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Emissions from stationary installations covered by the EU ETS last year are estimated to have dropped from 2015 levels, outpacing the annual fall in the scheme’s emissions cap as coal generation continued to drop in several big-emitting countries.
Switzerland should consider abandoning its ineffective and oversupplied ETS should a link to the EU’s carbon market not materialise soon, the country’s Federal Audit Office (SFAO) recommended this week.
Australia on Friday released a long-awaited discussion paper on this year’s climate policy review that avoided much detail but kept the use of international units as an option for how to meet future emission targets.
Natural capital vehicle Althelia Climate Fund said it is on course to double its project portfolio this year in an effort to secure returns for investors, responding to watchdog groups that raised concerns about its ability to generate revenues after it pocketed at least €4.4 million in management fees.
European carbon prices sank to their lowest in almost two months on Friday after mounting supply pressures prompted a breach of a longstanding technical level, while CERs collapsed to a three-year low.
Below is a table of the closing prices, ranges and volumes for China’s regional pilot carbon markets this week. All prices are in RMB, and volumes in tonnes of CO2e. Data sourced from local exchanges.
A table of Verified Emission Reduction (VER) prices and offered volumes, based on voluntary market data provided by Carbon Trade Exchange (CTX).
BITE-SIZED UPDATES FROM AROUND THE WORLD
Decade-down action – Scientists have set out a legislative and economic framework to halve the world’s emissions every decade from 2020 to meet 2050 Paris Agreement goals. The plan would be a “Moore’s law for carbon” giving a “simple but rigorous roadmap to tackle climate change”. Study author Johan Rockstroem said the rapid decarbonisation involves a drastic shift to renewable electricity, plus a revolution in food production, plus a sustainability revolution, plus a massive engineering scale-up for carbon removal. (Reuters)
Stricter rules – The California Air Resources Board has approved new methane emission rules it says are the strictest yet in the US. The rules will tighten efficiency requirements for production and transportation of natural gas and some oil-handling equipment, Reuters reported.
Logging loophole – EU nations exploited loopholes in UN land-use accounting rules to understate their emissions by as much as 120 million tonnes in 2013-2014, as much as 30% more than had been originally thought. according to a European Commission non-paper aiming to persuade EU member states to adopt its proposal on more robust post-2020 land-use accounting rules. The loophole involves calculating land-use emissions by basing calculations on predictions of future logging rather than the Commission’s idea to from 2020 calculate based on maintaining past harvesting and forest management levels. The non-paper said keeping the loophole would carry the risk of compromising “the credibility of EU climate goals”. (EurActiv)
And finally… UN offset hopes – UN chief Antonio Guterres said he remained optimistic that any retreat on climate change action by national leaders will be offset by businesses and local governments that have pledged to continue cutting emissions. Speaking at a sustainable development conference at the UN’s NYC headquarters, Guterres acknowledged that some countries may be retreating, recognising an emerging fissure in the landmark Paris Agreement as US President Donald Trump moves forward with plans to gut environmental programs. (Bloomberg)
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