CP Daily: Tuesday July 7, 2015

Published 18:21 on July 7, 2015  /  Last updated at 01:12 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:

EU officials seek to tap carbon market cash for foreign aid -sources

EU officials are considering diverting tens of billions of euros from the bloc’s carbon market to use as foreign aid in a bid to secure allies for negotiating a global climate pact.

 

New Zealand pledges to cut emissions 30% below 2005 levels by 2030

New Zealand will cut its greenhouse gas emissions to 30% below 2005 levels by 2030, Climate Change Minister Tim Groser announced Tuesday.

 

Main MEP groupings reiterate support for MSR ahead of vote

Senior MEPs from the six of the biggest political groupings of the European Parliament spoke in favour of the MSR proposal during a debate on Tuesday, further bolstering expectations that the measure will pass in a Wednesday vote.

 

EU carbon rises on strong auction, MSR vote optimism

EU Allowances closed 1.2% higher on Tuesday, bolstered by a strong auction, erased losses on German power and optimistic signals out of the European Parliament ahead of tomorrow’s MSR vote.

 

Ontario set to miss 2020 GHG goal -environment commissioner

Ontario has met its interim GHG reduction target for 2014 but it will find it difficult to reach its 2020 goal, the Canadian province’s acting Environment Commissioner said on Tuesday, as a North American climate summit kicks off in Toronto.

 

10 ways to almost close global emission gap while boosting GDP -report

Up to 96% of emission cuts needed to limit global warming to 2C can be made with 10 actions that drive economic growth, according to a report by the Global Commission on the Economy and Climate.

 

White House trims US social cost of carbon to $36/ton

The White House last week tweaked its Social Cost of Carbon (SCC) metric, asking federal agencies to factor in a price per ton of CO2 of $36 when making regulatory decisions involving GHG reductions.

 

Direct Action not enough to meet Australia’s post-2020 target -analysts

Australia’s Direct Action Plan in its current form would only achieve GHG cuts of 11% below 2000 levels by 2025, analysts Reputex said Tuesday, far below the target range the government is expected to commit to.

 

Bite-sized updates from around the world:

For conservatives, it’s the ‘right time’ to discuss climate change – A panel of conservative policy analysts discussing the GOP’s latent role in environmentalism agreed yesterday that the Republican Party is damaging itself by surrendering the issue of climate change to the Democratic Party. (ClimateWire)

Inside the fight against Obama’s climate plan – President Barack Obama’s signature climate change rule is expected to land this summer, imposing the nation’s first-ever greenhouse gas limits on the electric utility industry— and Republicans and industry are already scrambling to kill it any way they can. (Politico)

In a new report, the Carbon Tracker Initiative said $283 billion worth of potential LNG projects may be surplus to requirements in a low carbon scenario. The US, Canada and Australia were identified as particularly vulnerable.

Alberta’s Notley, PM Harper have first meeting, discuss economy, climate change – The recently elected New Democratic Premier said Mr. Harper did not flag her government’s decision to double the provincial carbon tax by 2017, and he acknowledged Alberta’s energy sector had anticipated the increase. “I think it a bit of an overstatement to say the carbon level was an agree-to-disagree [area for us],” Ms. Notley said. “It was not my impression that that was a huge irritant for them.” (Globe and Mail)

Meanwhile, Ontario Environment Minister Glen Murray is turning the tables on the Harper government, slamming its plan for carbon regulations as economically damaging compared with the market-based plans being pursued by provinces. (Globe and Mail)

Separately, Canadian Environment Minister Leona Aglukkaq will sidestep Ontario Premier Kathleen Wynne’s international climate change summit to be held next week, the National Observer has learned.

On the future of offsetting – Five questions to First Climate executives Jochen Gassner and Sascha Lafeld.

 

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