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CORSIA set for take-off: ICAO agrees aviation CO2 offsetting scheme, backs UN credit use

Governments clinched a deal on ICAO’s global market-based measure to offset international aviation emissions from 2020 on Thursday, though last-minute changes provided support for the use of UN-backed credits while weakening a link to the Paris Agreement’s temperature goals.

Reactions to CORSIA, ICAO’s global market-based measure

Governments, business and environmental groups on Thursday welcomed ICAO’s agreement on a global market-based measure to offset international aviation emissions, dubbed CORSIA, but some also said the deal did not go far enough in forcing the sector to contribute its fair share in tackling climate change. Carbon Pulse has gathered a selection of reactions to the deal from a variety of observers and participants to the talks.

EU Market: EU carbon prices rocket past €6 as power, coal surges

EUAs climbed above €6 for the first time in four months on Thursday, notching another steep daily rise as coal and power prices continued to surge.

Industry MEPs increase sweeteners for big emitters ahead of EU ETS reform vote

Senior MEPs in the EU Parliament’s industry committee (ITRE) have upped the amount of post-2020 concessions for big-emitting factories a week ahead of their vote on the issue.

Hungary’s Vertis makes senior trading, aviation hires

Budapest-headquartered brokers Vertis has made two senior appointments to help enhance its services for large emitters and aviation clients.

BITE-SIZED UPDATES FROM AROUND THE WORLD

This smells bad – The fossil fuel industry’s methane emissions are up to 60% higher than previously estimated, meaning current climate prediction models should be revised, according to a study.  Researchers who pulled together the biggest database yet of global CH4 output found that after natural sources were discounted, emissions from gas, oil and coal production were 20-60% greater than existing estimates, the Guardian reported.  Methane makes up just 16% of global GHGs and is shorter-lived than the CO2, which accounts for three quarters, but CH4 a much more powerful warming effect.

Representatives not representin’ – Trade federation BusinessEurope’s “obstructive” lobbying against more ambitious EU climate policy is out of step with many of its members and the wider European business community, according to analysis by UK research organisation InfluenceMap.  It argues that many of the organisation’s members – which include 40 national business trade bodies as well as 70 global corporate partners such as Google, Microsoft, Siemens, Philips and BP – are supportive of far more ambitious climate policies than BusinessEurope itself. (BusinessGreen)

Thumbs up for fracking – The UK government approved its second-ever shale gas fracking permit on Thursday, overruling a local authority decision and boosting the country’s position as Europe’s most promising shale gas exploration ground, Reuters reported.

Better late than never – It’s already set to enter into force on Nov. 4, but Poland’s two parliamentary houses adopted the Paris Agreement on Thursday, setting it up for signature by the President followed by full ratification.  The coal-reliant country had recently voiced reservations about approving the treaty before its “interests” were secured.

They’re baaack – US coal producer Arch Coal emerged from a Chapter 11 reorganisation on Wednesday after filing for bankruptcy protection earlier this year amid a heavy debt load and falling coal prices.  The timing couldn’t be better for the firm, with coal prices soaring globally on the back of rising demand and tightening supply.

And finally… Carbon capture and scandal – The head of a firm the Two Elk coal-fired CCS facility in Wyoming is facing federal fraud charges, WyoFile reports.  According to court documents, the president of North American Power Group Mark Ruffatto has been charged with a felony for a false claim against the federal government, which accuses him of “serious mismanagement or misuse of funds”.  North American Power Group was awarded two grants totalling $10 million under US stimulus funding back in 2009-2010 to research clean coal technology and build a coal plant, but the company reportedly has little to show for it.

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