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Increased use of international emissions trading could shave 32% off the cost of the world’s efforts to cut greenhouse gas emissions by 2030, and more than halve them by 2050, according to a World Bank report released Tuesday.
EU carbon prices hit a fresh four-month high on Tuesday as the energy complex was rocked by reports that French nuclear operator EDF would shutdown five more plants on safety concerns.
France has refined its ideas on how a tiered approach to allocation of free EUAs to industry could work after 2020 as it fights to build support among sceptical industry and lawmakers.
More than 90% of offsets contracted under Australia’s Emissions Reduction Fund (ERF) were delivered on time in 2015-2016, the Clean Energy Regulator said Tuesday, keeping the government’s primary climate tool on track to do its share to cut emissions.
China’s State Grid Corp. on Wednesday will issue green bonds to raise 10 billion yuan ($1.48 billion) to construct five high-voltage transmission lines that may boost the uptake of renewable energy from western China in the nation’s central regions.
The first exchange-based spot trade in California Carbon Allowances (CCAs) was executed late last week, the bourse and clearinghouse operators announced Tuesday.
BITE-SIZED UPDATES FROM AROUND THE WORLD
Republican party-poopers – The jubilation that followed the deal to phase down HFCs reached at Montreal Protocol talks in Rwanda over the weekend may be short-lived in the US, where the agreement risks being blocked by Republican senators. Experts say ratifying the new pact would almost certainly require a two-thirds vote from the Senate, which is currently controlled by Republicans but could swing to a modest but insufficiently strong Democratic majority following next month’s election. “This is different from Paris, in that it requires ratification – and that’s concerning to me,” Michael Wara, an expert on energy and environmental law at Stanford, told Climate Central. “This is going to require getting Republicans to vote for it.” However, GOP lawmakers could be persuaded to back the treaty not out of concern for the climate, but on the understanding it could be boon to US companies that have developed and sell less-potent alternatives to HFCs.
Can we get some climate with that venom – US senators Brian Schatz and Sheldon Whitehouse have penned an open letter to the chairs of the non-partisan Commission on Presidential Debates and Fox News anchor Chris Wallace, who will be moderating the final presidential debate on Wednesday night. The senators have asked the trio to devote a segment of the final showdown between Trump and Clinton to “a robust and serious policy conversation about climate change.” Read their letter here.
Democrats’ tax fracture – The future of US climate politics is playing out in Washington state, and it is not pretty. Vox sheds light on the split among the political left in Washington state that has left Democrats opposing a CO2 tax proposal due on the ballot next month.
Power market reform – China’s capital region of Beijing, Tianjin and northern Hebei province will launch its power trading market on Oct. 21, covering 36 thermal power companies and 129 buyers, the respective regional governments said Tuesday. While not directly related to China’s ETS, the move is part of a power market reform that observers say is likely to make China’s power sector more sensitive to carbon pricing in the future.
And finally… Feelin’ hot hot hot – Last month was the hottest September ever recorded, beating 2014’s previous record by 0.004 degrees C. According to new NASA data, last month’s temperatures were 0.91 C above the 1951-1980 average. NASA’s Gavin Schmidt said it “seems locked in” that 2016 will be the hottest year ever with temperatures approximately 1.25 C above the late 19th century average. (H/T Climate Nexus)
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