CP Daily: Friday August 28, 2015

Published 18:42 on August 28, 2015  /  Last updated at 18:50 on August 28, 2015  /  Newsletter  /  No Comments

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

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OUR TOP NEWS:

China ponders bringing additional sectors into national ETS from the start

China might bring auto makers and paper manufacturers into its national carbon market from the beginning, in addition to six other sectors planned so far, a senior climate official told a conference this week, according to national media.

 

Poland revives AAU trade as private holders saddled with worthless units

Poland’s government has approved an AAU sale to an unnamed buyer, teeing up the first publicly-known trade of the inter-governmental emission units for at least two years as the deadline to balance national Kyoto Protocol books approaches.

 

EUAs post 1.1% weekly drop, as buyers’ return seen offsetting heftier sales

EU Allowance prices ended higher on Friday as firmer German power prices helped support, but the gains weren’t enough to push the benchmark carbon contract into the black for the week.

 

ClimeCo buys fellow US offset developer Environmental Credit Corp

ClimeCo has consolidated its position as the top provider of voluntary carbon credits under the Climate Action Reserve standard with its purchase of Environmental Credit Corp, it said this week.

 

Australia nowhere near meeting inadequate emission target -study

Australia’s GHG emissions are set to rise steeply over the next 15 years, and the government must find a way to cut a further 1.7 billion tonnes of CO2 between now and 2030 if it is to meet its UN climate pledge, analysts at Climate Action Tracker said.

 

COMMENT: CMIA policy paper on the EU ETS, MSR and Phase IV

CMIA welcomes the improvement which the Market Stability Reserve has brought to the EU ETS … However, we are disappointed that, even with the MSR in place, the amendment proposed by the Commission on 15 July 2015 will not fulfil several aspects of the mandate given by the Council in October 2014.

 

NZUs slide to 2-month low as buy side falls back

Spot NZUs fell 2.2% over the week to close Friday at NZ$6.75 ($4.37), its lowest levels since late June, as the bid side took a step back knowing emitters have no immediate need to buy.

 

Chinese pilot market data for week ending August 28, 2015

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

Bite-sized updates from around the world:

Pollution permits buck commodities markets slump: EU ETS prices gained 10% already this year and analysts expect another 11% by year-end. Compare that with crude’s 30% slump since its June peak and Citigroup Inc.’s forecast of a further 30% drop. Or ABN Amro Bank NV’s bearish forecast for gold, predicting a 29% slump by the end of next year. (Bloomberg)

Poland’s Law and Justice party favours non-binding UN climate deal: Reuters interviews Piotr Naimski, an MP from the party, leading in polls ahead of October election. “Poland quitting the ETS “is not impossible”, he said, adding that a failed UN deal would mean EU climate regulations could be renegotiated. (Reuters). Here’sour take on why Poland is approaching a crossroads on EU climate policy.

A survey commissioned by a US environmental group found that 6 in 10 voters support President Obama’s Clean Power Plan. The poll, released Thursday by the League of Conservation Voters and covered by The Hill, also concluded that 70% of United States voters want their state governors to comply with the regulation.

ICAO aviation climate negotiations: Dividing up emission obligations based on route is the easiest to implement and presents the best chance to reach an agreement that takes into account historical responsibility, says green group Transport & Environment. (GreenAir Online)

UNFCCC climate talks resume: A week-long session runs in Bonn from 31 August to 4 September. Diplomats steering the talks have tasked negotiators to address how markets and other as-yet-unallocated items will be dealt in the Paris deal. Check here for our roundup of the state-of-play.

It’s the right climate to scrap the UK’s Department of Energy and Climate Change: Benny Peiser, the director of the Global Warming Policy Foundation, a climate sceptic lobby group, argues that DECC should be abolished and its functions  handed over to business and enviroment ministries and the Department for Environment, Food and Rural Affairs (DEFRA). He says: “Such a move would be good for cost-effective energy policy, good for consumers and good for the Exchequer.” he said. (City AM) NOTE: The Conservative UK government is looking to cut spending across most government departments, but with much of DECC’s spending ringfenced for management of nuclear power operations, DECC’s policy functions could be almost totally wiped out unless it is given special treatment.

 

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