Carbon Pulse

EU carbon prices inched higher for a second day on Tuesday, buoyed by record high power prices that overshadowed the bearish impact of a weak auction.

China has officially withdrawn its intention to participate in the UN’s CORSIA aviation offsetting scheme, Carbon Pulse has learned, dealing a massive blow to efforts to rein in the sector’s rising emissions.

Power sector emissions in California surpassed 2017 levels over the first four months of the year, though fuel consumption for both gasoline and diesel fell simultaneously to possibly counteract the overall impact on cap-and-trade emissions.

China outlined new air pollution targets in its extended anti-air-pollution action plan on Tuesday, according to a State Council statement that includes restrictions on industrial projects in heavily polluted cities that would also curb greenhouse gas emissions.

A US project developer has introduced a new bundled offset product designed for voluntary market buyers looking for offsets “a little more tangible” than current offerings.

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Companies are increasingly looking to carbon ‘insetting’ to blend corporate-set climate targets with an attention to resiliency and co-benefits, according to two European-based entities speaking at a webinar on Monday.

EU carbon allowances crawled back above €15 on Monday, helped higher by a bullish auction result, as wider European energy prices flirted with new multi-year highs.

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EU carbon allowances are expected to vault higher over the next few months, analysts said, after prices weathered a bearish event last month and consolidated at elevated levels within sight of their recent seven-year high.

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The Colombian Senate approved a climate bill this week that provides for the creation of an emissions trading scheme, but the country’s recent presidential election has cast uncertainty on when the carbon market would launch.

EU carbon prices ended just below the €15 level they have been straddling all week, posting a 0.9% weekly decline but staying just within positive territory for June.

Fears are mounting that ICAO’s international aviation offsetting mechanism could collapse well before its 2021 start as China backtracks and other nations resist, while the scheme’s rules get severely weakened or delayed by infighting.

The former chief executive of a Canadian conservative media company and provincial gaming corporation was sworn in as Ontario’s new environment minister on Friday, making him a lead actor in efforts to scrap the province's cap-and-trade and reject the federal government’s ‘backstop’ carbon price.

Iceland will probably need to buy carbon credits to ensure it meets its 2020 obligations under the UN Kyoto Protocol, according to the country’s environment minister.

Below is a table of the closing prices, ranges and volumes for China's regional pilot carbon markets this week. All prices are in RMB, and volumes in tonnes of CO2e. Data sourced from local exchanges.

Shanghai has pushed back its compliance deadline to July 31, giving the local ETS participants one more month to fulfill their commitments, the local government said on Friday.

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US markets were mostly quiet this week as traders looked ahead to the July 4 holiday next Wednesday, though RGGI allowances saw their highest volumes of the year transacted at the end of last week.