CP Daily: Wednesday October 26, 2016

Published 22:28 on October 26, 2016  /  Last updated at 22:28 on October 26, 2016  /  Newsletters

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

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Global forest carbon finance increased 26% in 2015, report finds

Global funding for efforts to store carbon in forests rose 26% to $880 million in 2015, but that amount would have shrunk if not for the Australian government’s Emissions Reduction Fund (ERF).

In search of growth, voluntary carbon market tilts at more transparency

Voluntary carbon market participants are mulling a shift towards more open pricing models to confront the limited appeal of the complex deal-making on which the sector currently relies.

Large new forestry project leads as California issues most offsets in 2.5 months

California’s Air Resources Board (ARB) has issued 743,400 offsets in the past fortnight, the most in two-and-a-half months, with a large new forestry project reaping the majority of the credits.

EU gas distributors push for a beefed-up MSR

EU gas distributors association Eurogas is urging lawmakers to increase the rate at which the MSR withdraws surplus EUAs, citing this as the most effective way of reforming the bloc’s carbon market.

EU Market: EUAs top €6 as coal hits fresh 2-year high

EU carbon prices briefly rose above €6 for the first time in a week on Wednesday, supported by stronger power prices and coal hitting a new two-year high.

NZ Market: NZU prices slide below recent trading range

The bid price in New Zealand’s emissions trading scheme on Wednesday slid below the NZ$18.70-18.90 range that has supported the market since early September as uncertainty continues to prompt buyers to pause.

Tight rules mean most companies can’t get in on China’s green bond bonanza

China has issued green bonds worth $21 billion over the past year but credit rating requirements mean most smaller and private firms such as carbon specialist companies and clean tech enterprises can’t participate, a conference in Beijing heard Wednesday.

EU court again upholds decision to revise ETS free allocation as Finnish firms challenge

Europe’s highest court has again rebuffed efforts by industrial companies to be allocated more free carbon units, re-affirming two earlier decisions to order the European Commission to recalculate the handouts to 2020.

Czech carbon broker Virtuse to join Fujian emissions exchange as part of China expansion plans

Czechia-headquartered carbon brokers Virtuse have applied for membership with a Fujian emissions exchange ahead of the Chinese province’s pilot ETS launch in December.


**Investor group CMIA is hosting a webinar on the Green Climate Fund (GCF), with CMIA member and GCF board representative Alexandra Tracy of Hoi Ping Ventures. Alexandra will share the preparation involved to get ready, what actually goes on at its four day meetings, how the GCF works and where the opportunities lie for the private sector. The webinar is at 0930 London time on Nov 2. To register, click here**

Iberdrola gets cleaner – Anglo-Spanish utility Iberdrola reported a 26% year-on-year drop in its global CO2 intensity over the nine months to September to 64g/KWh. Aside from the company’s ramping up of both on- and off-shore wind production, the cleaner energy mix was due to a 56.2% jump in its Spanish hydro output due to wetter conditions, and a 4.6% rise in its Spanish nuclear generation.

Coal not the goal – Building new coal-fired power capacity is a false solution for energy poverty, according to a new report by more than a dozen international researchers led by the UK’s Overseas Development Institute. The paper aims to debunk the industry’s claims that coal investments should continue in the world’s poorest regions and piles more pressure on richer governments and investors to renounce the fuel.

Jobs come first – Germany’s economy minister Sigmar Gabriel has come out against establishing a commission to set a date on the phase-out of coal in Germany as it would not address the situation of coal sector workers, saying it was necessary to present job alternatives before starting to talk about reducing lignite output.  He was speaking at the Innovation Congress 2016 in Berlin, organised by industries trade union IG BCE. (H/T Clean Energy Wire)

And finally… Up yer kilt! – EU ETS lead lawmaker Ian Duncan gets the informal interview treatment in a video chat over a beer with EurActiv. In between Dolly Parton and Robert De Niro, the Scottish MEP again urges EU leaders to get around the table “tomorrow” to recalibrate the bloc’s climate targets to the Paris Agreement.

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