CP Daily: Friday March 1, 2019

Published 01:20 on March 2, 2019  /  Last updated at 01:20 on March 2, 2019  /  Newsletter  /  No Comments

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

**Building on the success of the annual Carbon Forward global carbon markets conference, we’ve launched Carbon Fast Forward – condensed one-day regional seminars that bring the same insight and expertise of our flagship London event to different corners of Europe.

Our inaugural event – Carbon Fast Forward – Mediterranean – takes place in Athens on April 11.

With a comprehensive agenda and featuring an all-star line-up of speakers, this is a *must-attend* event for emitters from Southern Europe and any other companies with interest in or exposure to the EU ETS.

NOTE: Due to competition concerns, this event is open mainly to installation operators only. Some exceptions will be made for other types of attendees, but please inquire before purchasing tickets.

Spaces are limited. Super-Early Bird tickets have already sold out and a small number of Early Bird tickets remain

BUY YOUR PASSES TODAY!

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Presenting CP Daily, Carbon Pulse’s free newsletter. It’s a daily summary of our news plus bite-sized updates from around the world. Subscribe here

TOP STORY

EU member states have completed nearly 60% of their 2019 EUA allocations -data

EU member states have distributed nearly 60% of the 758.5 million allowances earmarked for free allocation to industrial emitters this year, according to data released late Friday by the European Commission, with five governments having not yet started the annual process.

EMEA

EU Market: Recovery rally rolls into sixth day as EUAs post 18% weekly rise

European carbon prices rose for a sixth straight day on Friday, extending their recent rally to over 20% and completely recovering all of February’s losses to kick off March.

Equal, annual EUA sales seen for 450-Mt Innovation Fund in bid to avoid market disruption

Sales of at least 450 million EU Allowances to finance the bloc’s Innovation Fund will likely be spread almost evenly over the next 11 years, in an approach that has broad support from stakeholders and which according to analysts is unlikely to affect prices.

AMERICAS

Oregon ETS linkage may not occur at 2021 start date -senator

Oregon may not immediately link its proposed ETS to the WCI cap-and-trade scheme in 2021, but a connection to California and Quebec’s markets remains a priority, the bill’s author told Carbon Pulse.

Maine expected to join regional transportation carbon pricing programme as New York waits

Maine is expected to sign onto the Transportation and Climate Initiative (TCI) shortly, as the programme ramps up work to regulate fuel sector emissions in the US northeast and Mid-Atlantic region, numerous sources told Carbon Pulse.

US Carbon Pricing Roundup for week ending Mar. 1, 2019

A summary of legislative action on carbon pricing and clean energy bills at the US state level taken this week, including Transportation and Climate Initiative (TCI) and CO2 tax bills in Vermont, a RGGI bill in New Hampshire, and a 100% carbon-free electric bill in Washington.

ASIA PACIFIC

Australian carbon credit issuances remain modest as uncertainty persists

New offset issuances were again well below long-term averages this week as the looming May elections cast uncertainty over the future settings of Australia’s emissions market, despite a fresh pledge from the government to top up its credit-buying fund.

CN Markets: Pilot market data for week ending Mar. 1, 2019

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

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BITE-SIZED UPDATES FROM AROUND THE WORLD

Wise up – Washington state Governor Jay Inslee on Friday officially jumped into the 2020 race for the US Democratic nomination for president, ending months of speculation. Inslee intends to make climate change a key issue of his campaign, a strategy that could help him make inroads on the left during the primaries but might also be risky by putting the topic ahead of all other issues. Stanford University psychologist Jon Krosnick tells FiveThirtyEight that most voters don’t make their ballot decisions based on climate change alone, with his surveys dating back to 1995 showing that roughly 18% of voters are passionate about climate change. “Taking a stand on this issue is electorally very wise, but making this a signature issue is probably unwise,” Krosnick said. In his home state, Inslee’s 2019 climate package of moving to a 100% carbon-free electric grid, low-carbon fuel standard (LCFS), and other policies is progressing through the Washington legislature.

What’s new in Newfoundland? – Newfoundland and Labrador (NL) environment minister Graham Letto on Friday unveiled the new climate action plan for the Canadian province. The five-year plan includes 33 actions the province says are designed to reduce GHGs, along with 17 strategies for building climate change resiliency. The GHG reduction strategies include NL’s hybrid carbon pricing plan that consists of a fuel levy – in line with the federal rate of C$20/tonne in 2019 – and output-based pricing system (OBPS) for large emitters. Amendments were approved in the NL legislature in Dec. 2018 that allowed the carbon pricing system to take effect in January. (CBC)

Coal in Finn-ished – The Finnish parliament this week approved a government proposal to ban the use of coal to produce energy from May 2029, Reuters reports. As a result of the decision, coal plants owned by Fortum and other energy firms will have to halt operations, though a programme will be implemented to compensate some of the costs, a parliamentary official said. In the first nine months of 2018, coal represented 8% of Finland’s total energy consumption, according to Statistics Finland data.

You’re next – After successfully convincing Glencore and Rio Tinto to publish climate risk information, Australian campaigners are now targeting Woodside Petroleum and Santos, Reuters reports. The Australasian Centre for Corporate Responsibility has filed resolutions for the annual meetings of of the two gas producing companies, urging them them to explain strategies for reducing emissions, disclose how their planned spending fits with the Paris Agreement, and how executives would be encouraged to meet emissions targets.

Can’t Heurt – Quebec-headquartered investment vehicle Inlandsis Fund has appointed former Quebec environment minister David Heurtel to its board of directors. Heurtel served from 2014-2017, when he oversaw the province’s ETS, and he currently holds the position of counsel in the Environment, Energy, and Climate Change Group at law firm Fasken. Inlandsis offers creative financing for GHG reduction projects through offsetting in the WCI markets and Alberta.

And finally… A select few – US House Republicans on Thursday announced the six GOP members of the lower chamber’s Select Committee on the Climate Change Crisis, and many of them have either questioned the scientific consensus on climate change or received significant funding from the fossil fuel industry. The committee’s nine Democratic members took in a total of $198,000 in campaign donations from fossil fuel groups in the 2018 election, less than highest ranking GOP committee member Garratt Graves ($210,150) or Representative Kelly Armstrong ($217,715). Additionally, Rep. Morgan Griffith of Virginia in 2011 claimed that “sun spot activity” was a possible cause of global warming, while fellow new member Gary Miller of Alabama has twice introduced a bill that would block the EPA from regulating GHGs. (Climate Nexus)

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