CP Daily: Tuesday August 11, 2015

Published 21:23 on August 11, 2015  /  Last updated at 21:33 on August 11, 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:

Australia sets 26-28% emission reduction target by 2030

Australia will reduce its greenhouse gas emissions by 26-28% from 2005 levels by 2030, Prime Minister Tony Abbott said Tuesday, leaving the nation trailing most other developed countries in efforts to combat climate change.

Check out our INDC Tracker for information about the other 53 parties to have submitted pledges.

US power generators tipped to rely on rate-based carbon trading to meet CO2 goals

Many US electricity generators are likely to need access to the EPA-backed rate-based carbon market to meet their 2030 CO2 targets, experts say, although trading is only expected to pick up early next decade.

EUAs within reach of 2.5-year highs after late surge

EU carbon prices raced above €8 in late trade on Tuesday after a strong auction result had earlier spurred speculative buying.

Poland to finalise new carbon auction platform provider in 2016

Poland will next month prepare a tender for an EUA auction provider in a process expected to confirm the winner by Q1 2016 at the earliest, an environment ministry official said on Tuesday.

 

Bite-sized updates from around the world:

The UNFCCC Secretariate is inviting CDM project participants to express interest in using the online platform for voluntary cancellation of CERs, due to launch on Sept 22. The platform will enable them to offer their credits for sale to the general public (read our story here for more details). (UNFCCC)

Japan has restarted a nuclear reactor for the first time under new safety standards put in place since the Fukushima disaster in 2011, as Prime Minister Shinzo Abe seeks to reassure a nervous public that the industry is now safe. (Reuters)

Pushing agricultural commodity companies to adopt zero-deforestation business models will reduce deforestation quicker than continuing to argue about carbon markets, argues Doug Boucher of the Union of Concerned Scientists in a blog post. (UCS)

From Sept 21 ICE Futures US is revising the trading hours for all ICE Futures U.S. Natural Gas, Power and Environmental futures and options contracts by moving the daily closing time to 6:00 pm NY time.  Prior to this date, the closing time for these contracts is 6:05 pm NY time. (ICE circular)

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