CP Daily: Friday July 22, 2016

Published 23:53 on July 22, 2016  /  Last updated at 16:53 on October 8, 2018  /  Newsletter  /  No Comments

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

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ANALYSIS: EU’s 2030 climate plan hits southern states while shielding the east

Europe’s 2030 climate plan for non-ETS sectors is likely to spur anger in southern countries as it ignores their overachievements while compensating eastern states and even allowing six nations to increase emissions.

Disney in multi-million REDD+ VER deal with Cambodia

The government of Cambodia, through a partnership with the Wildlife Conservation Society (WCS), has sold several million voluntary carbon credits from a REDD+ project to entertainment giant Disney, the parties announced on Friday.

CN Markets: Last-minute deals wipe out Hubei CO2 price gains

The CO2 price in Hubei’s emissions trading scheme was headed for its first increase in two weeks amid steady demand in Friday trade, but two small deals executed seconds before the market’s close instead caused it to end at its limit-down of 1%.

NZ Market: NZUs climb to fresh highs on steady demand

Spot prices in New Zealand’s Emissions Trading Scheme climbed to new highs on Friday as the market made a fresh push to get past the NZ$18 level, where NZUs have lingered for the last two weeks.

EU Market: EUAs dip amid ample supply to post 7.5% weekly loss

EU carbon posted a 7.5% weekly loss as surveys pointed to a strong hit to the British economy that could curb industrial activity across the bloc.

Fujian exchange wins licence to deal Chinese carbon offsets

The National Development and Reform Commission (NDRC) on Friday granted the Haixia Equity Exchange in China’s Fujian province a licence to offer trade in Chinese Certified Emissions Reductions (CCERs).

CN Markets: Pilot market data for week ending July 22, 2016

Closing prices, ranges and volumes for China’s regional pilot carbon markets this week.

Voluntary market data from CTX for July 22, 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

Finish line in sight – Negotiators are nearing a deal to reduce the production and use of HFCs through an amendment to the Montreal Protocol. Under the original treaty, HFCs replaced CFCs as refrigerants for air conditioners. While safe for the ozone layer, researchers later determined that CFCs have a warming potential much greater than that of CO2. The deal is expected to be completed before President Obama leaves office.  (H/T Climate Nexus)

Dos amigos – The US and Mexico on Friday announced more technical details on their joint work to implement their climate and energy goals, which include curbing methane from the oil and gas sector by 40-45% by 2025, expanding clean energy to meet the goal of 50% electricity generation from zero-carbon sources by 2025, promoting residential, commercial and industrial energy efficiency, and aligning methodologies for estimating the social cost of carbon.

Solar explosionChina installed 20 GW of solar power capacity in the first half of 2016, three times as much as in the same period last year and nearly half the total installed capacity at the end of 2015. The rush was driven by a desire to meet a June 30 deadline to be eligible for a feed-in tariff. (Reuters)

Biking offsets – The days are long gone when everyone in China had their own bike, but amid growing concerns over traffic and pollution problems, bike rental services now frequently pop up in Chinese cities. The NDRC on Friday approved a first methodology that lets these rental firms earn carbon offsets for CO2 reductions they achieve.

Suncor cuts – Canadian oilsands giant Suncor Energy has set itself a new emissions target, and will aim to cut the CO2 intensity of its production by 30% per barrel by 2030, the Globe & Mail reporters. The Calgary-based company said it will try to reach the target with a range of measures including developing new technologies to extract bitumen and generating electricity with renewables.

And finally… A correction – In Thursday’s CP Daily we reported that North American forests’ ability to act as carbon sinks could diminish due to global warming, according to a study in Ecology Letters reported by Climate Nexus, which also said that by 2075 the continent could become 43F hotter than it was 1925.  Climate Nexus has clarified that the temperature increase predicted by the study is actually 11F (6C), which we think you’ll agree is still more than the world should be comfortable with.

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