CP Daily: Thursday June 16, 2016

Published 18:20 on June 16, 2016  /  Last updated at 18:27 on June 16, 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 Brexit mean for the UK and the EU ETS? Part II

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 second of a two-part series on a so-called Brexit, examines how a vote to leave would impact the EU’s and the UK’s climate policy.

ICIS takes first punt at assessing China’s national carbon prices

Information provider ICIS is attempting to get an early look at how prices in China’s national carbon market are developing by launching a weekly assessment of how traders view the value of eligible CCERs.

Poland wary of high EU ETS prices, seeks answers in sinks

Poland is seeking alternatives to using ETS auctions and price interventions to drive down EU carbon emissions, and is pushing for the bloc to make greater use of sequestration and forest sinks.

EU Market: EUAs trail crude oil to shed 3%, test key technical support

European carbon prices tumbled to a three-week low on Thursday on the back of falling oil prices to test a key technical support level around €5.70.

Guangdong approves 4.2 million CCERs for compliance use

The Guangdong government has approved 4.2 million Chinese Certified Emissions Reductions (CCERs) for compliance use next week, around a tenth of the amount of offsets emitters can use under the provincial ETS’ regulations.

Shanghai Clearing House targets national carbon market

The Shanghai Clearing House (SHCH) is positioning itself to provide clearing services in China’s national carbon market, and is using a futures contract that may soon be launched in the Shanghai ETS as a pilot, it said.

BITE-SIZED UPDATES FROM AROUND THE WORLD

Breaking up is hard to do – BusinessGreen’s head scribe James Murray weighs in on the risks of a Brexit, opining that while leaving the EU could deliver some gains for green businesses, they are far outweighed by the potential losses and certain disruption.  Carbon trading group IETA also urged voters to choose to remain, saying “[we] believe the UK’s position at the EU table is vital during a critical time of policy development on the future of carbon markets in Europe and abroad. As part of the EU, the UK is poised to offer leadership to the legislative process to  improve the EU ETS and to the international carbon market negotiations underway at the UNFCCC.”

We want action, and more than we did before! – More Australians want climate action now than before the carbon tax, according to a survey carried out by the University of Technology Sydney.  Some 57% of people polled said they want Australia to act on climate change irrespective of whether other countries do, compared to 50% in 2011.  Read more on the survey’s results from The Conversation.

Smart tax on oilA new report by the Carnegie Endowment for International Peace looks at how the US can develop a workable carbon tax or fee that will account for oil’s chemical, geologic, economic, and geopolitical features.

New Brunswick – A group of environmental activists are urging the Canadian province’s government to create a new department, called RenewNB, to oversee a $20 per tonne carbon tax investment plan, CBC reports.  The plan was unveiled at the Clean Energy East Summit, held at the same time as the large, more industry-oriented East Coast Energy Conference happening at the Trade and Convention Centre next door.

And finally… The Goonies offset – With a transfer of funds and a handshake, the US-based Climate Trust has fulfilled its contract with Astoria, Oregon – the setting for the 1985 cult classic The Goonies – for the purchase of 245,000 verified carbon credits from the city.  Astoria has agreed to reduce the volume of timber harvested in the city-owned 3,700-acre Bear Creek Watershed in return for VERs, with the proceeds to be spent on the construction of a new water line in the city’s watershed, as well as other capital improvement needs.

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