CP Daily: Wednesday October 17, 2018

Published 01:29 on October 18, 2018  /  Last updated at 01:29 on October 18, 2018  /  Newsletter  /  No Comments

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

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CARBON FORWARD 2018

Loss of control makes staying in EU ETS “utterly impossible” for UK -lawmaker

It will be “utterly impossible” for the UK to remain in the EU ETS post-Brexit, a senior European legislator said Wednesday, arguing that the relinquishment of control involved by British government in such an option makes it politically unfeasible.

Analysts’ views diverge on EUAs’ path to 2030

Analysts expect EU carbon prices to soar over the next decade, but they differ vastly by how much as they factor in this year’s faster-than-expected tripling of EUA values and the impact of a cadre of new speculators.

EU to resist Poland’s call for ETS intervention, but may eventually step in to cool prices -experts

EU lawmakers are expected to resist Poland’s call to intervene to dampen soaring carbon prices, but may step in if prices surge again or more member states complain, a conference heard on Wednesday.

AMERICAS

California postpones discussion, final approval of cap-and-trade amendments

California’s Air Resources Board (ARB) will push back discussion of its cap-and-trade regulations to November, and as a result, no changes will be approved until January 2019, officials said.

California leaves out 1.2m V2016 allowances in upcoming auction, data shows

California is leaving out 1.2 million Vintage 2016 allowances for the November auction, according to state data, meaning they are likely to be retired or shifted into the Allowances Price Containment Reserve under the programme’s 24-month rule (APCR).

US EPA aiming for early 2019 in finalising major environmental rollbacks as aviation and biomass on hold

The US EPA signalled Wednesday it is aiming to finalise rulemaking on regulations for the power and transportation sector early next year, while deferring further decisions on how to set GHG standards in aircraft and treat biogenic CO2 emissions.

Mass electrification can help meet BC’s GHG goals, counter LNG growth -study

British Columbia can achieve its recently updated GHG reduction targets and offset the development of LNG projects in the province through large-scale electrification, according to a white paper released Tuesday by a clean energy trade group.

EMEA

EU Market: EUAs hold above €19 after UK auction clears at record discount

European carbon prices ended little changed on Wednesday, holding above €19 after the fortnightly UK auction cleared at a record discount to the secondary market.

ASIA PACIFIC

Major polluting projects could face mandatory offsetting under Australia’s Northern Territory’s new Aboriginal carbon plan

The Northern Territory government on Wednesday released a strategy for Aboriginal carbon farming that included exploring mandatory offsetting for big-emitting resource projects and a potential market for their co-benefits.

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BITE-SIZED UPDATES FROM AROUND THE WORLD

Dem’ Governors – A Five Thirty Eight forecast shows Democrats winning the governor races in California, Oregon, and four of the eight RGGI states up for re-election this November. The forecast, which was released Wednesday, shows Maine, New York, Rhode Island, and Connecticut likely to go with Democratic candidates. Maine is the only state likely to swing from Republican to Democrat, it added. The other four RGGI states – New Hampshire, Vermont, Massachusetts, and Maryland – are expected to stay in the hands of Republicans during the midterm elections.

Fate on Asia – Global efforts to curb CO2 emissions will likely fail unless Asia can find other energy sources to meet its needs, according to Nikos Tsafos, a fellow at the think-tank Center for Strategic and International Studies. Using the BP Statistical Review of World Energy as a basis, Tsafos wrote that the Asia-Pacific region consumed 75% of the world’s coal in 2017, up from 50% in 2000 and a higher share than for any other fuel or energy in general. Additionally, while demand for coal outside Asia peaked in 1988 and has since fallen by a third, demand in the region has risen by 3.5 times. Tsafos also noted the most dynamic part of this trend has come from a subgroup of countries including Indonesia, Taiwan, Vietnam, and others that have seen a 45% rise in coal demand in the last decade, and could soon surpass the European Union, whose demand was 13% higher in 2017.

The 59’ sound – Per-capita CO2 emissions in the UK have fallen to their lowest level since 1859, reports The Telegraph. The figure builds on previous Carbon Brief reporting that found total UK CO2 emissions in 2017 were at their lowest level since 1890.

Lift, then ditch – US Senator Dean Heller (R) has proposed legislation that would lift the current cap on electric vehicles (EVs) eligible for tax credits. Under current law, the tax credit phases out starting in the following quarter after a manufacturer hits 200,000 EVs sold. Heller’s bill would lift the individual manufacturer cap, but the proposal would phase out the credit for the entire industry in 2022. GM and Tesla have lobbied Congress to raise the cap, with Tesla hitting the threshold in July. GM said it expects to reach the 200,000 mark by the end of the year. (Reuters)

Glorified G(HG Reductions) – Rock band Pearl Jam will team up with US offset project developer ClimeCo to voluntary mitigate an estimated 3,500 tonnes of CO2 produced by their 2018 US and European tour dates through an Alaskan forest preservation project. The project, which has gone through the assessment process of Verra’s Verified Carbon Standard (VCS), supports conservation work on Afognak Island that is home to a coastal temperature rainforest with trees up to 250 years old. The initiative is also designed to protect the area from logging and preserve wildlife habitat. The band has calculated and offset their tour-related carbon emissions since 2003.

Washing away history – Some of the world’s most important historical sites along the Mediterranean coastline are at serious risk from unchecked climate change, according to new research. A study published Tuesday in the journal Nature Communications found 40 of the 49 UNESCO World Heritage sites in the Mediterranean are vulnerable to sea-level rise and coastal erosion. Carbon Brief has produced a map of the sites, all of which are located at less than 10m above sea level. Sites on the map include the iconic ancient cities of Venice and Naples in Italy, as well as lesser known sites including Gorham’s Cave Complex, Gibraltar, which contains Neanderthal artwork, and the ruins of Butrint, Albania, a prehistoric settlement that was occupied by ancient Greeks and Romans. (Climate Nexus)

And finally… It’s all about the money – Australian Environment Minister Melissa Price is in hot water after allegations surfaced that she claimed during a dinner with Kiribati’s former President Anote Tong that when it comes to climate change, the Pacific islands were only interested in money. “I know why you’re here. It is for the cash. For the Pacific, it’s always about the cash. I have my chequebook here. How much do you want?” she is alleged to have told climate change activist and Nobel Peace Prize nominee Tong. Price’s office denied the episode, but Labor senator Pat Dodson claims to have witnessed it, and has written to Price criticising her “offensive” behaviour, with copies sent to PM Scott Morrison and opposition leader Bill Shorten. A number of the Pacific islands are at risk of being submerged in the ocean due to rising sea levels. (Fairfax)

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