CP Daily: Monday January 29, 2018

Published 22:43 on January 29, 2018  /  Last updated at 22:56 on January 29, 2018  /  Newsletter  /  No Comments

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

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TOP STORY

New Jersey governor signs executive order to rejoin RGGI

New Jersey Governor Phil Murphy signed an executive order on Monday reversing his predecessor’s decision to exit the northeastern US RGGI carbon market.

EMEA

Trial of 36 people charged over €385m carbon trading tax scam kicks off in Paris

A trial of 36 people accused of carrying out €385 million in tax fraud via the EU carbon market kicked off in Paris on Monday.

EU Market: EUAs drop back below €9 after weak auction

EU carbon prices briefly dipped below €9 for the second successive session on Monday following weak auction signals and amid warnings that EUAs might be due a correction after their recent rally to a six-year high.

INTERNATIONAL

Investor coal divestment can cut emissions 5-20% ahead of carbon pricing -study

Financiers will start pulling their money out of CO2-intensive coal investments years ahead of governments imposing carbon pricing, triggering emissions cuts of 5-20%, according to a new study.

AMERICAS

New Saskatchewan premier vows to carry on carbon tax fight

Saskatchewan’s new premier has vowed to continue the province’s fight against the federal government’s pan-Canadian carbon pricing plan.

ASIA PACIFIC

China’s Hebei to freeze fuel switch push after heating fiasco -media

China’s most polluted province will put on hold until 2020 a drive to replace coal-fired heating boilers with cleaner gas units in its key cities after thousands of homes were left without electricity earlier this winter, Chinese media reported Monday.

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BITE-SIZED UPDATES FROM AROUND THE WORLD

Did I really say that? – Pennsylvania Governor Tom Wolf said Friday he never made a campaign pledge to join RGGI. “I don’t remember making that promise,” he said, following a news conference about oil and gas permitting changes. “In fact, I do remember I didn’t make that promise.” In fact, he did, NPR reports. Joining RGGI was part of his campaign platform when he ran for governor in 2014. According to the US Energy Information Administration, Pennsylvania is the third largest emitter of CO2 among states. And when asked why Pennsylvania hasn’t joined the US Climate Alliance, he dismissed it as a symbolic gesture. The alliance is made up of a bipartisan group of 16 governors and was formed in response to President Donald Trump’s decision earlier this year to withdraw the US from the Paris Agreement.

Don’t want to hear it – A DC Circuit court on Friday denied a request by the EPA and manufacturers to rehear a case on overturning the agency’s regulation to limit use of HFCs, Politico reports. The court in August rejected the EPA’s rule phasing down the use of the extremely potent atmosphere-warming coolant. The US has not ratified its participation in the Kigali Amendment to the Montreal Protocol limiting HFCs, though the Trump administration late last year announced it would support the treaty.

If I go, there will be trouble – Britain’s decision to leave the EU could lead to higher energy prices and supply shortages if the exit is not managed properly, according to a report by the cross-party House of Lords. It said that post-Brexit, Britain’s energy trading outside of Europe’s Internal Energy Market will likely be less efficient than the current arrangements, and therefore the government should carry out a full assessment on the impact of leaving and set out plans on how it expects to manage any severe supply shortages. Britain currently imports around 5-6% of its electricity via power links with France, Holland and Ireland, while around 40% of the country’s gas supply comes via Norwegian and European pipelines. (Reuters)

No rise – France will not increase carbon emissions as it reduces its reliance on nuclear energy in coming years, Junior Energy and Environment Minister Sebastien Lecornu told energy newsletter Enerpresse. The centrist government of French President Emmanuel Macron has launched a year-long debate about energy policy before deciding in early 2019 on the future share of nuclear energy in France’s power production, which currently stands at 75%. To assist discussions, grid operator RTE has prepared scenarios for cutting nuclear energy’s share from 56% to 11% by 2035, and an additional scenario on reducing nuclear reliance to 50% by 2025. Lecornu told Enerpresse the scenarios that would lead to the construction of new thermal power stations were held back. France would not build more plants powered by coal or fuel oil, he said, but added that the government would consider whether there was a role for natural gas. (Reuters)

Sum 4.1 – The world remains on course for a 4.1C temperature rise as developments in the oil and gas industry have been offset by a slowdown in low-carbon investments, according to investment manager Schroders. Capital investment in the oil and gas industry fell sharply in the last quarter of 2017, the period covered by the asset manager’s update to its climate change tracking analysis. The firm considered that the changes in the oil and gas industry would translate into a projected temperature rise of 3.9C, down from 5.3C. However, a marked fall in investment in clean energy technologies offset this effect, it added. (IPE.com)

Gulf cash – The Abu Dhabi Fund for Development (ADFD) is offering $50 million in concessional loans for renewable energy projects in the developing world at the feasibility stage. Projects can get $5-15 mln per project  The deadline for applications for the fund’s sixth cycle is Feb. 15.

Additionality 101 – The Alberta government has published technical guidance for the assessment of additionality in the province’s offset system, allowing the public to comment on the proposed rules for 30 days. “The use of this document and the tools contained within is required by stakeholders to demonstrate the additionality of the activities that are included or proposed to be included in offset quantification protocols,” the government said. “This document also explains the process used by the Alberta Climate Change office in reviewing and assessing additionality.”

A for effort – US Senator Chris Van Hollen (D-MD) and Representative Don Beyer (D-VA) on Monday introduced the Healthy Climate and Family Security Act, which includes a cap-and-dividend programme to cut GHG emissions. The bill caps carbon pollution, with permit auctions held for sellers of oil, coal, and natural gas into the US market. It would return 100% of the proceeds electronically each quarter to every American in the form of a Healthy Climate Dividend. But with a Republican-controlled congress and a climate change disbeliever in the White House, the proposal’s odds of passage likely compare to a snowball’s chance in…

And finally… Abominably carbon neutral – Nepal’s Yeti Airlines is working with the UNDP to transform itself a carbon neutral airline, according to the Kathmandu Post. The small carrier reported CO2 emissions of 18,113 tonnes in 2017 mainly from aircraft fuel. “We plan to adopt industry-leading practices to reduce our emissions, which includes more efficient routes and operations, fleet upgrades, public incentives, staff training, and load reductions. Any unavoidable emissions will be offset by purchasing UN-certified carbon credits and other initiatives that support climate mitigation and sustainable development for the benefit of the Nepali people. We aim to become a carbon neutral company by 2018,” said Yeti’s CEO Umesh Chandra Rai.

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