CP Daily: Tuesday October 23, 2018

Published 03:54 on October 24, 2018  /  Last updated at 03:54 on October 24, 2018  /  Newsletter  /  No Comments

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

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TOP STORIES

UK’s climate minister signals preference for linkable ETS post-Brexit

The UK’s climate minister Claire Perry on Tuesday said her ministry is examining how to eventually set up a standalone ETS under a ‘no deal’ Brexit scenario, the clearest sign yet of Britain’s preferred direction on carbon pricing.

Canadian government to impose ‘backstop’ carbon pricing on five provinces

The Canadian federal government on Tuesday announced it will fully or partially implement its ‘backstop’ carbon tax plan next year on five provinces that are resisting Ottawa’s efforts roll out CO2 pricing across Canada.

AMERICAS

Mexico releases details of 3-year pilot cap-and-trade programme

Mexico has released details of its three-year cap-and-trade pilot programme, which will begin in 2019 and feature some of the same mechanisms used by other North American carbon markets.

Newfoundland and Labrador, Nova Scotia unveil updated carbon pricing plans

Newfoundland and Labrador (NL) and Nova Scotia revealed Tuesday their updated plans to comply with the federal government’s carbon pricing mandate, with the NL proposal taking an exemption-filled hybrid pricing system and Nova Scotia shifting the design of its ETS by allowing auctions.

Majority of Oregon legislators backing carbon legislation, state representative says

Oregon Democrats are promising to support a cap-and-trade proposal slated for discussion during the 2019 legislative session, but the future of that programme could depend on next month’s gubernatorial election, a conference heard on Tuesday.

California will not present revised cap-and-trade amendments in November

California’s Air Resources Board (ARB) does not plan to present its board with additional changes to its proposed cap-and-trade amendments at a November meeting, a senior ARB official said on Tuesday.

EMEA

EU Market: EUAs recover from early losses after technical rebound

EUAs clawed back from early losses that took carbon to near €18 on Tuesday, with buyers stepping in after prices failed to breach a key technical level.

ASIA PACIFIC

Australia’s ERF needs more than just cash to pick up pace -analysts

Moderates in Australia’s ruling Liberal party are reportedly pushing for a A$1-billion ($700 mln) cash injection for the Emissions Reduction Fund (ERF), but the programme needs major reform to revitalise, analysts said Tuesday.

SK Market: Prices crawl up to 3-mth high in slumbering Korean ETS

South Korean carbon allowances on Tuesday climbed to a three-month high as buyers begin to pick up available volumes after a lengthy post-compliance slumber in the world’s second-biggest carbon market.

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BITE-SIZED UPDATES FROM AROUND THE WORLD

Warm-up – Ahead of December’s COP24 in Katowice, Poland, many of the world’s environment ministers are taking part in a ‘pre-COP’ ministerial dialogue on climate change, which is being held in Krakow on Oct. 23-24. The meeting is the final step before Katowice, where parties to the Paris Agreement are aiming to adopt detailed rules and guidelines, the so-called ‘work programme’, for implementing the global accord. “At the pre-COP, ministers will discuss the key issues for the Paris work programme, in order to facilitate an agreement namely on transparency, finance, mitigation and adaptation,” the European Commission said in a notice.

Better than a band-aid – The CEO of the US’ largest nuclear operator on Monday renewed his call for a price on carbon emissions, saying it would be preferable to current state subsidies for nuclear plants or a federal plant bailout contemplated by the White House. “What we’re doing right now is band-aids,” Exelon CEO Chris Crane said at an event in Washington. “What we need to do is a regional or national fix.” (Utility Dive)

Caught cheating – China’s environment ministry has accused three regions – Guangxi, Henan, and Yunnan – of faking reported efforts to rectify environmental violations, Reuters reports. A fourth, Guangdong province, was said to have failed to take responsibility for its violations. The four regions are the latest in a long line of jurisdictions caught cheating or faking environmental reporting or data. While these are not directly related to greenhouse gas emissions, the phenomenon is causing major concerns ahead of the launch of China’s national ETS, where provincial governments will be responsible for checking verified emissions from scheme participants, and then report numbers on to the central government in Beijing.

Here we go – The first cargo of liquefied natural gas from the Ichthys LNG projects has left Australia, French oil and gas firm Total announced Tuesday. Total owns 30% of the project, while Japan’s Inpex owns 62%. When fully operational, Ichthys will be able to supply 8.9 million tons per year of LNG and 1.65 Mt/y of liquefied petroleum gas (LPG), along with 100,000 barrels of condensate per day. The government in Australia’s Northern Territory expects Ichthys to emit some 7 MtCO2e annually, increasing the state’s greenhouse gas emissions by over 40%.

Hot plates – Energy start-up Lumenion, Vattenfall Energy Solutions, and Berlin-based housing company Gewobag have kicked off a steel storage pilot project in Germany’s capital to store excess regional wind and solar power, the companies announced in a press release. Excess power will be stored in steel plates for less than 2 cents per kilowatt hour as heat (up to 650 degrees C), which can be used directly, or converted back into electricity when needed. (Clean Energy Wire)

And finally… You gotta fight – – for your right – – to be left alone – Does the US Constitution, with its guarantees of liberty and privacy, also impose an obligation on the part of the federal government to protect those wild places where liberty and privacy can best be enjoyed? That is the question the Animal Legal Defense Fund is hoping to test with a ground-breaking lawsuit filed Monday in US  District Court in Oregon. The suit marks a unique twist in an emerging series of so-called Atmospheric Trust cases, in which defendants allege that actions by the government have helped fuel climate change, which has degraded the environment and violated individual rights. In this case, the suit alleges Americans’ constitutionally protected right to “to seek liberty and privacy in the wilderness … the right to be left alone … has been impeded substantially by climate change,” said Carter Dillard, senior policy advisor for the Animal Legal Defense Fund. (Climate Liability News)

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