CP Daily: Wednesday September 21, 2016

Published 00:35 on September 22, 2016  /  Last updated at 00:38 on September 22, 2016  /  Newsletter  /  No Comments

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

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Paris Agreement nears activation as 31 more nations join

The Paris Agreement moved closer towards entering into force in 2016 as 31 more countries joined on Wednesday at an event hosted by UN chief Ban Ki-moon in New York.

Sub-nationals to forge path to North American carbon market -Canadian ministers

Moves towards a North American carbon market will need to be driven by states and provinces, two Canadian environment ministers suggested on Wednesday, meaning sub-national governments would continue to be key pioneers in expanding carbon pricing globally.

World Bank to target N2O projects in third PAF auction

The World Bank will target N2O projects via its third auction under its Pilot Auction Facility (PAF), the date of which has yet to be announced, according to details published on the institution’s website late on Tuesday.

China to set up pilot markets for energy permit trading

China’s National Development and Reform Commission on Wednesday picked four provinces to host pilot energy permit trading schemes as the government seeks to use market-based policies to meet its energy consumption and overall environmental targets.

EU Market: EUAs turn upwards as power prices hit fresh 1-month high

EU carbon prices edged higher on Wednesday on rising energy and after buyers stepped in once EUAs hit a three-day low earlier in the session following a weak auction.

Guangdong CO2 auction clears 5.4% above price floor

Guangdong sold all 500,000 CO2 allowances on offer in Wednesday’s auction at 5.4% above the minimum price, the Guangzhou Emissions Exchange said.

Ukraine pledges to spend AAU cash on Japanese cars -media

Ukraine has said it will spend the remaining cash it received from selling AAUs on Japanese-manufactured hybrid cars to use for its police force, the BBC reported on Wednesday.

BITE-SIZED UPDATES FROM AROUND THE WORLD

German industry seeks more EUA freebies – A coalition of German industry associations, together with the federal economy ministry, is demanding changes to post-2020 EU ETS reforms. The group wants to “find the balance between the two goals of having a competitive industry and reaching climate targets”. In a press release, the Alliance Future of the Industry calls for changes such as a rise in the number of free certificates, warns of carbon leakage, and says that reaching climate goals was not possible without a strong, innovative industry. (H/T Clean Energy Wire)

Exxon probe – The US financial regulator is investigating how oil firm ExxonMobil valued its assets during the continuing slump in oil prices and how the company factors in climate risk when pricing its projects. The SEC requested information and documents from Exxon and the company’s auditor PricewaterhouseCoopers in August, as well as documents from New York Attorney General Eric Schneiderman’s similar investigation of the company. (Reuters)

Japan’s energy warningJapan should balance and diversify its energy mix through a combination of renewable and nuclear energy and efficient thermal power generation, the IEA said in its latest review of Japan’s energy policies.

And finally… Scientists warn against Trump’s plan – 375 members of the US National Academy of Sciences warned in an open letter that Donald Trump’s plan for a US withdrawal from the Paris Agreement would hurt the nation’s international credibility and undermine the climate pact. (H/T Climate Nexus)

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