CP Daily: Friday July 24, 2015

Published 23:58 on July 24, 2015  /  Last updated at 01:07 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: California’s offset market to face lingering supply drought

California’s supply of carbon offsets will significantly undershoot allowable limits for 2020, with project developers hampered by an insufficient number of protocols and unfavourable conditions stemming from the uncertain future for the state’s cap-and-trade scheme, participants say.

 

Quebec to hold first “mutual agreement” carbon unit sale on Sep. 22

Quebec will hold its first sale by mutual agreement of carbon allowances on Sep. 22, its environment ministry said on Friday, offering firms covered by the Canadian province’s emissions trading scheme the opportunity to buy a share of nearly 20 million units to help them meet the upcoming compliance deadline.

 

EU carbon eases but ends above €8 to post 3.5% weekly gain

EU carbon allowance prices slipped on profit-taking and a weak German auction on Friday, but managed to finish the week above €8 and post a 3.5% weekly gain.

 

Switzerland sets ETS permit auction dates for 2016 as CO2 tax set to rise 40%

Switzerland has set dates for two carbon permit auctions in 2016, weeks after the government announced that the country’s CO2 tax would rise by 40% next year as a result of emissions not falling fast enough.

 

WCI market: California carbon prices steady despite V2018 trading flurry

Current-vintage California Carbon Allowances held steady this week on modest volume, while prices for V2018 pulled back slightly in a flurry of trading that saw volume in that contract spike to its highest levels of the year.

 

NZUs stuck in narrow range as market awaits review

Spot NZUs traded in a NZ$6.80-7.00 range throughout the week and eventually closed at NZ$6.85 ($4.51), down 2.1% on last week, as market participants were unwilling to take new positions without news on the upcoming ETS review.

 

China’s Hanergy seeks crowdfunding for carbon offset project

Renewable energy firm Hanergy is seeking crowdfunding via the internet to pay for a rural biogas project in Hubei province that it expects can generate CCERs for the Chinese carbon market.

 

Pakistan blocks progress at HFC phase-down talks as negotiators aim for November conclusion

Pakistan has emerged as the only country seeking to block progress at talks held in Paris this week towards agreeing a global pact to phase down highly-potent hydrofluorocarbons (HFCs), the Environmental Investigation Agency said Friday.

 

Two disqualified after UK carbon trading “buffer” firm shut down for VAT fraud

Two men have been disqualified from acting as company directors in the UK for a combined 17 years after their firm was found to be involved in VAT fraud relating to the EU carbon market, Britain’s Insolvency Service said on Friday.

 

Chinese pilot market data for week ending July 24, 2015

Closing prices, ranges and volumes for China’s regional pilot carbon markets this week.

 

Voluntary market data from CTX as of July 23, 2015

Below is a table of Verified Emission Reduction (VER) prices and offered volumes, based on voluntary market data from Carbon Trade Exchange.

 

Bite-sized updates from around the world:

UN releases ‘streamlined’ negotiating text for Paris climate deal – Officials say new document outing proposals for 2015 emissions cutting pact offers ‘clearer picture of possible outcome’. (RTCC)

Outrage over EPA emissions regulations fades as states find fixes – Despite dire warnings and harsh political rhetoric, many states are already on track to meet their targets, even before the EPA formally announces them, interviews and independent studies show. (Washington Post)

Meanwhile, in this article – originally published in the Environmental Leader – Adam Riedel of Manatt, Phelps & Phillips outlines expected changes to the Clean Power Plan when the EPA finalizes the rules next month.

Kenya submitted its INDC to the UN on Friday, pledging to keep its greenhouse gas emissions at 30% below the projected 2030 143 mtCO2e BAU level. Its emissions in 2010 were 73 mt. The target would be met through measures such as increased use of renewable energy, improved energy efficiency and tree cover expansion, but Kenya did not rule out participating in an international carbon market.

Australia’s Labor party, the main opposition party, is holding its annual conference this weekend, and in his opening speech, leader Bill Shorten reiterated that he would introduce an ETS if elected, and pledged to challenge PM Tony Abbott on climate change.

The US’ top 100 power plants, including those run by power companies in the Los Angeles region, reduced their collective carbon emissions 12% from 2008 to 2013, according to a report released Thursday. (LA Times)

And Finally… The Week’s Ryan Cooper argues that if US presidential hopeful Jeb Bush wants to be a free market warrior and fight climate change, he should embrace a carbon tax.

 

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