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*TOP STORY* Brussels eyes ETS, border revenues for EU recovery budget featuring scaled up ‘just transition’
The European Commission foresees revenues from both EU ETS auctions and carbon border measures in its coronavirus recovery budget proposal announced on Wednesday, which will help fund a four-fold hike in ‘just transition’ cash.
*AMERICAS* Petitioners warn of climate rollbacks from DOJ’s challenge to WCI linkage, as California seeks delay
A bipartisan group of states, law professors, and environmental organisations have urged a federal court to reject the US Department of Justice’s remaining constitutional challenge against WCI carbon market linkage, while California officials asked the judge to delay the case until mid-July. Watchdog member raises concerns about California budget language on ETS rulemaking
A California budget proposal requiring a cap-and-trade rulemaking would create a complicated timeline and likely yield limited public engagement on a significant alteration to the linked ETS, a member of the Golden State’s independent watchdog told Carbon Pulse. California awards 402k new offsets as CCO-3 conversions slow
California regulator ARB issued nearly 402,000 new credits this week with half going to a single forestry project, while conversions of offsets with reduced invalidation periods declined steeply, according to data released Wednesday. RFS Market: RIN prices stay strong to hit three-month high
US biofuel credit prices under the Renewable Fuel Standard (RFS) rose over the last week to levels not seen since February, even as federal agencies indicated they would review recent compliance waiver applications for past years.
*EMEA* EU Market: EUAs ease from one-month high, with some predicting larger tracement
European carbon prices eased on Wednesday after posting three straight days of gains, as market participants raised the prospect of EUAs retreating somewhat after yesterday’s one-month high.
*ASIA PACIFIC* Senator renews push to withdraw Australia from Paris Agreement
Queensland senator and former Australian Resources Minister Matt Canavan on Wednesday called for Australia to pull out of the Paris Agreement, just days after Energy and Emissions Reduction Minister Angus Taylor confirmed the nation would not consider a new target under the treaty until 2025.
*PODCAST* CARBON PULSE CONVERSATIONS 010: Biofilica
In the latest instalment of our Carbon Pulse Conversations podcast, we chat with Plinio Ribeiro, CEO of Brazil-based offset project developer Biofilica, about COVID-19 related impacts on the REDD credit market and the outlook for compliance and voluntary market-based programmes both internationally and in Brazil.
*ICYM* Eight offset programmes apply for CORSIA aviation mechanism during second intake
UN aviation body ICAO’s expert panel will consider eight additional emissions unit programmes for the global offsetting mechanism CORSIA, with the submissions ranging from Kyoto-era crediting methodologies to jurisdictional-scale forest and land-use activities to an unauthorised application to incorporate the Northeast US RGGI carbon market.
*CARBON FAST FORWARD: ONLINE CONFERENCE*
*BITE-SIZED UPDATES FROM AROUND THE WORLD*
*Game on* – The International Chamber of Commerce’s (ICC) business-led Carbon Council will host an interactive carbon trading competition on June 10 on the AirCarbon exchange
*Losing energy -* Global energy investment is expected to plunge by around 20% or $400 billion in 2020, its biggest fall on record, because of the new coronavirus outbreak, the IEA said
*Gaining coal* – Meanwhile, project approvals for new coal-fired power plants have plummeted over the past half-decade, but additions of new capacity are still outpacing plant closures, the report said. And the IEA sees that continuing in the 2020-23 period, driven largely by China and India. “Net additions of coal-fired plants in 2019 rose for the first time in five years, driven by an uptick in newly commissioned plants in China and, to a lesser extent, in India,” the IEA added. And despite ongoing plant closures, the “large existing construction pipeline” means the global coal-fired power fleet is slated to continue expanding. The IEA tallies 130 GW worth of projects under construction slated to start operation between this year and 2023, meaning additions are happening faster than retirements, leading to estimated net growth of roughly 40 GW. (Axios)
*Friendly funding* – A new report
*Auto action -* France has announced an €8 billion post-lockdown rescue plan for its car industry
*New nuke* – France’s EDF has submitted an application to build the Sizewell C nuclear plant on Britain’s Suffolk coast, according to Bloomberg. The next step will be obtaining planning permission, and the power company awaits a final investment decision from the government by Nov. 2021. The French company says the new facility will generate enough electricity to power 6 million homes and boost the UK’s energy resilience. (Carbon Brief)
*High on hydro – *New York Governor Andrew Cuomo (D) on Tuesday called for the state
*Fasten your seatbelts – *California Attorney General Xavier Becerra led a coalition of roughly two dozen cities and subnational jurisdictions on Wednesday in suing the Trump administration’s final rule
*State centred – *California cities and counties cleared an important hurdle on Tuesday in their legal fight to get major oil companies including BP, Exxon Mobil, and Chevron to pay tens of billions of dollars to deal with the effects of climate change. The US Court of Appeals for the Ninth Circuit ruled that San Francisco, Oakland, San Mateo County, and other jurisdictions can pursue their lawsuits in state court
*Sun worshippers* – Lufthansa Group has signed a letter of intent
*And finally… Dead planet – *YouTube has taken down
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