CP Daily: Wednesday June 17, 2020

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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 , committing to joining Amazon in reaching ‘carbon neutrality’ by 2040. Amazon has also joined the Science Based Targets Initiative, committing the firm to setting Paris-aligned independently verified emissions targets. Amazon is aiming to run its operations using 100% renewable energy by the end of the decade and has said it will invest $100 mln in global reforestation projects through its Right Now Climate Fund. (BusinessGreen)
*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 , it announced Wednesday. The pledge is meant to put the fund’s profile in line with the government’s zero carbon bill, which it passed last year, according to Stuff. ACC also said it plans to cut its corporate emissions 60% below 2019 levels by 2025, and could be buying carbon offsets as part of its strategy to meet that goal if the board approves it.
*Lyft off – *US rideshare company Lyft on Wednesday announced that it will transition to 100% electric or zero-emission vehicles by 2030 , adding that it will strive to make EVs available to drivers in its rental car programme at a cost that is equal or lower to gasoline-powered vehicles by 2023 in the company’s 10 largest markets. But in announcing the 2030 goal, Lyft said that it will end its programme of purchasing carbon offsets for all rides that has been in place since 2018 in order to focus on direct decarbonisation through switching its fleet to EVs. (The Verge)
*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 . The company also confirmed that it has entered into renewable power agreements of 338 MW of capacity for its manufacturing facilities in Argentina, Brazil, Texas, and Kentucky, representing a CO2 reduction of 225,000 tonnes.
*New Newfoundland deadline – *Newfoundland and Labrador on Wednesday extended the deadline to apply for fuel tax extension permits to Aug. 31 due to COVID-19. Gasoline and carbon product retailers throughout the province are authorised to accept such permits and continue to sell marked diesel and light fuel oil exempt of the Canadian province’s gasoline and carbon tax to these permit holders, primarily fishers. The deadline was originally slated to expire on Mar. 31.
*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 . Bellerin has teamed up with the firm One Tree Planted and has put up a website that also allows fans to donate funds for more trees to be planted in the Amazon rainforest. The London club has had a below-average season but has nine games left to play in a campaign that restarted Wednesday night after being paused for three months due to the COVID-19 pandemic. Arsenal lost to Manchester City 3-0, meaning the first new trees will have to wait another for another day.
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