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EU carbon prices surged by more than 10% to a new 6.5-year high on Wednesday as Britain’s climate minister said that while cap-and-trade remained the UK government’s preferred carbon pricing method post-Brexit and that it aimed to keep the country in the EU ETS to at least 2020, Britain would consider other more ambitious opportunities elsewhere.
Cap-and-trade preferred, but “dereliction of duty” for UK to not consider options outside ‘insufficient’ EU ETS -minister
While the UK prefers cap-and-trade as a carbon pricing tool, it would be a “dereliction of duty” for the UK to not look at other, more ambitious opportunities outside the EU ETS when it leaves the bloc, the country’s climate minister said Wednesday.
Global energy-related CO2 emissions increased by 1.4% in 2017 after three years of remaining flat, as strong economic growth stoked energy demand that was mostly met by fossil fuels and as major economies lagged on energy efficiency drives, the International Energy Agency (IEA) said Wednesday.
Fossil fuel use in the US energy mix fell by more than total net generation in 2017, while wind and solar power continued their assent in carving out greater market share, data released Tuesday showed.
Over two dozen national and California-based environmental organisations announced a new website on Wednesday to promote a 2017 bill that would see California achieve 100% renewable energy while also increasing the state’s Renewable Portfolio Standard (RPS).
How to spend it: Comparing California and Ontario’s cap-and-trade revenue investments and their cost-effectiveness
California regulator ARB and the state’s Department of Finance released their 2018 Annual Report for California Climate Investments last week, following the results of the February’s sold-out WCI auction.
California regulator ARB could viably set an even higher carbon intensity (CI) reduction target for the post-2020 Low Carbon Fuel Standard (LCFS) than it has currently designed, according to new analysis from UK-based research firm Cerulogy.
In the run-up to the 2nd Annual Ontario Cap and Trade Forum on April 18-19 at the Beanfield Centre in Toronto, Canadian Clean Energy Conferences is producing a series of articles featuring the key topics concerning regulated entities under Ontario’s program.
CARBON FORWARD 2018
Don’t miss the 3rd annual Carbon Forward conference and training day. Spend two days with top experts, players, and decision-makers from the global carbon markets as they address today’s most attractive opportunities and pressing challenges. And join us for the EU ETS pre-conference training day organised by carbon market experts Redshaw Advisors, where you will learn how to effectively manage your carbon risk ahead of the looming overhaul of the bloc’s emissions trading scheme.
BITE-SIZED UPDATES FROM AROUND THE WORLD
Cheap as (solar) chips – Modern solar PV installations in Germany have the lowest power generation costs of all technologies, according to the Fraunhofer ISE research institute. Depending on the type of installation and the sun’s intensity, generating 1 KWh with solar PV costs between 3.71 and 11.54 eurocents, it found. Onshore wind power comes second, with prices ranging between 3.99 and 8.23 eurocents/kWh, while offshore wind power is more costly due to higher construction and maintenance costs, bringing the price per kWh up to somewhere between 7.49 and 13.79 eurocents/kWh. Fraunhofer ISE says modern lignite plants will need between 4.59 and 7.98 eurocents to generate one kWh, while natural gas plants require 11.03 to 21.94 eurocents/kWh. “Due to technological progress, field solar PV installations in southern Germany and onshore wind power turbines at windy locations will undercut the average power generation costs of all fossil plants by 2035,” it added. (Clean Energy Wire)
Sound off on science, part 1 – EPA Administrator Scott Pruitt is planning an upcoming revision on which types of scientific studies can be used in the agency’s rule-making. Pruitt foreshadowed the move in an interview with the Daily Caller on Tuesday, and also follows a closed-door meeting with the conservative Heritage Foundation last week. The change is expected to involve making data and methodologies used to create EPA rules public, but critics have panned this shift as a way of attacking credible and established science. (Climate Nexus)
Sound off on science, part 2 – A US District Court in San Francisco today will hear a climate science tutorial in a lawsuit between the cities of San Francisco and Oakland and fossil fuel companies. The tutorial was ordered by Judge William Alsup, who had previously released a set of eight questions to both sides regarding broad climate science questions, such as how CO2 traps heat or how melting ice has caused sea level rise in previous geological eras. While the fossil fuel companies largely accept the consensus that humans have contributed to climate change, the two cities have argued that these companies contradicted their own internal studies and sold their products anyway, affecting public health. (Think Progress)
Millennials won’t like this – Chile and Peru have warned against efforts to reduce GHG emissions in international shipping through speed restrictions, saying that such measures would affect trade in produce like blueberries, cherries, and avocados. A submission by both countries to the International Maritime Organisation (IMO) ahead of the body’s April meeting called for a focus on “optimal speed” rather than “speed reduction”. A previous study by consultants CE Delft had found that “slow steaming” would help reduce emissions in key sub-sectors of the shipping industry by up to one third between 2018 and 2030. (Climate Home)
And finally… Cheers bud! – The world’s biggest brewer Anheuser-Busch InBev has announced 2025 sustainability targets covering agriculture, water, packaging, and climate action. The climate part is for a 25% cut in CO2 emissions per drink across its value chain (scope 1, 2, and 3) as endorsed by the Science-Based Targets Initiative. A second climate goal is for 100% of purchased power to come from renewable sources, up from around 50% for its US operations today and already bolstered by power purchase agreements in the US and Mexico.
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