CP Daily: Thursday September 1, 2016

Published 22:41 on September 1, 2016  /  Last updated at 22:46 on September 1, 2016  /  Newsletter  /  No Comments

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

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EU lawmakers defend right to act on aviation emissions

EU lawmakers on Thursday blasted efforts to regulate international flight emissions at the UN’s ICAO as too weak and pledged to uphold the bloc’s right to impose tougher measures by re-capturing them under the EU ETS.

China in G20 green finance push that casts doubt on CO2 futures trade

Seven Chinese government agencies on Thursday published guidelines for a green finance system ahead of this weekend’s G20 meeting in Hangzhou, propping up support for the nation’s carbon market but leaving a bleak outlook for futures trading in the upcoming ETS.

Ontario, Quebec strike carbon trading deal with Mexico

Canadian provinces Ontario and Quebec on Wednesday struck a deal with Mexico to cooperate on carbon trading, bringing North America a small step closer to a common emissions market.

Australian environment minister dismisses carbon market proposals

Energy and Environment Minister Josh Frydenberg on Thursday dismissed recommendations by the Climate Change Authority to set up new market mechanisms to cut GHG emissions, reiterating that Australia has no plans to introduce an emissions trading scheme.

NZ Market: NZUs extend 5-year high as sellers step back

Spot New Zealand Units jumped 2.5% on Thursday to extend their 5-year highs after sellers stepped back, making buyers chase the price north.

EU Market: EUAs sink close to 2.5-year low

EU carbon fell for the third straight session on Thursday to come within reach of a 2.5-year low that was hit in the panic-ridden aftermath of the UK’s Brexit vote.

WCI offset supply ticks up as deadline for early action units passes

California handed out 650,506 offsets eligible for the WCI cap-and-trade programme in its latest issuance round, the last opportunity for its early action units to be awarded.

Carbon prices too low to drive global green shift -report

While over half of G20 nations have either an ETS or a carbon tax, these policies are set too low to encourage a shift to cleaner investments that will contribute to limiting global temperature rises to well below 2C, a report found on Thursday.

BITE-SIZED UPDATES FROM AROUND THE WORLD

Swiss seek views on ETS link, offsets –  The Swiss government has opened a consultation on ratification of the Paris Agreement, changing its climate laws to reflect its INDC (which includes sourcing international credits) and agreeing to link its carbon market with the EU ETS. It runs until the end of November.

California clean cars stuck in neutral – Reuters delves into California’s private emission credit-trading market among automakers, where credits change hands for $3,000-4,000 each. Regulators plan changes by December to a policy that has led to manufacturers amassing big credit surpluses that allow them to meet the state’s world renowned zero-emission vehicle (ZEV) sales mandates while hardly selling any of their high-end clean vehicles. This has left California’s share of ZEVs stuck at 3% since 2014 and off-track of its 15% goal by 2025 but carmakers argue the current system is helping to fund the state-of-the-art technology capable of eventually translating into mass-market sales.

JP Morgan buys GCF cash winner Sonnedix – US bank J.P. Morgan Asset Management has acquired nearly all of solar power developer Sonnedix Group, ramping up ties following their 2014 50-50 joint solar venture.  Sonnedix has solar plants around the world and in June received GCF cash for a Chilean project that once sought CDM cash. (Reuters)

And finally … Peru climate chief named as WWF head – Environmental group WWF has appointed Peru’s former environment minister Manuel Pulgar-Vidal as its new head of climate and energy. The lawyer-turned-politician chaired the UN climate talks through 2014. (Climate Home)

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