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*TOP STORY* BRIEFING: EU’s carbon-backed green recovery plan faces crunch test
EU lawmakers have insisted on the role of EUAs and a carbon border adjustment mechanism to help finance the continent’s green recovery, hoping to sway leaders from the 27 nations when they negotiate the Union-wide 2021-2027 budget on Friday.
*INTERNATIONAL* Global energy emissions growth sees dip in 2019 as coal’s role fades -BP
Global CO2 emissions from energy use grew by 0.5% in 2019, only partially unwinding the unusually strong 2.1% rise in 2018, oil major BP said in its annual energy review published on Wednesday.
*AVIATION* Greater clarity on CORSIA offset supply, eligibility necessary for enhanced market participation -report
A lack of standardisation and transparency across eligible offset programmes under the international aviation offset market CORSIA is presenting a barrier to entry for participants and making it difficult to estimate credit supply, according to a new report.
*AMERICAS* Nova Scotia sells out inaugural cap-and-trade auction above floor price
Nova Scotia’s first carbon market auction sold all allowances on offer 20% above the programme’s floor price, according to results published Wednesday. Natural gas, imports making up a larger share of California power grid during COVID-19 crisis
California natural gas-fired power generation is outpacing 2019 levels despite lower consumption due to the COVID-19 pandemic, while imports are also beginning to make up a greater share of Golden State’s electricity grid, data showed.
*EMEA* EU carbon market stability mechanism should shift focus to price from supply, say researchers
The EU carbon market’s Market Stability Reserve (MSR) should shift its focus to allowance prices rather than supply, researchers have proposed, highlighting a number of shortcomings identified in the 18-month old mechanism. EU Market: EUAs again fail to hold above €23 as markets weigh virus measures
EUAs failed to sustain another move above €23 on Wednesday, slipping back after a weak auction as markets weigh whether stimulus measures outweigh prospects of a second wave of COVID-19 infections.
*ASIA PACIFIC* NZ Market: NZUs sink as market cools after record run
New Zealand carbon allowances saw their fourth consecutive session of losses on Wednesday as market participants have calmed down after the bull run that took prices to record levels last week.
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*BITE-SIZED UPDATES FROM AROUND THE WORLD*
*Amazon pledges -* US telecoms firm Verizon, Indian IT services giant Infosys, and British consumer goods brand Reckitt Benckiser have become the first global companies to join US tech giant Amazon’s global climate initiative
*Dead aid -* UK climate finance is at risk of becoming politicised by the British government’s announced merger between its international development and foreign ministries, aid experts have warned. The move – criticised by three former Prime Ministers – has sparked concern international aid could be diverted from the most vulnerable countries, which are faced with intensifying climate impacts, to middle-income countries better placed to advance the UK’s interests overseas. Britain has the third biggest aid budget in the world, pledging last year to double its contribution to international climate finance to $11.6 bln between 2021 and 2026. (Climate Home)
*No change* – The economic downturn due to the coronavirus pandemic has had little effect on many German companies’ plans to invest in emissions reduction measures so far, according to business daily Handelsblatt. From small- and medium-sized companies to heavyweights such as Bayer, Lanxess, or Daimler, the “corona crisis is slowing the race for the green zero much less than widely expected,” with some companies even increasing their climate ambitions amid the global pandemic. (Clean Energy Wire)
*Cutting down* – ACC, one of New Zealand’s largest investment funds with a NZ$46 billion ($30 bln) portfolio, will cut the carbon intensity of its equity holdings by 50% by 2030
*Lyft off – *US rideshare company Lyft on Wednesday announced that it will transition to 100% electric or zero-emission vehicles by 2030
*Big rig reductions – *A new report from think-tank Energy Innovation and green group EDF finds that California’s proposed advanced clean trucks rule, which would require 60% of new medium- and heavy-duty trucks sold in the state to be zero-emissions by 2035, would lower GHGs by 17 Mt. The rule would also produce $7-12 bln in overall economic savings. (Politico)
*Dow(n) with emissions – *US-based chemical company Dow on Wednesday announced it will seek to reduce its emissions by 15% below a 2020 baseline by 2030 en route to achieving carbon neutrality by mid-century
*New Newfoundland deadline – *Newfoundland and Labrador on Wednesday extended the deadline
*And finally… No trees, then?* – Spanish footballer Hector Bellerin, who plays for the English Premier League team Arsenal, will pay for the planting of 3,000 trees for every time his team wins a game during the remainder of this season, he said on Twitter
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