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“This isn’t a market”: Hubei limits daily price drop to 1% after third day of max. losses
The Hubei carbon exchange on Friday announced the daily price drop in the provincial emissions trading scheme will be limited to 1% from July 18 after the market suffered its third straight day of the maximum 10% loss.
NA Markets: RGGI prices plunge on New York’s nuclear rescue plan
RGGI prices plunged over the previous two days on New York’s plans to bail out cash-strapped nuclear power plants in the state.
Ten million in EUA sales postponed after EEX wins auction contract renewal
Sales of more than 10 million EUAs are being postponed until later this year following EEX’s re-appointment as the EU’s common auction platform, the energy exchange announced late on Friday.
Pressure mounts on New Zealand to bring agriculture into ETS
Leaving New Zealand’s biggest-emitting sector out of its emissions trading scheme makes it tougher for the government to meet its Paris Agreement obligations and unfairly piles costs on other industries, argued a number of submissions to the nation’s ongoing ETS review.
EU Market: Late surge pushes EUAs within reach of €5 for 8.4% weekly gain
EU carbon prices surged late on Friday as traders looked to cover short positions amid climbing energy prices and fattening clean dark spreads.
New entrant EUA allocations pick up in H1
The number of free carbon allowances handed to, or earmarked for, new entrants in the EU ETS picked up in the first half of 2016 compared to last year, according to an update published by the European Commission late on Friday.
CN Markets: Pilot market data for week ending July 15, 2016
Closing prices, ranges and volumes for China’s regional pilot carbon markets this week.
Voluntary market data from CTX for July 15, 2016
A table of 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
Car curbs – EU regulators are drawing up stricter curbs on CO2 from cars and vans in a bid to counter transport’s contribution to climate change, according to an EU document seen by Bloomberg. The European Commission is doing the groundwork for vehicle CO2 caps that would follow on from a 2021 limit set for cars and a 2020 ceiling fixed for vans, according to the draft of a confidential strategy paper due to be released on Wednesday in Brussels.
Carney on Carbon – “Carbon pricing is the cleanest way to regulate to stabilize emissions,” said Bank of England Mark Carney on Friday, adding that climate change and the funding of “green” initiatives will form a major part of this year’s G20 summit in China, where he sees the country emphasising its commitment to environmental issues. Read more on this from Reuters.
Sign us up, eh! – More than 20 Canadian companies including Air Canada, Scotiabank, Suncor and Enbridge on Friday announced that they had signed up to the World Bank-led Carbon Pricing Leadership Coalition. “Today, we have held highly productive discussions about the path toward significant reductions in greenhouse gas emissions in Canada. The common theme throughout was that carbon pricing is one of the most efficient ways to reduce emissions and stimulate the market to make investments in innovation, and to deploy low-carbon technology,” said Canadian Environment Minister Catherine McKenna.
Reference Case existentialism – Carbon Tracker on Friday published No Rhyme or Reason: Unreasonable Projections in a World Confronting Climate Change, a report examining disclosures by selected US coal companies between 2010-2015, looking at the forecasts and projections identified in their annual reports (10-Ks). In many cases, US coal companies relied upon the EIA Reference Case, which is a scenario projection of current business-as-usual trends over a 20-30 year period, assuming no new policies, regulatory interventions, or disruptive technological developments. The EIA makes clear that the Reference Case is not a forecast, but instead a projection of current trends. This distinction seems to have been lost in many corporate reports.
What happens in Lusatia, stays in Lusatia – Czech investor EPH has announced plans to move “several hundred” administrative jobs to the city of Cottbus in Lusatia – one of Germany’s lignite mining and power production regions – once the acquisition of Vattenfall’s German lignite plants and mines is finalised, reports Lausitzer Rundschau. EPH board member Jan Springl also told the newspaper the company would not be exporting German coal. “What is mined here will also be converted to electricity here,” writes Lausitzer Rundschau. (H/T Clean Energy Wire)
Shut ’em down – The UK government is winding up Eco-Energy Corp, which was incorporated in Belize, and Sturgeon Estates Limited following investigations that found the firms were running a pyramid scheme based on “dubious” investments in a number of Texan oil wells. “Customers had no way to independently corroborate that their investments were in fact genuine, or being properly handled,” the government’s Insolvency Service said, adding that investors were introduced to Eco-Energy by Sturgeon, which previously sold carbon credits as an investment product.
And finally… Slow news day – On Tuesday night, a field station used by Polish Environment Minister Jan Szyszko for “research purposes” was burgled, with “a few natural exhibits” stolen, the ministry announced earlier on Friday before inexplicably removing the notice.
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