CP Daily: Thursday July 16, 2015

Published 18:54 on July 16, 2015  /  Last updated at 01:09 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:

ANALYSIS: EU industry flags cost fears as carbon handouts trimmed, prices soar

European industries expect to face escalating costs from the bloc’s ETS as regulators plan to cut back their free carbon allowances while enacting reforms to make the rest they need far more expensive.

 

Senior envoys chart clear path to UN climate deal

Senior climate negotiators from 23 major UN parties across rich and poor parts of the world have given the clearest signal yet that almost 200 nations can agree a global climate pact at the end of this year.

 

Minister insists Australia won’t put price on carbon

Australia’s Environment Minister Greg Hunt on Thursday ruled out putting any kind of price on carbon emissions after the next election, denting hopes in some quarters that the government’s safeguard mechanism might eventually be converted into a CO2 pricing mechanism.

 

EU carbon slips from 5-month high

EU carbon fell 10 cents on Thursday as a late slide pushed prices within touching distance of its €7.64 technical support, the level it breached earlier in the week on its way to a five-month high.

 

Bite-sized updates from around the world:

The World Bank will tonight publish the results of its first GHG mitigation auction. The bank’s Pilot Auction Facility (PAF) uses competitive auctions to maximise the use of limited government funds to leverage private sector financing in CO2-cutting projects. To read more about the initiative, click here.

The EU Commission’s proposed ETS reforms miss an opportunity to promote low carbon innovation in sectors such as cement and steel by maintaining free allocation and thus ensuring only a fraction of CO2 costs are passed to consumers, according to research led by the German Institute for Economic Research (DIW Berlin).

EPA may strengthen Clean Power Plan – The first federal rule to limit carbon emissions from existing power plants may be made even more ambitious, a key backer says. (US News)

According to Mother Jones, these are America’s dirtiest power plants, ranked.

Australia hit its Kyoto target, but it was more a three-inch putt than a hole in one – PM Tony Abbott this week derided other countries for making “airy-fairy” promises on climate change without meeting them. In this piece, Clive Hamilton tells the story of how Australia ended up with one of the easiest targets under the Kyoto Protocol. (The Conversation)

 

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