CP Daily: Friday August 19, 2016

Published 23:04 on August 19, 2016  /  Last updated at 23:04 on August 19, 2016  /  Newsletter  /  No Comments

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

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BC rejects advice to increase CO2 tax ‘until other provinces catch up’

Canadian province British Columbia rejected its advisors’ call to increase its CO2 tax, with Premier Christy Clark saying it would only consider doing so when other provinces caught up to its climate efforts.

Real emissions, fake money: Mexico’s baby steps towards CO2 trade

Mexico’s launch of a pilot emissions trading initiative will simulate a cap-and-trade system but feature no real transactions in an effort to prepare companies for the real thing.

Colombia launches voluntary carbon market platform

Colombia on Thursday moved to help local and international companies buy emission credits to reduce their carbon footprint by launching a trading platform that is expected to put a heavy emphasis on forestry projects.

Queensland govt loses bid to regulate land-clearing

Land-sector CO2 emissions in Australia’s Queensland could rise by some 17 million tonnes per year after the state government on Thursday night failed to introduce restrictions on tree-clearing.

EU Market: EUAs dip 2.7% over week as auction supply dries up

EU carbon prices nudged higher on Friday but still ended the week in negative territory compared to a week ago despite further curbs to auction volume for the coming fortnight.

CN Markets: Pilot market data for week ending Aug. 19, 2016

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

BITE-SIZED UPDATES FROM AROUND THE WORLD

What if the UK dropped it’s CO2 floor? – Net emissions would fall, as higher CO2 output from a spate of new UK gas plants is more than cancelled out by lower power imports from continental coal plants, according to analysts at Aurora. They assessed what would happen if the UK’s Carbon Price Support was removed in 2025, the date when the government intends to close its coal fleet, which calls into question the relevance of the coal-to-gas switch policy after that.

NZ registry – New Zealand’s new carbon registry will go live on Aug. 29. In preparation, the current one will close midday Thursday Aug. 25, the registry operator announced. New account openings have already been closed, and new transactions won’t be available after midday Aug. 24.

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