CP Daily: Wednesday August 17, 2016

Published 22:54 on August 17, 2016  /  Last updated at 22:54 on August 17, 2016  /  Newsletter  /  No Comments

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

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EU Market: EUAs crash below €4.50 in rapid sell-off

EUAs lost 15 cents within a few minutes in afternoon trade on Wednesday in a move that left several traders baffled ahead of a period of much tighter supply.

Japan, New Zealand latest nations to aim for Paris ratification by year-end

Japan and New Zealand have become the latest nations to indicate they will ratify the Paris Agreement by the end of 2016, increasing the chances that the climate treaty will enter into force this year.

Senator pushes for electricity ETS in South Australia, Victoria

South Australia and Victoria should set up an emissions trading scheme for the electricity sector that would force dirty generators to pay cleaner ones, independent Senator Nick Xenophon said Wednesday.

COMMENT: Houston, we have a (carbon pricing) problem! (And it’s NOT the one you think!)

With carbon prices and the social cost of carbon on what increasingly looks like a collision course, the entire carbon pricing conversation will change in ways that almost no one had anticipated, and we would be wise to discuss sooner rather than later.

BITE-SIZED UPDATES FROM AROUND THE WORLD

Low-carbon vehicles – The US EPA and Department on Transport have released new GHG and fuel-efficiency standards for heavy-duty trucks that they say will cut CO2 emissions by 1.1 billion tonnes. The rules will apply to 2021-2027 models, and reduces CO2 10% more per vehicle compared to the previous standard.

Oil firms make promises – Norwegian oil and gas companies plan to cut emissions by 2.5 million tonnes in the decade to 2030 as part of efforts to rein in global warming, the Statoil-dominated Norwegian Oil and Gas Association said. The goals could be achieved by measures including more efficient technology, electrification of offshore platforms and CCS. (Reuters)

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