CP Daily: Monday April 6, 2020

Published 22:54 on April 6, 2020  /  Last updated at 22:54 on April 6, 2020  / Carbon Pulse /  Newsletters

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

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EU Market: EUA jump 14% above €20 as markets react to signs of virus slowdown

EUAs raced up by over €2.50 to top €20 on Monday as shorts scrambled to cover positions and as wider European markets rallied on signs of a slowdown in coronavirus cases, even as oil prices declined.


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Estonian finance minister looking into EU ETS exit over soaring power prices -state media

Estonia’s finance minister is investigating whether the country can cease participation in the EU carbon market in order to ease the country’s power prices.

Ukraine flags concerns over “extremely sensitive” EU carbon border tax plan

A Brussels plan to impose a carbon price on imports may have widespread consequences for Ukraine’s industry, the country has said, giving the clearest signal yet that the EU’s neighbours are beginning to show concerns over the potentially divisive measure.

EU carbon trader leaves Redshaw Advisors for offsetter Climate Care

A trading and risk management analyst at London-based consultancy Redshaw Advisors has left the firm to join Oxford-headquartered offset project developer Climate Care.


Hawaii CO2 tax legislation faces uncertain future amid COVID-19 pandemic

Hawaii legislators’ plans to approve a carbon levy proposal this year are in doubt due to the COVID-19 pandemic, but the economic fallout from the virus outbreak could present an opportunity to raise critical revenue for the tourism-dependent US state, the bill sponsor told Carbon Pulse.

US judge delays hearing challenging WCI cap-and-trade linkage

A federal judge agreed on Monday to move a pre-trial conference for the US federal government’s Constitutional challenge to the California-Quebec ETS linkage as the Department of Justice (DOJ) considers an amendment to its complaint.

Coronavirus-induced power trend likely to impact RGGI, GWSA allowance bank adjustments

Two Northeast US power sector carbon programmes may see higher future bank adjustments due to the effect of widespread ‘shelter-in-place’ orders to stem the COVID-19 outbreak, regulatory sources said.

RFS Market: RIN prices gap higher on greater refiner demand

US biofuel credits (RINs) surged nearly 15% Monday on reported strong demand from obligated parties despite several uncertainties hanging over the Renewable Fuel Standard (RFS) market.


Stronger ETS might work better than New Zealand’s oil ban -commissioner

Strengthening New Zealand’s ETS, especially in regards to free allocation, might be a better way to cut emissions than the controversial ban on new oil and gas exploration, according to an environmental watchdog.


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Virtual view – Climate Week NYC will take place as scheduled from Sep. 21-27 on a virtual basis, non-profit host organisation The Climate Registry announced Monday. In a statement, the organisation said it will launch a virtual platform that will host all major events to ensure that delegates and speakers can join irrespective of any restrictions at the time. The Climate Registry added that Climate Week NYC, run in association with the UN and City of New York, is even more critical this year now that the COP26 climate summit has been postponed to 2021 due to the coronavirus pandemic.

Squeaky clean – Australia’s Woodside Energy on Monday said it had joined a Japanese consortium to study carbon-neutral hydrogen, with a view to exporting it in the future as Japanese energy companies are interested in using it to decarbonise coal-fired electricity generation. The Japanese consortium is made up of TEPCO/Chubu-owned JERA, Marubeni Corp., and heavy industry manufacturer IHI Corp.

Share the love – Nordic investors with nearly $200 billion in assets and holding shares in Japan’s Mizuho Financial Group say they plan to back Japan’s first shareholder climate motion, urging the bank to cut its lending for coal and other fossil fuels at its June AGM. The resolution calls on the bank to outline a plan and set targets so that its business practices are more in line with the Paris Agreement. (Reuters)

The Land of 10,000 Lakes waits – Minnesota regulators are slowing a rulemaking that would have had the state adopt California’s stringent auto emissions standards because of the coronavirus pandemic. The US state had planned to publish a proposed rule last month and begin taking public comment, but now “has determined that timeline is no longer appropriate and is delaying publication of the rule temporarily.” Regulators will consider other methods for public feedback and said they still aim to complete the rulemaking this year. (Politico).

And finally… Follow the fossil funds – Dozens of members of the US Congress pushing for regulatory lifelines for the oil and gas industry have collectively received more than $35 mln from fossil fuel funders over the course of their careers, HuffPost reports. HuffPost’s review of campaign finance data shows that the more than 70 House and Senate representatives – all Republican except for one Democratic representative from Texas – who signed onto letters urging the Trump administration to suspend royalties for oil and gas producers to help boost the sagging industry have each received thousands of dollars in donations from industry interests, with five senators and one representative receiving more than $1 million over the course of their careers. (Climate Nexus)

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