CP Daily: Wednesday August 31, 2016

Published 22:59 on August 31, 2016  /  Last updated at 23:06 on August 31, 2016  /  Newsletter  /  No Comments

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

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Australian govt advisory body outlines broad use of market mechanisms from 2018

Australia must toughen its climate policies if it is to meet its Paris Agreement obligations, and should use a wide range of market-based mitigation instruments from 2018 including sourcing foreign credits, the Climate Change Authority said Wednesday.

Bank of America, Reuters, foreign airlines fined by UK govt for EU ETS breaches

Bank of America, Thomson Reuters and a number of airlines are amongst the companies that have been collectively fined more than £345,000 by the British government for various infractions relating to the EU ETS.

EU Market: EUAs slip 1.8% to end August almost flat as auction supply looms large

EU carbon fell to its lowest for almost a month on Wednesday to end August barely in positive territory despite a higher-than-usual withdrawal of auction supply.

NZ Market: NZUs climb to fresh 5-year highs as momentum returns

Spot allowances in New Zealand’s emissions trading scheme rose to their highest levels since June 2011 in Wednesday trade as upward momentum returned to the market after a few stale weeks.

Beijing exchange, Shanghai Clearing House plan carbon swap market for national ETS

The CO2 exchange in Beijing is in talks with China’s major clearing house to develop a carbon swap contract for the national cap-and-trade programme that launches next year.

Swiss roll out date for ETS auction in 2017

Switzerland will sell 270,535 carbon allowances at an auction on Mar. 14, 2017, the government said this week, extending the national ETS auction calendar out another six months as prices have lost a quarter of their value in two years.

BITE-SIZED UPDATES FROM AROUND THE WORLD

G20 to review each others fossil subsidies – China and the US are expected to make public a cross-checking of each other’s fossil fuel subsidies at the G20 summit in Hangzhou this weekend. It will be the first time that China has allowed a foreign country to review its domestic energy subsidies and a first among G20 powers that is intended as a major  gesture by both sides that they are taking climate change seriously. (South China Morning Post)

GCF must be clearer in channelling right cash – The GCF is not yet backing the right kind of projects to bring about a sea change in low-carbon development and must provide clearer guidelines for guidance on what it wants to fund, said its recently departed executive director Hela Cheikhrouhou. (Thomson Reuters Foundation)

And finally… Here’s how they’ll spend it – With California’s legislative session coming to an end on Wednesday, Governor Jerry Brown and Democratic legislative leaders announced they’ve reached a deal to spend $900 million in cap-and-trade revenue.  The agreement, which has been in the works for months, leaves $462 million to spend in future years.  The Sacramento Bee breaks down were the money will go, provided the plan wins approval by the legislature before adjournment.

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