CP Daily: Tuesday July 28, 2015

Published 00:03 on July 29, 2015  /  Last updated at 01:07 on July 29, 2015  / Ben Garside /  Newsletters

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

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South Korea’s weak 2030 target could add to short-term surplus in ETS, analysts say

South Korea could add as many as 123 million extra CO2 allowances to its emissions trading scheme for the 2015-2017 period as a result of the low ambition in its INDC, analysts at Thomson Reuters Point Carbon said.


Drax H1 CO2 emissions down 13% as biomass output ramps up

UK utility Drax cut its CO2 emissions 12.8% y/y in H1 2015 as it converted and brought online a second biomass unit, it said in financial results on Tuesday, cutting the company’s demand for EUAs.


EUAs keep above €8 after strong auction

EU carbon prices rebounded to close above €8 on Tuesday after a government auction drew the highest subscription rate since June 29.


Chinese power firm teams up with Gansu city on offsets -Reuters

China’s State Power Investment (SPI) Corp., one of the big five state-owned power companies, has teamed up with the city of Jiuquan in Gansu province in a bid to secure future carbon offsets from the city’s vibrant renewable energy industry ahead of the national ETS launch, Reuters reported.


UN set to launch voluntary CER cancellation platform in September

The CDM’s executive board last week approved the September launch of an online platform to voluntarily cancel CERs, hoping the service will provide a new source of demand and help mop up the oversupply of credits currently overshadowing the scheme.


Allcot snags marketing rights to chocolate maker Ferrero’s offset portfolio

UK-based developer Allcot has been granted exclusive marketing rights to Italian chocolate and confectionary firm Ferrero’s Gold Standard carbon offset portfolio, Allcot said on Tuesday.


Bite-sized updates from around the world:

Hillary Clinton released her climate change plan on Sunday, promising to boost renewable energy. But it was scarce on details and silent on issues such as Keystone and carbon pricing. MSNBC and Politico take a closer look.

Oklahoma Attorney General Scott Pruitt isn’t taking no for an answer when it comes to the state’s legal cases against the yet-to-finalized Clean Power Plan for electric generating plants.  Less than a month after judges at the appellate level and the district court level tossed out his lawsuit against the EPA, Pruitt has joined more than a dozen states in asking for a full rehearing of the case that was dismissed by a three-judge panel in June. (Times Record)

While the Paris UN climate deal won’t set national emission targets, developed countries could face an ‘ambition baseline’ to go beyond cuts of at least 25-40% below 1990 levels by 2020, in one of three options on mitigation in the co-chair’s draft text released over the weekend. The EU would pass this level while the US, Australia, Canada and Japan would struggle. (RTCC)

Investing in carbon markets, either as a hedge for other investments or as an asset class in its own right, should be a no-brainer for institutional investors, according to Louis Redshaw of Redshaw Advisors. He said the European carbon markets are of particular interest at the moment because they are set to outperform all other commodity markets by tripling in price over the next 5 years as a consequence of major legislative changes.  (SRI Connect)

Germany’s environment ministry has opened a tender for a 26-month project to assess the economic implications of market regulation in the EU ETS. The deadline to apply is 15 September.

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