CP Daily: Monday November 4, 2019

Published 02:29 on November 5, 2019  /  Last updated at 02:29 on November 5, 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 ETS emissions dip in 2018, as fuel sector GHGs fall for first time

California’s fuel sector reported its first year-on-year emissions reduction under the WCI-linked cap-and-trade programme in 2018, as flat carbon output from the power sector helped contribute to a small annual decrease in regulated GHGs, state data revealed Monday.

AVIATION

US concerns flag major risks for UN’s CORSIA aviation scheme as sign-up deadline nears

he US has major concerns about the EU’s and China’s approaches to the CORSIA, making the success of the UN’s aviation offset scheme anything but certain just months ahead of a crunch deadline.

AMERICAS

California diesel consumption accelerates in July as gasoline continues to decline

California diesel consumption rose during July amid lower retail fuel prices, but even with those gains, total fuel consumption remains below last year’s level through the first seven months of 2019, state data revealed.

Top LCFS credit holder increases concentration during Q2, data shows

The largest holder of California Low Carbon Fuel Standard (LCFS) credits increased its share of the surplus bank volume during the second quarter, while the top two entities now command over half of all credits accumulated in the programme, state data shows.

EMEA

EU Market: EUAs rebound above €25 once more after hitting 1-week low

EUAs recovered from sub-€25 levels for a second straight day on Monday, as analysts gave a neutral-to-bearish weekly outlook for carbon on soft signals from energy and higher auction supply.

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BITE-SIZED UPDATES FROM AROUND THE WORLD

Following through – The US formally notified the UN on Monday that it will withdraw from the Paris Agreement, starting the one-year process to exit the 2015 climate pact, Secretary of State Mike Pompeo announced. In a statement, Pompeo cited President Donald Trump’s June 2017 announcement that the US would exit the climate treaty on the grounds that it would put an unfair economic burden on Americans. The secretary of state also said the US would continue to utilise fossil fuels and engage in international climate negotiations by offering a “realistic and pragmatic model”. The earliest the US can exit the agreement is Nov. 4, 2020 – one day after the next presidential election.

Frack off – The British government has called a halt to fracking in England amid fears about earthquakes. The indefinite suspension comes after a report by the Oil and Gas Authority (OGA) said it was not possible to predict the probability or size of tremors caused by the practice. Business Secretary Andrea Leadsom said it may be temporary – imposed “until and unless” extraction is proved safe. Labour, Lib Dems and the Green Party want a permanent ban. Fracking was suspended at the end of August after activity by Cuadrilla Resources – the only company licensed to carry out the process – at its Preston New Road site in Lancashire caused a magnitude 2.9 earthquake. Labour’s leader Jeremy Corbyn has described the move as an “election stunt” telling reporters: “I think it sounds like fracking would come back on 13 December [the day after the general election], if they were elected back into office.” Meanwhile, the UK also launched a review into how it will meet its pledge to become the first major economy in the world to achieve net zero emissions by 2050. The Chancellor’s Net Zero Review will examine how the country can continue to grow its economy while dramatically cutting its GHGs. (BBC, Carbon Brief)

How industrious – Three energy firms announced plans on Tuesday to develop the world’s first net zero emissions industrial zone in the north east of England by 2040, a move they said could help Britain meet its climate targets. The UK earlier this year set a target to reach net zero emissions by 2050. It has made good progress in reducing emissions from the power sector, but emissions from industry have so far proven harder to curb. Under the scheme, power firm Drax, oil company Equinor, and power gird operator National Grid plan to cut emissions at several industrial sites around the Humber estuary, using technology to capture, store and use CO2 emissions and by using hydrogen as an emission-free fuel for heating and transport. (Reuters)

State step-in – California Governor Gavin Newsom (D) has called for a meeting this week between state officials, utility Pacific Gas & Electric (PG&E), and the company’s creditors and shareholders and wildfire victims to “accelerate a consensual resolution for the entity’s ongoing bankruptcy proceeding. Newsom said that if the various parties cannot reach an agreement quickly to exit bankruptcy by next June’s statutory deadline, the California government will step in and restructure the utility. Newsom selected Cabinet Secretary Ana Matosantos to serve as California’s energy czar and lead a team that will “game out every option and prepare a plan should the state need to intervene”. (Utility Dive)

Come what May – Canadian Green Party leader Elizabeth May stepped down on Monday, vacating the role she has held since 2006. May told reporters in Ottawa that she felt comfortable stepping down because the Greens are in a good position following last month’s election, which saw them take three seats nationwide. Former journalist Jo-Ann Roberts will serve as interim leader, and the party will hold a leadership vote in fall 2020 at a convention in Charlottetown, Prince Edward Island. (CBC)

And finally… No climate Duchamp-ion – French climate activists have been stealing portraits of Emmanuel Macron from town halls this year, protesting what they say is the president’s climate-friendly international image that hides his lack of action. More than 130 portraits have been taken from town halls across the country, and the diverse group has faced varied reactions from French authorities, with some given fines while others acquitted. “We just want Macron, who holds himself up as a climate defender, to respect France’s commitments under the [Paris Agreement],” Helene Lacroix-Baudrion, who faces charges for taking a portrait in the town of town of Bourg-en-Bresse, told the AP at her trial last week, where a UN expert testified on her behalf. (Climate Nexus)

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