CP Daily: Monday September 16, 2019

Published 22:57 on September 16, 2019  /  Last updated at 22:57 on September 16, 2019  /  Newsletter  /  No Comments

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

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TOP STORY

Stakeholders brace for fierce debate on California’s Tropical Forest Standard

Critics and supporters of the California Tropical Forest Standard (TFS) are anticipating a contentious meeting on Thursday to decide the fate of the possible precursor to jurisdictional REDD offsetting, with some believing state regulator ARB will approve the proposal after its year-long review.

AMERICAS

California’s ARB still seeking EJ, labour representatives for offset task force

California regulator ARB opened a second solicitation for its Compliance Offsets Protocol Task Force (OPTF) on Friday, as the agency is seeking additional applicants from the environmental justice and labour communities.

RFS Market: RINs lift on reports of higher biofuel volumes for 2020

Biofuel credits under the US Renewable Fuel Standard (RFS) jumped in value over the past several days amid reports that President Donald Trump may back a plan to make up for compliance obligations waived through dozens of programme exemptions this year.

EMEA

EU Market: EUAs climb back above €27 after riding oil price spike

EUAs surged by almost a euro in reaction to a massive spike in oil prices early on Monday, managing to end above €27 for the first time in a month.

ASIA PACIFIC

SK Market: KAUs hit fresh record highs though volumes dwindle

South Korean carbon allowances rose to new all-time highs in Monday trade, but volumes fell again as supply remains patchy ahead of the Sep. 30 compliance deadline.

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BITE-SIZED UPDATES FROM AROUND THE WORLD

Ways and means – Climate protection measures that Germany’s ‘grand coalition’ want to unveil on Sep. 20 will cost at least €40 billion until 2023, but the details including the required carbon price are yet to be agreed, Reuters reports from an anonymous source. Read Carbon Pulse’s article on how the centre-right CDU/CSU partners want a domestic ETS for transport and buildings, while the centre-left SPD favours a carbon tax.

More no to coal – The Indian state of Chhattisgarh, which holds the nation’s third largest coal reserves, will not build any more coal-fired power plants, the chairman of a local state-owned power company told Quartz. The state’s existing coal plants already run below capacity, and with a 1,600MW plant under construction, there won’t be need for any further. Last week, Gujarat state announced it would not give approval to any further coal plants.

Environmental elimination – Alberta’s United Conservative Party (UCP) government is planning to eliminate its standalone offices for climate change policy and environmental monitoring, a move critics said will damage the Canadian province’s standing and ability to make science-based plans. In a Sep. 10 email obtained by The Canadian Press, Alberta Environment and Parks deputy minister Bev Yee outlined a departmental reorganisation in which the climate change office created under the previous NDP government will disappear, alongside the environmental monitoring and science division. Yee said the changes, which will take effect Oct. 15, were about increasing effectiveness, while Alberta’s previous NDP environment minister and green groups lambasted the UCP administration and Premier Jason Kenney for its continued rollback of climate and environmental policies.

And then there was one – Canada’s Greens are now the only federal party that has committed to raising the ‘backstop’ CO2 levy on fossil fuels if elected on Oct. 21, after the left-wing NDP clarified its position on carbon pricing this weekend. While the NDP on Saturday said it would adjust the federal carbon price as needed to achieve deeper national GHG reductions of 38% below 2005 levels by 2030, a party spokesperson clarified to the Toronto Star on Sunday that the NDP would only adjust the output-based pricing system (OBPS) for large stationary sources, and not the CO2 levy on fossil fuels. While both parties support the ruling Liberals’ carbon tax, only the Greens have said they will raise the backstop levy following its scheduled C$50/tonne rate in 2022, with the party targeting further C$10 annual increases from 2023 onward.

TV climate cash – Denmark this weekend held a telethon where the donated money would go towards planting trees in order to reduce GHGs. The nation drummed up a total €2.4 million ($2.67 million) in what DW says is the world’s first televised fund-raiser where the money goes to climate change purposes.

New deal – The EBRD has renewed its renewable energy programme in Kazakhstan, a move the bank said would reduce CO2 emissions by around 500,000 tonnes annually. The €300 million extension will add further to Kazakhstan’s renewable capacity, after the first phase of the scheme saw 262 MW of capacity built. “In addition to the EBRD funding, the framework will be supported by concessional finance from the Green Climate Fund. It will also benefit from a comprehensive technical cooperation programme, which will support competitive tendering for wind projects, the development of a carbon market in Kazakhstan and the promotion of gender inclusion in the renewable energy sector,” the EBRD said.

And finally… Gas pass – The UK’s Advertising Standards Authority (ASA) has ruled that an advert by Norwegian state-controlled energy major Equinor was incorrect to claim that natural gas is a “low-carbon energy” source. The agency told the company not to use the advertisement again after a complaint was submitted by a campaigner from NGO Global Witness about a poster seen at a tube station. The watchdog said the company had agreed not to use the ad again and will make changes if they decide to run a similar campaign. (Financial Times)

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