CP Daily: Tuesday March 27, 2018

Published 01:33 on March 28, 2018  /  Last updated at 01:42 on March 28, 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 foresees RGGI re-entry in 2019

New Jersey expects to re-join RGGI by the second half of 2019, according to a presentation released ahead of a public hearing on the state’s much-anticipated readmission to the US regional carbon market.

AMERICAS

California carbon market seen tighter as fuel consumption hits new high in 2017

Gasoline and diesel consumption in California set a new record in 2017, according to data published on Monday, pointing to higher demand from the largest emitting sector in state’s cap-and-trade scheme.

Newfoundland delays details surrounding CO2 price plan, as most Canadian provinces off track towards 2020 targets

Newfoundland and Labrador has delayed unveiling details surrounding its carbon pricing plan until this spring, though the Canadian province estimates that it will earn tens of millions from the programme in Q1 2019.

Canada’s current climate policies will yield Paris shortfall 4 times larger than govt estimates -report

Canada’s shortfall towards meeting its Paris Agreement emission reduction targets will be almost four times larger than government estimates, according to an analysis released Tuesday, which forecasts that Ottawa’s existing climate measures will ‘cost money and human lives’.

ASIA PACIFIC

China reportedly preparing fresh restrictions on coal imports, putting lid back on CO2

China is likely to reintroduce restrictions on coal imports in the coming months in an effort to balance increasing production in domestic mines while clamping down on oversupply, according to domestic trade media.

Australia’s NEG unlikely to be nationwide after WA signals it won’t join

Any carbon intensity trading market that develops under Australia’s proposed National Energy Guarantee (NEG) looks set to do so without Western Australia (WA), with the state’s energy minister saying Tuesday it is likely to continue going it alone on energy policy.

Australia proposes to scrap failed soil carbon method

Australia has proposed to revoke its original little-used soil carbon offset method in favour of a broader approach that some market participants say could increase new project development tenfold.

EMEA

As CO2 costs bite, EU nations warm to intergovernmental non-ETS emissions trade

A group of European nations are more closely exploring inter-EU emission trading in sectors not covered by the bloc’s carbon market, as cheap GHG reductions get harder to find.

EU Market: EUAs extend further above €13 for new 7-year high

EU carbon prices hit a fresh 7-year high for the second straight session on Tuesday, streaking well above €13 despite a weak auction result.

Jailed carbon fraud kingpin arrested over bribes to French prison officials

An inmate jailed in 2016 for masterminding a massive €283-million tax fraud using the EU ETS has been arrested on suspicion of bribing officials at one of France’s largest prisons, according to French media.

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CARBON FORWARD 2018

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BITE-SIZED UPDATES FROM AROUND THE WORLD

**The Carbon Pricing Leadership Coalition High-Level Assembly (HLA) will take place on Apr. 19 as part of the World Bank Group/International Monetary Fund Spring Meetings, and will bring together leaders from government, private sector, and civil society organizations. The HLA provides an opportunity to report back on the achievements of the CPLC and to recognize new developments, commitments, or plans for new action. It also provides an opportunity to discuss strategic issues that will shape the continued advancement of the carbon pricing agenda.  It will be followed by a CPLC Technical Workshop on Apr. 20.**

Emission drop – Germany saw its greenhouse gas emissions dip slightly in 2017, as wind power continued to replace coal-fired electricity generation and hard coal power plants were shut down, new estimates released by the Federal Environment Agency (UBA) show. The data also revealed that the country has failed again to make any progress in the transport sector, where a growing passenger car fleet and increased road freight transport continue to produce harmful emissions. UBA estimates national emissions fell by 4 Mt to 905 Mt, which would be the lowest since 2014 but well off track to meeting Germany’s 40% reduction target by 2020 – equivalent to 751 Mt in output that year. (Clean Energy Wire)

Law to withdraw – The Maryland House of Delegates passed SB-290 at a full floor vote on Monday night, which prevents the state from withdrawing from RGGI unless the General Assembly enacts legislation that approves the exit. The bill, approved by an 89-45 vote, now goes to the desk of Republican Governor Larry Hogan for signature, and then he has 30 days to decide to veto it before the bill becomes law.

Climatic considerations – The US Bureau of Land Management failed to consider the climate impacts of fossil fuels when opening up public land in the Western states for coal extraction, according to a federal court ruling on Friday. US District Judge Brian Morris said that the Bureau violated the National Environmental Policy Act by not adequately evaluating alternatives to fossil fuel extraction in the Powder River Basin, the country’s top coal-producing region stretching from southern Montana into Wyoming. The judge also ordered the Bureau to meet with environmental organisations and industry representatives to work out their differences on the plan moving forward. (Climate Nexus)

Keep on truckin’ – Representatives from the European Parliament and the Council on Monday evening reached a provisional agreement on regulations for monitoring and reporting CO2 emissions and fuel consumption data from new heavy-duty vehicles (HDVs), i.e. lorries, buses and coaches. According to the European Commission, this is the first ever EU legislation focusing on the CO2 emissions from these vehicles. The new rules are part of the EU’s Strategy on low-emission mobility and Communication on delivering on low-emission mobility laying out actions for a fundamental modernisation of European mobility and transport.

And finally… Shell’s blue sky thinking Oil major Shell on Monday outlined a scenario in which, by 2070, the world would be using far less of the company’s own products as cars become electric, a massive carbon storage industry develops, and transportation begins a shift toward a reliance on hydrogen as an energy carrier. The company’s Sky scenario was designed to imagine a world that complies with the goals of the Paris Agreement, managing to hold the planet’s warming to “well below” a 2C rise. The scenario, which finds the world in a net-zero emissions state by 2070, is based on the idea that “a simple extension of current efforts, whether efficiency mandates, modest carbon taxes, or renewable energy supports, is insufficient for the scale of change required,” the oil company document reads.  The scenario also assumes that governments adopt carbon taxes just under $50 per tonne by 2030, rising to $200 by 2070.  However, the company cautioned that Sky is only a scenario – a possible future dependent on many assumptions – not a reality that will definitely be realised. (The Washington Post)

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