Carbon Pulse

South Korea’s cabinet has approved a climate action plan that will see the CO2 cap in the emissions trading scheme drop faster over the next decade than previously planned.

A government-appointed panel examining ways to increase Australia’s supply of carbon credits has listed the possibility of awarding offsets to facilities in the Safeguard Mechanism that outperform their benchmarks as a potential option.

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Canada’s ‘backstop’ output-based pricing system (OBPS) may not have an adequate supply of offsets available before next year’s inaugural compliance deadline, stemming from the slow rollout of federal and provincial protocols, a conference heard Tuesday.

New Jersey’s Department of Environmental Protection (DEP) has set a November deadline for regulated entities to submit documents to the US EPA linking their emissions to the Northeast ETS’ registry, a spokesperson told Carbon Pulse.

California regulator ARB plans to revise its life cycle analysis for its Low Carbon Fuel Standard (LCFS) early next decade, while potentially offering post-2030 carbon reduction goals by the mid-2020s, a state official said Tuesday.

EUAs slipped further below €26 early on Tuesday as UK lawmaker wrangling kept the prospects of a Brexit deal in the balance.

Australia’s New South Wales state government will this week introduce legislation that bans its Independent Planning Commission from taking Scope 3 emissions into account when deciding whether or not to let mining projects go ahead.

New Zealand is likely to avoid the foreign offset restrictions in its latest revised Zero Carbon Bill by setting domestic targets that are less ambitious than its international commitments, policy experts said Tuesday, though ETS linking might prove difficult.

Canadian Prime Minister Justin Trudeau’s Liberals lost their parliamentary majority in Monday’s federal election but still exceeded many pollsters' expectations, as a stronger showing by left-leaning parties could pressure a deeper commitment to climate ambition and stave off the oil and gas-centred demands of the resurgent Conservatives.

Project developer The Climate Trust’s first offset fund is projected to yield a 14% return, with the majority of that profit stemming from appreciation in value through California’s compliance market, the organisation said Monday.

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New Jersey compliance entities’ accounts previously registered in the CO2 Allowance Tracking System (COATS) will be re-opened as necessary ahead of the state’s return to RGGI next year, an official said, with numerous emitters having not yet registered.

Switzerland’s green parties took a combined fifth of the vote in the country’s general election on Sunday, a major swing that may give them a role in governing and pushing for more ambitious GHG reduction targets.

California Low Carbon Fuel Standard (LCFS) continued to set new records last week, marching past the $205 mark to draw closer to the programme’s proposed ceiling price.

EUAs edged higher early on Monday despite UK lawmakers' failure to endorse the latest Brexit agreement over the weekend that prolongs uncertainty about the fate of British emitters in the EU carbon market.

New Zealand should only be allowed to use international carbon units to meet its domestic emission target in special circumstances, the parliamentary Select Environment Committee said Monday in its revised Zero Carbon Bill, which also retained controversial GHG goals for the agriculture sector.

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The UK will update its Paris Agreement pledge early next year and is seeking the EU to follow in step or slightly later in encouraging other nations to act, UK climate minister Ian Duncan said Friday.

Front-year EU carbon futures are likely to expire near €25 or €30 in mid-December, based on signals from the EUA options market, according to a veteran trader.