CP Daily: Thursday August 13, 2015

Published 18:09 on August 13, 2015  /  Last updated at 16:28 on November 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:

RWE advances power hedging rate as sales flatline

Utility RWE sold roughly the same amount of power but hedged a considerably larger proportion of it over H1, it said in financial results on Thursday, a move that could mean its EUA demand will tail off over the rest of the year.

 

German prosecutors charge eight in carbon VAT fraud probe – media

Prosecutors have charged seven bank employees and one former employee, media reported on Thursday, without naming the company.

 

EU carbon nudges up to new 2.5-year high of €8.26

EU carbon prices climbed to €8.26 early on Thursday, extending the previous session’s 2.5-year high by three cents.

 

German coal reserve plan could breach EU rules – Reuters

Germany’s plans to pay for coal-fired power plant to be held in reserve may breach EU subsidy rules, according to independent legal experts for the country’s parliament, Reuters reported, citing a document.

 

100-day countdown begins for NZ Kyoto unit holders

The New Zealand government this week began its 100-day Kyoto Protocol true-up process that is likely to mean traders holding potentially millions of UN-issued offsets will see their assets cancelled.

California boosts offset supply 5.8%, awards 4 offset projects 1.25m CCOs

California regulators awarded 4 offset projects a total of 1.25 million CCOs on Wednesday to swell by 5.8% the total offset credits issued or cleared for compliance by the state to 22.8 million.

 

Australia’s opposition leader says would scrap ‘wasteful’ ERF – media

Australia’s Labor leader Bill Shorten will on Friday pledge to dismantle the government’s ERF if he wins next year’s election, according to local media reports.

 

Tianjin Climate Exchange to close from Friday after city rocked by explosions

Tianjin’s carbon market will be closed from Friday until further notice, the local carbon exchange said in a statement Thursday after two explosions in an industrial area killed at least 44 people.

 

Bite-sized updates from around the world:

Australia INDC panned: Why Tony Abbott’s climate ‘strategy’ is several different kinds of stupid – Most of the Coalition’s planned emission cuts to meet its new 2030 target come from yet to be detailed measures. Any serious assessment is impossible in this policy void. (Guardian)

China renewable shortfall:China needs to raise its solar power capacity sixfold by 2020 in order to hit its clean energy targets, with nuclear and hydropower growth unlikely to meet expectations over the period, an industry lobby group said. (Reuters)
Oilcos and carbon prices: Don’t fall for European oil majors’ recent calls for a global carbon price, they are merely trying to buy themselves more time to go on emitting, argues Tom Burke of environmental think-thank E3G. (BusinessGreen)
Coal moratorium call: The president of the low-lying Pacific island nation of Kiribati called on Thursday for a global moratorium on new coal mines to slow global warming and a creeping rise in world sea levels. (RTCC)

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