CP Daily: Monday June 3, 2019

Published 01:28 on June 4, 2019  /  Last updated at 01:28 on June 4, 2019  /  Newsletter  /  No Comments

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

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TOP STORY

EU spurns calls to use foreign carbon credits in its ETS, for now

The EU won’t use more foreign carbon credits in its carbon market, at least for the time being, Brussels officials said on Monday in response to calls for the bloc to jump-start international emissions trade.

AMERICAS

ANALYSIS: PG&E auction absences seen as bullish factor for WCI prices

Pacific Gas & Electric’s (PG&E) decision to skip its second consecutive WCI auction is being viewed as a potential bullish signal for California Carbon Allowance (CCA) prices as participants believe the embattled utility may be a heavier buyer in the future.

Offset developer sees California auction results as positive for market

California Carbon Offset (CCO) prices are bound to rise following the May WCI auction results as larger discounts to allowance prices and a shorter timeframe before the next compliance period incentivise buyers in the coming months, an offset developer said.

REDD criticism should not affect California’s Tropical Forest Standard, advocates say

California’s Tropical Forest Standard (TFS) is unlikely to see an erosion in support due to a recent media report’s critique of REDD-eligible credits, because the proposal would mitigate most of the flaws that could occur with individual offset projects, two environmental advocates said.

North American youth climate lawsuits facing critical juncture this week

Youth-led climate lawsuits in the US and Canada will face important turning points this week as federal and provincial judges consider arguments on whether the countries have violated constitutional rights by allowing for continued fossil fuel-led development.

Costco among six companies to make up OCFP credit shortfall this summer

Multinational retailer Costco and five other transportation fuel importers will enter the Oregon’s Clean Fuels Programs’ (OCFP) Credit Clearance Market (CCM) to complete their credit purchases for the 2018 compliance year, the state environmental agency announced late Friday.

EMEA

EU Market: EUAs tumble to 2-month low as bearish factors coalesce

European carbon prices tumbled to a two-month low on Monday due to a myriad of bearish factors, experts said.

Czechia’s EPH gains more ground on RWE as EU’s top corporate emitter

Czechia-based power generator EPH gained ground for the second straight year on German utility RWE as the biggest emitter in the EU ETS last year, according to a report published Monday.

ASIA PACIFIC

ASEAN would benefit from closer ties on MRV, carbon trading, study finds

There is scope for ASEAN nations to cooperate closer on MRV and carbon pricing instruments, paving the way for what could eventually evolve into a region-wide emissions trading market, a study has found.

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SAVE THE DATE

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BITE-SIZED UPDATES FROM AROUND THE WORLD

Finn first – Finland’s incoming Prime Minister Antti Rinne has presented a 2035 domestic net zero emission goal as part of a coalition welfare spending deal, setting one of the world’s earliest timelines for reaching that mark. Unlike neighbouring Norway’s 2030 goal, Finland does not intend to rely on buying international credits, although that is subject to review in 2025. (Climate Home)

High in the sky – CO2 emissions from global aviation rose 5.2% to 905 mln tonnes in 2018 and are forecast to grow again this year, according to industry trade association IATA. In the group’s mid-year report released Sunday, IATA predicted that CO2 emissions from the sector will tick up another 2.5% in 2019 to reach 927 Mt. The organisation added that a 1.7% expected gain in fuel efficiency this year will prevent the release of 16 MtCO2. As well, at its 75th AGM, IATA overwhelmingly approved a resolution calling on governments to continue important work for full implementation of the CORSIA global offsetting scheme, while urging them to consider participating in the volunteer pilot phase – something that a number of major aviation hubs including China, Russia, and India have not yet committed to doing.

Flight freeriding – France wants the next European Commission to push for an end to the global tax exemption for jet fuel to reduce CO2 emissions but has dismissed opposition calls for a ban on some domestic flights to encourage train travel. The 1944 Chicago Convention on Civil Aviation exempts kerosene from taxation, but environmental activists say the aviation fuel should be taxed to reduce air travel and limit the emissions that are causing global temperatures to rise. (Reuters)

Dog ate my homework – Backers of ambitious climate policies hung their heads after Australia’s Coalition government stayed in office after last month’s election. On Friday last week, the government was obligated to release the latest GHG emission statistics, following rules on timing imposed by the Senate last year, but the data never materialised then, or even on Monday. The government has been accused many times in the past of trying to hide bad emission news, for example by releasing them after hours on the Friday before Christmas. Continuing to do so now is a sign of contempt, opposition politicians told the Guardian.

Repositioning – Australia’s opposition Labor party announced its new shadow cabinet over the weekend, following its surprise defeat in the May 18 election. Mark Butler, who has championed carbon pricing in various forms over the past six years – maintained his role as the shadow climate change minister. But Tony Burke, who previously held the environment portfolio, did not make the grade. In the days following the election, Burke spoke openly about abandoning carbon trading policies, leaving some observers to speculate that new party leader Anthony Albanese wants Labor to still pursue that policy after all.

Method needed – Australia has for some years talked about its potential for so-called “blue carbon” – cutting GHG emissions from ocean-related projects such as planting mangroves. But no projects are moving forward because no methodologies to implement them have been developed yet, according to the Fisheries Research and Development Corp.

Sweet 1.6 – The Massachusetts Department of Energy Resources (DOER) on Friday published a report recommending additional procurement of up to 1.6 GW of offshore wind, doubling the Bay State’s current goal. The report advocates for a solicitation in 2020 to construct a transmission line to serve new wind farms, with the state’s electric distribution utilities to proceed with offshore wind generation solicitations in 2022, 2024, and possibly 2026. (Utility Dive)

And finally… Mow-y dick A UK teenager mowed several anti-Trump messages into his lawn ahead of the US president’s state visit to the UK, including the worlds “climate change is real”, and the images of a polar bear and a giant penis. The 18-year old student hoped that the president would spot his creation as Air Force One approached Stansted Airport on Monday morning. “Donald Trump and his denial of climate change are not welcome and I want him to be fully aware of that when he flies in,” the teen told a local media outlet. (The Independent)

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