CP Daily: Thursday September 10, 2015

Published 18:10 on September 10, 2015  /  Last updated at 18:13 on September 11, 2015  /  Newsletter  /  No Comments

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

**The 9th Latin American and Caribbean Carbon Forum will take place in Santiago de Chile from Sept. 9-11, covering latest developments in market-based mechanisms to address climate change, carbon trading, climate finance and low-emission development. The conference provides an important opportunity to boost effective climate action in the region. Click here for more info or to register**

Presenting CP Daily, Carbon Pulse’s newsletter. It’s a daily summary of our news plus bite-sized updates from around the world. Subscribe here

 

California legislature to reconsider GHG bill

A California bill to reduce state greenhouse gas emissions to 80% below 1990 levels by 2050 is being reconsidered by lawmakers and will be heard again ahead of Friday’s voting deadline, after it was rejected by the state’s Assembly earlier this week.

 

Kazakhstan flags goal to keep emissions at 15% below 1990 levels over 2021-2030

Kazakhstan has proposed to set a 2030 target of keeping greenhouse gas emissions 15% below 1990 levels over 2021-2030, but could deepen the target to 25% by 2030 if certain conditions are met.

 

Guangdong sets first 2015 auction floor price at 12.84 yuan

Guangdong will hold its first auction of 2015 CO2 allowances on Sep. 21, offering 300,000 allowances at a minimum price of 12.84 yuan ($2.01) each, the China Emissions Exchange in Guangzhou said Thursday.

 

Shenzhen to help Inner Mongolia’s Baotou draw up carbon market

Climate change officials from Shenzhen will help the government of Baotou design an emissions trading scheme in Inner Mongolia’s biggest industrial hub with a view to linking the two regional Chinese markets in the future, the Shenzhen Emissions Exchange said Thursday.

 

EUAs little changed despite signs of utility buying

EU carbon prices were little changed on Thursday as traders said signs of heavy utility buying provided support as a stronger euro helped boost their profit margins.

 

Chinese carbon firm ditches CDM for voluntary market

CDM project developer and consultants Goldchina has cancelled over 400,000 CERs from a wind power project in Hebei province, seeking to convert them into voluntary offsets as the firm is abandoning the UN carbon market.

 

COMMENT: Global CO2 market based on current INDCs could see demand of up to 1.9b tonnes

The five nations that have indicated they will use international markets to meet their post-2020 emission targets could generate demand for 1.9 billion tonnes of carbon from 2021 to 2030.

 

Bite-sized updates from around the world:

CPP once again survives legal challenge – A federal appeals court declined requests Wednesday to block the Obama administration’s landmark climate rule for power plants. (The Hill)

Jordan submitted its INDC to the UN on Thursday, offering to reduce GHG emissions by 1.5% below BAU by 2030 but adding that it is willing to deepen those cuts to 14% with international financial assistance of $5.7 billion.  It made reference to the recent influx of Syrian refugees who, while earning less income and consuming less energy than the average Jordanian, have contributed to a “significant” rise in residential energy consumption.  The country, also a member of the World Bank’s Partnership for Market Readiness, noted its “increasing level of involvement in carbon market business”.

Alberta Environment Minister Shannon Phillips says a globally credible climate policy is important to the province’s future, adding that the Canadian province’s days of climate change denial are over. (CBC)

Australian PM rejects Pacific islands plea for climate action – Tony Abbott on Thursday rejected calls from Pacific Island states to deepen Australia’s 2030 greenhouse gas emission reduction target. (Daily Telegraph)

Cutting emissions from shipping and aviation – There is vast untapped potential to cut emissions from international shipping and aviation, with vast differences in efficiencies between the best and worst performers in each industry. But their respective UN agencies, the IMO and ICAO are moving too slowly in overcoming the market barriers to action, according to a study from the New Climate Economy.

Putting cars in the EU ETS is still not a good idea – So argues William Todts from green group T&E. He says that carmarkers BMW and Opel are attempting to influence the debate by commissioning a recent study, but adds that such a move would do little to encourage the sector to invest in lower carbon technologies, while being be far less effective than extending current emission standards. (EurActiv)

Carbon capture: miracle machine or white elephant? – Billions have been spent on schemes to deal with CO2 emissions but expectations have not been met. (Financial Times, $)

Two things are clear as Pennsylvania environmental regulators begin to develop a strategy to meet the CPP: the state is not going to join others in their legal challenges, and it is not going to accept the EPA’s model rule. Other than that, Pennsylvania’s approach is “a blank page”, reports the Pittsburgh Post-Gazette.

And finally… Giant prehistoric viruses could be awakened by oil drilling in the Siberian permafrost, scientists have warned after they unearthed a 30,000-year old strain, Vice reports.

Got a tip? Email us at news@carbon-pulse.com

Comment