CP Daily: Tuesday September 29, 2015

Published 19:04 on September 29, 2015  /  Last updated at 19:04 on September 29, 2015  /  Newsletter  /  No Comments

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

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INDC Roundup: Countries race to meet Oct. 1 UN deadline

With the UN’s soft Oct. 1 deadline for submitting INDCs fast approaching, at least 15 more nations released their post-2020 climate plans on Tuesday.  Here is our summary of what was pledged.

Alberta Premier hints would opt out of federal ETS

A federal emissions trading scheme is probably not the best way to cut Canada’s greenhouse gas emissions, Alberta Premier Rachel Notley said Monday, hinting the nation’s biggest-emitting province would likely opt out if a nationwide carbon market was introduced.

Steelmaker SSI could have over 1 mln EUAs to sell after mothballing UK plant

UK steelmaker SSI plans to mothball its Redcar plant due to low steel prices, likely leaving the firm with a glut of over 1 million freely allocated EUAs to sell as ETS closure procedures are slow to take effect.

Major EU parties complete line-up to drive EU ETS review

Swedish MEP Jytte Guteland will co-ordinate the centre-left S&D on the post-2020 EU ETS reform proposal, completing the line-up of major political groupings to steer the file.

EUAs inch higher on power gains after rebounding from 7-wk low

EU carbon rose slightly due to gains in power prices on Tuesday, recovering from an early dip that extended the previous session’s seven-week low.

British man extradited to Germany from US in EU ETS tax evasion probe

A British man arrested in Las Vegas in May 2014 was extradited to Germany last Friday from the US over his suspected role in tax evasion worth €136 million and linked to the EU carbon market, Frankfurt prosecutors said Tuesday.

COMMENT: Shipping must play its part in global climate effort, IMO is ready to lead

Koji Sekimizu, Secretary-General of the UN’s shipping body International Maritime Organization, argues why his organisation is best placed to regulate greenhouse gas emissions from shipping.

 

Bite-sized updates from around the world

India and the United States have stepped up bilateral climate change talks in hope of reaching a bilateral deal ahead of the December Paris summit. The primary focus of the discussions is clean technology. (Business Standard)

The UK Treasury has opened a consultation that aims to boost investment in energy efficiency by streamlining carbon reporting and tax requirements for businesses.  It is also looking at replacing the Carbon Reduction Commitment energy efficiency scheme and the Climate Change Levy (CCL) with a new energy consumption tax based on the CCL.  The UK government shocked the low-carbon energy sector earlier this year when it ended renewable power’s exemption from the CCL. (edie.net)

Brazil’s INDC is a positive and surprising signal for a successful Paris outcome that puts pressure on other countries to raise their ambition, according to analysts at think tank Nivela.

RGGI market regulators have uploaded a webinar with guidance for market participants on the 2015 interim compliance period, which requires installations to hold allowances equal to 50% of their emissions by March 1, 2016.

And finally… BHP Billiton, the world’s largest miner, said on Tuesday it sees its earnings doubling over the next 15 years, even in a world where CO2 emissions are cut to limit global warming to 2 degrees Celsius.  According to Reuters, the company analysed the following scenarios:

Base case – Based on carbon price of $24/tonne, BHP sees EBITDA more than doubling between 2016 and 2030 amid a world on track for 3 degrees of warming.

Strong economic growth – With policies to limit global warming to 2 degrees C after 2030, including a carbon price of $50/tonne in 2030 and use of technology like CCS, BHP sees earnings growing just slightly less than in its central case.

“Shock” – With the 2 degrees C target reached by 2030 through deep cuts in carbon emissions, a carbon price of $80/tonne and more rapid advances in technology, BHP expects its earnings to grow by more than 75% over the next 15 years.

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