CP Daily: Wednesday July 1, 2015

Published 18:19 on July 1, 2015  /  Last updated at 01:13 on July 29, 2015  /  Newsletter  /  No Comments

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

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OUR TOP NEWS:

EC moves to close MSR loophole in post-2020 EU ETS reform plans -leaked draft

The European Commission has moved to close a potentially massive loophole in the MSR reform in what appears to be a draft of the EU ETS post-2020 reform proposal leaked on Wednesday, giving a slightly bullish EUA price outlook and tightening free allocations to industry.

DIALOGUE: Is China’s INDC any good?

China on Tuesday finally submitted its INDC to the UN, but is the world’s biggest greenhouse gas emitter ambitious enough?

 

Renewables shaving 15mt off EU ETS emissions output annually -analysts

Renewables are reducing power sector emissions in the EU ETS by around 15 million tonnes annually, with the industry’s steady growth posing one of the biggest risks to demand for European carbon allowances, analysts said.

 

EU carbon edges higher as CERs jump

EU Allowance prices edged higher in light buying and time spread trading, while CER prices posted a 7.5% gain amid renewed activity.

 

Beijing, Shanghai, Shenzhen firms meet ETS compliance deadline

Nearly all companies covered by emissions trading schemes in Beijing, Shanghai and Shenzhen met Tuesday’s 2014 compliance deadline, the local CO2 exchanges said.

 

UK industries advance plans for country’s third CCS project

Four UK industrial firms and local public sector bodies are uniting to advance a CCS project in manufacturing hub Teesside, northeast England, which could bury 2.8 mt of CO2 per year from 2024.

 

Bite-sized updates from around the world:

The US is leaving the markets out in the fight against carbon emissions, leaving Obama little choice but to propose a potentially more costly solution via his Clean Power Plan, reports The New York Times. NOTE: While far from a national market, nearly all US states are considering allowing their utilities to deploy carbon trading in some form to help meet CPP obligations, more from Carbon Pulse here.

Ecofys consultant Maarten Neelis suggested several options for an improved benchmark based free allocation in the EU ETS post-2020, which he said could make things simpler more robust in the future. (Ecofys blog)

If Australia took on China’s carbon intensity target it would mean absolute CO2 cuts well beyond what anyone in the Australian government has suggested, according to the Climate Institute. But Foreign Minister Julie Bishop downplayed the Chinese pledge. (The Guardian)

The UK government’s airport adviser has backed a third runway at Heathrow over other airport expansions, but some have raised doubts the move can cater for increased flight demand without breaking the country’s legally-binding emission targets. (Carbon Brief)

Statements this week from the major Canadian political parties would suggest that there is a profound disagreement about how to confront the monumental challenge of climate change. And probably there actually is some disagreement here. But this is something of a phoney war, less a clash of ideas than a contest of notions. (Maclean’s)

 

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