CP Daily: Monday May 6, 2019

Published 23:20 on May 6, 2019  /  Last updated at 23:20 on May 6, 2019  / Carbon Pulse /  Newsletters

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

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Newest Oregon ETS amendment targets natural gas consignment, early-action offsets

Oregon legislators are proposing to include a consignment-based allowance allocation system for natural gas companies and encouraging early-action offsets as they work to finalise the state’s WCI-modelled carbon market bill in the coming weeks, a state senator told Carbon Pulse.


Steelmaker ArcelorMittal flags 7% cut in EU output, partly on energy and carbon costs

The world’s biggest steelmaker ArcelorMittal on Monday said it planned to cut its EU ETS-regulated output by up to 7% due to weaker demand, rising imports, and higher energy and carbon costs.

EU Market: EUAs inch up in quiet market, lagging power gains

EU carbon prices inched higher on Monday on thin holiday trade that defied stronger gains in the energy complex, after last week’s losses left bulls more cautious.


New York RGGI facility’s penalty hinging on regulatory approval

A New York RGGI facility could face a carbon allowance penalty by the state’s Department of Environmental Conservation (DEC) if the agency declines to approve regulatory amendments that would exempt the unit, according to a consent agreement.

RGGI leaves door open for Virginia’s future ETS participation

RGGI remains willing to engage with Virginia about the state’s future participation in the northeast US carbon market after Governor Ralph Northam (D) approved a budget that complicates the state’s ability to join the regional programme.

Oregon LCFS posts 37k credit surplus for Q4 2018

The Oregon Clean Fuels Program (OCFP) recorded its largest surplus of the year in the fourth quarter of 2018 as the total credit bank in the state’s low-carbon fuel standard exceeded 500,000 for the first time, state data revealed on Friday.


Nations could agree to carbon price floors to bolster Paris pact – IMF

Big-emitting countries could voluntarily agree to set a carbon price floor to guarantee minimum emission cuts while securing global competitiveness for industry, senior IMF officials have suggested.


Australia hands out 312k carbon credits in latest issuance

Australia has issued more than 300,000 new carbon offsets over the past two weeks, but also revoked two projects that had failed to generate any credits, according to data from the Clean Energy Regulator.


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Natural destruction – Around 25% of animals and plant species are now threatened with extinction, as nature everywhere is declining at a speed never previously seen and our need for ever more food and energy are the main drivers, according to the UN’s 1,800-page global assessment of nature. The study, which draws on 15,000 reference materials, and has been compiled by the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES), says these trends can be halted, but it will take “transformative change” in every aspect of how humans interact with nature. (BBC)

No need for speed – European countries are divided on the best way to cut shipping emissions in the short term, with France and Greece backing a plan to curb speed limits that can be done now at very low cost while Denmark, Germany, and Spain favour a “goal-based approach” they argue will incentivise innovation to drive deeper carbon savings. That’s according to submissions ahead of a preparatory meeting at the IMO in London this week taking place before of the UN agency’s full MEPC environment committee the week after. (Climate Home)

Never (re)tiring of carbon pricing – The investment committee of the California State Teachers’ Retirement System (CalSTRS) is expected to approve a policy in support of carbon pricing at its meeting scheduled for May 8. The expected approval of the addition to the pension system’s corporate governance principles will address “CalSTRS belief that concerns about climate change and the transition to a lower carbon economy have the potential to impact the value of the investment portfolio”. The $227.8 bln CalSTRS plan is the second-largest pension plan in the US by assets under management. (Chief Investment Officer).

Green North Deal – A non-partisan coalition of over 60 environmental organisations, unions, and associations launched the Pact for a Green New Deal (GND) for Canada on Monday. The pact calls for the country to slash its emissions in half by 2030, protect cultural and biological diversity, create one million jobs, and develop a holistic and far reaching plan that respects the rights of indigenous communities. It also calls on all federal parties to put versions of the GND that will meet those goals in their political platforms for the fall 2019 election. In addition to the organisations and associations that have endorsed the pact, so have individuals including writer Naomi Klein, actors Pamela Anderson and William Shatner, and former Hole and Smashing Pumpkins bassist Melissa Auf der Maur.

And finally … It ain’t easy, being TC – The executive vice president of pipeline company TransCanada on Friday announced that the firm has now “lost the 2019 construction season” for work on the US portion of the controversial Keystone XL pipeline. Company executive Paul Miller said TransCanada has also not made a final decision to proceed with the project, including a pending Nebraska Supreme Court decision based on Keystone’s proposed route and a lawsuit by two Native American communities in Montana. That announcement came as TransCanada changed its name to TC Energy, carried out to reflect the Calgary-based company’s expansion into the US and Mexico. In Canada, TC Energy scrapped plans in 2017 to build the C$12 bln ($8.9 bln) cross-country Energy East project from Alberta to Canada’s Atlantic Coast because of mounting regulatory hurdles. (Reuters)

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