Carbon Pulse

The relationship between EU carbon prices and German power has strengthened in recent weeks, with some indications of a more positive correlation also emerging between EUAs and coal as the fuel regains competitiveness against gas.

RGGI Allowance (RGA) prices jumped by almost 4% this week on the potential for a presidential election victory by Democratic nominee Joe Biden, while California Carbon Allowance (CCA) values remained mostly steady after the publication of 2019 emissions data under the WCI-linked cap-and-trade programme.

EU carbon allowances rose for a third straight day on Thursday, topping €26 for the first time in a month as short-covering, compliance and speculative buying, and looming supply curbs helped reverse more of the recent downtrend and lift prices further from this week’s four-month low.

Some 311 large low carbon projects will be competing for €1 billion from the first call of the ETS-financed Innovation Fund, with over half of the initiatives for industry decarbonisation.

The distribution of free EU carbon allowances for 2021 will be delayed due to slow progress in setting ETS emissions benchmarks and calculating allocation quotas, according to a government announcement.

Steelmaker ArcelorMittal reported a bounce back in its output for Q3 after a sharp downturn caused by the coronavirus crisis, according to quarterly results on Thursday that detailed preparations for its first supply of ‘green steel’ through a CO2 savings certification system.

US biofuel credit (RIN) prices surged by 10% on Thursday morning as the Renewable Fuel Standard (RFS) market took a favourable view of Democratic nominee Joe Biden’s prospect of winning the presidential election.

Spanish power producer Iberdrola unveiled plans on Thursday to invest €75 billion in its renewable energy, grids and retail business by 2025, while rival Endesa reported a massive drop off in coal use.

The Guangdong provincial government has approved a pilot project to award carbon credits to companies, groups, and individuals that sell or donate used clothing, the first jurisdiction in the world to do so.

Hungarian carrier Wizz Air expects its passenger capacity to decline in Q4 due to a surge in coronavirus cases and new lockdown measures, undoing a Q3 recovery that saw its capacity reach 80%.

Queensland’s largest electricity generator is looking for a general manager for energy and carbon markets.

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

The absence of the Article 6 Guidelines creates uncertainty for the accounting treatment of assets in the emerging carbon market under the Paris Agreement as well as for other related markets. The importance of the international accounting treatment cannot be overstated.

California fuel sector GHGs under the state’s WCI-linked cap-and-trade programme emissions dropped for the second consecutive year in 2019, with the power sector adding to the Golden State’s year-on-year programme-wide decline while natural gas bucked the trend.

Minnesota should implement a Low Carbon Fuel Standard (LCFS) to help meet the Midwestern state’s GHG reduction and biofuels goals, a governor-appointed council said Tuesday.

EUAs surged to a seven-day high above €25 on Wednesday, extending their recovery rally as financial markets rose despite an undecided US presidential election.

The EU's €14 billion Modernisation Fund should be expanded to support cleaner energy and industry in poorer member states as the bloc moves towards higher climate ambition, envoys from Central European nations said on Wednesday.

Korean CO2 allowance prices might move slightly up from current levels of 22,500 won ($19.70) during the 2020 compliance cycle, but will get nowhere near the highs seen in the first few months of this year amid sizeable over-supply, analysts said Wednesday.

US election results remained too close on Tuesday evening to decipher whether President Donald Trump or Democratic nominee Joe Biden would be elected, with the fate of the US Senate also hanging in the balance.

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