weighs but EUAs bounce back from late sell-off

European carbon fell on Monday, pulled down by weaker energy prices, but recovered somewhat after a late-day sell-off knocked the front-year EUA futures to a nine-day low.

European brokers ink first Chinese carbon deal

One of the first foreign carbon brokers to set up shop in China has inked its first deal in Shenzhen’s emissions trading scheme.

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Job listings this week:

Director-General, Global Green Growth Institute (GGGI) – Seoul
Business Development Manager, Climate Action Reserve – Los Angeles
Senior Consultant, Climate Finance & Emissions Trading, First Climate – Frankfurt
Research Associate, Climate Change Policy Analysis, Climate Analytics – Berlin
Climate Policy and Public Finance Specialist (National Consultant), UNDP Country Office – Nepal
Resilience and Climate Change Policy Officer, Plan International – Surrey, UK

Or click here to see all our job adverts

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BITE-SIZED UPDATES FROM AROUND THE WORLD

Offset flow – China’s NDRC recently simplified the process for approving projects that can generate offsets for its domestic carbon market. On Monday it granted approval to 34 new projects, adding to 26 projects that were given the green light last week, it said in a notice. However, detailed information about the projects have yet to be uploaded to the NDRC CCER website.

Conservatives for a carbon tax – Former US Republican House member Bob Inglis and an official with a free-market group will, on a June 8 webinar hosted by the American Sustainable Business Council, offer the “conservative case for a national carbon tax”, and argue that a revenue-neutral tax could address climate change while limiting the amount of government intervention. (Inside EPA)

RGGI on the up and up – Auctioning prices in RGGI rose 29% last year to $6.10 from $4.72 in 2015, according to the annual report from Potomac Economics, the market’s independent monitor. Volume-weighted average prices in the secondary market were slightly higher at $6.48, it found. Meanwhile, volumes in the futures market nearly doubled year-on-year to 206 million allowances. For more details and an overall assessment, have a look at the report.

OK, but on 157 conditions – Canada’s National Energy Board has granted Kinder Morgan permission to expand its 60-year-old Trans Mountain oil pipeline, but the approval was subject to 157 conditions, including one requiring the energy infrastructure firm to neutralise the project’s “significant” greenhouse gas emissions through a carbon offset programme. (Business in Vancouver)

Zambian REDD+ VER deal – BioCarbon Group, BCP, and First Climate have inked a “significant multi-year” deal to sell BP’s Target Neutral offset programme an undisclosed number of VCS-certified VERs from REDD+ project in Zambia.  Further details including the number of units or price paid were not provided.

And finally…Have this cake and eat it, Sir – Donald Trump has applied for permission to erect a seawall by his seaside golf resort in Ireland to protect it from “global warming and its effects”, according to a report by Politico. “A Do nothing/Do minimum option will have the least impact on [natural] processes but the existing erosion rate will continue and worsen, due to sea level rise, in the next coming years, posing a real and immediate risk to most of the golf course frontage and assets,” the application said. That’s the same Donald Trump who on a number of occasions has dismissed climate science, branding it “pseudo science” and staying well clear of indicating he would do anything at all to cut GHG emissions should he become the next US president. Maybe if Trump owned Florida…

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