CP Daily: Wednesday August 28, 2019

Published 00:07 on August 29, 2019  /  Last updated at 00:07 on August 29, 2019  /  Newsletter  /  No Comments

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

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TOP STORY

Western Australia keeps international credits in play in draft emissions policy

The Western Australian government on Wednesday set out a draft carbon emission policy for major resource projects based on an aspirational state target to hit net zero emissions by 2050, with the option to buy domestic or international offsets remaining on the table.

AMERICAS

Climate Action Reserve salvaging Ontario grassland protocol with voluntary Canadian initiative

Offset registry Climate Action Reserve (CAR) is aiming to finalise its voluntary Canadian grassland offset protocol this fall after the Ontario government cancelled the entity’s WCI contract earlier this year, and the methodology could still be used in federal or provincial-run compliance markets.

California offset issuances drop under 500K as supply climbs to 161.5 mln

California regulator ARB granted under half a million California Carbon Offsets (CCOs) across three protocols this week and reduced the invalidation period on an additional 447,000 offsets, state data showed.

California fuel consumption continues to drop on falling diesel

California fuel consumption fell in May for the fourth consecutive month as diesel sales continue to deviate from 2018 levels, likely leading to lower annual compliance obligations in the WCI cap-and-trade scheme.

EMEA

EU Market: EUAs lift 2% to €26 as oil leads energy complex higher

EUAs made gains in early Wednesday trade as a recovery in oil prices boosted the energy complex and potentially could pull carbon out of its weak technical hole.

Brussels adopts auction regulation changes aiming to avoid market disruption

The European Commission adopted its post-2020 revised auction regulation late on Wednesday, sticking to much of its original proposal after a short consultation period.

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BITE-SIZED UPDATES FROM AROUND THE WORLD

Sovereignty story – Far-right Brazilian President Jair Bolsonaro on Wednesday said that South American countries will meet to determine a common policy in defence of the Amazon rainforest, while taking another swipe at France’s offer for $20 mln in aid after a surge in fires. Speaking to journalists after a meeting with right-wing Chilean President Sebastian Pinera, Bolsonaro said that a meeting with regional neighbours except Venezuela to discuss an Amazon policy will take place Sep. 6 in the Colombian city of Leticia. Pinera, whose country does not border the Amazon, agreed with Bolsonaro that the sovereignty of the Amazonian nations must be respected, while Bolsonaro dismissed French President Emmanuel Macron’s offer of $20 mln in aid after this weekend’s G7 meeting as an insulting attempt to “buy” Brazil’s sovereignty. (Climate Home)

Brazil business – Some 57% of Brazilian companies already have internal policies on carbon pricing as a way of identifying risks in their operations, according to a study from business group (CEBDS). The association sent an open letter to the government in support of carbon pricing measures in Brazil and has collected signatures of 31 CEOs and CFOs from some of the country’s largest companies such as bank Itau, clothing retailer Renner and utility Iberdrola. (BNAmericas)

Appeal partners – The Ontario government on Wednesday filed an appeal to the Supreme Court of Canada to re-examine a ruling by the province’s top court that found the federal ‘backstop’ price on carbon is constitutionally sound. The Ontario Court of Appeal ruled in June that Ottawa has the authority to impose its rising carbon levy on fossil fuels and output-based pricing system (OBPS) on the recalcitrant, conservative-led province, though Ontario Environment Minister Jeff Yurek said the Ford government remains committed to “using every tool at our disposal” to fight the federal Liberals’ climate policy. Ontario joins fellow conservative province Saskatchewan in its Supreme Court appeal, with Canada’s top court slated to hear the cases on Dec. 5. (CBC)

Bigger in ‘Berta – Alberta regulators this week approved what will be Canada’s largest solar project. The newly approved 600MW (DC) Travers plant, developed by Alberta-based wind and solar developer Greengate Power Corporation, will begin construction in 2020 and is scheduled for completion the following year. The largest farms already in operation in Canada are 100MW or less, while another project under development in Alberta from Ontario-based RealPart Canada would be 150MW. (Greentech Media)

And finally… Coming to America – Teenage Swedish climate activist Greta Thunberg arrived in New York on Wednesday afternoon, completing her more-than-two-week, zero-carbon journey across the Atlantic in a high-speed racing yacht. In an address to the media after disembarking, Thunberg said that she “shouldn’t have to cross the Atlantic to take stand” against the climate emergency, but stressed that it was a necessary journey for her. She also told President Trump to “listen to the science” on climate change, and reiterated her commitment to travelling to the UN’s COP25 climate summit in Chile this December without flying. (The Guardian)

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