CP Daily: Thursday August 11, 2016

Published 17:41 on August 11, 2016  /  Last updated at 17:41 on August 11, 2016  /  Newsletter  /  No Comments

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

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WCI offset supply swells almost 12% after bumper California issuance

California handed out almost 5 million offsets eligible for the WCI cap-and-trade programme in its latest issuance round, its biggest ever issuance that added 11.9% to the market’s total offset supply.

RWE advances hedging while cleaning its energy mix

Utility RWE, the EU’s biggest emitter, joined several other utilities in ramping up its hedging and burning less coal over the second quarter as it sold more electricity.

China scrambles to get provinces ready for ETS

China’s National Development and Reform Commission (NDRC) on Thursday issued tenders for six two-year projects to help prepare provinces and regions for the national emissions trading scheme.

EU Market: EUAs make ground amid oil gains

EU carbon prices nudged upwards on Thursday, bucking a two-day slump after oil gains pushed much of the energy complex higher in afternoon trade.

Paris target may increase power shortage risk in Australia -regulator

Australia might face increased blackout risks if it forces coal plants offline to meet its Paris targets, the nation’s electricity market regulator said, but only if it fails to bring additional new renewable supply online.

BITE-SIZED UPDATES FROM AROUND THE WORLD

Cookstoves for credits? Climate Home writes on whether clean cookstove offset initiatives are actually working. Drawing on a recent field study assessing a 2011 Indian CDM project that found wood use was not reduced as families merely ‘stove stacked’ and often preferred their traditional burners. Testing has since got tighter under the CDM though a CDM spokesman said the study would be brought to the attention of the CDM board and the Global Alliance for Clean Cookstoves is working with organisations such as the Gold Standard to update the criteria.

Corporate America’s split personality on climate – While US companies frequently warn than a warming world will cost them money in their marketing materials, they stick to more sanded down statements in their official filings that give investors little help in assessing how the firms are managing their climate risk. (E&E)

And finally … Pulp is a CO2 giver – A Quebec pulp mill owned by Resolute Forest Products has started a $7.4 million project to capture up to 30t/CO2 a day to be used at a nearby commercial greenhouse. The project is due to be commissioned by the end of 2017 and in 2018 realize first revenues of a 10-year agreement for the sale of the CO2 and associated carbon credits.

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