CP Daily: Friday March 13, 2020

Published 00:35 on March 14, 2020  /  Last updated at 00:35 on March 14, 2020  /  Newsletter  /  No Comments

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

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TOP STORY

UN approves six offset programmes, vintage restrictions for CORSIA aviation scheme

The ICAO Council on Friday endorsed six programmes in full and two others on a conditional basis to supply the UN body’s CORSIA international aviation offset mechanism, with eligible carbon credits initially restricted to a five-year window.

AMERICAS

First RGGI auction of 2020 clears at 2-cent discount on New Jersey’s return

The first RGGI auction of 2020 cleared in line with market expectations as New Jersey returned to the regional cap-and-trade programme eight years after the state left the power sector ETS.

EMEA

BRIEFING: EU lawmaker aims to seize momentum to put shipping in bloc’s ETS

The European Parliament is mulling an early bid to agree this year to include all ships using EU ports in the bloc’s ETS, attempting to capitalise on the current heightened momentum for climate action, the Parliament’s lead lawmaker on the issue told Carbon Pulse on Friday.

EU Market: EUAs tumble below €22 to 11-mth low as virus measures hit hard

EUAs collapsed to their lowest levels for almost a year on Friday, finally shedding their recent resilience amid widespread market panic as governments scramble to control and limit the impact of the COVID-19 coronavirus.

ASIA PACIFIC

Developers earn 168k Australian carbon credits in latest issuance

Australia’s Clean Energy Regulator has issued nearly 168,000 fresh carbon credits this week, it said Friday, only around a third of last week’s volume.

CN Markets: Pilot market data for week ending Mar. 13, 2020

Closing prices, ranges and volumes for China’s regional pilot carbon markets this week.

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BITE-SIZED UPDATES FROM AROUND THE WORLD

Nothing to celebrate – The IEA has warned that the coronavirus crisis may lead to a slump in global emissions this year, but it poses a threat to long-term climate action by undermining investment in clean energy. The think-tank expects the economic fallout of COVID-19 to wipe out the world’s oil demand growth for the year ahead. But it warns there is nothing to celebrate in a likely decline in emissions driven by economic crisis, because in the absence of the right policies and structural measures, this decline will not be sustainable. Well-designed government stimulus packages could offer economic benefits and may have huge benefits for the clean energy transition, the IEA added. (The Guardian)

Inclusion delusion – Austria, Denmark, Ireland, Lithuania, Luxembourg, and Spain have sent a joint letter to the European Commission calling for the inclusion of a 100% renewable energy scenario in long-term climate projections. In Nov. 2018, the EC unveiled eight energy scenarios for 2050, outlining different emission-cutting pathways to make Europe’s economy compliant with the Paris Agreement. But none of the eight, which range from business-as-usual to net zero emission cuts, included a scenario based on 100% renewable energies. And only two of them achieve climate neutrality, which in the meantime was chosen by EU heads of states and government as the preferred option. (EurActiv)

Clean concerns – The addition of new solar generating capacity could fall this year for the first time since at least the late 1980s due to the ramifications of the coronavirus, with the biggest upheaval coming from China, according to new research from BloombergNEF. The researchers also saw “considerable downside risk” to their prior forecasts for new wind installations of 75 GW of capacity, but still expect a record year. Their report also noted that EV sales in China are also expected to stagnate, but added that the numbers could fall if coronavirus recovery drags on. (Axios)

Swapping out – Polish coal-based utilities PGE, Tauron, Enea and Energa may consider a reorganisation similar to the one undertaken by their German peers such as RWE and E.ON, which have swapped assets to phase out coal and focus on green energy to boost their investment potential, climate minister Michal Kurtyka said. (Reuters)

And finally… Making the grade – Green group The League of Conservation Voters unveiled its 2019 National Environmental Scorecard on Thursday, its annual ranking of US lawmakers in both Congressional chambers on where they stand on key environmental votes. This year’s scorecard included 29 House votes on climate bills, while the Senate’s also included confirmation votes for presidential nominees deemed “anti-environmental.” Eight Republican senators received 0% scores in the 2019 scorecard, while 33 Democratic senators got a perfect score. In the House, 21 House Republicans earned 0%, while 31 Democrats got 100%. (Politico)

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