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Carbon allowance prices in the latest Swiss bi-annual auction have crashed to a record low, abruptly ending a trend of convergence with EU prices ahead of the linkage of both markets.
EUAs climbed back above €20 on Monday for the first time in over three weeks amid a soaring energy complex and as traders eyed the upcoming contraction in auction supply.
The UK government’s climate advisors could recommend deepening Britain’s near-term emission targets as part of their advice on how the country can align with the 1.5C global warming goal, the UK’s climate minister has indicated.
German utility EnBW nudged up its hedging rates over Q3 to leave it close to last year’s levels, but they are still lagging recent historical rates, according to financial results released Monday.
Mexico has released additional analysis for its draft three-year pilot cap-and-trade programme showing the benefits far outweigh costs, though state-owned oil firm Pemex voiced opposition.
The Philippines is abandoning plans to introduce a carbon tax, a senior government official told a conference, saying it would impose unpopular costs on consumers while doing little to reduce emissions.
NZUs remained unchanged just above the NZ$25 fixed price option (FPO) level for the third consecutive day on Monday, as emitters weigh compliance strategies amid ongoing uncertainty over the FPO’s fate.
Job listings this week
- Senior Consultant, Corporate Sustainability, South Pole – London/Amsterdam/Stockholm
- Carbon & Renewable Energy Portfolio Manager, South Pole – Sydney/Melbourne
- Project Manager, Climate Projects and Accounting, CO2OL – Bonn
- Advisor for international climate policy, GIZ – Bonn
- Senior Programme Officer, US & International Climate Cooperation, WWF -Washington DC
- Climate Change and Sustainability Specialist, ICF – Washington DC
- Climate Change and Sustainability Contractor, Lloyd’s Register – Houston
- Climate Change Programme Manager, Air Products – Houston
- Climate Change Principal Planner, State of Delaware – Dover
Or click here to see all our job adverts
BITE-SIZED UPDATES FROM AROUND THE WORLD
Small change – The world’s biggest energy companies are spending an average of 1.3% of their 2018 capital investment budgets on low-carbon projects, and European companies such as Total, Shell, Equinor, and Eni are among those spending the most. That’s according to a new report from non-profit investment research provider CDP that ranked 24 companies by their preparedness for a global transition towards cleaner fuels. (Financial Times)
Gas protest – With the UK’s exit from coal power almost complete, campaigners are turning their attention to cleaner gas generation. Activist lawyers ClientEarth have objected to planning for Drax’s new 3.6GW gas facility, arguing that adding the project to the 15 GW of already-approved gas plants would take the total to about 18 GW, or three times the 6 GW of new gas the government estimates the country will need up to 2035. Drax wants to use the plant to balance the grid when intermittent renewables drop, and the company says it would enable it to switch off its two remaining coal plants in 2023, two years ahead of the UK’s coal phaseout target. Meanwhile, energy consultancy Wood Mackenzie has warned the UK needs more gas storage sites to reduce the risk of a supply shortage that could lead to blackouts, calling the current inventory “precarious.” (The Guardian, Carbon Brief)
Adapt more – Adapting the EU regions and economic sectors to the impacts of climate change is now more urgent than forecast in the EU’s 2013 adaptation strategy, according to the European Commission’s evaluation of 2013 strategy published Monday. The analysis results were released in a report on lessons learned and reflections on improvements for future action. The EU’s 2013 strategy focused on three key objectives: promoting action by member states, ‘climate-proofing’ action at EU level and supporting better-informed decision-making.
Give me the facts – New Brunswick’s newly minted Tory premier says he will follow through on his promise to fight Ottawa’s carbon pricing plan, but he wants to get all the facts before making a move. Just after his first meeting with his new cabinet on Saturday morning, Premier Blaine Higgs told reporters that he intends to hear a presentation on the federal carbon pricing system. “We want to understand completely the situation as it is being proposed by the federal government,” he said. “Now, that does not take off anything in relation to my co-operation … with other provinces in order to fight the carbon tax. That is my intent, that’s what I ran on and that’s what I’ll continue to do. But I always work knowing all the facts.”
Tropical forestry standard – California finalised the environmental analysis for its tropical forestry standard on Friday ahead of a Nov. 16 workshop on the issue. A majority of the changes to the standard are technical or grammatical in nature, and there does not appear to be any significant changes to the document. The ARB released the standard earlier this year after years of discussions about international offset projects. ARB officials said the document could be used by the state to develop international offsets in the future or used by other jurisdictions. The ARB will hold a workshop on Nov. 16 at 830 Pacific about the proposal.
Brown takes Trump to task amid wildfires – Climate change is increasing the threat of wildfires in California and forest management strategies will not be enough to decrease those risks, Governor Jerry Brown said. Brown’s comments come after President Donald Trump said the wildfires were the result of poor forestry management by the state. Numerous scientists have said climate change was creating more wildfire-friendly conditions in the West, because warmer weather was resulting in drier forests.
Green shoot – French banking giant BNP Paribas has launched its new voluntary carbon offsetting platform to help connect investors with on-the-ground projects to cut carbon emissions. Launched by the bank’s Securities Services’ arm on Friday, ClimateSeed is already host to 19 project developers selling carbon credits for the reduction of 8 Mt. (Business Green)
And finally… Plug it in! – Tens of thousands of plug-in hybrids (PHEVs) bought with “generous [UK] government grants may be burning as much fuel as combustion-engine cars,” reports the BBC. It continues: “Data compiled for the BBC suggests that such vehicles in corporate fleets averaged just 40 miles per gallon (mpg), when they could have done 130. Many drivers may never have unwrapped their charging cables.” Subsidies for new PHEVs were recently scrapped after seven years, with data revealing that many businesses simply used the grant to save on buying regular cars. The British Vehicle Rental and Leasing Association, which represents many fleets, said “we unfortunately have got a situation where a poorly designed tax regime is driving some poor behaviours.” (Carbon Brief)
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