CP Daily: Friday October 13, 2017

Published 18:38 on October 13, 2017  /  Last updated at 18:51 on October 13, 2017  /  Newsletters  /  No Comments

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

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TOP STORY

EU ETS reform deal eludes lawmakers after marathon talks

Negotiators from the three EU institutions failed to reach a final deal on post-2020 ETS reforms in talks that went on for more than 13 hours and into the early hours of Friday morning.

AMERICAS

California begins process of rulemaking for post-2020 cap-and-trade programme

California officials from the state’s Air Resources Board on Thursday began the process of adapting the cap-and-trade programme to new legislation extending the programme out to 2030.

EMEA

EU nations agree on weaker non-ETS goals to tee up clash with Parliament

EU member states on Friday agreed a united stance on extending the EU Effort Sharing Decision for non-ETS sectors beyond 2020, taking a line substantially weaker than that of the EU Parliament to tee up a final clash between the two.

EU Market: EUAs shrug off failed ETS reform deal effort to notch 4.5% weekly gain

EU carbon prices dipped slightly on Friday but held on to most of the week’s gains despite overnight news that lawmakers had failed to reach a deal on ETS reform.

ASIA-PACIFIC

Impending deadline to reveal offset demand potential from Australia’s Safeguard Mechanism

Companies regulated by Australia’s Safeguard Mechanism must report their FY2016-2017 emissions by Oct. 31, which will clarify whether the scheme’s CO2 benchmarks are as soft as observers think or if some emitters must buy offsets to make good for missed targets.

Developers Terra Carbon earn 160k Australian offsets in latest issuance

Terra Carbon, the biggest sellers of carbon credits to the Australian government, earned just over 160,000 offsets this week as the Clean Energy Regulator distributed close to 300,000 new units.

CN Markets: Pilot market data for week ending Oct. 13, 2017

Below is a table of the closing prices, ranges and volumes for China’s regional pilot carbon markets this week. All prices are in RMB, and volumes in tonnes of CO2e. Data sourced from local exchanges.

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BITE-SIZED UPDATES FROM AROUND THE WORLD

Putting those CO2 permits to work – Like most of the Chinese pilot CO2 markets the Guangdong ETS is mostly dormant this time of year. However, an unnamed power company livened things up on Friday as it put an advertisement on the provincial carbon exchange website, saying it was seeking 100 million yuan ($15.2mln) in funds to retrofit equipment so as to meet local low-emission standards. It offered 1 million Guangdong CO2 permits as collateral for anyone willing to provide a 1-3 year loan, and added it would be willing to discuss a permit repo deal as part of the arrangement.

Coal control – Northern China is brazing for winter, when the cold forces coal-fired power plants to run full steam, causing massive levels of local air pollution and smog as they go. Shanxi, the country’s biggest coal-producing province, has pledged to achieve a 40% cut in air pollution during this winter season, setting into motion policies that will also cut CO2 emissions. (Reuters)

Paris progress – Paris authorities plan to banish all fossil-fuelled cars from the world’s most visited city by 2030, outpacing France’s national target date of 2040 for an ban and saying that this required speedier phase-outs in large cities. (Reuters)

Honk if you’re a wonk – The autumn issue of Carbon Mechanisms Review by the JIKO unit of the German environment ministry is out.  It covers an analysis on central ingredients of the Article 6 section of the Paris rulebook. Moreover, a potential case for non-market approaches is presented: the ABM. Other articles cover new challenges for the environmental integrity under Art. 6, possible stumbling blocks on the way to implementing cooperative actions, as well as a review of the future demand for offsets from the aviation sector

Click n pay – Voluntary carbon and sustainable development project certifier Gold Standard has opened a portal offering individuals ‘one click’ offset purchases on its website for its Climate+ certified projects. It aims to make credits from more projects available in the future.

And finally… first negative – An EU-backed negative emissions power plant has begun operations in Iceland at one of the world’s largest geothermal power plants. It currently captures just 50 tonnes of CO2 a year but researchers hope it can be scaled worldwide.  It takes CO2 out of the ambient air, binds it to water and sends it underground where it reacts with the basaltic bedrock and forms solid minerals, creating a permanent storage solution. (MailOnline)

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