CP Daily: Monday November 14, 2016

Published 20:41 on November 14, 2016  /  Last updated at 23:16 on February 11, 2019  /  Newsletter  /  No Comments

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

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Battlefield Article 6: Governments clash in Marrakech over shape of future international carbon markets

Negotiations on global carbon trade at UN climate talks in Marrakech have highlighted several divisive issues, some new and some old, surrounding how countries can cooperate on emissions cuts and how new international market mechanisms will work.

Global CO2 emissions flat in 2015, but at record high levels -report

Slight drops in Chinese and US CO2 emissions in 2015 were enough to keep global output roughly flat for the third consecutive year, a report said Monday, but CO2 discharges remain at record high levels a staggering 60% above 1990 levels.

BRIEFING: How President Trump’s climate policy axe may fall

Now that the dust has settled following Tuesday’s US election and a climate change sceptic has been put in charge of the EPA, it’s becoming ever clearer that US climate efforts will be one of the main policy areas to be targeted by a Trump presidency and all-Republican legislature.

Guangdong opens up carbon market to draw liquidity

China’s Guangdong province on Monday allowed funds to open trading accounts on its carbon exchange and raised the maximum limit on investors’ holdings of CO2 allowances in a bid to draw more liquidity to its emissions trading market.

Europe should hit US with carbon tariffs for Paris withdrawal -Sarkozy

Europe should impose carbon tariffs on American imports if Donald Trump pulls the US out of the Paris Agreement, said Nicolas Sarkozy, former French President and candidate in the country’s upcoming elections.

EU Market: EUAs slip to 6-wk low as power, coal plunge

Carbon fell for the seventh straight day on Monday to hit its lowest level in six weeks amid heavy losses in coal and power prices and a cautious outlook from observers.

RWE nudges up its hedging rates as fuel prices fall

Utility RWE, the EU’s biggest emitting company, joined other utilities in slightly advancing its hedging percentages over the third quarter.

NZ Market: NZUs slip further amid weak demand

Spot permits in the New Zealand emissions trading scheme extended recent losses in Monday trade as demand remains weak amid an uncertain market outlook.

Organisers re-frame Carbon Expo event to lean towards climate finance

The lead organisers of carbon market conference Carbon Expo have rebranded the event as Innovate4Climate and are suggesting a more featured role for climate finance when it returns next May.

BITE-SIZED UPDATES FROM AROUND THE WORLD

Hot, getting hotter – The world is set to notch up a new heat record in 2016 after a sizzling 2015 as global warming stokes more floods and rising sea levels, according to the UN weather agency WMO. It said this year would be the warmest since records began in the late 19th century, with average surface temperatures 1.2 degrees Celsius above pre-industrial times. Sixteen of the 17 hottest years recorded have been in this century.

Stick with equity – The key to keeping California from backpedalling on its GHG reduction requirements is to ensure carbon prices remain contained to politically palatable levels, while sudden spikes in carbon prices could cause citizens to repeal all climate policy and be catastrophic to the work of environmental justice organizations to reduce pollution in disadvantaged communities, writes Peter Weisberg of investors The Climate Trust, in response to California environmental justice groups questioning whether the cap and trade system has adequately addressed equity issues.

And finally… A silver lining? – Environmental activities have identified one positive in Trump’s electoral victory: Environmentally-minded people angered by the outcome are rallying to their cause.  Reuters reports.

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