CP Daily: Thursday September 3, 2015

Published 18:31 on September 3, 2015  /  Last updated at 21:47 on September 4, 2015  /  Newsletter  /  No Comments

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

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Top emitters snap up Korea’s offset supply

A handful of major emitters have snapped up offset supply in Korea’s emissions trading scheme, creating an upwards pressure on prices in the OTC market while little or no volume trickles through to the exchange, according to market participants.

 

Eurosceptic ECR group to steer EU ETS reform through Parliament

A member of the right wing, Eurosceptic ECR political grouping will steer the post-2020 EU ETS reform proposal through the bloc’s parliament, a party official confirmed on Thursday.

 

EUAs nudge higher amid signs of utility buying

EU carbon prices rose for the second successive session on Wednesday amid signs of utility buying and as speculators grew more confident the market could sustain higher auction volume.

 

Noble Group parts ways with London-based emissions head

Beleaguered commodity dealer Noble Group has parted ways with its London-based head of emissions and cross-commodity options, sources told Carbon Pulse.

 

London carbon credit dealer disqualified for feigning registry membership

A London-based carbon credit dealer has been disqualified from acting as a director in the UK for 15 years for making sales by false representation and failing to maintain accounting records, Britain’s Insolvency Service said on Thursday.

 

First Australian project wins Gold Standard certification

A revegetation project in Australia’s western wheatbelt has become the nation’s first to earn Gold Standard certification, with project owner Carbon Neutral able to offer over 1.2 million voluntary carbon credits to the market.

 

Bite-sized updates from around the world:

California lawmakers passed a bill yesterday requiring the state’s largest pension funds to divest from coal. The bill calls for two public employee pension funds, totalling $476 billion in assets, to sell their investments in companies that generate at least half their revenue from coal mining by July 2017. The funds have around $200 million invested in coal companies. (Reuters via Climate Nexus)

Figueres expects rich to come with climate pledges – UN climate chief Christiana Figueres expects rich nation finance ministers to unveil their plans on how to make good on their combined promise to deploy $100bln in climate finance to the developing world at an Oct. 9 meeting in Lima, Peru. (RTCC)

Utilities to sue UK for removing climate tax exemption – Power producers Drax and Infinis Energy have started legal proceedings against the British government for not providing enough notice when it announced the removal of a climate change tax exemption in July. Drax counted on the exemption when planning its coal-to-biomass conversion. (Reuters)

Canadian power generators reduced their GHG emissions by 5.8% in 2014 and 22% over the past five years, according to the Canadian Electricity Association’s annual report.

NZ Greens outline climate change plan – NZ Greens co-leader James Shaw on Thursday released a climate change plan that would include a 40% cut in GHG emissions by 2030 and replace the nation’s emissions trading scheme with a NZ$25 carbon tax. (Stuff.co.uk)

Mitigation potential of crediting instruments in developing countries – This World Bank-commissioned study looks at 15 types of crediting-related activities in eight countries currently supported by the bank’s Partnership for Market Readiness (PMR): Colombia, Costa Rica, Mexico, Morocco, Peru, Thailand, Tunisia, and Vietnam. (Ecofys, SEI)

Less is more: The most valuable outcome of the Paris climate deal regarding linkage of carbon markets might simply be the inclusion in the core agreement of an explicit statement that parties may transfer portions of their INDCs to other parties and that these transferred units may be used by the transferees to implement their INDCs. This minimalist approach will allow diverse forms of linkage to arise, thereby advancing the dual objectives of cost effectiveness and environmental integrity in the international climate policy regime, according to several US academics. (Climate Policy)

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