CP Daily: Tuesday October 10, 2017

Published 03:22 on October 11, 2017  /  Last updated at 03:28 on October 11, 2017  /  Newsletter  /  No Comments

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

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TOP STORIES

China set to rule out pilot allowances from national ETS, launch pushed to December -sources

China is set to cancel plans to allow emitters to import CO2 permits from the regional pilot emissions trading schemes into the national cap-and-trade programme, which now looks like it may be launched in December.

Netherlands to introduce carbon price floor, mandate coal phase-out under coalition deal

The incoming Dutch government has pledged to introduce a carbon price floor, shut all coal-fired power plants by 2030 and buy EUAs to counter any negative market impact.

AMERICAS

US EPA moves to repeal Clean Power Plan

EPA chief Scott Pruitt has proposed a rule to repeal the US Clean Power Plan, fulfilling the current administration’s promise to unwind the Obama-era policy to cut carbon emissions.

Canada’s environment minister calls for consideration of carbon border measures

Border adjustment measures need to be examined worldwide to guard against carbon leakage and targeting nations not taking climate action, Canada’s environment minister Catherine McKenna said Tuesday.

RGGI to hold final 2017 auction on Dec. 6

RGGI will offer 14.69 million spot allowances in its final auction of the year on Dec. 6, the market’s operators said Tuesday.

ASIA PACIFIC

China’s foreign investment ambitions spur ETS interest, but talk of CO2 market expansion seen as premature -observers

China’s massive Belt and Road Initiative (BRI) trade strategy has sparked speculation about Beijing’s plans to build carbon market ties with emerging regions, but those are unlikely to emerge for years, observers say.

EMEA

EU Market: EUAs surge 6.2% on power price gains, trilogue hopes

EU carbon prices raced to their highest in nearly a month Tuesday as gains in power prices and the possibility of a deal on post-2020 ETS reforms this week emboldened buyers and triggered short-covering.

ECOSYSTEM MARKETPLACE

The high cost of Trump’s “money saving” Clean Power Plan repeal

US Environmental Protection Agency boss Scott Pruitt withdrew from the Obama era’s Clean Power Plan today, and he says it’s because the plan is an expensive, unfair, and unprecedented intrusion by government into energy markets. Ecosystem Marketplace’s Steve Zwick debunks his argument.

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BITE-SIZED UPDATES FROM AROUND THE WORLD

Credit where it’s due – An EU proposal due Nov. 8 will allow carmakers to offset emission targets with non-tradeable credits rather than fix mandated limits for 2030, EU sources told Reuters. The draft law will set a target for cars of a 25-35% cut in average CO2 emissions, and 30-40% for vans, with final numbers yet to be agreed. The crediting mechanism differs from California’s benchmark mandate-and-credit programme and will be based on automakers’ performance against a benchmark for sales of low-emission vehicles as a proportion of their fleets.

Price anxiety – Ahead of Germany’s government coalition talks, industry representatives have voiced concern over recent proposals on CO2 pricing by German experts or French President Emmanuel Macron, according to FAZ. “The German industry needs relief, not additional burdens through a CO2 tax”, Eric Schweitzer, president of the Association of German Chambers of Commerce and Industry (DIHK), told the newspaper. A CO2 pricing mechanism already existed within the EU ETS, and a national tax would be a double burden for German companies. Holger Lösch, deputy director general of the Federation of German Industries (BDI), said: “At best, the French nuclear power plants would profit, but not Germany as an industrial location.” (Clean Energy Wire)

The “war on coal” may be over but the casualties keep coming – One of Texas’ largest coal-fired power plants will permanently close this January, the Houston Chronicle reports. Vistra Energy’s 1,800MW Monticello power plant will lay off approximately 200 employees with the closure. “This was a difficult decision made after a year of careful analysis,” CEO Curt Morgan said. (Politico)

And finally… New face – The Trump administration has picked the State Department’s Thomas Shannon to head up the US delegation to COP23 in Bonn next month, Politico reports. The appointment of Shannon, undersecretary for political affairs at State, comes as the administration has declined to appoint a climate envoy, who would normally lead the trip. According to Wikipedia, Shannon was appointed to his current role last year by President Obama, and has worked for the US Foreign since 1984, doing stints at various embassies including Brazil, Guatemala, Gabon, and Sao Tome and Principe.

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