CP Daily: Wednesday June 15, 2016

Published 17:50 on June 15, 2016  /  Last updated at 17:50 on June 15, 2016  /  Newsletter  /  No Comments

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

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BRIEFING: What would a Brexit mean for the UK and the EU ETS? Part I

Polls are too close to call ahead of Britain’s June 23 referendum on whether the EU’s second biggest economy will quit the 28-nation union. This, the first of a two-part series on a so-called Brexit, examines how a vote to leave would impact EU carbon prices.

Shanghai mulls CO2 auctions, benchmarking to firm up carbon prices -sources

The Shanghai municipal government is considering auctioning some CO2 allowances and changing allocation rules as part of efforts to bolster its flailing carbon price, according to sources.

Sweden pushes case for tougher EU ETS post-2020 allocation

Sweden is pushing its case for a more ambitious EU ETS beyond 2020 by taking issue with Brussels’ plans to transfer hundreds of millions of unused EUAs from the current phase to help big polluters.

EU Market: EUAs nudge up after strong auction

EUAs nudged higher on Wednesday to move away from the three-week low reached earlier this week, after a further indication that the market is comfortable in absorbing higher auction supply.

Polish EUA auction schedule updated following failed sale

Poland’s EUA auction schedule has been updated following last month’s failed sale, the country’s emission trading authority said on Wednesday.

BITE-SIZED UPDATES FROM AROUND THE WORLD

Gie it laldy! – Scotland has exceeded its 2020 GHG reduction target… six years early.  According to the BBC, new stats show the country cut its emissions by 45.8% below 1990 levels in 2014, compared to its goal of a 42% decrease.  The Scottish government has also set a target to cut by 80% by 2050.

Cut it – National actions to reduce methane in Canada, the US and Mexico from oil and gas operations can eliminate 232 billion cubic feet of methane below projected levels, cutting output by more than 40%, according ICF International and EDF.  The announcement comes as heads of the three nations prepare for the North American Leaders’ (Three Amigos) Summit in Ottawa on June 29, where energy and environment issues are a key topic for trilateral cooperation. The US and Canada recently pledged to cut methane from the oil & gas sector by 40-45% below 2012 levels by 2025, with Mexico expected to match that.

Norway’s on board – The country’s parliament on Tuesday approved the ratification of the Paris Agreement, Politico reports.  This comes shortly after the country vowed to adopt a carbon neutral target for 2030.

Riches to ragsThe latest chapter of IETA’s From Kyoto to Paris series looks at the development of the CDM, from early projects through to the boom and the challenges the market has endured over the years. Some of the market’s earliest investors and project developers are featured in the video, alongside two of the leading lawyers who helped the market take root.

And finally… Bad health – According to new research from Yale University, if the US healthcare system were a country, it would rank 13th in the world in terms of GHG emissions. That means it emits more than the entire UK, contributing to climate change and harming public health. US healthcare is also responsible for 12% of acid rain, 10% of smog, and, ironically, 9% of respiratory diseases from particulate matter.  Read more on this from Grist.

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