CP Daily: Monday October 7, 2019

Published 23:01 on October 7, 2019  /  Last updated at 13:02 on October 8, 2019  /  Newsletter  /  No Comments

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

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TOP STORY

California fuel consumption stagnates in June amid declining retail prices

California fuel consumption edged lower for the fifth consecutive month in June, but state data revealed the trend is easing as lower retail gasoline and diesel prices may be incentivising additional consumer demand.

EMEA

EU Market: EUAs rebound 2% after hitting fresh 6-mth low

EUAs rebounded from a fresh six-month low on Monday as short-covering and a resurgent energy complex halted their recent rout.

Low-cost EU airline emissions dive in September

Two of Europe’s biggest low-cost airlines posted a month-on-month decline in their carbon emissions in September.

ASIA PACIFIC

Increased coal consumption pushes up South Korea’s GHG emissions

South Korea’s greenhouse gas emissions rose 2.4% in 2017, the government announced Monday, with the increase largely driven by higher coal use for electricity generation and steel production.

NZ Market: NZUs ease off as market struggles for momentum

New Zealand carbon permits on Monday fell back to the lower end of their recent range, curbed by the ongoing policy inertia and the fixed price option (FPO).

AMERICAS

Quebec entities submit remaining V18 allowances for compliance use, data shows

Quebec’s regulated entities largely channelled their final 2018 allocations for WCI cap-and-trade obligations into compliance accounts during the third quarter, as more than 4 million V18 allowances left jurisdictional accounts, data shows.

ICYM

ICAO moves toward long-term GHG goal, CORSIA launch despite opposition from 25 nations

ICAO’s Assembly on Friday backed the progression of work on setting a long-term emissions target for aviation and to advance the UN body’s CORSIA global offsetting mechanism towards operationalisation, though a fifth of the countries in attendance voted against the two resolutions in a surprise secret ballot.

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BITE-SIZED UPDATES FROM AROUND THE WORLD

Cleaning up – Renewables have accounted for 47% of Germany’s total electricity generation so far in 2019, Renew Economy reports, outpacing fossil fuels and seeing wind and solar alone combining for more than a third of the total. Wind had the largest share at 23.2%, followed by 19.9% for lignite, 13.4% for nuclear, 10.8% for solar, 10.2% for gas, and 9.1% for hard coal. The results give Germany one of the world’s cleanest energy mixes, though it is a bearish sigh for carbon prices, as the country is Europe’s top emitter. Experts say wind generation is expected to increase further in Q4. Separately, Germany’s Economy Ministry on Monday presented a schedule to help revive onshore wind turbine construction that has declined due to bureaucracy and citizens’ opposition, hampering efforts to build up renewable energy and meet climate targets, Reuters reports. Among 18 measures to be completed in 2019 and 2020, the ministry said German states must agree to alter night-time signals that turbines give out for aircraft so that residents nearby are no longer disturbed by their constant flashing. “The plan serves as an important step towards boosting onshore wind and helping renewable power reach a 65% share of total power consumption in 2030,” the ministry said in a press release.

Go ahead – Four new gas-fired turbines at the UK’s Drax power station have been approved by the British government, which went against a ruling from its Planning Inspectorate. The turbines are to replace coal-fired units, but the inspectorate said they should be blocked because of their climate impact. The government disagreed, saying fossil fuel generation will still be needed. Environmentalists say this suggests the government is not serious in its pledge to hit net zero emissions by 2050, as the plant is estimated to produce as much as 75% of all the CO2 projected for the electricity sector by that point. “The UK government’s overruling of the Planning Inspectorate … is a disgrace. At a time when the UK is preparing to host the UN climate change meeting in 2020, it should be showing its leadership on climate action, not doubling down on fossil fuels,” said Christian Aid’s Global Climate Lead Kat Kramer. (BBC)

Perry 2.0 – The man seen as most likely to replace Rick Perry as US energy secretary is a backer of his boss’s efforts to help unprofitable coal and nuclear plants, Bloomberg reports. Perry reportedly told confidants in recent days that he plans to resign from the Trump administration by the end of the year. That’s shifted a spotlight onto Deputy Secretary Dan Brouillette, the agency’s No. 2 official. Brouillette has recently has taken a higher profile role at the department, filling in for Perry in appearances abroad and on television interviews as well as cabinet meetings. And like Perry, Brouillette is a supporter of efforts – unsuccessful thus far – to subsidise coal and nuclear plants that have been unprofitable in the face of competition from cheaper natural gas and renewables, which has forced operators to close down.

Meagre safeguards – Two coal mines belonging to Australia’s Centennial Coal were able to massively increase their GHG emissions without being penalised under the Safeguard Mechanism, the Guardian reported Sunday, citing analysis by the Australian Conservation Foundation. That’s because of a rule under the mechanism allowing facilities to apply for more generous caps on a temporary basis if they can document energy efficiency improvements. Carbon Pulse reported on Centennial Coal and other cases of major emitters finding ways to increase their carbon output without consequences back in March, when the Clean Energy Regulator released the mechanism’s annual data.

No more freebies – President Lenin Moreno of Ecuador has scrapped the country’s fuel subsidies, worth $1.3 billion a year, Electrek reports. This has resulted in widespread protests since last week over sky-rocketing fuel prices. Moreno said he scrapped the subsidies to boost Ecuador’s economy and ease the country’s debt. Ecuador also belongs to a collective of Latin American countries that have pledged to reach a 70% renewables target by 2030. As of 2016, Ecuador’s energy sources consisted of oil (76%), hydroelectric (19%), natural gas (4%), and non-hydro renewables (1%). Ecuador is the fifth-largest oil producer in South America. It exports around 70% of the oil it produces.

Group project – Offset standard manager and developer Verra is establishing two external stakeholder groups to scope out the potential role of standards supporting methodologies and tools in nature-based solutions, including but not limited to carbon credits. The two working groups, one focused on agricultural land management and the other on blue carbon, will each comprise roughly 10 stakeholders and run over a six-month period between approximately Nov. 2019 and Apr. 2020, with the possibility of extension. Applications are invited through Oct. 28, with the company aiming for selections by Nov. 15 and a first meeting prior to the end of the year.

And finally…  Cruising for a bruising (lack of accommodations) – Cruise liners should be brought in to house those attending the UN climate change summit in Glasgow next year, security sources have said. Up to 30,000 delegates are expected to attend COP26, including up to 200 world leaders. As a result, accommodation will have to be found for police and security services and additional personnel, such as caterers and technical staff. However, a lack of hotel beds in the city and the wider central belt has led to suggestions that radical measures may have to be taken to ensure enough places to sleep. (The Times, $)

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