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June 20, 2015

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OUR TOP NEWS:

Pope Francis encyclical warns on use of carbon credits

Using carbon credits would not help global efforts to cut greenhouse gases, according to Pope Francis’s encyclical on climate change released by the Vatican on Thursday.

Loophole could cut EU ETS cap by up to 304m tonnes in 2021 -study

The EU ETS emissions cap could be reduced by as much as 304 million tonnes in 2021 if some richer member states opt to take advantage of a provision to help them meet climate goals in other non-ETS sectors, according to a report released on Thursday.

Impact of unallocated allowances on future EUA prices negligible -analysts

The fate of an estimated 700 million unallocated allowances left over from the current phase of the EU ETS will have a negligible effect on post-2020 EUA prices, analysts said on Thursday.

EUAs dip as concerns mount over evaporating trading volumes

European carbon prices trickled lower on Thursday in very light volumes that squeezed the benchmark contract’s intraday trading range, as concern mounted over evaporating activity in the market.

Last-minute demand sees volume spike in Guangdong

A last-minute rush to cover short positions ahead of Saturday’s compliance deadline has boosted volumes in Guangdong’s carbon market, with nearly a million allowances changing hands over the past two days.

RWE, Vattenfall, E.ON hang on to top spots in 2014 EU ETS emitter rankings

Utilities RWE, Vattenfall and E.ON held on to their respective rankings as Europe’s top GHG emitters in 2014 despite all three cutting their output, according to a report published Thursday.

Putting cars in EU ETS can’t replace other regulations -Arias Canete

The European Commission is not currently planning to propose putting road transport in the EU ETS, and even if it eventually did the measure should not be to replace existing regulations for the sector, EU climate chief Miguel Arias Canete said on Thursday.

Bite-sized updates from around the world:

May 2015 was the hottest on record, say US govt scientists – Record temperatures and impending El Nino set year on course to be warmest since 1880. (RTCC)

Climate aid key to Paris deal, says Amber Rudd – UK’s energy secretary and lead negotiator says financial package for developing countries absolutely essential for global agreement on carbon emissions. (Guardian)

Carbon Glut Limits German Options to Meet Emissions Target – A glut of European Union carbon-emission permits is limiting Germany’s options to meet its 2020 greenhouse gas-reduction target, according to the nation’s environment ministry. (Bloomberg)

Poland Seeks to Balance Pope’s Climate Call With Energy Security – Poland will seek to reconcile its use of coal as a guarantee of energy security with Pope Francis’s warning about the risk of fossil fuels. (Bloomberg)

EPA’s Clean Power Plan a ‘cheap shot’ at Pennsylvania coal – In recent testimony before the Pennsylvania House and Senate Coal Caucuses, Pennsylvania Coal Alliance CEO John Pippy said the U.S. Environmental Protection Agency’s proposed “Clean Power Plan” will be “the cheap shot that cripples the industry.” (Watchdog.org)

Obama admin set to release mandatory carbon cuts for heavy-duty vehicles – Four years ago, in August 2011, U.S. EPA and the National Highway Traffic Safety Administration announced the first federal program to cut carbon emissions from the nation’s biggest vehicles by raising the fuel standards those heavy-duty fleets must meet. (ClimateWire)

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