CP Daily: Friday October 7, 2016

Published 18:35 on October 7, 2016  /  Last updated at 22:30 on October 7, 2016  /  Newsletter  /  No Comments

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

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Airline focus shifts to Brussels as ICAO deal triggers scrutiny

EU lawmakers took a cautiously wary view of ICAO’s global aviation emissions deal on Thursday, while European airlines urged the bloc to take a “fresh look” at its own regulation under the EU ETS.

Airlines’ voluntary schemes expected to fade away in wake of CORSIA

Voluntary programmes run by airlines to encourage passengers to offset their carbon footprint are likely to dwindle as ICAO’s CORSIA carbon market takes shape, according to industry officials.

Australia to review energy system, plan for climate target

Federal and state energy ministers in Australia on Friday agreed to commission an independent review of the nation’s electricity system to improve energy security while also ensuring that it will meet its carbon reduction target under the Paris Agreement.

EU Market: EUAs pull back from €6 but hold on to 15% weekly gain

European carbon eased back from the previous session’s four-month high on Friday, but buyers kept EUAs above a technical resistance-turned-support level to help prices notch a near 15% weekly gain.

Better late than never: North Korea releases its Paris climate plan

North Korea’s climate plans under the Paris Agreement were published by the UN on Friday, with the reclusive nation unconditionally pledging to cut its GHG emissions by at least 8% below business-as-usual (BAU) levels by 2030.

BITE-SIZED UPDATES FROM AROUND THE WORLD

***Washington-based researchers RFF will co-host a webcast seminar with the IMF on Oct. 19 from 1230-1400 local time in the US capital on the role of carbon pricing in implementing the Paris Agreement. Speakers include the IMF’s Vitor Gaspar and Andrew Steer, head of the World Resources Institute. Click here to register of watch the live webcast***

RWE’s clean break – German utility RWE’s green energy business Innogy started trading in Frankfurt above its IPO issue price on Friday. The €20-billion valuation made it Europe’s biggest listing since Glencore in 2011 and Germany’s biggest since Deutsche Post in 2000. It leaves RWE to focus on ETS-regulated thermal and nuclear generation and trading businesses. (Bloomberg)

HFCs in focus – Climate Home previews next week’s meeting of Montreal Protocol in Kigali, which could help prevent up to 0.5C of warming by agreeing on a global phase-out of the refrigerant gases.

Internal probing – French researchers I4CE and green business association EpE have released a guidebook that outlines the concept of an internal carbon price, describing its various forms and also identifying benefits for companies.

And finally… small is big – reducing the risk of climate change will be achieved by bottom-up, workable policies, not overly ambitious, top-down programs, argues Richard Rosenzweig, a former senior government official and management executive at carbon trading firm Natsource. In a new book, “Global Climate Change Policy and Carbon Markets: Transition to a New Era,” Rosenzweig assesses the failure of climate policy over the past 25 years to slow global greenhouse-gas emissions and to create workable carbon markets and recommends a more modest, targeted approach to guide future policy-making.

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