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EU carbon prices retreated after posting a new seven-year high above €14 on Wednesday, falling by nearly €1.50 from their intraday peak on speculative profit-taking.
California regulator ARB handed out 1.61 million California Carbon Offsets (CCOs) this week, with a single new forestry project taking home the vast majority of the credits for the second time this month.
A new Arizona ballot initiative revised in the state Senate would seek to raise the state’s Renewable Portfolio Standard (RPS), similar to an initiative floated last month that instead would allow the state’s utility commission to nullify the increased mandate under several conditions.
China’s new renewable energy certificate (REC) trading scheme is likely to boost clean power consumption and create a steady revenue stream for low-carbon generators, the renewables arm of China’s second biggest coal producer Huaneng said Wednesday.
Australia on Wednesday set up a task force that will review its mining sector and identify ways to secure fresh investments and maintain the nation’s position as a major exporter to large Asian economies.
There’s an emergency handbrake for soaring EU carbon prices, and we’re getting closer to its trigger point
Few participants in the EU ETS are aware of the existence of a supply-side safety valve that could kick in if allowance prices rise too high, too quickly, but even fewer will be surprised that the market is getting closer to that its trigger point following a tripling of EUA prices in the past year.
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
And off to court we go – Saskatchewan Premier Scott Moe on Wednesday confirmed the province will go to court over the federal government’s carbon tax. Moe told reporters that in the next few weeks, the province will file a case against the federal government with the Saskatchewan Court of Appeal over implementation of carbon pricing. Saskatchewan remains the only province not to sign onto the federal climate change plan, and declined to include carbon pricing in its provincial climate strategy. (CBC)
Coal clamour – The German ministries for energy and environment are battling for taking the lead in the country’s planned coal exit commission. Energy Minister Peter Altmaier said it “makes sense” for his ministry to head the commission, as this had already been decided in Germany’s Climate Action Plan 2050. But environment minister Svenja Schulze described the claim as “irritating,” as no decision on the commission’s leadership has yet been made by the new government. (Reuters)
Green London – The UK should ensure mandatory corporate climate risk disclosure and set up new funding levers to boost green economy investment, according to the Green Finance Taskforce, a government-appointed expert panel. The group argues that with the right policy interventions London, the world’s biggest financial centre, could cement its position as a green finance hub and unlock £30 bln of green investment. (BusinessGreen)
Come to pass – The Massachusetts Office of Energy and Environmental Affairs announced on Wednesday that it would terminate its plans to source clean energy from the international Northern Pass hydroelectric line. The state originally chose the project in January to help supply the state with 9.45 TWh of annual clean energy in line with its climate goals starting in 2020. However, project developer Eversource was denied a permit by the New Hampshire Site Evaluation Committee in February over concerns about how construction of the project – stretching from southern Quebec through New Hampshire – would affect the environment and tourism. Eversource announced in a statement that will carry on with the project regardless, while Massachusetts will opt for the New England Clean Energy Connect (NECEC) line from Central Maine Power to replace the project. (Washington Post).
Soly moly, part 2 – Saudi Arabia and Japanese conglomerate Softbank Group Corp announced their plans to build the world’s largest solar power development in the country. The $200 bln project would generate 200 GW of solar energy, roughly 100 times larger than the next biggest proposed solar development and exceeding last year’s global photovoltaic supply by one-third. The project would nearly triple Saudi Arabia’s electricity generation capacity, most of which is supplied by oil or natural gas, while potentially saving $40 bln in power costs and creating 100,000 jobs. (Bloomberg)
Divided we fail, to recognise climate change – The US partisan split between Republicans and Democrats on the subject of climate change is now affecting independent voters, according to a new Gallup poll published on Wednesday. Independent voters who believe that climate change is caused by human activities to 62% in 2018 from 70% last year. Similarly, the number of Republicans and independents who believe that the effects of global warming have already begun dropped by seven percentage points each to 34% and 60% respectively. This contrasts with 70% of Democratic voters believing that climate change will pose a serious risk in their lifetimes, with an even higher 89% of Dems saying that global warming is caused by human activities. (Climate Nexus)
And finally… Can’t make this stuff up – The US EPA on Tuesday evening sent employees a list of eight approved talking points on climate change from its Office of Public Affairs ― guidelines that promote a message of uncertainty about climate science and gloss over proposed cuts to key adaptation programmes. “Human activity impacts our changing climate in some manner,” one point reads. “The ability to measure with precision the degree and extent of that impact, and what to do about it, are subject to continuing debate and dialogue.” Another states: “While there has been extensive research and a host of published reports on climate change, clear gaps remain including our understanding of the role of human activity and what we can do about it.” (HuffPost)
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