CP Daily: Monday October 21, 2019

Published 00:11 on October 22, 2019  /  Last updated at 19:29 on October 25, 2019  / Ben Garside /  Newsletters

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

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RGGI set to re-open New Jersey registry accounts

New Jersey compliance entities’ accounts previously registered in the CO2 Allowance Tracking System (COATS) will be re-opened as necessary ahead of the state’s return to RGGI next year, an official said, with numerous emitters having not yet registered.


LCFS Market: California prices push past $205 to new record

California Low Carbon Fuel Standard (LCFS) continued to set new records last week, marching past the $205 mark to draw closer to the programme’s proposed ceiling price.


EU Market: EUAs inch higher despite lack of Brexit endorsement

EUAs edged higher on Monday despite UK lawmakers’ failure to endorse the latest Brexit agreement over the weekend, prolonging uncertainty about the fate of British emitters in the EU carbon market.

Switzerland’s Greens make major strides in election

Switzerland’s green parties took a combined fifth of the vote in the country’s general election on Sunday, a major swing that may give them a role in governing and pushing for more ambitious GHG reduction targets.


NZ lawmakers propose stern restraints on international carbon credit use

New Zealand should only be allowed to use international carbon units to meet its domestic emission target in special circumstances, the parliamentary Select Environment Committee said Monday in its revised Zero Carbon Bill, which also retained controversial GHG goals for the agriculture sector.


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Incompatible scheme – Germany’s planned fixed price and cap-less carbon trading scheme for the transport and heating sectors is too complex to link with the EU ETS as Berlin eventually intends, according to economist Felix Matthes of the country’s Oeko Institute. The risk of double counting also poses a problem, given the potential for some fuels to be counted both under the domestic scheme and the ETS, for example in a gas-fired power plant designed to provide both heat and power. (Montel)

Green stream – The International Platform on Sustainable Finance (IPSF), a group of countries responsible for 44% of the world’s GDP and the same amount of CO2 emissions, teamed up to harmonise rules on what is sustainable investment across the world so that private capital can flow into it more freely. The group includes the EU, China, India, Argentina, Chile, Canada, Kenya, and Morocco, but not the US. (Reuters)

Five alive – Renewable sources of electricity are set for rapid growth over the next five years, which could see them match the output of the world’s coal-fired power stations for the first time ever. This would mean renewables matching coal as the joint largest contributors to the global electricity mix in 2024, according to Carbon Brief analysis of new forecasts in the IEA’s Renewables 2019 report.

Rainbow range – South Africa will increase its use of coal-fired energy, according to its Integrated Resource Plan for the next decade. The plan includes increasing the country’s current 47,000 MW of energy by 1,500 MW from coal, 2,500 MW from hydro, 6,000 MW from solar, and 14,400 MW from wind. Coal would contribute 59% of the country’s energy. (Bloomberg)

And finally… Lending risk – The IMF is examining the impact of climate on the world’s financial markets – market by market, country by country – and whether it is priced into market valuations, said the financial counsellor and director of the lender’s monetary and capital markets department Tobias Adrian. He said to some economies, climate poses a short-term risk, but to most economies the risks are long term. (Reuters)

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