CP Daily: Thursday July 6, 2017

Published 00:12 on July 7, 2017  /  Last updated at 15:16 on July 7, 2017  / Ben Garside /  Newsletters  /  Comments Off on CP Daily: Thursday July 6, 2017

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

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Under new climate plan, France to raise domestic CO2 tax above €100/t by 2030

France will raise its domestic carbon tax to levels “higher or significantly higher” than €100/tonne by 2030, environment minister Nicolas Hulot announced on Thursday as he unveiled his government’s new five-year plan to fight climate change.


GCF board pledges support to REDD but can’t agree on details

The Green Climate Fund’s board on Thursday agreed to scale up its support for REDD, although key details of a GCF-backed results-based payments system were deferred to the next meeting.


BusinessEurope urges lawmakers to favour Parliament approach in ETS reforms

Business association BusinessEurope wants EU lawmakers to more closely follow the EU Parliament’s position to post-2020 ETS reforms because it would avoid triggering across-the-board cuts to free allocations.

EU Market: EUAs hits new 1-month high on stronger energy complex

EU carbon prices jumped by almost 5% on Thursday to hit a fresh one-month high, bolstered by gains in power and coal prices.


Shell, Sovran agree first China ETS allowance options deal

Shell and Guangdong-based brokers Sovran have agreed the first options trade for Chinese national CO2 allowances as market participants gear up for the launch of the world’s biggest carbon market.


NA Markets: California prices advance amid rush to legislate

California carbon prices continued to rise this week as politicians extended efforts to re-authorise the state’s carbon market post-2020.



**Calling all EU carbon analysts – Carbon Pulse is preparing its Q3 EUA price poll and is looking for more participants. If you’re interested, you have price forecasting experience, and have previously published research supporting your views (either publicly or privately), please get in touch.**

19 to 1 – A draft of conclusions to the G20 summit in Hamburg contains a compromise on climate protection between the US and other member states, Reuters reports. The document, dated 3 July, acknowledged Washington’s “isolation in opposing the Paris climate accord” but also provided for “collaboration on reducing emissions through innovation”, the article says. The G20 is split “19-1” over the Paris Agreement, which the US wants to have renegotiated while the other member states call it “irreversible”. The German government, which presides over this year’s summit, “neither confirmed nor denied the draft agreement”, though some are calling on the 19 countries to put out their own text on climate and energy. (Clean Energy Wire)

We’re all invited to Jerry’s – California Governor Jerry Brown will on Thursday announce that his state will host a global climate action summit in San Francisco in Sep. 2018, the New York Times reports. Brown will unveil the event in a videoconference address to the Global Citizen Festival in Hamburg, Germany, where President Trump and other world leaders are meeting for the annual G20 summit. “Look, it’s up to you and it’s up to me and tens of millions of other people to get it together to roll back the forces of carbonization and join together to combat the existential threat of climate change,” Brown will say, inviting “entrepreneurs, singers, musicians, mathematicians, professors” and others who represent “the whole world” to make the trip next year.

The harder they come – Whatever Brexit deal the UK manages to strike with the EU, it could have a negative significant impact on climate policy in both regions, a new report has warned. Dublin-based think-tank the Institute of International and European Affairs (IIEA) looked at four different Brexit scenarios, and found that in all cases but ‘remain’, the UK’s withdrawal from the EU would likely harm the region’s overall ambition to climate change. In one scenario – an ultra-hard Brexit, where the UK uses its withdrawal as an excuse to roll back EU environmental regulations – the country’s climate policy could be “radically altered” with the landmark Paris Agreement “threatened”. In the most likely scenarios, a soft or hard Brexit, the EU’s overall ambition to cut emissions is more hurt by the UK’s withdrawal because the country has been very successful at slashing its GHGs. (DeSmog)

US renewables top US nukes – In March, and again in April, US monthly electricity generation from utility-scale renewable sources exceeded nuclear generation for the first time since July 1984. According to the EIA, this outcome reflects both seasonal and trend growth in renewable generation, as well as maintenance and refueling schedules for nuclear plants, which tend to undergo maintenance during spring and fall months, when overall electricity demand is lower than in summer or winter. Record generation from both wind and solar, as well as recent increases in hydroelectric power as a result of high precipitation across much of the West over the past winter, contributed to the overall rise in renewable electricity generation this spring, while nuclear generation in April was at its lowest monthly level since Apr. 2014. However, EIA’s latest Short-Term Energy Outlook projects that monthly nuclear electricity generation will surpass renewables again during the summer months of 2017 and that nuclear will generate more electricity than renewables for all of 2017.

Good read – How the tiny, climate-threatened Marshall Islands came to be represented at UN shipping talks by a private, tax-free company based in Virginia, some 11,000 km away. (Climate Home)

And finally… Faster warming – The rate of global warming may speed up as the century continues, according to a new analysis that potentially helps resolve a scientific debate on the accuracy of climate models versus historical data published in the journal Science Advances. It suggests warming occurs in different “modes” operating in different speeds throughout the planet, and historically “slow” warming areas may increase the overall rate of warming as their temperatures begin to shift in the later half of this century. Historical projections have predicted a temperature rise up to 3C if CO2 levels were to reach twice as high as the Industrial Revolution, while climate models suggest the temperature change could skyrocket to 4.5C. (Bloomberg)

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