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TOP STORY

UK to set legal course for net zero 2050 emissions

The UK will on Wednesday propose to enshrine in law a 2050 net zero greenhouse gas emissions target, Prime Minister Theresa May said in a statement late Tuesday, in a bill set to go against the government’s in-house experts by leaving open the door to using international credits.

EMEA

EU Market: EUAs dip below €25 as drop in energy complex weighs

EU carbon prices dipped back below €25 on Tuesday as a weaker energy complex deterred buyers, despite continued robust auction demand.

ASIA PACIFIC

Guangdong first province to list China national ETS participants

The Guangdong department of ecology and environment has published a preliminary list of 90 power companies that qualify to participate in China’s nationwide cap-and-trade programme.

India outlines options for small-scale industry carbon market

India has decided to proceed with a voluntary carbon market for its small-scale industrial sector and has outlined options for what the programme might look like, while pausing plans to include the waste sector.

Japan adopts climate strategy ahead of G20 meeting

Japan’s Cabinet on Tuesday approved the nation’s long-term climate strategy including a goal to go carbon neutral in the second half of the century, which it will present as it hosts the G20 this weekend.

Australia issues 222k carbon credits, revokes two projects

Australia’s Clean Energy Regulator on Tuesday issued almost 222,000 carbon credits, while two previously registered projects were revoked as they had failed to generate any offsets.

AMERICAS

Exelon forced to buy Massachusetts GWSA allowances to cover obligations, report shows

Exelon was the only company to purchase Global Warming Solutions Act (GWSA) allowances last year to comply with Massachusetts’ in-state cap-and-trade programme, as the power utility’s emissions outstripped its annual allocation from the scheme, according to a new report.

LCFS Market: California prices rising as large players ramp up activity

California Low Carbon Fuel Standard (LCFS) credits have risen past the $190 mark in recent days on the heels of increased purchasing, reversing some of this spring’s losses.

Manitoba sets out five-year GHG target for provincial climate policies

The Manitoba government announced its 2018-2022 GHG reduction target on Tuesday for its provincially-administered carbon reduction policies, coming as a separate measurement from the projected climate impacts of the Canadian federal government’s ‘backstop’ CO2 pricing plan on the jurisdiction.

ICE hires manager for North American environmental markets

The Intercontinental Exchange (ICE) has hired a new manager on its North American environmental desk, according to an email sent to market participants Tuesday.

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Job listings this week

• Renewable Energy Director of Sales, Redshaw Advisors – London
• Business Development Manager, ClimateCare – Oxford
• EU Carbon Market Analyst, ICIS – London/Karlsruhe
• UK Climate and Environmental Policy Advisors (9 SEO Positions), DEFRA – Flexible Location
• Policy Associate, Pacific Forest Trust – San Francisco

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BITE-SIZED UPDATES FROM AROUND THE WORLD

Date shy – A leaked copy of the EU’s five-page draft strategic agenda for 2019-2024 puts climate action third behind migration and economy. The document said Europe’s economy should cut its emissions enough to achieve ‘climate neutrality’ but gave no date for when. It is meant to guide the work of the EU institutions and is likely to be tweaked further before EU leaders meet to sign off on the paper on June 20-21. (EurActiv)

Greening with gas – A mild winter in Europe and China, which curbed gas demand at the same time as supplies were abundant, pushed contracts for the fuel near their lowest in three years. That, along with higher costs on pollution coming from both regulations and a surge in carbon emission allowances in Europe, has pushed utilities to burn more cleaner gas instead of coal and is expected to spur a cut in global emissions this year. (Bloomberg)

Commerce catching on – More and more US business leaders are becoming aware of the need to integrate climate change into their business and investment plans, according to new reports. A survey by US consulting firm Deloitte released this week found that 84% of business leaders in the country were aware of the IPCC and National Climate Assessment reports released in late 2018, and more than two-thirds of those leaders had subsequently changed their business strategies in response to the reports’ findings. Meanwhile, the Wall Street Journal reports that asset managers and investors are also planning for climate change to protect their investments and as a way to make a profit. (Climate Nexus)

Exit stage left, part 3 – The executive director of green group The Nature Conservancy’s (TNC) Florida-based Caribbean chapter has become the latest executive of the organisation to depart after an internal probe into allegations of sexual harassment and workplace misconduct. Politico reports that Luis Solorzano’s departure was announced internally at TNC on Monday, with the news agency having spoke to 13 current and former employees about Solorzano’s conduct at the organisation. Five senior officials have now left TNC in the past two weeks as a result of findings from law firm McDermott Will & Emery, including President Brian McPeek and CEO Mark Tercek.

And finally… For your health – CO2 emissions from healthcare in the world’s largest economies account for about 5% of their national carbon footprints, according to a new study. Scientists at the Potsdam Institute for Climate Impact Research presented the first comparable estimates of healthcare-related CO2 emissions from the market-based economies of the OECD group, as well as India and China. In their paper, published in the journal Environmental Research Letters, the scientists found the combined emissions from hospitals, health services, and the medical supply chain across these countries make up around 4% of the global total. (Carbon Brief)

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