CP Daily: Friday April 28, 2017

Published 06:17 on April 29, 2017  /  Last updated at 06:41 on April 29, 2017  /  Newsletter  /  No Comments

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

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US court grants Trump’s request to pause Clean Power Plan lawsuit

A US appeals court has granted the Trump Administration’s request to pause litigation in a case challenging the Clean Power Plan, handing the new president a victory in his efforts to repeal Obama-era climate regulations.

Optimism builds for California cap-and-trade reauthorization after surprise Republican U-turn

California Republican lawmakers have pledged to join the fight against climate change, marking a surprising U-turn that could help pass bipartisan legislation to extend the state’s cap-and-trade scheme beyond 2020.

Trump calls US cash commitments under Paris Agreement unfair

US President Donald Trump has indicated that his main issue with the Paris Agreement is climate finance rather than emission reductions, confirming that he will announce whether the US would remain in the pact by mid-May.

EU member states hand out a further 49 mln free EUAs for 2017

EU member states have handed out a further 49.3 million free EUAs for 2017 over the past fortnight, with Italy accounting for most of that as emitters prepare for the 2016 ETS compliance deadline.

EU Market: Compliance buyers fail to lift EUAs, notching a rare April drop

EUAs barely budged on Friday to cap a rangebound week and a loss for April, which usually sees gains due to emitters making last-minute purchases ahead of the annual compliance deadline.

EU nations approve deeper air pollution limits for thermal power plants after 2020

EU nations on Friday agreed to tighten air pollution limits on big emitting facilities from 2021, a move that will pile further compliance costs on coal generators already facing the threat of higher carbon prices.

Vattenfall ups thermal power output as margins improve

Sweden-owned utility Vattenfall has upped its ETS-regulated thermal power generation in Q1 as profit margins improved due to higher power prices, raising its demand for carbon allowances.

Australia issues over 330k offsets to forest regeneration project

Australia’s Clean Energy Regulator (CER) this week issued 330,760 carbon offsets to Oratora Pastoral for emission cuts associated with a native forest regeneration project in Queensland.

NZ Market: NZUs rangebound amid lack of compliance demand

New Zealand carbon permits have traded in low volumes within a tight range all week as a lack of demand ahead of next month’s compliance deadline has left the market void of momentum.

CN Markets: Pilot market data for week ending Apr. 28, 2016

Closing prices, ranges and volumes for China’s regional pilot carbon markets this week.

Voluntary carbon market data from CTX for Apr. 28, 2017

A table of Verified Emission Reduction (VER) prices and offered volumes, based on voluntary market data provided by Carbon Trade Exchange (CTX).

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BITE-SIZED UPDATES FROM AROUND THE WORLD

Tit for tat – California state legislators are wasting no time in responding to President Trump’s recent executive order to open the door to offshore drilling in federal waters. Senator Hannah-Beth Jackson and Senate leader Kevin de Leon on Friday announced proposed legislation – amendments to Senate Bill 188 – that would prohibit the State Lands Commission from approving any new leases in state waters for the building of new pipelines or other infrastructure needed for new or expanded oil and gas development, such as piers and wharves.

Bring it on – Saskatchewan Premier Brad Wall has made his clearest indication yet he’ll challenge a federally-imposed carbon price in court.  Speaking at a fundraising dinner in Saskatoon on Thursday, he said Saskatchewan will be the only province in Canada without a carbon tax “because we’re going to beat that case in court.” (CKOM.com)

And finally… Pack of wimps – Westpac, Australia’s second biggest bank, on Friday released its new climate change policy saying it would no longer fund coal mines if the coal is outside the top 15% quality-wise. It also said it would only fund new projects in already established coal basins. That seems to rule out Westpac funding the controversial Adani mine in Queensland, sparking anger within the ruling Coalition government. Resources Minister Matthew Canavan encouraged Queenslanders to boycott the bank, calling Westpac an un-Australian pack of “wimps” for giving in to “extremist” green groups. (Guardian/Radio Australia)

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