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RGGI allowance prices tumbled by over 10% on Wednesday after Donald Trump won the US presidency and Republicans made gains in some of the regional carbon market’s member states.
Australia on Thursday ratified the Paris Agreement, less than 24 hours after Donald Trump was elected president and in a move likely offering some reassurance that global commitment to cut GHG emissions wasn’t washed away with the US election.
Panama has withdrawn the Barro Blanco hydro dam from the CDM, marking the first time a host country has deregistered a project and prevented it from earning carbon credits.
Italian utility Enel ramped up its hedging rates year-on-year over Q3 while selling 1.9% more electricity, it said in financial results on Thursday.
European carbon prices fell by more than 3% on Thursday, pulled lower by a poor EU auction and weaker energy complex.
BITE-SIZED UPDATES FROM AROUND THE WORLD
Significant results for insignificant cost – South Africa’s Treasury has published a modelling report showing that the country’s proposed carbon tax would have a significant impact on cutting GHG emissions, helping to lead to a decrease below BAU levels of 13-14.5% by 2025, and 26-33% by 2035. It also found that a tax would lead to an annual reduction in GDP of 0.05-0.15% compared to BAU. The study was conducted by the World Bank’s Partnership for Market Readiness. (allafrica.com)
And finally… It’s baaack – TransCanada said it is formulating plans to persuade the incoming Trump administration to approve construction of the controversial Keystone XL pipeline, which President Obama rejected last November. Trump has in the past said he believed that the pipeline had no environmental impact. “I want it built, but I want a piece of the profits,” he said in May. The pipeline will also likely need to be backed by Canadian Prime Minister Justin Trudeau. (Clean Energy Wire)
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