Carbon Pulse

EUAs slipped further below €25 on Wednesday, as weakness in the energy complex continued to weigh on carbon while fears of a no-deal Brexit loomed larger.

Fuel refiner PBF Energy has agreed to purchase oil giant Shell’s Martinez refinery in California for up to $1 billion, with the acquisition expected to add to the former's compliance obligations under the state’s cap-and-trade programme.

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Australia has launched a review of offset rules that might allow for awarding carbon credits to even its dirtiest ageing coal-fired power plants.

South Korea sold out all allowances on offer in Wednesday’s auction, but the sale cleared 1.3% below the secondary market as only five companies submitted bids.

New Zealand carbon allowances on Wednesday fell below NZ$24 for the first time in 10 months as demand fell away and market participants warned of further downside ahead.

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The UK will on Wednesday propose to enshrine in law a 2050 net zero greenhouse gas emissions target, Prime Minister Theresa May said in a statement late Tuesday in a bill set to go against the government’s in-house experts by leaving open the door to using international credits.

The Intercontinental Exchange (ICE) has hired a new manager on its North American environmental desk, according to an email sent to market participants Tuesday.

California Low Carbon Fuel Standard (LCFS) credits have risen past the $190 mark in recent days on the heels of increased purchasing, reversing some of this spring’s losses.

EU carbon prices dipped back below €25 on Tuesday as a weaker energy complex deterred buyers, despite continued robust auction demand.

Exelon was the only company to purchase Global Warming Solutions Act (GWSA) allowances last year to comply with Massachusetts’ in-state cap-and-trade programme, as the power utility's emissions outstripped its annual allocation from the scheme, according to a new report.

The Manitoba government announced its 2018-2022 GHG reduction target on Tuesday for its provincially-administered carbon reduction policies, coming as a separate measurement from the projected climate impacts of the Canadian federal government’s ‘backstop’ CO2 pricing plan on the jurisdiction.

The Guangdong department of ecology and environment has published a preliminary list of 90 power companies that qualify to participate in China’s nationwide cap-and-trade programme.

Australia’s Clean Energy Regulator on Tuesday issued almost 222,000 carbon credits, while two previously registered projects were revoked as they had failed to generate any offsets.

Japan’s Cabinet on Tuesday approved the nation’s long-term climate strategy including a goal to go carbon neutral in the second half of the century, which it will present as it hosts the G20 this weekend.

India has decided to proceed with a voluntary carbon market for its small-scale industrial sector and has outlined options for what the programme might look like, while pausing plans to include the waste sector.

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