CP Daily: Monday September 3, 2018

Published 23:33 on September 3, 2018  /  Last updated at 16:35 on September 4, 2018  / Stian Reklev /  Newsletters

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

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EU Market: EUAs tumble below €21 as auctions return to double-size

EU carbon prices slid early on Monday as the market struggled to absorb the first regular-sized sale following a month of half-volume holiday auctions.


NZ Market: NZUs stay strong as observers eye new loophole for foresters

New Zealand carbon allowances fell marginally on Monday but remained above the NZ$25 price ceiling, causing some observers to speculate whether foresters that have joined the ETS voluntarily might pull out of the scheme to bank their profits.


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Off track – UN climate chief Patricia Espinosa has warned that governments are not doing enough to meet their climate change targets. Speaking ahead of Tuesday’s opening of UNFCCC negotiations in Bangkok, Espinosa said that the world is unlikely to meet the goal outlined in the Paris climate agreement of limiting temperature rise to 1.5C needed for many islands and many countries particularly vulnerable to avoid catastrophic effects. With the pledges we have on the table now we are not on track to achieve those goals”. She suggested that the extreme weather events of this summer, such as the European heatwave, should give fresh impetus to the talks. (Reuters)

Brexit brush-off – The UK’s ministers are “deliberately weakening” the green watchdog that will hold the government to account on the environment after Brexit, the shadow Brexit minister Matthew Pennycook said. He added that the body that will replace the power of the European commission after Britain leaves the EU will not have any powers relating to climate change. (The Observer)

Sun dealing – The EU will end its five-year-old tariffs on the sale of solar panels from China this week, in a move that EU producers said would lead to a flood of cheap imports. The measures expire at midnight on Monday. The Commission said it was in the best interests of the EU as a whole for the measures to lapse, given the bloc’s aim of increasing its supply of renewable energy. (Reuters)

In vogue – The city of Melbourne has carbon neutralised two of its major events for 2018: Melbourne Fashion Week and Melbourne Music Week. The events were offset under the government’s carbon neutral programme, and included buying a small amount of carbon credits. The city purchased around 600 ACCUs from two domestic savanna-burning projects via Tasman Environmental Markets, and 400 VCUs from a Chinese wind farm project via First Climate, according to the verified report.

Meat sweats – Switching to lab-grown meat could cut the mean industry’s GHG emissions by 78-96%, says a report from the Adam Smith Institute, a free-market think tank, based on figures from a study published in the Environmental Sciences & Technology Journal. Livestock are responsible for 14.5% of the greenhouse gas emissions caused by humans, according of the UN’s Food and Agriculture Organisation. (BusinessGreen)

And finally… Justify yourself – Nuclear energy can’t compete on cost with cheap natural gas or renewables and therefore needs the help of policy makers who are willing to promote its low-emission power generation as a way to fight climate change, according to a landmark new study. To stave off runaway global warming by mid-century, the world’s current crop of leaders need to institute policies that dial down greenhouse gases emitted by power producers more than 90 percent, according to scientists at MIT. The clearest way to get there may be by putting a price on carbon emissions and supporting clean technologies. “As of today and for decades to come, the main value of nuclear energy lies in its potential contribution to de-carbonizing the power sector,” reads the 246-page report published Monday. “Cost is the main barrier to realizing this value. Without cost reductions, nuclear energy will not play a significant role.” (Bloomberg)

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