CP Daily: Thursday May 25, 2017

Published 20:39 on May 25, 2017  /  Last updated at 20:39 on May 25, 2017  /  Newsletter  /  No Comments

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

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Voluntary carbon trade tumbles 25% as Paris Agreement clouds future role -report

Trading volume in the voluntary carbon market fell 25% last year and average prices dropped to a record low as companies stalled on offset strategies in the wake of a new global climate agreement that leaves their role in doubt.

Green Climate Fund invites private sector pitches for $500 mln in climate finance

The Green Climate Fund has launched a request for project proposals worldwide from private sector firms to cut carbon emissions or improve climate resilience in developing countries, offering a total $500 million in co-funding.

Global carbon pricing coalition turns focus to shipping

The World Bank-led Carbon Pricing Leadership Coalition has launched a maritime programme aimed at helping shipping companies adopt internal carbon pricing, smoothing the path for a globally-applied mandatory measure.

NZ Market: NZUs fall to one-year low as national budget disappoints

New Zealand carbon allowances on Thursday retreated to their lowest levels since last June as the government’s annual budget failed to offer any clarity on expected changes to ETS regulations.

CN Markets: Shenzhen ETS sees China’s biggest swap deal yet

Trading house China Carbon Career and a subsidiary of the Shenzhen Energy Group this week carried out the biggest swap of CO2 allowances and Chinese Certified Emission Reductions (CCERs) seen in the country so far.

EU Market: EUAs match 1-mth high of €5.00 as auction pause begins

European carbon prices lifted to test Monday’s one-month peak of €5.00 on Thursday in sparse holiday trade that signals the start of a rare three sessions without government auctions.

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BITE-SIZED UPDATES FROM AROUND THE WORLD

Repeal and may not replace – US EPA Administrator Scott Pruitt said Wednesday the agency may not replace the Obama-era Clean Power Plan, which the Trump administration is currently reviewing, according to Morning Consult. The rule is a cornerstone of the US’ Paris Agreement pledge, but Pruitt said he doesn’t necessarily think the EPA has to introduce new regulations on emissions if it revokes the measure, adding that new rules aren’t required under the Clean Air Act. “I think it’s yet to be determined … I think there’s a fair question to be asked and answered on that issue with stationary sources [of emissions]. What are the tools in the toolbox?” Meanwhile, the EPA has drafted the initial rulemaking for rescinding the CPP and is developing a related economic analysis, an administration official with knowledge of the documents told ClimateWire.

New Zealand’s day in court – Inspired by a successful 2015 lawsuit against the Dutch government on carbon emissions target, law school graduate Sarah Thomson has filed a similar suit against the New Zealand government’s Paris Agreement pledge of cutting GHG emissions 30% below 2005 levels by 2030 (equal to 11% below 1990 levels). Should she win, the government would be required to set a tougher goal. The lawsuit will be held in the Wellington High Court next month, although the outcome is likely to be appealed meaning it could be several years before the final outcome is known. (Radio NZ)

We trust Trump – A powerful US industrial lobby group has moved to withdraw from a landmark climate change lawsuit brought against the federal government by 21 young people, arguing that it trusts the Trump administration to fight the case. In a surprise reversal, the National Association of Manufacturers filed court documents on Monday saying it no longer wanted to fight alongside the federal government in the children’s lawsuit. (Washington Post)

And finally… They’re still around – The pro-Brexit UK Independence Party (UKIP) on Thursday released its election manifesto as campaigning ahead of the June 8 vote resumed following a 2-day pause due to the Manchester terrorist attack.  UKIP reiterated its opposition to climate action and renewable energy, vowing, if elected, to withdraw the country from both the Paris Agreement and the EU ETS but promising support for electric vehicles, BusinessGreen reports. The party, which is currently polling at below 5%, reiterated its position as the only ones to fully embrace climate scepticism, declaring that it would repeal the UK’s Climate Change Act on the grounds it “has no basis in science, and its aim of cutting greenhouse gases by 80% by 2050 is unachievable.” “It is a textbook exercise in legislative folly, brought about by nothing more than a competitive cross-party ‘dash for green’,” the manifesto states, adding that UKIP backs “a diverse energy market based on coal, nuclear, shale gas, conventional gas, oil, solar and hydro, as well as other renewables when they can be delivered at competitive prices”.

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