CP Daily: Monday June 10, 2019

Published 22:48 on June 10, 2019  /  Last updated at 22:48 on June 10, 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 ETS allowance holding limits “inevitable”, trading expert warns

The EU should consider introducing measures to reveal the trading positions of participants in its ETS, a veteran market expert has said, warning that speculator holding limits similar to those seen in other carbon markets could be inevitable.

AMERICAS

California budget proposal would funnel carbon revenues to workforce training, raising legal concerns

A California budget compromise would funnel the state’s WCI cap-and-trade auction revenues to workforce training and safe drinking water programmes, potentially conflicting with a legislative counsel opinion that found carbon funds must be used to directly reduce emissions until 2021.

PG&E can reject PPAs under bankruptcy proceeding, court finds

Embattled California utility Pacific Gas & Electric may reject power purchase agreements (PPAs) as it seeks to reorganise itself, and the Federal Energy Regulatory Commission (FERC) may not intervene on those decisions, a bankruptcy court ruled late Friday.

INTERNATIONAL

ICAO targets Feb. 2020 for first CORSIA offset unit recommendations

The expert panel for UN body ICAO’s CORSIA programme is aiming to make recommendations by Feb. 2020 on eligible credit types, coming less than a year before the start of the global aviation offsetting scheme’s pilot phase.

UNEP touts limited role of offsets, questions ‘one-for-one’ approach

Carbon offset credits should only play a transitional role in meeting Paris Agreement goals and the use of such credits may be drawing to a close, the UN Environmental Programme (UNEP) said Monday.

ASIA PACIFIC

Korean firms eye Myanmar mangrove CDM project

South Korean state-owned power company KEPCO and trading firm Ecoeye are investing in a mangrove forest project in Myanmar that will be registered under the CDM and generate offsets eligible in the Korean emissions trading scheme.

Western Australia EPA tries again on offset obligations

The Western Australia EPA on Monday began a new consultation round for its GHG guidelines, after being forced to withdraw a previous proposal that included an obligation for all major projects to offset their carbon emissions.

EMEA

EU Market: EUAs lift to week-high above €25 in thin holiday trade

EUAs jumped to its highest level since May on Monday, climbing 2.8% as the lack of an auction and a public holiday across much of the continent quelled trade.

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SAVE THE DATE

CARBON FORWARD 2019: Survive and thrive in the global carbon markets

Learn how to survive and thrive in carbon markets by joining us at the 4th annual CARBON FORWARD conference & training day where we will be joined by the pre-eminent experts to discuss a programme developed by environmental market experts and based on feedback from companies like yours.

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BITE-SIZED UPDATES FROM AROUND THE WORLD

Exporting issues – The UK’s Export Finance, which provides lines of credit and insurance to help companies win business overseas, spent £2.6 billion in recent years to support the UK’s global energy exports, of which £2.5 mln was handed to fossil fuel projects and just £104 mln, was used to support renewable energy projects. That’s according to the environmental audit committee, a cross-party UK parliamentary watchdog, which said the UK is sabotaging its climate credentials and called on ministers to stop by 2021 using taxpayer funds to lock poorer nations into a fossil fuel future. (The Guardian)

Climate lawsuits – The Financial Times assesses the more-than-a-dozen climate liability lawsuits piling up in the US against oil majors and brought by sub-national jurisdictions to extract compensation to cover the cost of adapting to the effects of climate change. None have succeeded yet, though campaigners say they only need one win to create a precedent on the scale of the $206 bln awarded against tobacco companies over 25 years.

Court airing – South Africa’s government is being sued by environmental justice groups for failing to crack down on some of the world’s worst air pollution emitted by state-owned Eskom’s coal power plants and Sasol’s refineries. (Bloomberg)

Gas guard – California low-income residents could be hit hard by rising natural gas costs as the state’s demand for the fuel is projected to decline dramatically, according to a draft study recently presented to the state government’s California Energy Commission (CEC). Think-tank Energy+Environmental Economics and the University of California Irivine found that the broad electrification of buildings in the state could lead to a 60% decline in gas demand by mid-century, and called for a “gas transition strategy” to protect the remaining consumers from rising rates. (Utility Dive)

And finally… Dire in Delhi – The temperature in India’s capital of New Delhi soared to 48C on Monday, breaking the all-time June record for the month as the northern part of the country struggled under an unrelenting heat wave. The record comes as 11 of the 15 hottest places in the world last week were recorded in India, while the other four were in neighbouring Pakistan. While some observers on social media pondered the heat wave’s concrete link to global warming, Penn State University climate scientist Michael Mann dispelled any doubts on Twitter. “[We] don’t need a formal attribution study to tell us that climate change played a role,” he wrote. “Those studies tend to underestimate impact on extremes anyway.” (NDTV)

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