CP Daily: Monday July 13, 2015

Published 19:20 on July 13, 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:

EU carbon jumps to 5-mth high on Greek deal, technicals, with 2015 peak in sights

European carbon jumped to a five-month high on Monday after eurozone leaders clinched a deal on a third bailout for debt-riddled Greece, with the benchmark EU Allowance finally breaking through a key technical resistance level that had dogged bulls over the past five weeks.

 

IETA warns of costly red tape, finds EU ETS drained of 1.1 bln tonnes of demand

The EU must weigh the effects of other policies on the ETS to avoid costly duplication, business group IETA said on Monday, after finding some of its energy-related measures could conflict with the bloc’s carbon market and cut allowance demand by an additional 1.1 billion tonnes by 2020.

 

Hubei ETS firms report 3.2% CO2 emissions drop in 2014

The 138 firms covered by the Hubei emissions trading scheme emitted 236 million tonnes of CO2 in 2014, 3.2% less than the previous year, the Hubei carbon exchange said.

 

Guangdong ETS set to stay long as government maintains allocation

Guangdong will issue a total of 408 million CO2 allowances for 2015, the provincial government said Monday, the same number it issued last year, paving the way for over-supply and depressed prices to continue weighing on the market, according to analysts.

 

WCI market: CCAs inch higher, market waits on early action offsets

California carbon prices inched up this week in light activity as weak fundamentals continue to weigh on a market that traders say is well-supplied – even oversupplied – by the state’s quarterly auctions.

 

California risks costly switch to clean power as goals overlap -experts

Overlapping policies could mean California ends up paying over the odds in its switch to cleaner energy without more thought on how the US state’s renewables and emission goals relate, experts and officials told a meeting last week.

 

Australia to announce post-2020 climate target in August -Abbott

Australia will not announce its post-2020 target until August, when it has been approved by the Coalition party room, Prime Minister Tony Abbott said Monday.

 

New Zealand INDC “inadequate” -analysts

New Zealand’s climate pledge for 2030 falls far short of what would be a fair contribution towards meeting the 2C target, according to analysts Climate Action Tracker, who ranked the INDC “inadequate”.

 

ArcelorMittal biofuel plan could shave 2% off its EU ETS emissions

ArcelorMittal, the world’s biggest steelmaker, has launched plans that could eventually cut 2% off its annual EU ETS emissions by using waste gases from its plants to produce low-carbon transport fuel.

 

COMMENT: Business ambition and commitment is key to EU ETS success

The EU ETS has been around for 10 years and, like other emissions trading systems, has been plagued by an excess of allowances keeping prices low and reducing the incentives for business. Yet Europe has decoupled its growth from its carbon emissions – the former up 19% and the latter down 45% over the period of the ETS. Is all of this down to the recession and downturn in production?

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Job listings this week:

Economics Intern, China Program, EDF – San Francisco
Energy Finance Senior Analyst, Climate Policy Initiative – San Francisco
UK Gas and Power Prop Trader – England
Fuel and carbon tax technician, BC Ministry of Finance – Victoria, Canada
Team leader for implementation of Korea ETS, ICF International – Seoul
Forestry Program Officer, American Carbon Registry – Sacramento, CA

Or click here to see all our job listings

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Bite-sized updates from around the world:

Climate change threatens international security and its risks should be assessed the same way as those of nuclear weapons proliferation and terrorism, with findings taken directly to heads of government, according to a new study by experts from the UK, China, India and the US.

Power plant cuts ‘too much too soon,’ utilities tell White House – Coal utilities are urging the White House in an eleventh-hour plea to push back the Obama administration’s timeline for cutting carbon emissions at existing power plants, saying the aggressive deadlines pose a threat to electric reliability. (Washington Examiner)

NJ Deemed in Good Shape to Implement Administration’s Clean-Power Plan – State should have fewer problems than neighbours reducing greenhouse-gas emissions, thanks to limited coal-fired generation. (NJspotlight.com)

Wyoming sets sights on legal challenge to upcoming EPA regulation – Wyoming is preparing to challenge one of President Barack Obama’s signature climate-change initiatives. A policy adviser to Gov. Matt Mead told legislators on Thursday that the state is ready to join a multi-state lawsuit to block the Clean Power Plan once the final rule is released later this summer. (Casper Star Tribune)

Australia’s financial system may be vulnerable to the effects of climate change, which could be exacerbated by its carbon-intensive economy, lack of policy clarity, and reliance on global capital markets, according to a new report from The Climate Institute.

IISD’s summary on the outcomes of last week’s Climate Summit of the Americas in Toronto.

And finally: The world should be using bitcoin to tackle climate change, using the digital currency to create a “people’s cap-and-trade”, according to NASA engineer-turned-rapper-turned-conservationalist-turned-cryptocurrency enthusiast James D’Angelo. (Grist)

 

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