Carbon Pulse

California carbon prices rose this week following Tuesday’s publication of the linked WCI market’s sold-out quarterly auction result, after some entities had looked to turn a profit immediately after the data was made public.

EU carbon allowances could rise to €25 before the end of the year, according to growing number of analysts, extending a year-long rally that has already seen prices quadruple to their highest level in a decade.

The UK will publish a technical notice focused on the EU ETS by the end of next month, a source told Carbon Pulse, which will set out a plan and provide advice in the case that Britain leaves the bloc with no deal in 2019.

New Zealand carbon allowances reached NZ$24.65 ($16.45) on Thursday, just 35 cents below the government’s fixed price option, with some market participants expecting to see trades above that level soon.

EU carbon prices broke above €20 in a surging 4% move early Thursday, as a strong auction result triggered further buying.

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The California Assembly this week sent a bill to Governor Jerry Brown’s office that would avert GHG increases stemming from the scheduled closure of the state’s last remaining nuclear power facility, bolstering the state’s commitment to clean energy resources over the next decade.

California regulator ARB doled out roughly 264,600 California Carbon Offsets (CCOs) this week as forestry projects took home over 89% of the credits issued.

European carbon prices got within a few cents of €20 on Wednesday to continue their August bull-run that has repeatedly extended a decade-high amid curtailed auction supply.

Investors have piled into the EU ETS over the past year as prices have trebled, seeking exposure to lucrative returns that may last for years as carbon is predicted to double in value again.

China’s Guangdong province has issued nearly 200,000 carbon credits under its regional programme that supplies the local emissions trading scheme with offsets in the absence of a functional national system.

This position is responsible for successful implementation of an international MRV capacity building project with multiple partner and stakeholder organizations.

The UN's CDM Executive Board has registered a Korean-funded emission reduction programme in Bangladesh, a move expected to trigger a wave of fresh investments in schemes that can generate carbon credits eligible for use in the Korean emissions trading scheme.

A daily summary of our news plus bite-sized updates from around the world.

The third quarterly WCI auction of 2018 cleared far above the floor price as buyers snapped up all current and future vintage units available, in line with trader and analyst predictions and quelling any lingering concerns that the linked market’s first sale this year without Ontario would hamper demand.

The US EPA released its proposed rulemaking to replace the Obama-era Clean Power Plan (CPP) on Tuesday, giving states more leeway on regulating coal-fired power plants but still considering whether trading would be an eligible compliance mechanism under the new programme.

New Zealand carbon allowances took another step towards the price ceiling in Tuesday trade, adding pressure on the government to act quickly to raise the fixed price option.

Australian Prime Minister Malcolm Turnbull on Tuesday narrowly survived a snap leadership challenge from climate sceptic Peter Dutton, but the latter is expected to try again and if he succeeds, climate change would likely slink even further down on the government’s agenda.

EU carbon prices extended their 10-year high for a second successive session on Tuesday, as more analysts revised their near-term forecasts upwards after underestimating the year’s stellar gains.

Whether cutting oil production or crediting corn ethanol under the LCFS would help achieve carbon cuts in the transport sector emerged as contentious issues as California regulator ARB on Monday sought advice on how to deal with rising emissions from the sector.