CP Daily: Wednesday June 8, 2018

Published 17:56 on June 8, 2016  /  Last updated at 17:58 on June 8, 2016  /  Newsletter  /  No Comments

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

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Ontario unveils climate plan, but critics warn on carbon market impact

Ontario released its wide-reaching climate change plan on Thursday, setting out the Canadian province’s low-carbon investment strategy, which is to be funded by up to C$8.3 billion ($6.5 billion) raised through its new carbon market over the next five years.

Expect EU ETS reforms to more closely resemble MEP Duncan’s plan, say analysts

Finalised post-2020 EU ETS reforms are more likely to resemble the plans of MEP Ian Duncan than the slightly more ambitious proposals of his lawmaker colleague Fredrick Federley, analysts said on Wednesday.

EU chemicals group to offer officials output data to ward off tiered ETS allocations

European chemicals industry association Cefic has made good on a pledge to share production data and is urging other industries to do the same in an effort to avoid tiered free ETS allocations from 2020.

No CO2 allowances sell in Guangdong auction as bids below threshold

Guangdong sold none of the CO2 allowances on offer on Wednesday in its fourth and final auction for the 2015 emissions year, as the number of bids that came in were below the minimum threshold, the Guangdong carbon exchange said, while secondary market prices fell to new record lows.

NZ Market: NZUs climb higher though some see peak approaching

New Zealand carbon allowances pushed higher in Wednesday trade as the buy momentum shows no signs of receding, although some traders speculated the peak may soon be reached.

EU Market: EUAs hold against falling power, coal

European carbon ended a smidgeon lower on Wednesday, holding its ground in the face of significantly lower power and coal prices.

Shipping industry not convinced about market measures to cut CO2, says spokesman

Market-based measures to tackle shipping CO2 emissions are “highly controversial” and the majority of the maritime industry remains unconvinced that they work or deliver genuine emission reductions, according to a senior lobbyist from the sector.

CRX voluntary auction draws few sales as dealmaking moves offline

Only a small amount of voluntary carbon offsets were sold in this week’s auction held by Singapore-based CRX Carbonbank, but OTC negotiations continue for several hundred thousand credits as buyers requested more time.

Colombian firm seeks Mexican CERs, says willing to pay premium

A Colombian firm is on the hunt for Mexican CERs and has indicated it is willing to pay over the odds to get them.

BITE-SIZED UPDATES FROM AROUND THE WORLD

C’est ratifique, part deux – France’s senate approved the Paris Agreement on Wednesday, making the country the second European nation to ratify the climate pact after Hungary.

Saudi Arabian climb downSaudi Arabia has stepped back from a previous target of increasing the share of renewables in its energy mix to 50%, now instead aiming for just 10% with natural gas providing most of the difference, according the nation’s energy minister. (Bloomberg)

Sort it out – New Zealand’s central and local government agencies are unable to factor in climate change targets when they make decisions, and the country is putting itself in a position where they will have to rely on expensive foreign carbon offsets to meet its Paris targets unless it starts planning better, the Bioenergy Association said Wednesday.

City limits – Twelve Chinese cities have pledged to peak their CO2 emissions earlier than China’s national target of 2030, joining the 11 founding cities and provinces in the Alliance of Peaking Pioneer Cities (APPC). The APPC was launched in 2015 at the China-US Climate-Smart/Low Carbon Cities Summit. The 23 Chinese cities represent 17% of China’s population, 28% of national GDP, and 16% of national CO2 emissions, WRI said.

Sunny days in the UK – Solar power in Britain produced more electricity than coal across the whole of May, the first ever month to pass the milestone, according to research by analysts at Carbon Brief.

And finally… “In the beginning, there was Phase 1” – IETA has released the third episode of its oral history of the carbon market, speaking to people such as David Hone and Andrew Ertel about the early days of the EU ETS.

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