CP Daily: Tuesday July 5, 2016

Published 21:11 on July 5, 2016  /  Last updated at 21:11 on July 5, 2016  /  Newsletter  /  No Comments

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

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UK MEP Duncan to stay on as EU ETS reforms lead -sources

Scottish MEP Ian Duncan is to continue as the lead EU Parliamentarian steering post-2020 EU ETS reform negotiations, sources told Carbon Pulse, after his resignation following the UK Brexit referendum was rejected by colleagues.

DIALOGUE: What now for South Korea’s emissions trading scheme?

The world’s second biggest cap-and-trade system is likely to undergo significant changes over the next year. What are the main challenges facing the market and what can be done to overcome them?

Merkel seeks the right carbon price, touts future global carbon market

German Chancellor Angela Merkel spoke on Tuesday about the difficulty of setting the right carbon price as part of efforts to ensure cost-effective emission reductions and move towards a global carbon market.

Top lawyer advises EU court to rule against steelmaker ArcelorMittal

EU nations can reclaim carbon allowances they handed out as a result of companies failing to report correctly, an adviser to Europe’s highest court said on Tuesday, in a case that could go against steelmaker ArcelorMittal.

EU Market: EUAs sink as energy markets lose ground

EU carbon prices gave back most of the previous session’s gains on Tuesday as Brexit fears pushed up the dollar to send the energy complex reeling in afternoon trade.

Spain’s Inclam CO2 wins tender for CDM-based mechanism in North African countries

A consortium led by Spanish consultancy Inclam CO2 has won a €1.5 million EBRD tender to help build an “up-scaled” CDM-based mechanism in southern and eastern Mediterranean nations.

NAMA Facility launches 4th funding call as Germany, UK put up more cash

The NAMA Facility launched its fourth funding call seeking applications from carbon-cutting projects in the developing world, as founding donors Germany and the UK provided €60 million to pay for them.

RGGI, Inc. appoints Markit exec as new head

RGGI, Inc. has appointed a new executive director, the operator of the northeast US’ regional carbon market announced on Tuesday.

Trader resigns from London-based DASCO Partners

A trader has resigned from London-based commodities trading firm DASCO Partners, Carbon Pulse has learned.

BITE-SIZED UPDATES FROM AROUND THE WORLD

**Carbon Forward – With a potential Brexit, a new US president and an emerging international aviation offset market, the global carbon trading landscape is quickly evolving…  And to help organisations navigate the continuously changing environment, Carbon Pulse is organising a 2-day conference in London in October, to be preceded by a 1-day EU ETS training seminar.  Click here for more details.**

UK climate change sceptics botch Paris deal hit-job – Critics of the UK’s climate policy sense a window of opportunity post-Brexit, but an inability to download the right PDF of the Paris Agreement is hampering their hopes.  From Climate Home’s Ed King, an amusing read about an otherwise sad display.

Renewables spending spreeSouth Korea will invest 42 trillion won ($36.6 billion) in new renewable energy capacity by 2020, the government said Tuesday. The new clean power plants are expected to be able to generate electricity equal to that of 26 coal-power plants by the end of this decade. (Korea Times)

Missed it… by *that* much – The UK is almost certain to miss its EU 2020 targets for renewable energy, the National Grid has said.  The firm has produced UK future energy scenarios covering four different approaches in policy, BBC reports, and even in the most environmentally-minded scenario the UK is projected to fail in its target of producing 15% of total energy from renewables. “This confirms that the recent cut in renewable energy subsidies, as well as the lack of clear policy to encourage low-carbon technologies, has led to a drop in investment in renewable energy,” said Jenifer Baxter, head of energy and environment at the Institution of Mechanical Engineers.

‘Clean Coal’ Floundered on False Promises: A project Mississippi that was hailed as the centerpiece of President Obama’s plan to reduce coal pollution while extending a lifeline to the dying coal industry is two years behind schedule and $4 billion above the initial $2.4 billion budget. A New York Times review of documents provided by whistle-blower Brett Wingo shows the plant owners drastically understated the project’s cost and timetable, and repeatedly tried to conceal problems as they emerged. (H/T Climate Nexus)

Grassroots in action – After several months of community actions led by climate change advocacy group MN350 and allies, U.S. Bancorp has issued a new Environmental Policy restricting the bank’s potential investments in coal and taking carbon pollution into account in investment decisions.  Advocates commended U.S. Bank for its commitment to act on climate change, but called for greater changes, including divestment from tar sands oil pipelines and an accountability mechanism. (Commondreams.org)

And finally… A pack of gum and a coal mine, please – Rio Tinto has sold its Blair Athol coal mine in Queensland, Australia to a subsidiary of Terra Mining for A$1, Reuters reported. The mine had been closed since 2012, but the new owners said they expected to “make a good return” even at current low coal prices.

P.S. A final farewell from the “Climate Queen”

 

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