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
- No decision on NEG, but Australian states agree to keep talking
- EU Market: EUAs set new 7-year high near €18, notch 1.2% weekly rise
- WCI holding limits to shrink on Sep. 14 due to Ontario departure
- California LCFS prices slide back from record highs
- CN Markets: Pilot market data for week ending Aug. 10, 2018
- SAVE THE DATE: Carbon Forward 2018 – Survive and thrive in the global carbon markets
Australian state ministers on Friday chose to defer a final decision on the proposed National Energy Guarantee (NEG), but will launch a four-week consultation process on the policy if it goes through the federal Coalition party room next week.
European carbon prices reached their highest level since May 2011 on Friday, setting a fresh seven-year peak in thin trade amid curtailed auction supply.
Entities participating in the WCI cap-and-trade programme will see their holding limits revised downward next month to account for Ontario leaving the linked carbon market.
Prices for California Low Carbon Fuel Standard (LCFS) credits retreated this week as sell-side pressure reversed gains made in late July that helped notch several records.
Below is a table of the closing prices, ranges and volumes for China’s regional pilot carbon markets this week. All prices are in RMB, and volumes in tonnes of CO2e. Data sourced from local exchanges.
CARBON FORWARD 2018
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.
BITE-SIZED UPDATES FROM AROUND THE WORLD
Forest goals – Brazil cut its greenhouse gas emissions from deforestation in 2017 to levels below its UN 2020 target, environment minister Thiago Mendes said. Brazil reduced its emissions from deforestation in the Amazon rainforest by 610 million tonnes of CO2, compared to its 2020 target of 564 Mt. In the Cerrado savanna, emissions were reduced by 170 Mt versus a target of 104 Mt. (Reuters)
Green trade – Commodity broker Tradition could eventually make its clean energy deal-making obsolete. It is working with Lithuanian green energy-trading startup WePower in Australia to develop a blockchain-based way of rolling out corporate Purchase Power Agreements to smaller companies. This method could eventually be scaled worldwide and cut out brokers, which currently charge a fee for helping negotiate sales of renewable power. (Bloomberg)
Bending the solar curve – Organic photovoltaics, made from carbon and plastic, can be made almost as efficient as conventional silicon, according to a study by Chinese researchers published in the journal Science. This could potentially deliver a major step forward for solar power by driving down costs further and enabling new surfaces to be covered by the lightweight, bendy material such as rooftops and even clothing. (BBC)
Farm fuss – A new lawsuit in Germany aims to force the government to tighten its nitrate regulations at large-scale farms, with the larger goal of reducing methane emissions. Environmental Action Germany, an advocacy group that filed the lawsuit last month, wants the government to lower nitrate levels by placing a tighter cap on the amount of manure that each farm can accommodate per hectare of land, which would thereby lower emissions from dairy and cattle operations. High nitrate levels in ground and surface water typically come from excessive use of fertilisers and animal manure – especially at large industrialised farms – with Germany’s level of nitrate pollution the second highest in the EU. (Climate Liability News)
Farm funds – A portion of utility Southern California Gas Company’s $120 million settlement for its role in the biggest methane release in US history includes a programme to pay for methane gas collection at dozen of the state’s dairy farms. According to a document from California regulator ARB, the settlement would ensure that methane is collected at 12 or more dairies and fed into the state’s existing natural gas pipeline and storage network before being deployed as a transportation fuel. Environmental groups were mixed on the mitigation agreement, which now goes up for a 35-day public comment period before the Los Angeles Superior Court makes a decision on how to proceed. (Inside Climate News)
Fossil friend – US Department of Energy policy chief Bernard McNamee is expected to fill the seat of outgoing Federal Energy Regulatory Commission (FERC) head Rob Powelson, according to Politico. McNamee, a vocal proponent of fossil fuels, helped Energy Secretary Rick Perry unveil a proposal last year to prop up economically struggling coal and nuclear plants, a proposal which Powelson’s FERC shot down. “It’s outrageous that someone so clearly biased … is even being considered as a commissioner to this independent agency, and we’ll do everything we can stop his nomination,” Mary Anne Hitt, the senior director of the Sierra Club’s Beyond Coal Campaign, said in a statement.
Heat hardship – As temperatures soared through England in July, Accident and Emergency (A&E) attendances reached more than 2.1 million during the month, according to new figures released by NHS England on Thursday. That number was the highest since records began in 2010, with health bodies saying that there were more reports of people turning up with dehydration, heart failure, and kidney problems related to the unusually high temperatures. (BBC)
And finally… Coal for humanity – A new campaign from Life:Powered, a not-yet-public campaign group of US fossil fuel industry representatives, will aim to sell coal, gas and oil as a technology-friendly solution to global energy poverty that is already entrenched in the day-to-day lives of much of the developed world. (Platts)
Got a tip? Email us at email@example.com