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EU Market: EUAs hit five-month high above €6

EU carbon prices surged late on Wednesday to extend October’s peak and climb to their highest level since June 7 amid continued gains in power prices.

China issues 2.5 million offset credits, approves 23 new projects

China’s NDRC has issued 2.5 million carbon offset credits to 14 projects, with wind power dominating while almost no CDM-related projects were involved as developers increasingly shy away from activities likely to be barred from the national emissions trading scheme.

New Zealand’s forestry rule push to shave a year’s worth of GHGs off its books -report

New Zealand’s push to change UN forestry accounting rules would in practise wipe almost one year’s worth of CO2 off the country’s emissions levels.

Alberta moves to legislate oilsands CO2 cap

Alberta Environment Minister Shannon Phillips on Tuesday put a bill to the legislature that would cap annual CO2 emissions from the Canadian province’s oilsands at 100 million tonnes, some 50% above current levels.

GCF receives bids from small projects, seeks to tap big investors

The Green Climate Fund (GCF) has received around 30 proposals from small-scale climate projects seeking cash under a new pilot programme designed to fast-track funding, a GCF board observer said on Wednesday.

First post-2020 EUA trade executed on EEX

The first ever exchange-based trade in post-2020 EU Allowances was registered last week, German energy bourse EEX said Wednesday.

World Bank sets date for third PAF auction

The World Bank will hold the third auction under its Pilot Auction Facility (PAF) on Jan. 10, 2017, it announced Wednesday.

BITE-SIZED UPDATES FROM AROUND THE WORLD

Big oil’s cash for clean – Seven oil majors including Saudi Aramco and Shell are joining forces to create an investment fund to promote renewables and CCS, Reuters reported, quoting anonymous sources. The Oil and Gas Climate Initiative (OGCI) will announce further details on the fund’s size and further plans in London on Friday. The group represents 20% of global oil and gas production and last year pushed at the Paris climate talks for a global carbon price.

Finns colder on coal – Finland is planning a new energy strategy that involves banning coal-burning power stations by 2030. By then, some 40% of transport should also be run on renewable energy, and at least 50% of overall power consumption should be based on renewables, oil imports should be halved and self-sufficiency in energy should exceed 55% percent of Finnish needs. (Helsingin Sanomat)

Another no-coal goal – UK coal-related emissions are due to fall 66% this year and by over 80% since 2012, reducing total UK CO2 emissions by 18% in just four years, according to environmental campaigners Sandbag in a report aiming to convince the UK government to this autumn extend its Carbon Price Support policy beyond 2020 to help meet its aim of phasing out coal power entirely by 2025.

To trade or not – The National Governors Association has released a report outlining issues states need to consider when deciding whether to take a multi-state trading approach for meeting targets under the US Clean Power Plan. The report noted that trading is likely to cut compliance costs while adding administrative burdens, but stopped short of making a recommendation.

Hot air lessons – Researchers at I4CE have published a paper on six lessons on carbon accounting for Article 6 of the Paris Agreement, warning that insufficient ambition of NDCs creates ‘hot air’ against the 2C temperature goal and that therefore care must be taken to build on the experiences of CDM and JI at all stages of the auditing process.

LA CSO #1 – Former Climate Action Reserve President Gary Gero has been appointed the first Chief Sustainability Officer for the County of Los Angeles, and according to his LinkedIn profile he is “responsible for creating and delivering a vision for how the largest county in the nation can be a model of sustainability on a regional scale”.

And finally… Wait, this idea came from which party? – A candidate vying to lead the Canadian Conservative Party wants to slash federal income and corporate taxes and offset the decrease with a carbon tax that would rise to C$130/tonne by 2030.  Michael Chong, an MP in the Canadian parliament and one of 10 confirmed entrants in the Conservative race, has proposed to run on a pledge to overhaul the tax system if appointed to lead his party, the CBC reports. “We have a once-in-a-lifetime opportunity to both lower income taxes and clean up our environment through the pricing of carbon,” Chong said Wednesday at a news conference.

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