CP Daily: Monday September 17, 2018

Published 23:09 on September 17, 2018  /  Last updated at 09:58 on October 30, 2018  /  Newsletter  /  No Comments

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

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TOP STORY

Australian minister says keen to top up ERF budget

Australia’s new environment minister Melissa Price on Monday gave the nation’s offset market a boost by saying she was seeking to top up the budget of the Emissions Reduction Fund (ERF), making her the first government member to openly pursue this since the A$2.55 billion fund was established.

EMEA

Higher EUA price to induce German coal phase-out, but risks abound in determining end date -analysts

Higher EU carbon prices will set Germany’s coal power phase-out in motion, but the country risks inducing power price spikes in determining an end-date for the fuel’s use, analysts said on Monday.

EU Market: EUAs jolt towards €21 as prices continue recovery from massive sell-off

EU carbon prices climbed almost 5% on Monday, rising by almost a euro following a strong auction in another choppy session in the wake of last week’s massive swing of almost €8.

Four British carbon investment fraudsters sentenced to 32 years in prison

Four British men have been jailed for a combined 32.5 years after being found to have operated a £2.4 million fraud that involved mis-selling carbon credits to 130 victims.

ASIA PACIFIC

NZ Market: NZUs hold steady as supply dries up

New Zealand carbon allowances made minor gains further above NZ$25 on Monday as supply has dried up amid expectations of further price hikes.

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BITE-SIZED UPDATES FROM AROUND THE WORLD

Don’t call it a comeback – Britain’s ability to meet its GHG targets is being challenged by a comeback for coal power stations that threatens to drive up the energy sector’s carbon emissions for the first time in six years. Coal plants have become more economic to run than their gas counterparts in the past month because wholesale gas prices have hit 10-year highs. A report by Imperial College London said the extra coal-burning had increased emissions by 15% in September, equivalent to an extra 1,000 tonnes of CO2 per hour. If the trend continues in the coming months, the sector’s emissions would rise by as much as 1.2 Mt this year, according to researchers at the university. (Guardian)

Joining the club – Royal Dutch Shell unveiled plans Monday to cut methane emissions from its worldwide operations to below 0.2% of the natural gas from their projects by 2025, Axios reports. “Shell is implementing programmes, including using infrared cameras to scan for methane emissions, deploying advanced technology to repair leaks, and replacing high-bleed pneumatically-operated controllers with low emission alternatives,” the company said. Shell’s move is similar BP’s pledge in April, while Exxon unveiled a methane-cutting goal in May.

And finally… The next chapter – An Indian court has ruled there is enough evidence to send former IPCC chief Rajendra Pachauri to trial on sexual harassment charges in a case filed by a former female colleague in New Delhi. Ashish Dixit, a lawyer who represented Pachauri before the magistrate on Friday, said there was no case against Pachauri and he will fight the charges during the trial, the Press Trust of India news agency reported. Magistrate Charu Gupta set Oct. 20 for pretrial proceedings, the AP reports. Police registered the case against Pachauri after the 29-year-old female colleague accused him three years ago of sexual harassment and criminal intimidation. The accusations came after Pachauri published what some have called a steamy, semi-autobiographical book about an academic in his 60s and his “spiritual journey” through India, Peru, and the US, which involves sexual liaisons with countless women.

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