CP Daily: Tuesday June 28, 2016

Published 20:41 on June 28, 2016  /  Last updated at 20:51 on June 28, 2016  /  Newsletter  /  No Comments

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

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France’s Royal targets a live Paris pact by November

France’s Environment Minister Segolene Royal on Tuesday set the goal of getting enough countries to ratify the Paris Agreement by the next round of UN climate negotiations in Morocco in November.

EU to roll out €10 million carbon market cooperation with China

The EU will continue its cooperation with China on developing carbon markets by rolling out a three-year, €10 million project next year, EU Climate Commissioner Miguel Arias Canete said Tuesday.

North Korea targets carbon market to raise cash

North Korea is hoping to earn around $5.5 million annually through the UN-led carbon market, according to a report released Tuesday, with a first batch of 45,000 CERs soon ready to be issued.

EU Market: Carbon prices plumb fresh lows on Brexit fallout

European carbon prices closed at their lowest level since Mar. 2014 on Tuesday after hitting a four-month low earlier in the session, as fallout from the UK’s Brexit vote continued to rattle markets.

CO2 price of €30-40 enough to kickstart carbon-neutral technologies -Total CEO

Carbon prices of €30-40 are sufficient to develop technologies to neutralise CO2 output, according to Patrick Pouyanne, chairman and CEO of French oil company Total.

Green lending cuts China’s CO2 emissions, banks say

A bigger focus on green lending in China contributed to saving as much as 550 million tonnes of CO2e in 2015, according to new data from the China Banking Association.

REPORT: Reducing the EU ETS surplus – The new pact between manufacturing industry and the climate

Change Partnership’s new report – Reducing the EU ETS surplus: The new pact between manufacturing industry and the climate – outlines one of those rare opportunities where an industry-friendly improvement also has the biggest improvement on the environment.

BITE-SIZED UPDATES FROM AROUND THE WORLD

Three Amigos’ plethora of initiatives – At their tri-nation summit this week, the US, Canada and Mexico are expected to announce a joint goal to source 50% of their electricity from renewables and nuclear by 2025, according to media reports.  Mexico is also expected to join Canada and the US in their commitment to cutting methane emissions by 40-45% in the same timeframe, and during his state visit to the US, Mexican President Enrique Pena Nieto also reiterated his country’s intention to join the WCI carbon market, likely via the offset market.

California legislatin’ – The state Assembly’s Natural Resources Committee has voted to advance Senate Bill 32, which would set a target of reducing GHG emissions to 40% below 1990 levels by 2030. The bill, which builds on California’s 2020 target but stops short of extending its cap-and-trade scheme, will now go to the Assembly’s Appropriations Committee. (SCVnews.com)

Old Dominion’s new plan – Virginia’s Governor Terry McAuliffe has signed an executive order instructing state agencies to develop measures to reduce GHG emissions from its power sector, a move that could lead it to joining RGGI.

Brexit bonfire? – It’s easy to assume Brexit means a cull of the UK’s green policies, but the strength of the low-carbon economy suggests that’s not a given, writes Climate Home’s Ed King.  And Four Twenty Seven Climate Solutions’ Emilie Mazzacurati weighs on in what this will mean for global climate action in this Huffington Post blog.

Everything’s just Nandy – Following last week’s Brexit vote, Lisa Nandy has resigned as UK shadow energy and climate change secretary.  She has joined those calling for Labour leader Jeremy Corbyn to step down and is reported to be considering a run for her party’s leadership.  MP Barry Gardiner has been named as Nandy’s replacement. (BusinessGreen)

And finally… a correction Yesterday we reported that South Korea’s government “likely” bought 400,000 CERs from an N2O-reducing adipic acid CDM project in Onsan to offset the country’s 2018 Winter Olympics in Pyeongchang.  The credits, which have been cancelled according to the UNFCCC, were actually donated by chemicals firm Solvay under an initiative that allows companies to contribute carbon credits towards making the event carbon-neutral.

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