CP Daily: Thursday October 13, 2016

Published 01:03 on October 14, 2016  /  Last updated at 10:02 on October 14, 2016  /  Newsletter  /  No Comments

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

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CARBON FORWARD: EU lawmaker Duncan targets MSR tweak in ETS reforms

The EU lawmaker steering post-2020 EU ETS reform is targeting a revamp of the Market Stability Reserve (MSR) to address the market’s surplus, as other reform options remain locked in political disagreement.

Industry MEPs find voice on EU ETS reform in committee vote

The European Parliament’s industry committee (ITRE) voted through their views on post-2020 ETS reforms on Thursday, finding compromises after upping the amount of concessions to big-emitting industry.

CARBON FORWARD: MSR ill-equipped, “too stiff” to help EU ETS weather storm ahead

There’s a growing consensus that the EU power sector is entering a period of structural rebalancing, but that the MSR, as it’s currently designed, won’t be sufficient to help the bloc’s carbon market weather the changes.

CARBON FORWARD: Brexit looms large over EU ETS review -lawmaker

The UK’s decision to withdraw from the EU is likely to have “significant” ramifications for negotiations over the reform of the bloc’s carbon market, according to a key European lawmaker.

CARBON FORWARD: Trading alive and well on Europe’s top CO2 bourse

The EU’s carbon market is thriving, at least if you’re Europe’s largest emissions exchange.

Guangdong set to ban more CCERs for compliance use -sources

Market regulators in the Guangdong ETS are planning to further slim down offset eligibility this year in a bid to halt the influx of credits putting a downward pressure on allowance prices in China’s biggest pilot carbon market.

Australian business backs tougher climate targets, wants access to international market -survey

A big majority of respondents in an Australian business survey wants the government to start its climate policy review earlier than planned, tighten CO2 baselines in the safeguard mechanism to transform it into a baseline-and-crediting scheme, and ensure access to international carbon markets.

EU Market: EUAs nudge higher amid gains in power

EU carbon prices rose for the second successive session on Thursday in sympathy with rising German power and coal prices and despite relatively weak auction demand.

California market sees 189k new offsets in issuance dip

California regulators this week issued 189,065 offsets under its cap-and-trade programme over the past fortnight, less than a third of the previous issuance round.

NZ Market: NZUs stagnant as buyers hesitate

New Zealand carbon allowances are in their sixth week of barely budging as sellers continue to try and pull prices above the NZ$19 level but buyers remain hesitant.

GCF elects Australian diplomat as executive director

An experienced Australian climate diplomat has been elected the new executive director of the Green Climate Fund secretariat.

Exchange operator Colonial Bourses names three financial market experts to board

Environmental exchange operators Colonial Bourses has appointed three financial market veterans as board members, it announced on Thursday.

BITE-SIZED UPDATES FROM AROUND THE WORLD

Getting positive about negatives – The UK, and the world, will need to make use of negative emissions technologies in order to meet the goals of the Paris Agreement, according to the UKs independent climate advisory body. (Carbon Brief)

US energy emissions lowest since 1991 – That’s according to H1-2016 US Energy Information Administration (EIA) data, with the reductions driven by renewables and mild winter temperatures. The EIA projects energy sector emissions for 2016 will be the lowest since 1992. (The Hill)

And finally… India’s HFC U-turn – India has announced its chemical industry, with immediate effect, must collect and destroy emissions of potent greenhouse gas HFC-23, in a surprise show of climate leadership during this week’s Montreal Protocol talks in Rwanda.  India estimates this action will prevent nearly half a billion tonnes of CO2 equivalent emissions from entering the atmosphere during the next 15 years. “It’s a big, voluntary step forward, which by itself goes some way to closing the gap the world still faces in order to protect our planet from catastrophic warming,” said Alexander von Bismarck, US executive director of the Environmental Investigation Agency.  “This step also improves chances at the Montreal Protocol this week to agree to a global phase-down of HFCs, which could reduce global warming by 0.5 degrees.”  Separately, the European Commission announced that it will provide €3 million for early action to replace HFCs in Latin America and the Caribbean. This is in addition to €8 million the EU is already providing for similar projects in Africa, Southeast Asia and the Pacific.

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