CP Daily: Thursday August 6, 2015

Published 18:51 on August 6, 2015  /  Last updated at 18:59 on August 6, 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:

Decisions, decisions: Key issues China must solve for its national carbon market

A year before China hopes to launch what will eventually become the world’s biggest emissions trading scheme, officials have yet to make a series of decisions crucial to the market’s success.

BRIEFING: EU ETS Innovation Fund could raise €10.7 billion to clean up industry

The European Commission’s post-2020 ETS review proposes to continue earmarking auction cash via a new Innovation Fund, which could award and disburse some €10.7 billion to pilot clean technology projects by the end of the next decade.

EUAs turn upwards as auction attracts month-high bidders

EU carbon prices halted their recent slide on Thursday after a government auction cleared above market and attracted the highest number of bidders for a month.

Genesis Energy to shut down New Zealand’s last big coal plant

Genesis Energy will permanently retire the last two coal-fired units at Huntly power station by December 2018, the company announced Thursday, cutting CO2 emissions by some 2-5 million tonnes per year.

Shenergy Financial enters Shanghai carbon market

Shenergy Financial Corp., owned by Shanghai’s biggest power company and BNP Paribas Fortis, is stepping into the Shanghai carbon market by taking advantage of new market rules that allow it to borrow CO2 allowances from other companies for trading purposes.

 

Bite-sized updates from around the world:

Senate panel votes to block Obama’s climate rule – The Senate Environment and Public Works Committee voted Wednesday to block implementation of the administration’s climate rule for power plants. The bill, known as the Affordable Reliable Energy Now Act, would overturn the Environmental Protection Agency’s (EPA) regulations limiting carbon dioxide emissions from power plants, which President Obama released Monday. (The Hill)

US Carbon Pollution From Power Plants Hits 27-Year Low – Heat-trapping pollution from U.S. power plants hit a 27-year low in April, the Department of Energy announced Wednesday. A big factor was the long-term shift from coal to cleaner and cheapernatural gas, said Energy Department economist Allen McFarland. Outside experts also credit more renewable fuel use and energy efficiency. (AP)

Market participants should take heart from the European Commission’s post-2020 ETS reform proposal, says Richard Folland of clean investor lobby group CMIA in a blog post. But he worries that the design of the new entrants pot risks diluting the overall impact and the outstanding uncertainty on how non-ETS sectors will be dealt with may leave investors hesitant. (UK Department of Energy and Climate Change)

Wolfgang Obergassel of think-tank Wuppertal Institute has published an initial policy brief tracking the intended use of market mechanisms in INDCs. (JIKO unit, German environment ministry).

Trinidad and Tobago became the 52nd party to the UNFCCC to submit its INDC. The gas-rich island nation pledged to cut emissions 15% beneath BAU from 2013 levels. It said some of the pledge was conditional on receiving international support via the Green Climate Fund. Check out our INDC Tracker.

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