CP Daily: Thursday November 24, 2016

Published 21:00 on November 24, 2016  /  Last updated at 16:26 on November 25, 2016  /  Newsletter  /  No Comments

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

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Volume dips in Australia’s latest ERF auction

Australia’s Clean Energy Regulator bought 34.4 million carbon offsets in last week’s ERF auction, it announced Thursday, almost a third fewer than in the last round as prices remained low during the latest sale.

Concerns grow that China’s staggered ETS compliance might fragment market

China’s plan to spread out ETS compliance deadlines for different sectors across the year to ensure stable trading volumes might backfire and instead lead to companies only trading within their sectors at potentially different price levels, according to observers.

EU power industry urges two-pronged approach to boost ETS price

EU power industry association Eurelectric is urging the bloc’s lawmakers to raise annual emission cap cuts and tweak the MSR, both of which it says are necessary to deliver a meaningful carbon price for the short and long term.

EU Market: EUAs touch 7-week low as MEPs keep talking on reforms

EU carbon prices on Thursday hit their lowest since Oct. 4 as EU lawmakers failed to clinch an early deal that is likely to call for higher ambition on a post-2020 ETS bill.

Maine forestry project biggest winner in latest California offset issuance

California issued just over 618,000 new offsets for its cap-and-trade programme on Wednesday, with a new forestry project in Maine receiving the majority.

BITE-SIZED UPDATES FROM AROUND THE WORLD

CORSIA take off – IETA and the International Air Transport Association (IATA) have confirmed dates for their series of regional workshops to help airlines comply with ICAO’s new international offset scheme, dubbed CORSIA.  Experts and industry participants will discuss preparations for the world’s first sectoral carbon market mechanism in the two-day workshops, which will take place as follows:

  • Singapore, Feb. 8-9, 2017
  • Nairobi, Feb. 14-15, 2017
  • Casablanca, Feb. 21-22, 2017
  • Geneva, Feb. 28-Mar. 1, 2017
  • Miami, Mar. 14-15, 2017

Ahead of that, brokers Vertis are hosting a day-long workshop in Madrid on Nov. 29, featuring EU regulators and aviation industry representatives as well as REDD fund Althelia’s new carbon market sales platform Ecosphere+.

Corporate Canada says yes – More than 60 Canadian CEOs representing oil and gas, mining, forestry products, cement making, aluminium smelting, information technology, banking, grocery retail and building materials sectors and together employ more than a million people are urging Prime Minister Justin Trudeau and the premiers to press ahead with collective climate action, including putting a price on carbon emissions in an open letter ahead of a planned meeting early next month, where the federal Liberals hope to finalise a pan-Canadian carbon pricing plan with all the provinces and territories. Many in the opposition Conservative party oppose Trudeau’s move. (The Canadian Press)

Investor greening – EU pension funds will have to include environmental risks in their investment strategies under a law passed on Thursday that ecologists hope will encourage money to flow out of fossil fuels and into greener sectors. A large majority in the European Parliament backed a bill to requires managers of retirement funds to take into account the “environmental, social and governance risks” of their investments. The vote confirms a deal already reached with EU governments so its final approval is now a formality, Reuters reported. The law will expand requirements already present in some EU nations such as the UK and France.

Swiss nuke vote – Polls are neck-and-neck ahead of Switzerland’s Sunday referendum on whether to make a speedy withdrawal from nuclear energy production, a move that would reduce nuclear risks but raise reliance on fossil fuels from Germany or imported nuclear power from France. (Reuters)

Different kind of climate cuts – For the second year in a row, the UK’s foreign office has reduced the number of people working on climate change and energy, documents released by the government this week under a freedom of information request show.  Currently, just 72 foreign office staff are working on climate issues full-time, with a total of 149 foreign office staff working at least part-time on the issue.  That was down from a high of 177 staff in Jan. 2014, and 159 in 2015, DeSmog UK reports.  The UK’s official delegation to the international talks was also somewhat depleted this year, the outlet said, with the most senior figure being climate minister Nick Hurd.  “This created some official difficulties as Hurd lacked the requisite authority to participate in some forums,” DeSmog added.

And finally… The Peruvian farmer vs the German utility Goliath – A Peruvian farmer and mountain guide is suing German energy firm RWE, alleging its contribution to climate change is threatening his home, in a trial which began today in the District Court of Essen, Deutsche Welle reports.  Saúl Lliuya hails from Huaraz, a city located in the Andean Mountains in western Peru, and says his family and a large part of the city are facing catastrophic flooding as global warming melts a nearby glacier. RWE’s coal power emissions account for 0.5% of global output, so the company should have to pay around half a percent of the measures required for protecting Lliyua’s home and the area, alleges the plaintiff, who is being supported by environmental organisation, GermanWatch.

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