CP Daily: Thursday March 2, 2017

Published 02:04 on March 3, 2017  /  Last updated at 02:14 on March 3, 2017  /  Newsletter  /  No Comments

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

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GCF should strengthen ties with CDM to boost carbon cuts, offset market -study

The Green Climate Fund (GCF) can gain a fully developed MRV system and strengthen its result-based approach while providing crucial demand for the ailing UN-led carbon market by forging close ties to the Clean Development Mechanism (CDM), according to a report commissioned by the German government.

Use carbon revenues to plug Brexit funding hole, says EU budget chief

The EU’s budget chief has suggested that some of the higher government revenues generated from an increase in European carbon prices should be used to help cover a budgetary hole left by Britain’s upcoming exit from the bloc.

EU Market: EUAs fall after scraping new 2-mth high above €6 as sentiment cools

European carbon prices retreated by more than 7% on Thursday after touching a fresh two-month high above €6, as speculators took profits amid cooling sentiment following Tuesday’s Council deal on market reforms.

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**Navigating the American Carbon World (NACW) 2017: San Francisco, Apr. 19-21 – NACW brings together the most active and influential players in North American climate policy and carbon markets to address the most pressing topics in domestic and international policy, subnational leadership, carbon markets, climate finance, and carbon management initiatives. Visit the website**

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BITE-SIZED UPDATES FROM AROUND THE WORLD

Trump tug of war – The White House is fiercely divided over President Trump’s campaign promise to “cancel” the Paris agreement, the New York Times reports, with more moderate voices including those of his daughter and Secretary of State maintaining that he should stick with the agreement despite his pledge.  Stephen Bannon, Trump’s senior adviser, is pressing the president to officially pull the US out of the landmark accord, but he is clashing with Rex Tillerson and Ivanka Trump, who fear the move could have broad and damaging diplomatic ramifications.

Perry’s in – The US Senate voted to confirm President Trump’s pick to head the Department of Energy, former Texas Governor Rick Perry, against opposition from Democrats worried about his ties to oil companies, his doubts about the science of climate change, and the fact that he once called for the department’s total elimination – a comment he has since said he regrets. The Senate voted 62 to 37 in support of Perry. (Reuters)

Transitory, eh? – Canada’s central bank has acknowledged that a burst of inflation in January was directly attributable to new carbon pricing policies in Alberta and Ontario, but it said the mechanisms would have only “transitory” effects on the economy.  In a speech to businesses, Deputy Governor Timothy Lane added that Canada faces annual costs of between C$21 billion and C$43 billion by the 2050s if action is not taken to mitigate climate change.

China trend – China’s coal consumption fell again last year which earlier this week made some observers predict the country’s CO2 emissions would continue to drop. However, it is still too early to say whether Chinese emissions have peaked, plateaued, or will start to curve upwards again, researchers at Norway’s CICERO write in this Carbon Brief guest post.

RGGI’s rockin’ – All emitters covered by the northeastern US carbon market surrendered a sufficient number of allowances by Mar. 1 to cover half of last year’s output, according to a report from the scheme’s operators.

And finally… Stood up – UNFCCC chief Patricia Espinosa’s request to meet US Secretary of State Rex Tillerson has gone unanswered, Bloomberg reported. Espinosa, visiting the US this week to participate at a carbon conference in Chicago, had asked to be briefed by Tillerson on the Trump Administration’s plans in regards to the Paris Agreement.

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