CP Daily: Tuesday June 24, 2019

Published 23:30 on June 25, 2019  /  Last updated at 23:30 on June 25, 2019  /  Newsletter  /  No Comments

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

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TOP STORY

Oregon Democrats shy of votes needed to pass ETS bill, Senate President says

Oregon Democrats do not have the votes to pass the cap-and-trade bill at the center of a Republican walkout, the Senate President said Tuesday.

INTERNATIONAL

New UN Article 6 text emerges to raise hopes of emission trade deal this year

The UN produced a new draft text on rules covering international emissions trade on Tuesday, after governments broke a deadlock that some observers said raises the prospects for a deal later this year on the Paris Agreement’s divisive Article 6.

EMEA

EU Market: Cancelled auction tempers mood after EUAs hit 6-week high

EU carbon ended little changed on Tuesday as the first cancelled auction in 10 months tempered bullish sentiment after prices hit a six-week high.

EU Allowance auction cancelled due to low interest

Tuesday’s EU Common Auction Platform (CAP) auction was cancelled because the clearing price was significantly below the secondary market, sale host EEX said.

AMERICAS

Restrictive offset language could stunt Oregon forestry projects, developers say

Language inserted into Oregon’s WCI-modelled cap-and-trade proposal could make it difficult for in-state forestry offset projects to get off the ground, numerous developers told Carbon Pulse.

ASIA PACIFIC

NZ Market: NZUs rebound as buyers see good value

New Zealand carbon allowances climbed back up to NZ$23 ($15.28) as some buyers stepped in to take advantage of what they considered attractive levels.

Australian minister warns states on “inappropriate” climate targets

Australian Energy Minister Angus Taylor has warned state governments about setting more ambitious emission reductions than the federal Coalition, arguing this would be inappropriate and likely to push up power prices.

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SAVE THE DATE

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BITE-SIZED UPDATES FROM AROUND THE WORLD

G’s up, commitments down! – In a sign of Japan seeking to curry favour with the US due to ongoing trade talks and concerns about North Korea, the G20 host is watering down climate commitments ahead of a summit in Osaka this weekend. The draft communique omits the phrases ‘global warming’ and ‘decarbonisation’ and downplays the Paris climate accord. (Financial Times)

Biden: climate champion – Former Vice President Joe Biden is the top choice for US president among likely Democratic voters who are focused on the climate, according to a new poll. The online survey, released Monday as a collaboration between the Sierra Club and Morning Consult, limited its results to voters who said candidates’ plans for the climate are an important factor in their vote. While Biden would be the top choice for 37% of climate-minded voters, Sens. Bernie Sanders (I-Vt.) and Elizabeth Warren (D-Mass.) came in second and third with 19% and 15%, respectively.  The results echo other national polls of Democrats, which have largely found Biden far ahead of Sanders and Warren, with the senators in a tough fight for second place. Notably, Washington Gov. Jay Inslee (D), who has made climate change the cornerstone of his campaign and released his fourth climate proposal on Monday, was the top choice for just 1% of those polled, with former Rep. Beto O’Rourke (D-Texas), another candidate who presented a climate plan early in his campaign, polling at 4%. (The Hill)

Coal subs – London-based think-tank ODI documents a significant rise in G20 coal subsidies, which have almost tripled in recent years, despite a pledge made a decade ago to phase out such fossil-fuel payments. Japan was one of the biggest providers of public finance to coal, along with China, South Korea, and India. (Reuters)

Net zero club – One sixth of the world’s economy is now covered by net zero emissions targets set by nations, regions and cities, according to a new analysis by the Energy and Climate Intelligence Unit (ECIU). The study shows that 15 countries have either proposed legislation to be net zero by 2050, enshrined the target in a policy document, or are otherwise considering it. The report was launched on the sidelines of UN climate talks in Bonn, along with ECIU’s online Net Zero Tracker. Separately, the UK’s House of Commons on Monday approved a move to toughen targets on fossil fuel pollution, setting a goal of reaching a level of net zero by 2050. If the upper House of Lords agrees to do the same on June 26, Britain will become the first major economy to pass such a law.

Remember, remember the fifth of December – Canada’s Supreme Court has tentatively set Dec. 5 to hear Saskatchewan’s challenge of the federally imposed carbon tax, and the province plans to follow through even if federal Conservative leader Andrew Scheer becomes prime minister this fall. Saskatchewan Justice Minister Don Morgan said the province’s line of argument will be similar to its case before its Court of Appeals this winter, when it unsuccessfully claimed that Ottawa’s ‘backstop’ carbon pricing plan violates provincial powers outlined in the Canadian Constitution Act of 1867. Lawyers in Saskatchewan’s constitutional law branch are currently developing the province’s written legal argument, which is due by July 26. (See Carbon Pulse’s twoday coverage of the Saskatchewan case and ruling, along with Scheer’s climate plan that calls for axing the federal CO2 tax). (Regina Leader-Post)

A Fonds farewell – Quebec Environment Minister Benoit Charette on Tuesday announced the abolition of the Conseil de gestion du Fonds vert (CGFV), a body responsible for ensuring sustainable development and environmental protection. As a result of the government’s decision, the environmental minister will be solely responsible for deciding which projects will be financed by the Green Fund, a fund that mainly receives revenue from the province’s WCI-linked carbon market and is designed to finance projects that reduce GHGs. The abolition of the CGFV comes after reports the Green Fund’s 185 measures failed to adequately reduce GHGs, but the administration of Premier Francois Legault has not yet determined if it must introduce one or more bills next fall to put the changes into effect. (Presse Canadienne)

And finally… Cough up – The majority of Americans say fossil fuel companies should pay for damage caused by climate change, according to a recent poll released by Yale University. Researchers asked 5,131 Americans how much they think global warming is harming their local communities, who they think should be responsible for paying for the damages, and whether they support lawsuits to hold fossil fuel companies accountable for those costs. The poll found 57% think fossil fuel companies have either a “great deal” or “a moderate amount” of responsibility for damages caused by climate change, and 57% think fossil fuel companies should be forced to pay for those damages. Half of those polled said they are in favour of their local officials filing liability suits against the companies, while only 30% somewhat or strongly oppose taking legal action. (Climate Liability News)

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