CP Daily: Friday July 5, 2019

Published 00:35 on July 6, 2019  /  Last updated at 00:35 on July 6, 2019  /  Newsletter  /  No Comments

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

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TOP STORY

FEATURE: Growing anti-climate political rhetoric highlighting need for ‘just transition’ plans

A growing trend of right-wing populist politicians embracing anti-climate change and anti-carbon pricing rhetoric is putting more pressure on governments to develop and communicate ‘just transition’ plans to help affected communities.

EMEA

Germany non-ETS carbon price of €80/t unlikely to achieve 2030 goals -study

Germany could impose a rising CO2 price averaging €80/tonne in the non-ETS sectors of buildings and transport during the next decade, but the country would still require additional measures to meet its 2030 climate goals, according to a government-commissioned study published Friday.

EU Market: Strong rebound locks in weekly rise for EUAs despite heavy supply

European carbon hit a nine-day low on Friday before rebounding strongly back above €26 as dip-buyers emerged, helping EUAs notch a small gain to end a week of elevated auction supply.

AMERICAS

California and Quebec retire carbon allowances for Ontario de-linkage, as WCI surplus builds

California and Quebec regulators have retired carbon allowances to account for Ontario’s abrupt exit from the linked WCI cap-and-trade programme last summer, while California also shifted more permits into the state’s Allowance Price Containment Reserve (APCR) and retired units on behalf of a bankrupt power utility during Q2 2019, government data showed Friday.

NA Markets: California allowances continue rebound, RGGI dithers

California carbon allowance (CCA) prices climbed by double-digits for the second straight week on the back of renewed speculative interest, while RGGI allowance (RGA) prices ended a touch lower on fairly standard volume.

Ontario finalises Emissions Performance Standard, but programme operation still uncertain

The Ontario Industrial Emissions Performance Standard (EPS) finalised by the province’s Progressive Conservative government won’t take effect until the jurisdiction is removed from coverage under the ruling federal Liberals’ output-based pricing system (OBPS), the government announced Friday.

US EPA targets 0.6% bump in 2020 Renewable Fuel Standard quotas

The US EPA proposed a less than 1% increase in renewable volume obligations (RVOs) for the federal Renewable Fuel Standard (RFS) on Friday, as biofuel groups hit back against the agency for its refusal to reallocate waived compliance volumes granted through exemptions.

ASIA PACIFIC

Australian offset issuance falls back below average levels after hefty June

Australia’s Clean Energy Regulator issued just 124,000 carbon credits this week after last month’s end-of-financial year rush that saw over 2.8 million offsets distributed.

CN Markets: Pilot market data for week ending July 5, 2019

Closing prices, ranges and volumes for China’s regional pilot carbon markets this week.

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BITE-SIZED UPDATES FROM AROUND THE WORLD

Tree spree – New research suggests an area the size of the US is available for planting trees around the world, reports BBC News, which “could have a dramatic impact on climate change”. The study, published in Science, used 80,000 global satellite images of tree cover and databases of soil and climate conditions to show the space available for trees is far greater than previously thought, and could reduce CO2 in the atmosphere by 25%. However, other scientists not involved in the study cautioned that the estimate is a “very broad brush”, and said “massive reforestation only works if the world’s current forest cover is maintained and increasing”. (Carbon Brief)

Forest fears – Norway has expressed alarm over June’s 88% year-on-year rise in Amazon deforestation, as well as concern for the future of a Brazilian rainforest protection fund to which it has given $1.2 billion in the last decade. Ambassadors from Norway and fellow donor Germany met with Brazil’s Environment Minister Ricardo Salles, a climate change sceptic, on Wednesday. (Reuters)

Renewables cash for fossils – China established a Renewable Energy Development Fund in 2015 to boost clean energy, but an investigation by China Energy News found that the fund last year spent 5 billion yuan ($700 mln) – more than 80% of the annual budget – to support coal methane and shale gas projects, according to China Dialogue. The coal methane industry, in particular, is depending on these funds, the reporters found.

Internal pricing – Japan’s environment ministry is running a programme supporting companies that wish to establish an internal carbon pricing policy. The ministry on Friday announced eight applicant firms that have been chosen to receive support: Furniture and office equipment supplier Askul, MS & AD Insurance Group, printing machine producer Komori, electronics firm JVC Kenwood, Mitsui subsidiary Mitsui Shokai, material-handling equipment producer Daifuku, Nissan Chemical Co., and financial services firm Hitachi Capital. A new batch of applicants will be considered in September.

And finally… Scorch of July – Alaska experienced its hottest-ever temperature during the country’s July 4th Independence Day, as the mercury reached 90F (32C) in the largest city of Anchorage. That follows a record June where all 30 days in Anchorage had above-average temperatures, and was the 16th straight month to feature above-normal average recordings. The Arctic state has already been dealing with the effects of rising ocean temperatures this year, as ice cover across Alaska disappeared in March – a process that usually occurs at the end of May. (CNN)

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