Presenting CP Daily, Carbon Pulse’s free newsletter. It’s a daily summary of our news plus bite-sized updates from around the world. Subscribe here
Carbon Pulse covered three North American carbon market conferences in the US and Canada over the past month. Below is a summary of the articles we filed from these events:
*** NORTH AMERICAN CARBON WORLD – APR. 4-6 – Link ***
- ANALYSIS: Beyond Ontario, political and regulatory risks still hang over WCI market
- California offset supply to swell through 2020 despite restrictions -analysts
- Biomass, industrial inclusion “hot-button issues” in Virginia’s RGGI plans
- Ontario cap-and-trade exit will be hard but new govt could “screw up” market, says former minister
- When a carbon price of $100/t isn’t enough: California’s farming emissions dilemma
- Experts raise doubts over new LCFS targets due to price, regulatory uncertainty
- Mexican carbon tax to operate alongside market, though stakeholders say offset rules must change
- Alberta finalises plan to withdraw six offset protocols
- ExxonMobil voids another big batch of Colombian CERs against country’s carbon tax, almost doubling total
- Hawaii carbon tax proposal dead, says lawmaker
- Depoliticisation crucial to preserving cap-and-trade, safeguarding climate investments in Ontario
- Economic and legal headache would follow doubtful Ontario exit from WCI -experts
- ANALYSIS: Ontario, Quebec’s offset rules development back on track, but concerns persist
- Lack of technical infrastructure hindering Ontario offset market investment, development
- Nova Scotia cap-and-trade participants want auctions, more industry protection
- World Bank announces new carbon pricing coalition co-chair, high-level competitiveness forum
- Cap-and-trade should take priority in California’s climate policy -industry
- Mexico might face a 3-year delay to ETS launch amid policy uncertainty, expert warns
- SAVE THE DATE: Carbon Forward 2018 – Survive and thrive in the global carbon markets
With all eyes on the political uncertainty stemming from Ontario’s upcoming election, experts say many WCI market participants are overlooking other risks to the programme.
The supply of California Carbon Offsets (CCOs) is forecast to balloon over the next few years regardless of looming post-2020 limitations on their use, according to analysts.
The regulated status of biomass and exclusion of certain industrial electricity providers are proving to be contentious “hot-button issues” in developing Virginia’s cap-and-trade programme, according to a state official.
Dismantling Ontario’s cap-and-trade scheme and exiting the North American WCI programme would be “pretty hard” for a new provincial government to do without incurring high costs or denting business and investor confidence, according to Ontario’s former environment minister.
California faces many challenges in guaranteeing a carbon price to help livestock and dairy farmers struggling to cut emissions, despite having access to buyers willing to pay over $100/tonne for credits.
Achieving newly-proposed emission reductions goals as part of California’s Low Carbon Fuel Standard (LCFS) remains uncertain due to both market and regulatory concerns, which could impact the viability of the clean fuel standard as a whole.
Mexico plans on keeping its domestic carbon tax and applying it to smaller emitters when it launches its national cap-and-trade scheme, a senior official said this week.
The Alberta Climate Change Office (CCO) has confirmed that it will scrap six offset protocols, while also flagging another for withdrawal, according to a memo released on Friday.
ExxonMobil voids another big batch of Colombian CERs against country’s carbon tax, almost doubling total
US oil major ExxonMobil continued its brisk pace of Colombian CER cancellations this week, annulling another huge batch against the country’s carbon tax.
Hawaii’s carbon tax proposal will not go through in 2018, a state lawmaker told Carbon Pulse on Thursday, marking the latest sub-national US carbon pricing proposal to fail to muster enough legislative support this year.
*** ONTARIO CAP AND TRADE FORUM – APR. 18-19 – Link ***
Ensuring that a change in the Ontario government this June will not lead to the province’s exit from the WCI carbon market will require separating the political elements of cap-and-trade from the pragmatic need to act on climate change, according to stakeholders.
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.
A lack of technical infrastructure and guidance from the Ontario government regarding its compliance offset programme is holding up the first investment and project submissions, according to stakeholders.
Nova Scotia’s cap-and-trade programme should include auctions, while also providing for more industry protection and linkage opportunities, according to stakeholders.
The Carbon Pricing Leadership Coalition (CPLC) on Thursday named a new co-chair, while the group’s managing body the World Bank announced a high-level forum on carbon pricing and competitiveness amid the release of a report on decarbonising the global power and chemicals sectors.
*** ARGUS CALIFORNIA CARBON & LCFS SUMMIT – MAR. 19-21 – Link ***
California should place more emphasis on its cap-and-trade system to guide the state’s climate policy and move away from complementary measures, industry representatives said Tuesday.
Mexico might delay the implementation of its emission trading scheme by up to three years as a result of a short preparation period and uncertainty over the outcome of the upcoming election, an expert has warned.
NEW SUBSCRIBER OFFER
Carbon Pulse is the world’s leading provider of online news and intelligence on global carbon markets and climate change policy. With a strong track record for breaking important stories, our reporting is unrivalled, making a Carbon Pulse subscription an indispensable asset for companies worldwide.
For a limited time, we’re offering discounts on our annual subscriptions for new subscribers.
Email us at firstname.lastname@example.org for more details.
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.
Got a tip? Email us at email@example.com