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

A wide swath of industry, non-profits, and utilities have all called for a California cap-and-trade allowance budget adjustment to achieve at least 48% emission reductions by 2030, according to public comments to submitted to state regulator ARB this week.

A Massachusetts-headquartered start-up on Thursday announced it has successfully procured $10.6 million in Series A fundraising as it intends to bring its soil carbon measurement technology to commercial deployment.

Offset standard Climate Action Reserve (CAR) on Friday published its draft China adipic acid production protocol, arguing new design measures can safeguard against integrity concerns that resulted in the EU ETS forbidding the use of such carbon credits a decade ago.

Regulated parties picked up California Carbon Allowances (CCAs) heading into the WCI Q3 auction and sold off RGGI Allowances (RGA), while speculators let go of permits in both markets, data from the US Commodity Futures Trading Commission (CFTC) showed Friday.

The absolute share of renewable and non-GHG electricity supply in California rose to a record high last year on the back of more solar power, while unspecified power imports hit a four-year peak, according to state data published Friday.

*PREMIUM LISTING - Verra is looking for a specialist, ideally based in Africa or Asia, to coordinate with governments, data service providers, technical experts, project proponents and other stakeholders on REDD+ jurisdictional activity data collection and allocation to REDD+ projects in our VCS Program.

A lack of progress on setting up a registry for the Paris Agreement's Article 6.4 mechanism could delay trade of sovereign credits in the market, warns the President and CEO of the International Emissions Trading Association (IETA).

The Brazilian state of Acre is currently negotiating the sale of 100 million tonnes of avoided deforestation carbon credits from the Amazon jurisdiction’s longstanding REDD+ programme, local media reported this week.

Zimbabwe has reportedly rolled back on its plans to take half of all carbon credit sale proceeds and ringfence a further 20% for local communities in the wake of concerns from investors, while neighbouring Mozambique intends to set out its own carbon trade framework next year.

The phase out of EU ETS free allocation for the aviation sector by 2026 is prompting some airlines to already hedge their emission allowance position for 2024 and beyond.

Proposed reforms to the UK carbon market could result in oil and gas major seeing a near £30 million rise in permit costs due to the inclusion of certain emissions in the scheme from the production of offshore fossil fuels, according to an analyst report published in August, though the overall impact on the sector of the changes will be "minimal".

Analysis of EU and US shows livestock farmers receive about 1,000 times more public funding than plant-based and cultivated meat

The “gigantic” power of the meat and dairy industries in the EU and US is blocking the development of the greener alternatives needed to tackle the climate crisis, a study has found.

The analysis of lobbying, subsidies and regulations showed that livestock farmers in the EU received 1,200 times more public funding than plant-based meat or cultivated meat groups. In the US, the animal farmers got 800 times more public funding.

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A long-term Labor government is the ‘difference between laying the foundation and finishing the build’, the PM tells national conference

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Anthony Albanese is famous for his mantra of wanting to “fight Tories”.

But the member for Grayndler, centred on the people’s republic of Marrickville, has proven just as adept fighting for decades on Labor’s left flank against the Greens and internal progressive disappointment.

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Carbon removal standard Puro.earth has opted to eliminate expiry dates for all its CORC durable carbon removal units, likely boosting future supply of the premium-priced carbon credits.

With increasing national regulation and calls for higher integrity voluntary carbon market projects, more needs to be done to involve Indigenous Peoples and Local Communities in benefit-sharing mechanisms, according to a NGO report published this week.

European carbon prices dropped sharply on Friday morning as the pace of selling picked up after prices had reached a 13-day high on Thursday, with traders speculating whether the traditional August rally had run out of steam early or if the slump was merely due to short-term profit taking.

CO2 allowance prices in China’s carbon market climbed to a fresh all-time high of 70 yuan ($9.60) in the past week amid improved sentiment, with trading volume climbing well above the 1.5 million mark, though liquidity still largely hinges on the contribution of block deals.

Agency plans a ‘case-by-case’ approach that allows for flexibility, but critics say ‘this is not a new definition – it is a lack of definition’

The US Environmental Protection Agency (EPA) office responsible for protecting the public from toxic substances has changed how it defines PFAS for a second time since 2021, a move critics say they fear will exclude thousands of “forever chemicals” from regulation and largely benefit industry.

Instead of using a clear definition of what constitutes a PFAS, the agency’s Office of Pollution Prevention and Toxics plans to take a “case-by-case” approach that allows it to be more flexible in determining which chemicals should be subjected to regulations.

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Australia and Brazil are the best placed to supply large amounts of green hydrogen to Germany and the rest of Europe in the coming decade, according to a report released this week.