CP Daily: Tuesday October 22, 2019

Published 01:45 on October 23, 2019  /  Last updated at 19:02 on October 25, 2019  /  Newsletter  /  No Comments

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

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TOP STORY

Liberal minority gov’t offers hope for Canadian climate policy, carbon pricing to stay the course

Canadian Prime Minister Justin Trudeau’s Liberals lost their parliamentary majority in Monday’s federal election but still exceeded many pollsters’ expectations, as a stronger showing by left-leaning parties could pressure a deeper commitment to climate ambition and stave off the oil and gas-centred demands of the resurgent Conservatives.

AMERICAS

Canadian large emitter programme may experience offset supply dearth for 2019 -analysts

Canada’s ‘backstop’ output-based pricing system (OBPS) may not have an adequate supply of offsets available before next year’s inaugural compliance deadline, stemming from the slow rollout of federal and provincial protocols, a conference heard Tuesday.

California sees short-term tweaks to LCFS before more substantive amendments post-2020

California regulator ARB plans to revise its life cycle analysis for its Low Carbon Fuel Standard (LCFS) early next decade, while potentially offering post-2030 carbon reduction goals by the mid-2020s, a state official said Tuesday.

Climate Trust projecting 14% return from initial US offset fund

Project developer The Climate Trust’s first offset fund is projected to yield a 14% return, with the majority of that profit stemming from appreciation in value through California’s compliance market, the organisation said Monday.

New Jersey sets November deadline for facilities to finish RGGI onboarding

New Jersey’s Department of Environmental Protection (DEP) has set a November deadline for regulated entities to submit documents to the US EPA linking their emissions to the Northeast ETS’ registry, a spokesperson told Carbon Pulse.

ASIA PACIFIC

NSW govt nixes Scope 3 considerations in mining decisions

Australia’s New South Wales state government will this week introduce legislation that bans its Independent Planning Commission from taking Scope 3 emissions into account when deciding whether or not to let mining projects go ahead.

New Zealand likely to skirt limitations on international credits, experts say

New Zealand is likely to avoid the foreign offset restrictions in its latest revised Zero Carbon Bill by setting domestic targets that are less ambitious than its international commitments, policy experts said Tuesday, though ETS linking might prove difficult.

EMEA

EU Market: EUAs dip as UK struggles to get Brexit deal endorsed

EUAs slipped further below €26 on Tuesday as UK lawmaker wrangling kept the prospects of a Brexit deal in the balance, with MPs later effectively voting for an extension of the Oct. 31 EU exit date.

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BITE-SIZED UPDATES FROM AROUND THE WORLD

Slow to risk up – US and European companies in polluting industries rarely disclose the financial risks they face related to climate change, ratings agency Moody’s Investors Service said. It found from public filings of 28 building materials, oil and gas, and utility companies that just an unnamed 2 of the 28 linked their climate projections with an effect on cash flows and balance sheets, despite 22 saying climate change was affecting strategic decisions. (Reuters)

Outsourcing leader – The UK was the biggest net importer of CO2 emissions per capita in the G7. It increased its net imports from 1.7 tonnes in 1992 to 5.1 tonnes in 2007, with China the biggest single source, offsetting domestic progress on shifting the UK economy away from fossil fuels, according to government’s statistics office. (The Guardian)

Green bonding – EU states and the bloc’s parliament will on Wednesday start talks over whether oil, coal, and nuclear fuel can classify as “green” financial investments in trilogue negotiations set to last until December, with the aim of establishing a law to come into force by end-2022. (Reuters)

Fiscal fuels – Twelve New York state Assembly members in a recent letter have called on Governor Andrew Cuomo (D) to include language establishing a low-carbon fuel standard in the Empire State’s Fiscal Year 2020-2021 budget. The letter, led by Assemblymember and LCFS bill sponsor Carrie Woerner (D), said that while New York has adopted California’s vehicle GHG standards, the state has still not done enough to reduce its transportation sector emissions, especially in light of having passed legislation this summer to reduce direct GHGs emissions by 85% below 1990 levels by mid-century. Stakeholders have said that budget language is one of three possible routes to New York state moving forward on an LCFS in 2020.

And finally…  Who knew? – Oil major ExxonMobil goes to trial in New York today for allegations that it misled investors about how much the company would be impacted by climate action. The company kept two sets of books, one for internal use and one to show shareholders, which the New York Attorney General’s office alleges was done to make the company appear more profitable than it really would be in the face of climate regulations. (AP)

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