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UN aviation body ICAO’s Council approved broad emissions unit criteria on Tuesday under its CORSIA global offsetting mechanism, placating green groups that had warned the body against making changes that could undermine the programme’s environmental integrity.
Many emitters in the EU ETS face a rude awakening in the next two years when their compliance borrowing habits catch up with them and they are forced to finally buy the allowances they need, experts have warned.
Germany is unlikely to cancel EU carbon allowances to fully match the emission reductions caused by its coal phaseout because calculating the impact will be too complex, a member of the country’s coal commission said on Tuesday.
Ministers from nine EU nations backed a net zero 2050 pathway for the bloc on Tuesday, adding pressure for EU leaders to set an ambitious trajectory for EU climate policy later this year.
EUAs hit a fresh one-month high on Tuesday before slipping back into negative territory below €23 to end a seven-session bull streak that had seen carbon add 25%.
ANALYSIS: Shift in Alberta’s large emitter programme may stunt GHG reduction progress, offset demand
Alberta could see higher emissions and lower offset demand in some sectors if the poll-leading opposition party alters the Canadian province’s carbon pricing policy for large installations, economists and market participants said.
All power plants regulated under Massachusetts’ Global Warming Solutions Act (GWSA) cap-and-trade programme complied at the first annual compliance deadline, a Massachusetts Department of Environmental Protection (MassDEP) official confirmed to Carbon Pulse.
Two Indeck RGGI facilities are reportedly in compliance with the northeast US cap-and-trade programme’s interim compliance deadline after shifting allowances between company-owned accounts, an official confirmed to Carbon Pulse.
China risks failing to cut emissions through its national emissions trading scheme if it opts for rate-based CO2 caps based on production levels, according to an academic paper.
BITE-SIZED UPDATES FROM AROUND THE WORLD
No biggie – Australia’s opposition Labor party has not yet decided if they’d use banked Kyoto credits to meet the nation’s Paris target if it wins the May election. Using them would be no big deal and hardly make a difference, but not using them would be catastrophic, said current Energy Minister Angus Taylor, according to the Guardian.
Victory – Turkey’s highest administrative court has blocked a major coal power plant on the Black Sea coast, in a victory for campaigners. The Council of State ruled on 21 February Hema Elektrik’s environmental impact assessment for the 1,320 megawatt project in Amasra district, Bartin province, was inadequate, Carbon Home reports. It was responding to a lawsuit filed by more than 2,000 local people – a record number of individual plaintiffs for an environmental court case in Turkey, according to a local news report.
Higher obligation – Former New York City mayor Michael Bloomberg today announced that he will not run for president, but instead launch a campaign to rid the United States of fossil fuels as quickly as possible. Explaining his reasoning on his eponymous news network’s opinion page, Bloomberg said the climate crisis was too urgent to be bogged down by political feuding. “While there would be no higher honour than serving as president, my highest obligation as a citizen is to help the country the best way I can, right now,” he wrote. (The Verge)
New surrender – The Trump administration’s rollback of six federal environmental regulations will allow more than 200 Mt of GHG emissions to be emitted annually by 2025, comprising a “virtual surrender to climate change”, according to a new report released Tuesday. The study, released by the State Energy and Environmental Impact Center at the New York University School of Law, found that the US federal government’s easing of vehicle fuel economy standards will have the most impact, forgoing 88 Mt of reductions by 2025 and costing Americans between $193-236 billion in added fuel expenses by 2035. Less stringent regulations on existing oil and gas plants would result in additional emissions of 74 Mt, while replacing the Obama-era Clean Power Plan with the Affordable Clean Energy Rule will forgo 34 Mt.
BHP’s suck stake – The world’s biggest coking coal producer BHP has bought a $6 million equity stake in a Canadian-based company that sucks CO2 from the atmosphere, as miners’ quest to become sustainable and retain ethical investors gathers pace. Canada’s Carbon Engineering (CE) has been removing emissions from the atmosphere since 2015 at a pilot plant in British Columbia and converting it into synthetic fuel since 2017. BHP said the direct air capture technology had the potential to deliver large-scale negative emissions. (Reuters)
You’ve got a friend in us – More than a dozen groups have filed friend-of-the-court briefs to the US Ninth Circuit Appeals in support of the landmark youth climate lawsuit Juliana v. United States. The high-profile case was featured in a segment on CBS’ 60 Minutes on Sunday night, and alleges the federal government’s role in perpetuating a fossil fuel energy system, despite knowledge of the consequences, violates young people’s Constitutional rights to life, liberty, and happiness. Among the notable supporters are Democratic Oregon Senators Jeff Merkley and Ron Wyden and Rhode Island Senator Sheldon Whitehouse, 78 environmental historians, and 82 law professors. Oral arguments on the case’s rare interlocutory appeal, granted to the Trump administration to review the lawsuit before trial, will begin June 3 in Portland, Oregon. (Climate Liability News)
Getting closer – The US EPA on Monday said that it had sent its long-awaited rulemaking proposal on year-round 15% ethanol blends (E15) and biofuel credit market reforms to the White House Office of Management and Budget for review. The environmental agency had originally sought to release the draft rule in early February, but was delayed by the 35 day-long partial federal government shutdown. The combination of both the E15 proposal and measures to reform the market for Renewable Identification Numbers (RINs) under the US Renewable Fuels Standard has sought to find a middle ground between the competing corn and oil lobbies. (Reuters)
Feeling 22 – Market exchange ICE began offering Vintage 2022 (V22) California Carbon Allowance (CCA) futures and options on Monday, after the record US federal government shutdown delayed the approval of the carbon contracts earlier this year. WCI market participants can now transact V22 CCAs on ICE after California and Quebec offered the contracts for sale at last month’s joint auction.
And finally… Fire down below – The number of heatwaves affecting the planet’s oceans has increased sharply, with ocean heatwaves now happening 50% more often compared to the early 20th century, according to new research published in the journal Nature Climate Change. The heatwaves have killed swathes of sea-life like “wildfires that take out huge areas of forest”, the scientists said. The damage caused in these hotspots is also harmful for humanity, which relies on the oceans for oxygen, food, storm protection and the removal of climate-warming CO2 the atmosphere, they added. (The Guardian)
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