Carbon Pulse

The European Commission on Wednesday presented an updated EU Industrial Strategy, underlining its support for European clean steel production and hinting at the creation of an EU-wide carbon contract-for-difference (CCfDs) scheme.

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The British government will next week publish this year’s free carbon allowance allocation quotas under the new UK ETS, with distribution set to begin "shortly after" that following several months of delays.

UK-based firms ClimateCare and Natural Capital Partners have merged to help build global scale in the rapidly expanding voluntary carbon market.

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Environmental markets platform IncubEx has raised $11.7 million in its latest fundraising round, valuing the company at $161 mln ahead of an expected IPO in London later this year.

State regulator ARB is approving California Carbon Offsets (CCO) in a speedier fashion this year, data shows, though developers are pushing for even faster issuances before the cap-and-trade programme’s fall compliance deadline.

Nearly 400 installations and airlines were listed as being in non-compliance under the EU ETS as of last week, according to data published by the European Commission on Tuesday, with the delinquency rate jumping nearly 25% from 2019 and at least 200 more operators shutting down since then.

US biofuel credit (RIN) values skulled to a fresh all-time high on Tuesday, as commodity prices continued to soar and the EPA sought to overturn several Renewable Fuel Standard (RFS) waivers given out in the final hours of former President Donald Trump’s tenure.

Germany’s federal government will propose a new 2030 emissions reduction target “as soon as possible”, its environment minister said on Tuesday, in light of a higher EU climate objective and following a landmark court ruling.

Newly minted carbon credits rose to over 660,000 in the Clean Energy Regulator’s latest batch, while offset demand is set to increase after EnergyAustralia on Tuesday promised to offset all emissions from a new gas-fired power plant.

The new climate pledges announced during April's US-led climate summit are projected to put the world on track for global warming of 2.4C above pre-industrial levels, a report published Tuesday showed, reflecting a drop from 2.6C previously but still far off the Paris Agreement's 1.5-2C goals.

The number of carbon offsets traded in China in April nearly doubled month-on-month as an increasing number of companies seek to achieve carbon neutrality, while pilot cap-and-trade schemes remained quiet with Chongqing and Guangdong the notable exceptions.

EU carbon prices rose on Tuesday to hit the highly-anticipated €50 mark, reaching this new all-time high amid an unceasing rally that has seen speculators and late compliance buying help push the market up by more than 50% so far in 2021.

South Pole has bought Belgium-based climate consultancy CO2logic, its first acquisition since last month’s €20 million-plus fund investment put it on a major growth track.

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Voluntary emissions reduction (VER) prices trended down this week outside of nature-based offerings, while participants reported few direct pricing or liquidity impacts from Verra’s recent guidance to not require corresponding adjustments for voluntary carbon market (VCM) transfers.

Colombian President Ivan Duque Marquez asked Congress to withdraw a tax reform package on Sunday that included a revision to the country’s roughly $5/tonne CO2 levy after protests against other aspects of the proposal left several dead.

A Houston-based environmental trader has joined the New York-based financial firm Hartree Partners, Carbon Pulse has learned.

The US EPA put forth a rulemaking on Monday to implement bipartisan climate legislation passed last year, with the draft regulation to reduce potent HFC gases through an allowance trading system for regulated entities.