CP Daily: Friday July 31, 2015

Published 19:33 on July 31, 2015  /  Last updated at 14:39 on August 2, 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:

Greece bailout rescues EUAs from write-down as analysts hold price forecasts

Analysts at Energy Aspects left their EUA price forecasts unchanged on Friday, judging the Greek bail-out and higher-than-expected temperatures to have removed a bearish weight that had been hanging over the bloc’s carbon market.

 

EUAs struggle to rebound amid weak auction demand

EU carbon prices kept below €8 on Friday as the last auction to sell more than 2 million units for a month drew little interest.

 

Shanghai Clearing House weighs carbon market involvement

The Shanghai Clearing House is considering getting involved in more commodity markets within the Shanghai Free Trade Zone, including the carbon market, it said Friday, according to the China Securities Journal.

 

NZUs unchanged as traders await direction

Spot allowances in New Zealand’s emissions trading scheme barely moved throughout the week and closed Friday at NZ$6.85 ($4.51), unchanged from last Friday as traders continue to await news on the upcoming ETS review.

 

Chinese pilot market data for week ending July 31, 2015

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

 

Voluntary market data from CTX as of July 30, 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:

US Republican presidential candidate Jeb Bush acknowledges human activity contributes to climate change, but still takes a swipe at the current administration’s efforts to tackle it. He said the Clean Power Plan “oversteps state authority” called for the renewable fuel standard to be phased out. (Bloomberg BNA)

The US administration is expected to publish the final Clean Power Plan next week, most likely Monday. Think-tank Resources for the Future has gone long on what to look for in the final CPP regulations. It thinks the plan will include plenty of provision for flexible carbon trading that can by-pass political barriers but not the full flexibility of allowing for this between states that apply an emission cap (mass-based) and those that merely regulate on emissions intensity basis (rate-based).

The most equitable and straightforward way to move towards more low-carbon energy would be a global system of steadily escalating carbon taxes. In the absence of such an enlightened policy, though, there are other ways to encourage the spread of renewables such as removing fossil fuel subsidies and hiking the currently low public spending on low carbon energy research. (The Economist)

Island nations seek UN Security Council help in fighting climate change – More than a dozen small island nations made an urgent appeal to the UN Security Council on Thursday for help in combatting climate change, which they said poses a threat to their very existence. (AFP)

 

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