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*TOP STORY* SK Market: KAUs slink to 3.5-year lows on 2019 compliance deadline day
Friday marked the deadline for South Korean companies to comply with their 2019 targets under the nation’s emissions trading scheme, but minimal demand in the over-supplied market led to prices falling to levels not seen since Dec. 2016.
*EMEA* EU carbon prices face ‘short-term bearish, medium-term bullish’ conundrum -analysts
EU carbon prices are forecast to soar into a new upper echelon above €30 next year amid tightening supply and recovering demand, but they first must endure the second half of 2020, which is rife with bearish risk, analysts said. EU Market: EUAs climb ahead of auction cuts, heatwave
EU carbon prices rose on Friday ahead of a month-long reduction in auction supply and as a heatwave started to grip much of Western Europe. Ireland forced to strengthen climate plan in second landmark court ruling
The Irish government must take more a more ambitious approach to achieve its climate targets, the country’s supreme court said on Friday, the world’s second citizen-led ruling to succeed in forcing more aggressive national emission cuts. Major EU airlines’ passenger capacity plunges in Q2 2020 despite slow summer rebound
Major EU airlines have seen their passenger capacity and traffic shrink to minimum levels in Q2 as a result of the COVID pandemic, despite signs of timid recovery amid easing restrictions and the start of the summer period. Utility Engie reports lagged hedging position, as H1 power output dips
French utility Engie advanced its power hedging over Q2 but still lagged its position of a year earlier while overall generation slipped over the first half, it said in financial results on Friday, unveiling an asset review programme intended to allow the company to focus more strongly on renewables.
*AMERICAS* RGGI Q2 emissions stay flat year-on-year despite COVID-19 pandemic
The Northeast US RGGI ETS saw minimal emission changes in the second quarter of 2020 compared to last year, despite much of the region issuing statewide ‘shelter-in-place’ orders that shuttered industrial sites, schools, and office buildings, according to data published Friday. California LCFS notches record 459k credit deficit in Q1 2020
California transportation sector entities posted a Low Carbon Fuel Standard (LCFS) credit deficit of nearly 459,000 tonnes during the first quarter of 2020, with a more stringent GHG reduction target and lower biofuel credit generation unable to overcome a drop in gasoline and diesel usage during the COVID-19 pandemic, state data showed Friday. British Columbia and First Nations group ink new forest offset agreement
The British Columbia government and Coastal First Nations (CFN) signed a new memorandum of understanding on Friday that includes a five-year offset purchase agreement, with the document noting the struggles the Indigenous communities have faced in trying to sell their forest carbon credits to private buyers. US airline Delta halves 2019 offset purchases due to COVID-19
Delta Airlines significantly curtailed buying carbon credits against its 2019 emissions due to the financial impact brought on by the coronavirus outbreak, the carrier said in a report published Friday. WCI compliance entities, speculators hold California carbon positions firm ahead of August auction
Compliance entities and speculators kept their California Carbon Allowance (CCA) positions largely unchanged on the secondary market as prices began to retrace ahead of the August WCI auction, according to US Commodity Futures Trading Commission (CFTC) data published Friday.
*ASIA PACIFIC* Esso, BHP Billiton the main beneficiaries as Australia inflates CO2 caps
Australia’s Clean Energy Regulator has issued a new batch of emission baselines under the Safeguard Mechanism, increasing the amount of CO2 discharges allowed from several large industrial facilities. CN Markets: Pilot market data for week ending July 31, 2020
Closing prices, ranges and volumes for China’s regional pilot carbon markets this week.
*BITE-SIZED UPDATES FROM AROUND THE WORLD*
*Trade support –* Shell and Total escaped underlying losses
*Locked-in savings –* The UK government has closed its consultation
*Green Germany *- A record 50.2% of Germany’s power consumption in January to June was met from renewable sources, utility industry association BDEW said Thursday. This was up from 44.1% over the same period last year and reflects Germany’s ambitions to raise the share of renewables in its power mix to 65% by 2030, Reuters reports
*Paying dividends – *Taxing emissions and returning the revenues to households as a dividend would curb US CO2 output 57% below 2005 levels by 2035, drive $1.4 trillion of investment into new technologies, and create 1.6 mln jobs, according to an analysis commissioned by the conservative group Climate Leadership Council. The CLC plan analysed pricing CO2 emissions at $40/tonne beginning in 2021 and rising after that. The effort is backed by GOP luminaries such as former secretaries of State George Shultz and James Baker, as well as a handful of major banks, and oil, gas, and power companies. (Politico)
*Solution squeeze – *Some of California’s key environmental programmes for battling smog and climate change have lost nearly $105 mln as the state grapples with the economic fallout of the coronavirus pandemic. In a letter shared with CalMatters
*Acid and you shall receive –* Offset registry Climate Action Reserve (CAR) on Friday released its draft Adipic Acid Production Protocol
*And finally… **You see what happens, Larry? –* The Ohio House of Representatives on Thursday voted unanimously to remove Larry Householder
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