CP Daily: Wednesday August 19, 2015

Published 19:25 on August 19, 2015  /  Last updated at 19:27 on August 19, 2015  /  Newsletter  /  No Comments

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

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OUR TOP NEWS:

China’s CO2 emissions exaggerated by up to 14%, study finds

China’s CO2 emissions over 2000-2013 may have been overestimated by as much as 10.7 billion tonnes, a new study published in Nature magazine found, implying China might be left room to emit more CO2 in the future under a global carbon budget.

EUAs hit fresh 33-month high after UK auction

EU carbon prices climbed to as high as €8.38 early on Wednesday, extending last week’s 33-month high by two cents after the UK’s auction cleared above market.

TABLE: EU utility hedging advances in H1 as German firms outweigh rest

Rises in power hedging rates from RWE and E.ON appear to outweigh drops among other major utilities over H1 compared to the first half of 2014, according to company financial updates, which could mean the EU power sector may scale back its overall carbon buying over the rest of this year.

National climate pledges made so far falling short -study

Emissions-reduction pledges made so far by some of the world’s top polluters fall short of what’s required to stave off dangerous climate change, a study released on Wednesday showed.

Citi finds low carbon doesn’t have to cost the Earth

‘Why would you not follow a low carbon path?’, Citi concludes in a 132-page study finding that the incremental costs of doing so are limited and seem affordable, return on investment is acceptable and the likely avoided liabilities are enormous.

COMMENT: Domestic carbon initiatives in Europe: a powerful key to climate mitigation

An increasing number of companies, organisations and governments are taking action which goes beyond what can be achieved using current UN and UNFCCC instruments. One such measure is the voluntary compensation of greenhouse gas emissions, usually based on offset projects in countries without international reduction commitments.

Dong Energy gets earnings boost after €52m CO2 dispute settled

Danish utility Dong Energy reported a 6% y/y increase in EBITDA in H1, as its earnings were boosted by the settlement of a dispute over carbon allowances dating back to 2005, it said in first-half results.

South Korea’s Hanwha Corp. to convert 286,000 CERs to Korean offsets

Explosives firm Hanwha Corp. has cancelled 286,000 CERs in the UN registry with a view to converting them into offsets eligible in the Korean emissions trading scheme, a UN website showed.
Bite-sized updates from around the world:

EU climate ambition ‘bad for Poland’: Poland’s new president, Andrzej Duda said the EU’s emissions agenda “is bad for Poland.” “Compared to the rest of Europe, we have enormous coal reserves and simply understood decarbonization is completely not in our interest.” (Politico)
Duda’s Law and Justice (PiS) party is well ahead of October elections. Read our take on why a ruling PiS could seek to opt-out of EU climate policies altogether.Meanwhile, Poland’s ruling Civic Platform’s coal rescue plan, a key pre-election effort, is stalling. The government is threatening management changes at state-run utility PGE if it continues to snub pressure to invest in coal miner Kompania Węglowa. PGE’s board meets on Aug 20. (Rzeczpospolita, in Polish)
EU renewables target talks: Talks to craft governance of the EU’s 2030 renewable energy goal will resume in September, with the UK and Germany lining up allies on either side of the debate on how binding it should be at national level. (Reuters)

Cracking differentiation at UN climate talks: Norway’s Fridtjof Nansen Institute has published a paper looking at how to approach the most thorny of thorny issues at Paris and beyond.

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