CP Daily: Friday September 16, 2016

Published 22:40 on September 16, 2016  /  Last updated at 22:40 on September 16, 2016  /  Newsletter  /  No Comments

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

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Washington state adopts market-based carbon reduction scheme

Washington state has adopted a programme to cap CO2 from the state’s biggest emitters, allowing them to use market-based approaches to meet their targets including buying permits from other cap-and-trade systems.

CDM Board to pitch 7 ways to make best use of the mechanism

The CDM Executive Board has agreed a list of seven best uses of the market mechanism that it will pitch to countries at November’s UN climate talks in Marrakesh.

With offsets off the agenda, NZ emitters start digging into permit surplus

New Zealand emitters handed over 20.4 million domestic allowances to cover their 2015 carbon emissions, according to government data, finally beginning to eat into the large NZU surplus as the door to the UN offset market has been locked.

EU Market: EUAs climb to 2-wk high as reform talk pushes shorts out

EU carbon prices rose 5% to a two-week high on Friday as signs that lawmakers are prepared to pass more ambitious reforms and a bullish energy complex forced nervous shorts to continue covering their positions.

WCI governments to auction 97.2 million allowances on Nov. 15

California and Quebec will auction a total 97.24 million carbon allowances in their ninth join auction to be held on Nov. 15, the WCI partner governments announced late on Friday.

COMMENT: California’s history-making new laws and what they mean for climate policy

California has fortified its role as a global leader in climate policy with passage of Senate Bill (SB) 32 and Assembly Bill (AB) 197. On Sept. 8, Governor Jerry Brown signed these bills into law, establishing a new ceiling on emissions in 2030 under SB 32-40% below 1990 levels – and new rules guiding regulators on how to accomplish emission reductions.

CN Markets: Pilot market data for week ending Sep. 16, 2016

A table of the closing prices, ranges and volumes for China’s regional pilot carbon markets this week. All prices are in RMB, and volumes in tonnes of CO2e. Data sourced from local exchanges.

BITE-SIZED UPDATES FROM AROUND THE WORLD

EU leaders pick up Paris pace – EU  leaders, minus the UK’s Theresa May, have given a political nod to ratification of the Paris Agreement, Bloomberg reports. They endorsed a procedure to enable the bloc’s environment ministers to give formal backing on Sep. 30 and the EU Parliament a week later. That would probably be enough to take the pact over the required threshold to come into force, with the treaty’s 30-day enactment period passing long before January’s handover of the US presidency, dispelling any chance of an incoming Donald Trump pulling out of the agreement before its 4-year lock-in period begins.

Bigger, cheaper wind power – Bloomberg examines how the rapid development of cheaper, bigger offshore wind parks in western Europe is helping to keep EU ETS prices in the doldrums and outpacing lawmakers’ efforts to bolster the market.

Floors and ceilings – Climate policy analyst Adam Whitmore gives a rebuttal to objections against carbon price corridors, arguing that while there are difficulties in designing appropriate price containment, spurious objections should not be allowed to form an obstacle to much-needed debate. (The Energy Collective)

Carbon trading for supercities – US blog Yale Environment 360 profiles how China’s Shenzhen is using carbon trading among a suite of policies to rein in emissions and create a more liveable environment for its inhabitants.

And finally… It’s back, but slimmer – A slimmed-down ‘High Ambition Coalition’ from last year’s Paris Agreement, so far consisting of the EU, Mexico and Marshall Islands, is rounding up the diplomatic wagons in a final push to get an ICAO global deal on an aviation carbon market and as many as possible to opt-in from 2021 rather than wait six years for the mandatory start. But in a blow to the effort, Brazil has said it will likely wait until they are forced to join.  (Bloomberg)

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