Today’s issue focuses on the renewed interest in carbon markets. A UK official reiterated the need for a global carbon market in the wake of China’s announced 2016 national carbon market.

Quote of the day

“Good market mechanisms are one of the keys to unlocking greater ambition, which the paper hints at. It gives options on how they could preserve the best elements of the existing market mechanisms, but upgrade them into a unified system that is simple to understand, use and make operational without losing time.”

Dirk Forrister, president of the IETA, in Bloomberg’s piece “New Carbon Market Most Important in Climate Deal, U.K. Says.”

Lead Stories

New Carbon Market Most Important in Climate Deal, U.K. Says
By Mathew Carr – Bloomberg
A new carbon market that will spur emerging nations to cut emissions is the key element of next year’s planned global climate accord, a U.K. official said.

**JK – Global emissions market? What a novel idea.

56 nations put price on carbon capture
Deccan Chronicle
The UNECE recommendation says that commercial development of carbon capture and storage taking carbon dioxide out of the atmosphere to reduce the build-up of greenhouse gases — does not have enough political support, and should have at least as much as other low carbon technologies.

**JK – Pricing carbon and CCS is worthwhile. Pricing all of these elements today is critical.

Renewables to benefit from EU’s new GBP250bn investment plan
European Commission President Jean-Claude Juncker has today unveiled details of an investment plan that aims to drive EUR315bn (GBP250bn) into new infrastructure projects across Europe, including renewable energy and power network upgrades.

Neither rain nor snow nor heat sways views on climate science
LA Times
Think that people in upstate New York will more strongly believe climate change is upon us after an early November blizzard dumped 7 feet of snow, which then was turned to slush by spring-like temperatures? Think again.
Freaky seasons and drastic weather anomalies do little to convince most people that climate change is real – political ideology does much more, according to a study published online Monday in the journal Nature Climate Change.

Geo-engineering: Climate fixes ‘could harm billions’
BBC News
Schemes to tackle climate change could prove disastrous for billions of people, but might be required for the good of the planet, scientists say. –
That is the conclusion of a new set of studies into what’s become known as geo-engineering.

Supreme Court to Hear Challenge to Rules on Mercury From Power Plants
NY Times
The Supreme Court agreed Tuesday to hear a major challenge to the limits set by the Obama administration on emissions of mercury and other toxic pollutants from coal-fired power plants.
It is the latest effort by industry groups to roll back regulations that would reduce emissions like mercury, soot, sulfur, smog and carbon dioxide. The case also threatens to undermine one of the administration’s most significant victories and chip away at President Obama’s legacy.

World Is Locked into ~1.5°C Warming & Risks Are Rising, New Climate Report Finds
In the Andes of South America and across the mountains of Central Asia, the glaciers are receding. As temperatures continue to warm, their melting will bring more water to farms and cities earlier in the growing season, raising the risks of damaging floods. Within a few decades, however, the risk of flood will become risk of drought. Without action to stop the drivers of climate change, most of the Andean glaciers and two-thirds of Central Asia’s glaciers could be gone by the end of the century.
These changes are already underway, with global temperatures 0.8 degrees Celsius above pre-industrial times, and the impact on food security, water supplies and livelihoods is just beginning.

Winners of United Nations climate solutions awards announced today Projects
From a multi-million dollar initiative unlocking climate finance across Latin America to an enterprise building climate – friendly homes in Africa to an ICT – enabled early – warning system protecting people from floods in the Indian Himalayan foothills, 12 inspiring projects were announced today as winners of the 2014 Lighthouse Activity Awards


China moves on carbon market as part of emissions plan
By Megan Darby –
Beijing plans to launch national carbon market in 2016 to be mature by 2020, says official
China is planning to launch a national carbon market in 2016, an official confirmed on Tuesday.

Ecosystem Marketplace
Gloria Gonzalez –
Mexican Indigenous Community Road Tests Forest Carbon Offset Project, With Help From Disney
The community of San Juan Lachao in Oaxaca, Mexico has developed the first pilot carbon offset project under the Climate Action Reserve’s Mexico Forest Protocol. The project is being launched with the financial support of the Walt Disney Company, already a major player in the voluntary carbon market.

State Bank of India hits back at claims of ‘crony capitalism’
Financial Times
Arundhati Bhattacharya, SBI’s chairman, announced that the state-backed bank had signed a memorandum of understanding for a potential loan of up to $1bn to fund a controversial $7bn coal mining project, being developed by Mr Adani’s conglomerate close to Australia’s Great Barrier reef.

Natural Gas/Coal

In Climate Talks, Spotlight Turns to India
Wendy Koch – National Geographic
India’s new prime minister, a Hindu nationalist and former tea seller, recently urged his country’s schoolchildren to help save the planet by relishing the delight of a full moon.
“On a full moon night, if street lights are put off for two, three hours, will it not be service to the environment? Won’t you enjoy the full moon night?” Narendra Modi said in September, adding: “We have forgotten to live with nature.” He urged kids to switch off fans, lights, or appliances when not in use and turn off tap water when brushing teeth.

Germany cuts coal to reach climate targets
Deutshe Welle
Germany wants to reduce coal power to achieve its climate goal – and send a positive signal to the climate summit in Peru in early December. The government is planning new legislation.

Microsoft co-founder sues feds over coal lease program
Timothy Cama – TheHill
Microsoft Corp. co-founder Paul Allen is suing the federal government over the environmental impacts of its coal-leasing program.
Allen said Tuesday that the Bureau of Land Management (BLM) hasn’t properly studied the effect of greenhouse gases caused by the coal rights it leases.


EEX: More than 15 TWh traded on the Power Derivatives Market
Press release
On 25 November, the volume on the EEX Power Derivatives Market amounted to 15,729,764 MWh. This is the highest daily volume since 20 January 2014 (18,493,204 TWh).

Dual boost for UK offshore wind industry: Gwynt y Môr completes construction and new Rampion plans unveiled – 25 Nov 2014
The UK’s offshore wind industry received a dual boost yesterday, as the final array cable was installed at the giant Gwynt y Môr offshore wind farm off the North Wales coast and at the other end of the country E.ON unveiled plans for its Rampion Offshore Wind Farm near Brighton.

Cross-State Electricity Load Reductions Under EPA’s Proposed Clean Power Plan
Center for Climate and Energy Solutions
States will likely invest in energy efficiency and renewable energy in order to comply with the Clean Power Plan. Yet the flow of power between states creates accounting problems since the actions of power importers can affect those of exporters. EPA is likely to require states to validate the environmental integrity of their plans by ensuring that power importing and exporting states do not take credit for the same emissions reductions.


Florida regulators approve plan to gut energy efficiency goals, end solar power rebates
Tampa Bay Times
After almost two hours of debate, members of the state Public Service Commission voted 3-2 in support of staff recommendations that backed the proposals of Duke Energy Florida, Tampa Electric and Florida Power & Light.


Water War Amid Brazil Drought Leads to Fight Over Puddles
Brazil’s Jaguari reservoir has fallen to its lowest level ever, laying bare measurement posts that jut from exposed earth like a line of dominoes. The nation’s two biggest cities are fighting for what little water is left.

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