CP Daily: Tuesday August 16, 2016

Published 23:38 on August 16, 2016  /  Last updated at 23:47 on August 16, 2016  /  Newsletter  /  No Comments

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

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Mexico to roll out pilot carbon trading market in 2017

Mexico will launch a pilot emissions trading scheme next year covering 60 major power generators, manufacturers, and transport firms, the government announced, as it gears up efforts to use market-based mechanism to cut carbon.

Australia seeks to single out large offset projects as 4th ERF auction announced

Australia will hold the fourth Emissions Reduction Fund (ERF) auction on Nov. 16-17, the Clean Energy Regulator announced Tuesday, but also asked for feedback on how to buy offsets from large projects outside the auctions in what some observers saw as an attempt to keep those from influencing the auction bid-stack.

EU Market: EUAs slide 2.3% after breaching support level in late trade

EU carbon prices slipped in late trade on Tuesday after dropping below a key technical support level in the final hour of trade.

Banking shows need for limits on New Zealand link to international carbon market -report

The New Zealand government’s failure to de-link from the Kyoto market as soon as it decided to opt out of the treaty allowed a NZ$2.5 billion ($1.8b) bank of privately-owned allowances to build for which the government is ultimately liable, a report said Tuesday.

BITE-SIZED UPDATES FROM AROUND THE WORLD

UK goes for offshore – The UK government has given planning approval to the second phase of the world’s biggest offshore wind power project, the Hornsea Project Two. The project by Denmark’s Dong Energy is expected to deliver 1,800MW of electricity to 1.8 million homes but could still be as much as two years from a final investment decision. (The Guardian)

California needs a floor –  Lawmakers must impose a price floor under California’s cap-and-trade programme to ensure the mechanism drives emission cuts next decade as otherwise it risks replicating today’s ineffective system that relies on accurately projecting economic growth, writes Berkeley University professor Severin Borenstein (The Energy Collective)

And finally … Not hot, very hot – Global temperatures in July were 0.84C  above the 1950-1980 average, making it the hottest month since records began and the hottest July ever. The latest NASA data shows that July is now the tenth consecutive record warm month, and 2016 is still on track to be the hottest year on record but NASA experts believe the records will stop this month as the effects of El Nino wear off.  (AP)

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