Carbon Pulse

Australian carbon credit issuances fell back down to near-average levels this week after last week's bumper handout, while oil firm Woodside has revised down its expected offset yield from a major forestry project.

South Korea’s majority state-owned power company KEPCO will stop subsidising CO2 allowance purchases for power plants from next year, according to domestic media reports this week.

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

RGGI allowance (RGA) prices inched up to four-year highs on the secondary market this week as traders shifted positions further out on the curve, while California Carbon Allowance (CCA) values dropped slightly on thin volume.

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US biofuel credit (RIN) values surged to a new annual high on Wednesday, while Republican senators asked the EPA to not increase the 2021 biofuels quota under the Renewable Fuel Standard (RFS) due to the lingering economic effects of the coronavirus pandemic.

Chile and Quebec have held numerous discussions to share technical information on the Canadian province’s WCI-linked cap-and-trade programme and offset protocols with a view to potentially developing closer market ties over time, a government official for the South American country said Thursday.

European carbon rebounded on Thursday after plumbing a new four-month low near €23, with prices boosted by a solid auction result and gains in the wider energy complex.

Germany’s current policies are putting it on course to miss its domestically-binding 2030 emissions reduction target, a report published on Thursday by its national environment agency UBA confirmed.

Switzerland has scheduled its first ever aviation carbon allowance auction, government data showed, after the country brought the sector into its emissions trading scheme this year.

The EU's environment ministers want to establish a firm process for setting a bloc-wide 2040 emissions target under the European Climate Law, aiming to bridge the 2030 and 2050 climate goals.

A proposal for a European carbon border adjustment mechanism (CBAM) should “mirror” the price dynamics of an EU ETS reinforced with a carbon price floor, the bloc's lead parliamentary lawmaker on the file proposed in a draft report ahead of a committee debate next week.

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New Zealand carbon allowances closed at their highest-ever level on Thursday as the election result has injected some positive momentum into the market.

Australian oil and gas company Santos has injected 100 tonnes of CO2 underground at its Moomba CCS project as a trial, but the scheme’s future will depend on the government finalising a method that will allow carbon capture and storage projects to earn carbon credits, the company said Thursday.

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

California fuel consumption inched up slightly in August even as the year-on-year trend widened for the first time since April, according to federal data released this week.

The Transportation & Climate Initiative (TCI) would not halt its plan for a regional cap-and-trade system if Democratic nominee Joe Biden is elected president next month, while New Hampshire’s opposition to the proposed sectoral carbon market could thwart a linkage with RGGI, a workshop panelist said Wednesday.

EU carbon prices have maintained their close correlation to German power in recent weeks, while weakening the somewhat tight relationship to crude oil and US stocks observed earlier this year.

The US will need complementary policies to drive long term deep decarbonisation because a federal carbon tax over the next decade would concentrate near-term emissions cuts within the electricity sector, according to a report published Tuesday.