CP Daily: Friday September 23, 2016

Published 19:22 on September 23, 2016  /  Last updated at 21:38 on January 30, 2020  /  Newsletter  /  No Comments

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

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Where to spend it? World Bank panel waxes on carbon revenues

Governments generated $26 billion in carbon pricing revenues in 2015, while companies are increasingly using internal pricing systems to secure their future in a carbon-constrained world.

Dutch parliament pressures government on coal phase-out

The Netherlands’ parliament has narrowly passed a motion for a 55% cut in CO2 emissions by 2030, piling more pressure on the centre-right coalition government to accelerate the shutdown of coal-fired power plants.

CARBON FORWARD: China’s massive carbon market to weed out industrial overcapacity

China is due to launch next year the world’s biggest emissions trading scheme that is being crafted to have a profound impact on key sectors of the country’s economy, such as cement, steel and petrochemicals.

EU Market: EUAs notch 4.1% weekly gain after hitting September high

EU carbon prices climbed to their highest level for three weeks on Friday as healthier utility profit margins and a strong auction result continued to lure traders into bullish bets.

NZ Market: NZUs unchanged in lacklustre trade as market lacks direction

Spot permits in New Zealand’s emissions trading scheme on Friday closed at NZ$18.85 ($13.73) for the fourth consecutive day amid dwindling volumes, as traders await direction from government on the ETS review.

Delhi airport buys Indian CERs to go carbon neutral

Delhi International Airport Ltd. has bought 112,000 CERs from two India-based CDM projects to comply with the Airports Council International’s carbon accreditation programme.

CN Markets: Pilot market data for week ending Sep. 23, 2016

Closing prices, ranges and volumes for China’s regional pilot carbon markets this week.

BITE-SIZED UPDATES FROM AROUND THE WORLD

Paris palava – Germany’s parliament has unanimously approved the terms of the Paris Agreement in a move towards fast-track ratification of the treaty.  It comes after EU climate boss Miguel Arias Canete said the entire bloc is on course to ratify the pact next month.  But those efforts could be scuppered by coal-reliant Poland, who want to “secure their national interests” before they formally approve the agreement, Bloomberg reports.  EU environment ministers are due to discuss the matter during a Sep. 30 meeting in Brussels.

Green investments could yield green, says Carney – The Bank of England Governor said green finance could help prop up global economic growth if policymakers smooth pathways for investors to channel $100 trillion locked up in fixed income markets into projects that reduce pollution, Bloomberg reports.  Seeking to make a macroeconomic case for investing in lowering GHGs, Carney noted that the global economy has remained weak despite “years of unprecedented monetary policies” and steps to repair bank balance sheets. Business and investors, he said, appear to be “hedging future disaster risk.”  “Green investment represents a major opportunity for both long-term investors and macroeconomic policymakers seeking to jump-start growth,” Carney said in a speech in Berlin on Thursday. “For this to happen, however, green finance cannot conceivably remain a niche interest over the medium term.”

And finally… The California carbon market’s dirty secret – California’s cap-and-trade scheme has helped the state regulate GHG emissions, but allowing big emitters to import offsets from other states has meant they have forgone investing in abatement and, in some cases, increased emissions of CO2 along with co-pollutants such as particulate matter and other toxic gases.  And with many of the state’s top polluting installations located in poorer areas, researchers at USC suggest that the ETS has had a disproportionately negative impact on disadvantaged minorities and impoverished families living in those neighbourhoods.  Read more on this from the Sacramento Bee.

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