CP Daily: Thursday May 11, 2017

Published 23:58 on May 11, 2017  /  Last updated at 23:58 on May 11, 2017  /  Newsletter  /  No Comments

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

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California Chamber of Commerce backs post-2020 cap-and-trade reauthorization

The California Chamber of Commerce is getting behind legislators’ efforts to extend the state’s cap-and-trade scheme beyond 2020, despite the organisation still mulling whether to continue its long-running legal fight against the programme.

California looking to bring CCS into cap-and-trade, LCFS programmes

California’s Air Resources Board (ARB) will propose a protocol and wider rules for carbon capture and storage projects by the end of 2017, according to a timeline released this week, a move that could allow the burgeoning technology to earn credits under its CO2-cutting programmes.

Drastic drop in traded positions signals new bearish threat to EU ETS, wider paradigm shift -analyst

A drastic drop in front-year EUA open interest is a bearish threat to the EU carbon market and could be an early sign of drastic changes in utility behaviour.

Quebec hands out first batch of offsets in 10 months

Quebec has issued its first offsets in 10 months, doling out around nearly 21,800 credits to two projects.

NA Markets: California prices dip briefly on sentiment and pre-auction trading

California carbon allowances prices declined for a second week as the second auction of the year loomed and amid ongoing bearish sentiment stemming from the state Senate’s proposal to extend the market post-2020.

EU Market: EUAs retest 2017 low despite meatier dark spreads

European carbon prices fell for a second day despite swelling dark spreads to test their year-to-date low.

CDM EB to attempt to market scheme to development banks

The CDM’s Executive Board last week named the first members of the newly-created Meth Panel, reprimanded two project auditors, and agreed to advance work to enhance collaboration between the scheme’s regional collaboration centres (RCCs) and national development banks.

New Zealand proposes ETS tweaks to avoid double-counting, price distortions

The New Zealand government has proposed a handful of technical fixes to its emissions trading scheme aimed at mending problems that may have led to double-counting for some market participants or caused price distortions for goods containing synthetic greenhouse gases.

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BITE-SIZED UPDATES FROM AROUND THE WORLD

More for mitigation – A new paper is arguing for changes in the way funds are allocated under the Green Climate Fund (GCF). Currently, money is split equally between adaptation and mitigation, but the authors say a more targeted approach that prioritises mitigation would be more efficient. Decisions should be based on the greenhouse gas abatement potential of individual proposals or, in the case of adaptation funding, on the vulnerability of specific countries. (Carbon Brief)

Berlin’s out – The German capital will end coal-fired energy generation by 2030, and will stop using lignite by the end of 2017. A corresponding draft law will now be introduced in the city’s parliament. Berlin currently has six plants using coal as a main or secondary fuel for power and heat generation. (Clean Energy Wire)

And finally… Premature evacuation – The Dakota Access pipeline has suffered its first leak, outraging indigenous groups who have long warned that the project poses a threat to the environment.  According to The Guardian, the $3.8 billion oil pipeline, which sparked international protests last year and is not yet fully operational, spilled 84 gallons of crude oil at a South Dakota pump station.  Although state officials said the Apr. 6 leak was contained and quickly cleaned, critics of the project said the spill, which occurred as the pipeline is in the final stages of preparing to transport oil, raises fresh concerns about the potential hazards to waterways and Native American sites.

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