CP Daily: Wednesday July 8, 2015

Published 00:55 on July 9, 2015  /  Last updated at 01:11 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:

European Parliament approves EU ETS Market Stability Reserve

The European Parliament approved the EU Emission Trading Scheme’s Market Stability Reserve (MSR) in a vote on Wednesday, sending the proposal to EU ministers for a final nod in September.

 

UK’s ends tax exemption for clean power, to review business green energy taxes

The UK government surprised investors on Wednesday by saying renewable power will no longer be exempt from its climate levy, sending shares in clean energy companies tumbling and knocking 28% off the value of utility Drax.

 

Mexico to launch carbon offset trading in 2017, will pursue link to WCI markets

Mexico will launch its carbon offset market in 2017 and will pursue a link to interconnected schemes in California, Quebec and Ontario, said Rodolfo Lacy, Mexico’s undersecretary for environmental policy and planning, according to Quebec’s environment minister.

 

Deeper EU energy saving goal would knock CO2 price -analysts

EU carbon prices would take a 4% hit should the EU agree tougher 2030 energy saving goals reported to be under consideration by the European Commission, analysts said on Thursday.

 

China markets: Volumes soar in Hubei as emitters scramble to comply

More than 1.1 million CO2 permits and offsets traded in the Hubei ETS Wednesday, a record across all of China’s pilot markets, as emitters moved to ensure they can meet Friday’s compliance deadline.

 

Analysts bet on NZ ending ETS cost-control measures, but see few major changes

The New Zealand ETS review is likely to bring to an end the scheme’s cost-controlling transitional measures, but other major changes are unlikely despite the government’s post-2020 climate pledge, according to analysts.

 

EUAs unmoved after MSR vote as eyes fall on Greece, post-2020 reform

EU carbon prices barely reacted to the Parliament’s widely-anticipated approval of the MSR on Wednesday as traders withheld the temptation to book profits in hope of further gains in the coming days.

 

Bite-sized updates from around the world:

Minister says Ontario could offer some cap-and-trade exemptions – Ontario’s Environment Minister is suggesting the province will go easy on industrial polluters under its coming cap-and-trade program, which is aimed at driving down greenhouse-gas emissions to battle climate change. (Globe and Mail)

German Push to Expand Green Power Overwhelms Neighbors’ Defenses – Poland and the Czech Republic are spending $180 million on equipment to protect their systems from German power surges, while Austria is curbing some trading to prevent regional networks from collapsing. On a windy day, the overflow east can exceed the output from four atomic reactors. (Bloomberg)

As Australia’s government is in the final stages of preparing its INDC, some Liberal backbenchers argue the country shouldn’t sign anything in Paris until a new review of climate science has been carried, sparking an offer from some of the country’s leading scientists to give MPs a briefing. Graham Readfearn recaps and speaks to some exasperated scientists. (Guardian)

Exxon knew of climate change in 1981, email says – but it funded deniers for 27 more years – A newly unearthed missive from Lenny Bernstein, a climate expert with the oil firm for 30 years, shows concerns over high presence of carbon dioxide in enormous gas field in south-east Asia factored into decision not to tap it. (Guardian)

China sets new standards for coal conversion projects – China’s energy regulator has released new draft guidelines for projects that convert coal to oil or gas, aiming to commit the sector to the strictest possible environmental standards. (Reuters)

EPA: Ruling on mercury won’t block climate plan – A Supreme Court ruling that undermined a federal rule targeting mercury pollution will not affect the Obama administration’s plan to limit greenhouse gas emissions to slow the effects of global warming, the head of the Environmental Protection Agency said Tuesday. (The Herald Dispatch)

Warren Buffett’s Nevada utility has lined up what may be the cheapest electricity in the U.S., and it’s from a solar farm. (Bloomberg)

Environment is the main challenge for Luxembourg’s EU Presidency over the next six months. (EurActiv)

And finally: Public relations giant Edelman has lost valued executives and clients by trying to play both sides of the climate debate. (Guardian)

 

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