CP Daily: Thursday June 22, 2017

Published 01:38 on June 23, 2017  /  Last updated at 09:37 on June 23, 2017  /  Newsletter  /  No Comments

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

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TOP STORY

Swiss-EU ETS link to advance after immigration hurdle side-stepped

Officials are preparing technical proposals this year to the link the EU and Swiss carbon markets after both jurisdictions resolved an overarching immigration issue.

AMERICAS

RGGI eyes linkages with other carbon trading jurisdictions

RGGI states are courting stakeholder input on how other jurisdictions could join or link to the regional ETS, while continuing to consider other changes including the elimination of offsets from the scheme.

NA Markets: California allowances rise on post-2020 rumours, while RGGI prices jump for no obvious reason

California carbon allowance prices jumped around 1.3% in a week as rumours circulated of possible solutions to the challenge of re-authorising the Californian cap-and-trade system post-2020.

EMEA

EU carbon prices to break new bearish ground amid an ETS Brexit -analysts

European carbon prices are expected to fall deeper into bearish territory until 2021 should the UK decide to leave the EU ETS, analysts said Thursday, despite the advent of more ambitious market reforms and the supply-curbing MSR.

EU Market: EUAs test technical support after poor auction result

EUAs ended little changed on Thursday after testing technical supports following a weak auction.

INTERNATIONAL

Gas investments risk being stranded assets too, says report

Global gas investments risk becoming stranded assets if nations stick to their Paris Agreement emission goals, with increasing competition from renewables also threatening the sector, according to a report published Thursday.

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BITE-SIZED UPDATES FROM AROUND THE WORLD

Green cash wash – Many of the world’s top banks continue to provide finance for the most carbon-intensive fossil fuels while claiming green credentials, according to a report out by a group of green groups including the Rainforest Action Network and Sierra Club. It showed that finance provided for fossil fuels by 37 of the top multi-national banks amounted to $87 billion in 2016, down more than a fifth on the $111 billion in 2015. (The Guardian)

Unconvincing – Dozens of power industry executives who flew to Washington for a Monday meeting with US EPA Administrator Scott Pruitt had three minutes apiece to tell him whether they want to replace the US Clean Power Plan (CPP). Many said that if the EPA follows through with rescinding the rule, the agency should write a less stringent carbon regulation that sets efficiency standards for coal plants. That would give the industry certainty to make planning decisions, they said. But Pruitt didn’t seem convinced, one source with knowledge of the discussion told ClimateWire.

Norway’s forest threat – Ahead of a presidential visit to Oslo, Norway has warned Brazil that funds to help protect the Amazon rainforest under a billion-dollar program are in jeopardy because more forests are being destroyed. Oil-rich Norway promised at the 2015 Paris UN climate summit to extend its partnership with Brazil until 2020, assuming success in slowing deforestation, Reuters reports. Norway also has projects in forest nations including Indonesia, Guyana and Tanzania, which often struggle to tap the cash by failing to meet its high standards.

Meanwhile in Germany – Ahead of its election campaign programme due this week, Germany’s centre-left SPD said the country must further develop the EU ETS or start talks for an EU-wide CO2 price floor among various measures designed to beef up climate protection and meet domestic emission goals. Separately, Germany’s FDP party expects the EU ETS to deliver a slow exit from coal-fired power generation, and the Green Party said its manifesto pledge of closing 20 power plants within the next four years could be a red line in any potential coalition talks, Argus reports. (Clean Energy Wire)

Coal-free CCS – The innovative new Kemper CCS project in Mississippi may not burn coal at all, as regulators issued an ultimatum to the plant’s owners recommending that owners Southern Co. run it only on gas, and expressed concerns that clean coal’s “unproven technology” would translate to high prices for ratepayers. (Bloomberg)

Their mission – A new business group in Oregon has just one objective: put a price on the state’s carbon emissions.  The Oregon Business Alliance for Climate, which was launched on Thursday, has 27 founding members including Umpqua Bank, home building firm Neil Kelly, and a local vineyard.  The group said its agnostic as to whether it supports carbon taxes or cap-and-trade.

Neutrality hub – Australian business group Carbon Market Institute has launched a ‘Marketplace’ web platform designed to help companies engage with the country’s voluntary carbon market. It features knowledge sections on carbon neutrality and offsetting, as well as a listing of Australian offset projects.

And finally… The wrong kind of jobs, apparently – If the Trump administration’s efforts to roll back the CPP are successful, the US could miss out on 560,000 potential jobs and a $52-billion GDP boost, according to a report released by Environmental Entrepreneurs (E2). “Additionally, rolling back the CPP will likely reduce investments in energy efficiency programs, resulting in the loss of further economic benefits from lower electricity bills and increased efficiency investments in our homes, offices, schools and other buildings,” the report added. Compare that to the roughly 76,000 jobs currently in the US coal sector. (Power)

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