CP Daily: Wednesday June 20, 2018

Published 21:56 on June 20, 2018  /  Last updated at 21:56 on June 20, 2018  /  Newsletter  /  No Comments

A daily summary of our news plus bite-sized updates from around the world.

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TOP STORIES

Analysts ratchet down EU carbon price forecasts as lawmakers strengthen bloc’s energy targets

Analysts have cut their EU carbon price forecasts as the EU clinched agreements to raise its 2030 renewable energy and energy efficiency targets, warning that the impact of increased ambition won’t be fully absorbed by the market’s supply-curbing MSR.

EMEA

Power industry seeks continued UK participation in EU ETS

European power sector association Eurelectric is urging Brexit negotiators to retain the UK’s participation in the EU carbon market to help maintain electricity trade.

EU Market: EUA prices jump late as June options expire

EU carbon prices jumped late on Wednesday to end up 1.8%, in a move likely related to today’s options expiries.

ASIA PACIFIC

Former PM Abbott throws fresh spanner in the works for Australia’s NEG

Australia’s former Prime Minister Tony Abbott on Wednesday threatened to vote against his own party’s proposed National Energy Guarantee (NEG) because it focuses too much on cutting carbon emissions.

South Korean firms ink PoA deal as country eyes new CDM projects following carbon market rule change

Three South Korean firms have signed a preliminary agreement to invest in a cookstove PoA, as investors and participants in the country’s emissions trading scheme dip their toes back into the CDM market after the government earlier this year made some UN-issued carbon credits eligible for compliance use.

AMERICAS

US power sector CO2 emissions declining among major producers -report

CO2 emissions attributable to the largest electricity producers in the US have continued to drop from heights in the mid-2000s as energy efficiency measures and coal displacement drives reductions, according to new analysis published on Wednesday.

RINs gain on rumours of reallocated US biofuel volumes

Prices for US biofuels credits under the Renewable Fuels Standard (RFS) rose on Wednesday afternoon after several outlets reported that the EPA may reallocate waived compliance obligations in the agency’s upcoming 2019 rulemaking package.

Blockchain network launches new EV collaboration to trace California LCFS credits

A blockchain partnership has teamed up with a California municipal utility to introduce renewable energy tracking for electric vehicles (EVs) and create a digital record of Low Carbon Fuel Standard (LCFS) credits.

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CARBON FORWARD 2018

SAVE THE DATE: Carbon Forward 2018 – Survive and thrive in the global carbon markets

Don’t miss the 3rd annual Carbon Forward conference and training day – Oct. 16-18, 2018 in London.

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.

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BITE-SIZED UPDATES FROM AROUND THE WORLD

Going Dutch – Negotiators acting on behalf of seven parties in parliament have reached agreement on the text of a new climate law which will set a GHG reduction target of 49% by 2030 and 95% by 2050. The four coalition parties plus the Socialists, GroenLinks, and Labour will now put the plan to MPs for their approval. Final approval for the draft legislation is expected either the end of this week or early next week. (DutchNews.nl)

You’re on the list – Norway’s $1 trillion wealth fund’s process to blacklist firms for emitting too many GHGs has taken longer than expected, but recent clarifications from its ethics watchdog could mean a decision is near, a top official told Reuters. The fund is the world’s largest sovereign wealth fund, with stakes in over 9,000 companies worldwide. Carbon emissions became a criteria for exclusion from the fund in 2016 and last year the Council on Ethics recommended “a small handful” of firms from the oil, cement, and steel sectors be excluded. Since then, recommendations have been under review with the board of the central bank, which oversees the fund.

The Rocky Mountain way – Colorado Governor John Hickenlooper (D) issued an executive order on Tuesday that that will require the state to adopt low-emissions standards for vehicles used by California and 13 other states. Under the order, state agencies are to devise a new low-emissions vehicle programme that incorporates California’s standards, and comes months after the EPA said it will roll-back fuel economy standards developed during the Obama administration for cars beginning with model year 2022. While the move was welcomed by some environmental groups, state auto associations pushed back against the directive. (Climate Nexus)

Bad for biodiversity – Climate change is expected to surpass the effects of deforestation and agriculture to become the largest contributor to biodiversity loss by the second half of the 21st century, according to a new study. The research, published in Proceedings of the Royal Society of London B, finds that the combination of global warming and land-use change could cause the number of animal species in the average ecosystem to fall by 38% by 2070, compared to conditions from 1961-1990. Particularly severe impacts are predicted in the tropical grasslands and savannahs of southern Africa and southern America, where conversion to palm oil production and agriculture is likely, while amphibians and reptiles are especially vulnerable due to their unique habitat needs. (Carbon Brief)

Published protocols – The Alberta Climate Change Office (ACCO) has published four updated offset protocols to align the province’s emission offset system with its carbon levy. The revised quantification protocols, which were posted for 30-day comment periods in either late 2017 or early 2018, include Energy Efficiency Projects v2.0, Energy Generation from the Combustion of Biomass Waste v2.2, Engine Fuel Management and Vent Gas Capture v2.0, and Waste Heat Recovery v2.0.

Acquisition – Gasum has signed an agreement with Enegia to acquire Enegia’s energy market services business. The transaction covers the shareholdings of Enegia Consulting Oy, Enegia Portfolio Services Oy and intStream Oy. The transaction is anticipated to be completed in August 2018. Customers of Enegia energy market services business include energy companies, industry, and the public sector. Energy market services employ around 35 professionals in energy sourcing and sales and in emissions trading and green certificates. (LNG Industry)

Sparked their interest – Media company Acuris, which is backed by private equity firms BC Partners and GIC, has acquired New York City-based SparkSpread, a provider of energy financing, trading, and M&A news and industry gossip. No financial terms were disclosed. The company was founded by journalists Will Ainger and Victor Kremer in 2005.

And finally… If only we knew where to find some – A shortage of CO2 in the UK could take the fizz out of beer and other sparkling drinks this summer, just as the World Cup and barbecue season get under way. The country has only two plants producing carbon dioxide and one is closed for maintenance, threatening to leave drinks makers high and dry. Brigid Simmonds, the head of the British Beer and Pub Association, has said the situation has already led to a slowdown in production, and has written to CO2 producers asking them to rectify the situation. Carbon dioxide doesn’t just put the fizz into soft drinks and beers, but it is also used to pack meat and salads. It comes mainly from ammonia plants that manufacture fertiliser, though many of those facilities undergo maintenance in the summer. Currently at least five CO2 producers across northern Europe are offline for maintenance, according to trade publication Gasworld, which said carbonated drinks producers were now “desperate” amid the worst CO2 supply crisis for decades. (BBC)

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