CP Daily: Wednesday August 24, 2016

Published 17:39 on August 24, 2016  /  Last updated at 17:39 on August 24, 2016  /  Daily Newsletter  /  No Comments

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

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California State Assembly approves post-2020 climate bill

The California State Assembly on Tuesday passed a bill setting 2030 climate targets for the state, but rejected an attempt from Governor Jerry Brown to add an amendment that would have specifically extended the cap-and-trade programme.

Shenzhen CO2 exchange looks to brokers to halt drop in trade, prices

The Shenzhen emissions exchange has asked its eight licenced brokers to commit to trading upwards of 1 million CO2 allowances each in the second half of 2016 in a bid to put an end to dwindling liquidity and rapidly falling prices, according to sources.

EU Market: Carbon defies strong auction to sink towards €4.50

EUAs dropped closer to €4.50 on Wednesday in the face of relatively healthy auction demand signals and a bullish energy complex.

China’s Jiangxi to set up carbon trading exchange

The government of China’s Jiangxi province has approved the establishment of a local carbon trading exchange, it announced, though it remains unclear whether the bourse will be allowed to operate in the national emissions market.

*** Launching the fifth of our comprehensive, regularly-updated intelligence ‘Dossiers‘ on carbon pricing policies. Each dossier builds into a powerful online research tool with key news, analysis, quotes, data, charts, tables, timelines, supporting documents and links – all in one place. And they can all be exported in printable PDF format for convenient offline reading. ***

DOSSIER: The Regional Greenhouse Gas Initiative (RGGI)

This 8-page dossier gives an overview of RGGI dynamics including recent price and trading developments, fundamentals, membership and details on the 2016 programme review. It also features a summary of key elements by the International Carbon Action Partnership (ICAP).

BITE-SIZED UPDATES FROM AROUND THE WORLD

CEPS through autumn – Brussels think-tank CEPS has rolled out its autumn schedule of ETS-related events, kicking off with a Sep. 15 meeting on the implications of Brexit for climate and energy policy. Other events are: Sept. 30 Effort-sharing & LULUCF, Oct. 18 EU ETS Phase 4, Dec. 14 End-of-year address by the EC’s Jos Delbeke.

Just do it – 130 investor groups controlling as much as $13 trillion in funds on Wednesday urged all G20 nations to ratify the Paris Agreement before year-end to ensure the treaty enters into force as soon as possible. Those who do would benefit from better policy certainty and would attract investment in low-carbon technology, the signatories said in a letter before the G20 heads of government meeting in China next month. (The Guardian)

Pennsylvania plan – Pennsylvania Governor Tom Wolf this week approved the state Department of Environmental Protection’s updated climate change action plan, which largely relies on energy efficiency measures to cut the state’s GHG emissions. Wolf was elected governor on a platform that included a pledge to join RGGI, but carbon trading was outside the scope of this plan.

Colorado order – Colorado Governor John Hickenlooper is contemplating issuing an order that would require the state to cut CO2 emissions from the power sector 25% below 2012 levels by 2025, and 35% by 2030. The order would put Colorado in line to meet its Clean Power Plan target, but the governor has not yet decided whether to go through with it, reported the Denver Business Journal.

Buy, please – The Hubei carbon exchange in China is looking to raise more cash by issuing more shares, and recently invited a number of major companies – including big state-owned power firms Huaneng, Datang, and Huadian, several petrochemicals and Air China – to a showcasing seminar, hoping to stir some interest, reported Hubei Daily (in Chinese). (H/T Idea Carbon)

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