CP Daily: Friday June 10, 2016

Published 23:19 on June 10, 2016  /  Last updated at 23:19 on June 10, 2016  /  Newsletter  /  No Comments

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

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Red tape likely to hamper EU’s path to ratifying Paris Agreement

The European Commission on Friday published a proposal aiming to speed the bloc’s cumbersome process for ratifying the Paris Agreement, but the EU as a whole is unlikely to be a front-runner.

EU Market: EUAs dip below €6 on weaker power, auctions to end week nearly flat

European carbon dropped below €6 on Friday as a weaker energy complex and a bearish auction supply outlook weighed, with prices ending at near parity week-on-week.

COMMENT: What undersubscribed auctions mean for California’s carbon market

Liz Hardee of The Climate Trust examines how, following a recent undersubscribed auction, political support for California’s cap-and-trade program is in danger of eroding without a proper understanding of its design features.

CN Markets: Pilot market data for week ending June 10, 2016

Closing prices, ranges and volumes for China’s regional pilot carbon markets this week.

Voluntary market data from CTX for June 10, 2016

Verified Emission Reduction (VER) prices and offered volumes, based on voluntary market data provided by Carbon Trade Exchange (CTX).

 

BITE-SIZED UPDATES FROM AROUND THE WORLD

Coal? No siree! – The Indian Energy Ministry has announced plans to cancel four proposed coal-fired power plants with a combined capacity of 16 gigawatts, in what Tim Buckley of the IEEFA called “yet another major policy shift underscoring how seriously India is working to transform, modernize and diversify its electricity sector away from coal”. (Renew Economy)

It’s not stayed enough – Not content with the US Supreme Court’s stay of the Clean Power Plan, Republican Senator Jim Inhofe sent a letter to the EPA, questioning its efforts in finalising the rules of a programme he says will most likely be overturned. “EPA has also made clear its intent to continue work and finalize its model trading rules. These EPA actions compel states to spend their resources reviewing, preparing and filing comments on the CEIP or reviewing and preparing judicial challenges to the federal plan, otherwise states would lose important legal rights,” he wrote, also asking questions about how this would impact the EPA budget.

And finally…Carbon trolls – Like sunshine with trolls, Icelandic scientists have found a way to turn CO2 into stone. As an emerging CCS technology with little carbon leakage risk, 95% of GHGs pumped into basalt rock solidifies in only two years at a cost of $30 per tonne of CO2e, scientists say. The downside is it takes 25 tonnes of water to store one tonne of CO2e, which may have people in water-stressed regions balk, but the process can apparently also be carried out using sea water. (Climate Home)

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