CP Daily: Tuesday October 31, 2017

Published 23:30 on October 31, 2017  /  Last updated at 13:43 on November 2, 2017  /  Newsletter  /  No Comments

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

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TOP STORY

Singapore outlines credit-based carbon tax system

Singapore on Tuesday released a draft version of its carbon tax system, proposing to use a carbon credit-based approach from 2019 without the option to trade.

ASIA PACIFIC

China ETS is for emission cuts, not gambling, official warns

China will put restrictions in place to avoid excessive speculation in its emerging carbon trading programme to ensure market stability, a government official said Tuesday.

Chongqing latest Chinese region to extend its pilot ETS

Southwestern China’s Chongqing revealed plans to extend its pilot emissions trading scheme into this year, beyond the initially planned phase.

EMEA

Seven EU nations push for a block on coal funding in ETS reforms

Seven western EU nations are urging lawmakers to back the EU Parliament’s position on the post-2020 ETS reform bill that seeks to prevent cash raised by selling carbon allowances from financing coal power.

EU Market: EUAs dragged out of bear run as markets turn upwards

EU carbon prices were lifted out of a downward trend that had lasted for almost two weeks as a rash of bullish economic signals perked wider financial markets.

AVIATION

IETA urges ICAO Council to approve four offset certification programmes for CORSIA

Emissions trading lobby IETA is urging ICAO’s Council to provide clarity for airlines and investors by adopting proposed eligibility criteria for its CORSIA offset programme, which is understood to include at least four established certification programmes.

INTERNATIONAL

Carbon pricing proving tricky piece of corporate climate risk puzzle

Assessing the impact of carbon pricing is one of the most tricky elements companies face as they come under increasing pressure from investors and regulators to disclose their climate risks, a group of experts said Tuesday.

World’s 2C target a distant dream as emissions set to surpass limit by 13 Gt, UN says

The world is far off course to reaching its goal of limiting global temperature rise to 2C, as global emissions are set be 11-13.5 billion tonnes higher in 2030 than required to meet the target, the UN said Tuesday.

AMERICAS

Carbon cash cow: Canadian provincial CO2 revenues set to soar, says RBC economist

Canadian provincial government revenues from carbon pricing schemes are set to more-than double to C$4.7 billion in 2017-18, with that figure poised to climb by a third the following year, according to a report from the economics division of the Royal Bank of Canada.

SCE outlines plan for California to meet 2030 climate targets

Southern California Edison (SCE), one of America’s largest electric utilities, on Tuesday proposed a strategy for California to meet its 2030 climate and air quality goals.

ECOSYSTEM MARKETPLACE

Climate Trust sees $5 bln in new demand for North American offsets through 2030

With California’s cap and trade system in place through 2030 and explicit demand for offsets in the legislation, The Climate Trust (The Trust) forecasts that North American carbon markets will demand a cumulative $4.86 billion of offsets from 2017 through 2030.

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BITE-SIZED UPDATES FROM AROUND THE WORLD

Locked in – Gas industry firms are spending millions influencing European policymakers to ensure continued reliance on fossil fuels for decades to come, a new report from campaign group Corporate Europe Observatory (CEO) says. According to the Independent, the report warns that gas lobby groups have used their financial firepower to push the “myth” that gas is a clean fuel in order to win financial and political backing from the European Commission for potentially useless pipelines and other infrastructure. Gas industry representatives met with the two European commissioners in charge of climate and energy policy and their cabinets 460 times in the past two-and-a-half years, according to analysis in the report. Eight of the 10 most frequent business visitors received by EU climate chief Miguel Arias Canete and VP for energy union Maros Sefcovic were linked to the gas industry. Meanwhile a separate report from Greenpeace and Oil Change International reported in BusinessGreen accuses several leading banks of failing to adequately address significant environmental, reputational, and financial risks associated with their support for planned tar sands pipelines. (Carbon Brief)

Give us clarity or give us death – Uncertainty over Britain’s participation in the EU ETS after Brexit is unacceptable and clarity is needed to avoid risks to business, two Scottish ministers said in a letter to the UK government on Tuesday, Reuters reports. Roseanna Cunningham, Scotland’s climate change secretary, and Michael Russell, minister for UK negotiations on Scotland’s place in Europe – asked the UK government for “immediate discussions” on the future of Britain’s involvement in the ETS. “Moreover, the EU amendment presents significant and immediate risks to business in Scotland in terms of additional costs of compliance if UK allowances can no longer be freely allocated,” they added.

Coming this spring – Newfoundland and Labrador Premier Dwight Ball said he will unveil the Canadian province’s new carbon pricing scheme next spring, adding that he doesn’t anticipate any dispute with the federal government over the programme.  Ball would not reveal whether his province is looking at a tax or trading scheme. “We are working quite closely with the federal government today and over the next few months … There is no reason for us to believe the federal government would not accept the plan that we have put in place. It’s taking into consideration what is happening in our offshore [oil industry], but it gives us the discretion to use the money that comes from carbon pricing to actually reinvest in Newfoundland and Labrador.” (The Telegram)

Health harm – The health of hundreds of millions of people around the world is already being damaged by climate change, according to major new report from journal The Lancet. Heatwaves are affecting many more vulnerable people, global warming is boosting the transmission of deadly diseases such as dengue fever, and damage to crops from extreme weather threatens hunger for millions of children. Meanwhile air pollution from fossil fuel burning is also causing millions of early deaths each year. (Reuters)

Climate visas – New Zealand courts have previously denied climate refugee applicants, but that may be about to change as Climate Change Minister James Shaw on Tuesday said the government is considering establishing a new visa category for those forced to move away from the Pacific islands due to rising sea levels or other climate impacts. (Guardian)

Achieve neutrality – The Wuppertal Institute has published a policy brief outlining the efforts of countries, cities and corporations to achieve climate neutrality goals. Titled ‘Steps Towards Carbon Neutrality: An Overview of Strategies and the Role of Offsetting,’ the brief shows that an increasing number of non-state actors have set themselves carbon neutrality goals, which could provide a significant source of demand for international carbon credits.

Metric-mania – S&P Dow Jones Indices is now publishing carbon metrics on the majority of its equity indices, including the S&P 500 and Dow Jones Industrial Average. S&P DJI is the first index provider to publically display carbon metrics as standard alongside financial data on its indices on a monthly basis. The initiative is part of S&P DJI’s commitment to support ESG transparency enabling market participants to understand, measure and manage carbon risk.  There are three metrics currently available for the indices, using Trucost data and analysis: carbon footprint (the metric tonnes of CO2e per $1M invested against the index), carbon efficiency (the metric tonnes of CO2e per $1M of a company’s revenues against the index), and fossil fuel reserves (the GHG emissions that could be generated if the proven and probably fossil fuel reserves owned by constituents were burned, per $1M invested).

And finally… Six degrees of climate separation – George Papadopoulos, who has pleaded guilty to lying to the FBI under its Trump-Russia probe, lists his current profession as an “oil, gas and policy consultant” on his still-functioning LinkedIn page. He touts an energy-related endorsement from Trump: “George is an oil and gas consultant; excellent guy.” In addition, Yahoo News reports Sam Clovis, whose nomination to the top scientist post at USDA has been criticised over his refusal to accept mainstream climate science, was Papadopoulos’ supervisor mentioned in court documents. (Politico)

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