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- EU Market: EUAs soar 10% as German election spurs European energy complex higher
- Weakened Merkel faces uneasy coalition talks, with coal likely high on the agenda
- Power sector balks at EU plans to wean it off coal
- ‘EU ETS alone can’t drive out coal’, says EC official – media
- UK-based Numerco hires carbon analyst turned trader
- NZ’s ruling National Party takes most votes in election stalemate, dashing hopes of radical ETS reform
- China carbon veteran joins Shenwu’s emissions arm
- RGGI issues first ever offsets as states narrow opportunities
European carbon prices jumped more than 10% on massive volume of over 85 million tonnes traded on Monday, as bullish sentiment from yesterday’s German auction result and comments from major oil producers today lifted the entire energy complex.
German Chancellor Angela Merkel won an expected fourth term in office on Sunday but faces building a new three-way coalition that could under some scenarios lead to accelerated climate action in the EU’s top emitting country.
European power industry association Eurelectric has warned that a planned emission limit on capacity payments in post-2020 electricity market reforms will divert €20 billion in clean energy investment by forcing utilities to dash for gas.
EU carbon allowance prices will never reach the point where they alone will deter coal use among utilities and industry, Recharge News reported on Monday, quoting an anonymous European Commission energy department official.
Commodity trading house Numerco has hired a former carbon analyst to join its London office as an energy trader.
NZ’s ruling National Party takes most votes in election stalemate, dashing hopes of radical ETS reform
New Zealand’s parliamentary election ended in stalemate on Saturday, with the ruling National Party taking 46% of votes to top Labour and kill their plan to radically reform the country’s carbon market.
A veteran Chinese emissions trader has joined the carbon arm of an environmental technological company with a strong base in Chinese steel and non-ferrous metal sectors.
The first ever carbon offsets were issued under the US’ RGGI programme last Friday, just as participating states started to back away from using the credits as a compliance option in the regional cap-and-trade scheme.
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Job listings this week:
Climate Change Policy Officer, ACT Government – Canberra
Associate, Climate Finance, EBRD – London
Product Development Manager, Climate Risks & Opportunities, South Pole Group – London/Stockholm
Senior Project Manager, Acclimatise – Oxford, UK
Various roles, Climate-KIC – multiple EU city locations
Business Development & Sourcing Manager – First Climate Markets – Latin America (TBD)
Senior Policy Advisor, International Climate Policy, The Nature Conservancy – Arlington, Virginia
Economist, Agricultural Policies and Climate Change, FAO – Rome
Regional Sales Managers, Solar and Power Utility, Climate Connect – Pune/Bangalore, India
Policy & Design Specialist, Environment, UNDP – Colombo, Sri Lanka
Or click here to see all our job adverts
BITE-SIZED UPDATES FROM AROUND THE WORLD
Hey big spender – France plans to invest €20 billion in an energy transition plan, including €9 billion towards improved energy efficiency, €7 billion for renewables and €4 billion to precipitate the switch to cleaner vehicles, Reuters reports. The environment-related investments, drafted by economist Jean Pisani-Ferry and presented by Prime Minister Edouard Philippe on Monday, are part of a €57 billion investment plan to run from 2018 to 2022. The investment in renewables seeks to boost that type of low-carbon power by 70% over the next five years. France already has a comparably small carbon footprint, getting around three quarters of its power from nuclear.
Backtracking bust – A suggestion by the EU’s climate chief Miguel Arias Canete that the US might water down its carbon-cutting pledge to the Paris Agreement has sparked outrage among veteran negotiators and developing countries. Diplomats from poor nations said that it would amount to indefensible “backsliding” and could “open a Pandora’s box”, while Laurence Tubiana, France’s climate change ambassador at COP21, said though the US target was not legally binding, backtracking would violate the spirit of the Paris deal. The article’s original headline stating Arias Canete had conceded a US downgrade was changed after Twitter protests from EU officials. (Climate Home)
Still opposed – Ontario’s Progressive Conservative party, which continues to lead in the polls ahead of next spring’s provincial election, has reiterated its opposition to the province’s cap-and-trade scheme. In a statement released Friday after Ontario inked an agreement to link its market to those in Quebec and California under WCI, PC leader Patrick Brown said the programme “is nothing but a cash grab that makes life harder and more unaffordable for Ontario families while driving businesses and jobs out of the province … All it does is ships hundreds of millions of dollars into the California economy. We shouldn’t be subsidizing the wealthy in Beverly Hills, especially while families here at home are working harder, paying more, and getting less.” He also repeated a pledge to dismantle the scheme, but stopped short of explicitly saying he’d replace it with a revenue-neutral carbon tax, which he has vowed before. “The Ontario PCs have been very clear we would dismantle the Wynne Liberals’ cap-and-trade cash grab and replace it with a model that reduces emissions in Ontario, cuts taxes, and protects our economy.”
Cool appeal – US environmental group NRDC had joined with refrigerant manufacturers Honeywell and Chemours in seeking a rehearing of the recent US Court decision overturning EPA bans on HFCs. In its rehearing plea, the NRDC says the decision, if allowed to stand, “will let HFCs keep fuelling dangerous climate change, increasing risks for the millions of Americans who are living through hurricanes and other extreme weather events, and experiencing many other climate impacts”. The trio also fears that the decision will undercut international cooperation to curb the growth of HFCs world-wide through the landmark Kigali HFC Amendment adopted in October 2016.
Looming deadline – Aircraft operators flying into and out of Switzerland from the EU and domestically in Switzerland are required to report emissions data under the country’s ETS before the end of this month, according to AINonline.com. With the deadline fast approaching, many business aviation operators might not be aware of the regulations that came into force on July 1, with data acquisition taking place from Jan. 1 to Dec. 31, 2018. Switzerland and the EU are linking their emissions trading systems, but until it’s finalised and adopted into law, the two systems will run in parallel. Participating operators must submit metric ton-kilometer monitoring plans to FOEN by Sep. 30; monitor distance and payload information for qualifying flights in 2018 in accordance with the approved monitoring plan and the “Swiss Ordinance” directive; and submit a verified monitoring report for 2018 to FOEN by Mar. 31, 2019.
GO for it – Budapest-based Vertis Environmental Finance has started the trading of Guarantees of Origin (GOs), a special tracking certificate that labels electricity produced from renewable energy sources like wind, solar and hydro. “Buying GOs will help Vertis clients make sure that the energy they consume or deliver to the end user comes from traceable renewable energy sources and enables them to fulfil their environmental objectives. Clients will be able to purchase renewable energy from sources they prefer at the most competitive prices. Additionally, Vertis will cooperate with green energy producers and support them in selling their products in the most efficient way.” Vertis said it has also joined RECS International, a non-profit organization that promotes the use of renewable energy by making its environmental benefits tradable separately from the physical energy flow.
And finally… The kids are alright – Portuguese schoolchildren from the area struck by the country’s worst forest fires are seeking crowdfunding to sue 47 European countries, alleging that the states’ failure to tackle climate change threatens their right to life. The children are being represented by British barristers who are experts in environmental and climate change law. Supported by the NGO Global Legal Action Network (Glan), they are seeking an initial £35,000 to mount the case in the European Court of Human Rights. (The Guardian)
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