CP Daily: Tuesday August 15, 2017

Published 18:57 on August 15, 2017  /  Last updated at 19:30 on August 15, 2017  /  Newsletter  /  No Comments

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

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TOP STORY

Frustration grows over China ETS uncertainty

Chinese carbon traders are growing increasingly frustrated over the government’s unwillingness to clarify how and when the national emissions trading scheme will be rolled out, with some talking about leaving the market.

AMERICAS

New California offset limits are inviting legal challenge, experts say

A clause in California’s carbon market reauthorization bill is inviting a legal challenge over its attempt to limit offsets from out-of-state projects, experts say.

EMEA

EU Market: EUAs end flat after surging to 5-month high

European carbon prices hit a five-month high on Tuesday amid plunging coal and a rare EUA auction-free day.

INTERNATIONAL

Companies warned on chasm between current and future carbon prices

Current carbon market prices do not square with what governments worldwide are planning, leaving many companies vulnerable to future regulatory shocks, according to risk analysis firm Trucost.

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BITE-SIZED UPDATES FROM AROUND THE WORLD

No from Nordics – Nordic environment ministers have no plans to introduce a regional price floor for CO2, Norway’s Vidar Helgesen told Montel, adding it was more important to focus on European cooperation. The remarks to appear to reject a call by the Nordic Council advisory body to introduce a floor should market reforms fail to boost carbon prices by enough to stimulate investment.

Hold steady – Near-term US greenhouse gas emissions are likely to remain stable despite President Trump’s rollback of climate measures, according to a North Carolina State University study. It found that the market’s embrace of low-carbon options was tight and that federal actions were likely to have little impact upon it.

Bond spotting – Fast-growing green bonds may soon face EU oversight with mandatory product labels to bring greater clarity to investors amid heightened concerns about misleading claims about just how good an environmental friend the seller is, according to Bloomberg, which notes that green bonds represented just 0.6% of global bond sales last year.

Daddy’s back – Richard Sandor, the founder of the Chicago Climate Exchange and often called the “father of carbon trading”, has applied for a cryptocurrency patent, coindesk.com reports. Sandor is listed as one of three inventors for the “Secure Electronic Storage Devices for Physical Delivery of Digital Currencies When Trading” patent application, released on Aug. 10 by the US Patent and Trademark Office.  Sandor is currently the chairman and CEO of Environmental Financial Products LLC, which is listed as the applicant for the patent. The application itself details a hardware concept for the storage of digital currencies tied to derivatives contracts.

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