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Although stakeholders believe that Ontario is unlikely to abandon its cap-and-trade programme should the Progressive Conservatives (PC) win the upcoming June provincial election, an exit from the WCI market could yield multiple economic and legal problems.
Ontario and Quebec’s offset protocol development is back on track after a policy debate delayed around half of the 13 being designed, but concerns remain on the approach the provinces have decided to take.
The role of the ETS in meeting the EU’s long-term climate goals is being called into question all across Europe as Brussels prepares to revamp its strategy underpinning the targets.
EU carbon prices resumed their upward trajectory on Wednesday despite another weak auction, as traders said buyers were looking to square their positions ahead of the annual compliance deadline.
A group of major Australia’s business groups and other organisations on Wednesday urged state leaders to not ditch the proposed National Energy Guarantee (NEG) at a crunch meeting later this week.
A Beijing-based trader with China Carbon Futures left the company on Wednesday to take up the position of CEO of the Tianjin Climate Exchange.
CARBON FORWARD 2018
Don’t miss the 3rd annual Carbon Forward conference and training day – Oct. 16-18, 2018. 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
Floor filler – France’s climate minister Brune Poirson told the Berlin Energy Transition Dialogue she is still pushing for a carbon price floor at EU level. Her Polish counterpart Michal Kurtyka countered that “it is easy for France to talk about a carbon price floor. Poland could just as easily consider introducing a nuclear price floor”. Germany’s energy minister Peter Altmaier gave no indication as to the possible introduction in Germany of a carbon price floor, nor did he mention any possible cooperation between Paris and Berlin on the subject. (EurActiv)
Nice, but not enough – Canada’s latest GHG inventory report to the UN shows emissions are starting to trend downward, but not nearly at the rate needed to meet the country’s international commitments under the Paris Agreement. The report – which Canada must file annually as part of its international climate commitments – shows Canada emitted 704 Mt in 2016. While that is down 1.4% from the year before, it leaves the country some 187 Mt away from its Paris commitment to get emissions to at least 30% below 2005 levels by 2030. (The Canadian Press)
Science sign-ups – Some 103 global companies have now signed up to voluntary emission reduction goals deemed to be aligned to the Paris Agreement with the Science-Based Targets Initiative. Their combined emissions are equal to the annual CO2 emissions from 100 coal-fired power plants, representing $3.4 trillion in market value, which is roughly equivalent to the market cap of the entire London Stock Exchange. There are 57 European companies among them and Mahindra Sanyo Special Steel today became the first Indian firm as well as the first steel company to join. (EurActiv)
Wind up, again – Oklahoma and Kansas have joined Iowa and South Dakota as the four US states that source at least 30% of their electricity from wind power. The statistics, coming from the American Wind Energy Association’s annual report, follows the US supplying a record 6.3% of its power from wind energy in 2017. Just over 7,000 MW of wind capacity were added last year, around 9% growth, and supplied 13% of all wind power added across the globe last year. (Axios)
Nuclear preference – US State New Hampshire released its 10-Year State Energy Strategy on Tuesday, focusing on lower cost forms of energy sources and shying away from subsidies. Among the proposed changes would be a provision to classify nuclear power as a renewable resource under the state’s Renewable Portfolio Standard (RPS), which stands at 25% for the year 2025. Other measures would include revisiting the state’s net metering policies for solar and taking steps to insulate. New Hampshire from higher cost energy sources used by its northeast neighbours. Nuclear energy supplied the state with 56% of its energy in 2016. (Utility Dive)
Another one bites the dust – Mike Catanzaro, President Trump’s top energy and environmental advisor, is expected to leave the White House next week. Working behind the scenes, Catanzaro has been “pivotal” in crafting Trump’s energy policies and in rolling back Obama administration environmental rules, such as efforts to repeal the Clean Power Plan. Catanzaro clashed with EPA administrator Scott Pruitt at times, including over Pruitt’s plans to host a ‘red team, blue team’ debate. The White House confirmed that he’ll be replaced by Francis Brooke, who is currently an aide to Vice President Mike Pence and starts her new gig on Apr. 30. (The Hill, Axios)
And finally… Can’t have nice things – EPA administrator Scott Pruitt allegedly nixed a deal that would have provided a compromise on the agency’s recent decision to rollback and revise Obama-era fuel economy standards. Delaware Senator Tom Carper (D), a ranking member of the Senate Committee on Environment and Public Works, said that after he had reached an agreement on the regulation with EPA air chief Bill Wehrum, Pruitt backed out of the deal. Carper’s compromise would have also maintained California’s ability to set its own vehicle emissions standards, which under the EPA’s new plan is still under debate. (Politico)
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