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A flaw in the way the supply-curbing MSR has been designed is set to make EU carbon prices €7 higher next decade by significantly overestimating the market’s surplus, analysts said on Wednesday.
More than a fifth of China’s electricity was traded in the country’s nascent regional markets in the first half of the year , data showed Wednesday, increasing the outlook for a price on carbon to influence power generation.
China’s uncoordinated plans to set up several energy-related environmental markets could double the economic impact on companies forced to comply with them, according to experts.
A 28% Clean Energy Target (CET) for power generators as modelled in the Finkel review earlier this year would mean Australia would meet its Paris goals five decades late, a report said Wednesday.
Big players in the RGGI carbon market built up long positions and unwound some short ones in Q2, as futures trading volumes rose by around a fifth quarter-on-quarter.
EU carbon prices ended above €6 for a fourth straight day on Wednesday, despite traders warning of bearish pressure from an impending auction supply hike.
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As partners of the Carbon Forward 2017 conference, Carbon Pulse brings you an updated conference programme showcasing the speakers and panellists who will present at the event in London over Sep. 26-28. You can view the updated programme here.
BITE-SIZED UPDATES FROM AROUND THE WORLD
EU ties – The leaders of Germany and France said they are ready to press ahead with deeper European integration, promising a tighter euro zone at the core of the EU shaken by Britain’s vote to leave, Reuters reports. France’s Emmanuel Macron vowed to strengthen Europe’s single currency union in light of Brexit and pledged to announce ’10 concrete steps’ after Germany’s election on Sept. 24.
Were these Obama’s fault too? – Xcel Energy will retire two 1970s-era coal-fired generating units totaling 778 MW at Colorado’s Comanche Generating Station under an agreement with environmental groups, consumer advocates, and independent power producers. The retirements are scheduled for the end of 2022 and 2025. A third unit, built in 2010, will continue to operate. The retired capacity will be replaced by a combination of natural gas as well as by planned investments of $2.5 billion in new renewable sources. Expected retirement of tax credits for solar and wind power accelerated the timing of the retirements, according to one environmental advocate.
Another lawsuit – The Conservation Law Foundation (CLF) is again taking on a fossil-fuel titan, this time suing Royal Dutch Shell and its many subsidiaries for violating the Clean Water Act at its oil storage and fuel terminal. The companies are also accused of failing to plan for sea-level rise and other climate change impacts. According to state flood maps, the terminal would be flooded by any category of hurricane. (ecoRI)
How to spend it – With roughly $1.4 billion in cap-and-trade funding up for grabs this year, a group of California state senators said Tuesday much of the money should be used for incentives to phase out diesel trucks, buses and other vehicles. “It’s time to ditch diesel,” said Berkeley Senator Nancy Skinner.
Pea’s plea – US coal major Peabody Energy claimed in court that its recent emergence from bankruptcy means it should be dropped as one of 37 defendants in a climate change lawsuit. The case is brought by three California municipalities, alleging that the companies knew about the harm of burning fossil fuels and therefore should pay for current and future damages. (Wall Street Journal)
A dirty problem – The degradation of the Earth’s soil by humans has been an environmental catastrophe on a similar scale to the deforestation of much of the planet, a new study suggests. Experts estimated that 133 billion tonnes of carbon has been removed from the top two metres of soil since farming began some 12,000 years ago, about the same as the total amount lost from vegetation. However the figure is still dwarfed by the 450 billion tonnes of carbon emitted since the Industrial Revolution began and humans started burning fossil fuels on an unprecedented scale. (The Independent)
And finally… It’s in your hands – A New York Times data visualisation challenges the reader to find a way of staying within the planet’s remaining carbon budget for staying under 2C of warming by exploring more than 8,100 climate scenarios for the world’s major emitters. A few minutes of tinkering by Carbon Pulse finds this impossible without any US action.
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