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Analysts polled by Carbon Pulse have again cut their estimates for EU carbon prices by as much as 7% compared to previous forecasts, in spite of a sharp increase in EUAs over the past few weeks.
More than 190 governments early on Saturday reached a historic agreement to cut hydrofluorocarbons (HFCs), a potent greenhouse gas that has been at the centre of often divisive international negotiations for nearly a decade.
Sweden is proposing various measures to strengthen the post-2020 EU ETS revision proposal in a bid to kickstart more ambition among the 28 member states.
Australia’s Clean Energy Regulator has alleged that two carbon management firms broke Emissions Reduction Fund (ERF) regulations.
Italy pushed back against Europe’s 2030 climate plan for non-ETS sectors on Monday, complaining that the measure unfairly puts too high a burden on it to cut emissions.
EU carbon prices gained as much as 23 cents to briefly climb above €6 amid continued strength in coal and power markets on Monday, as observers favoured the upside this week.
Hunan province in central China aims to plant 2 million hectares of new forest by 2020, a move that could see state-owned forestry farms supply millions of offsets to the national emissions trading scheme.
The EU ETS surplus started to decline for the first time in 2015 thanks to Backloading reforms but remains too substantial to help prevent the market from driving enough CO2 abatement, a European Environment Agency (EEA) report showed on Monday.
Britain’s competition watchdog on Monday ruled that exchange operator ICE must sell trading platform Trayport in order to maintain competition in the energy and emissions markets.
Job listings this week:
Senior Policy and Policy Analysts, Climate Change, NZ Ministry for the Environment – Wellington
Senior Consultant, EU Emissions Trading policy design, Ecofys – Cologne/Utrecht/Brussels
Senior Economist/Research Fellow, New Climate Economy Special Initiative on Land Use, Overseas Development Institute – London
German Sales Trader, Alco2 – Brussels or Germany
UK & Ireland Sales Trader, Alco2 – Brussels or UK
Scandinavian Sales Trader, Alco2 – Brussels or Scandinavia
Product Development, Environmental Team, Markit – New York
Or click here to see all our job adverts
BITE-SIZED UPDATES FROM AROUND THE WORLD
HFC deal boon for US firms – US chemical firms including Honeywell and Chemours Co are ramping up efforts to produce alternative coolants used in air-conditioners and refrigerators, following “certainty” they received from this weekend’s UN Montreal Protocol pact to phase down HFC gas use, Reuters reports. Some are already in the vanguard of developing alternatives and have forged manufacturing partnerships with local producers in India, Japan and China. (Reuters)
Another battle in the war – The states and companies challenging the EPA’s 111(b) regulation launched their legal attacks late last week over the rules, which set emissions limits for new coal and gas power plants. The regulations were finalised in Aug. 2015 along with the Clean Power Plan – the companion rule covering existing plants. According to Politico, two dozen state challengers charged the EPA with having an “agenda to eliminate coal-fired power plants … by virtue of an impossibly high technology standard” in CCS. The CPP legal challenge was put on a fast track (high-profile oral arguments were held last month) while this case is taking a more typical route through the courts. The Clean Air Act’s wording means that if the 111(b) rule is struck down, the CPP is gone as well.
Yet another revision – The International Energy Agency will raise its outlook for wind and solar installations following a decade of underestimating growth in the renewables industry, Bloomberg reports, using two charts to illustrate just how many times the organisation has revised its forecasts since 2002. The IEA will “significantly” raise its estimates for renewables when it publishes its annual mid-term market report for the industry at the end of this month, a spokesman for Paris-based organisation said.
A few bucks short – The world’s richest countries are on course to miss a target to mobilise $100 billion of climate funds a year by 2020, according to a new report by the UK and Australian governments, Climate Home reports. It indicates a total of $93 billion will be delivered by the end of the decade to help poorer nations invest in green energy and prepare for future climate-induced events. The 27-page report, released on Monday, says that figure could soar to a best-case scenario of $133 billion if public funds start to leverage more private sector support in the coming years.
Firm up those defences – Top executives from more than 50 companies including steelmakers ArcelorMittal, Tata Steel and ThyssenKrupp have called on EU leaders meeting later this week to bolster the bloc’s trade defences, including refusing China’s move to gain ‘market economy’ status, the FT reports. The risk of dumping of steel and other CO2-intensive products has been cited as one issue that is ensuring EU lawmakers are so keen to ensure their manufacturers keep high levels of free carbon allowances.
Wonk corner – The latest issue of Joint Implementation Quarterly (JIQ) has been published, covering such topics as the ETS pilot in Mexico and the role of small businesses in decarbonising the EU.
EPH chief tightens grip – Czech billionaire Daniel Kretinsky will control 94% of utility EPH following the sale of a minority stake in its infrastructure unit and a subsequent shareholder reshuffle. This follows an announcement that the company, which holds assets emitting around 10% of the entire ETS cap, agreed to sell a 30% stake in its energy infrastructure unit to a consortium of companies led by Macquarie Infrastructure Corp, with the payment schedule enabling EPH to make further acquisitions, Kretinsky said. (Bloomberg)
And finally… Chinese energy official sentenced – Wei Pengyuan, former deputy director of the coal division in China’s National Energy Administration, has been given a suspended death sentence after being found guilty of corruption, the Xinhua news agency reported Monday. Wei was arrested in 2014 when more than 200 million yuan ($30 million) in cash was found stashed in his home.
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