Carbon Pulse

South Korean investors in projects expected to import tens of millions of carbon credits are tying their fortunes to a UN body that has so far dodged a decision on keeping Clean Development Mechanism (CDM) units flowing beyond this year.

The European Parliament on Thursday morning adopted its position on the European Climate Law in full plenary, seeking to increase the EU's 2030 emissions reduction target to 60%, up from the current 40% below 1990 levels.

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

EU carbon prices could soar to average €50 over the next decade and end Phase 4 of the ETS above €80 if abatement technology – particularly in the heavy industrials sector – doesn’t accelerate and governments and companies don’t ramp up their climate action.

Chile is aiming to implement an overhaul to its flat $5/tonne carbon tax in 2023 that will alter the coverage threshold for emitters and allow companies to utilise offsets against an undetermined portion of their GHG output, a government official said Wednesday.

Switzerland’s carbon credit procurement agency Klik has launched a third call for proposals from developers hoping to sell emission units to the country under the Paris Agreement’s Article 6.

EUAs surged more than 4% to a two-week high early Wednesday on news the European Parliament backed a stronger-than-expected 2030 climate target, but they gave back all those gains over the course of the day on profit-taking, a weak auction result, and Brexit uncertainty, traders said.

California Low Carbon Fuel Standard (LCFS) credits this week remained within the tight range that has persisted over the past three months, as oil majors and biofuel companies made new announcements to produce renewable natural gas (RNG) and expand existing renewable diesel (RD) production capacity.

California Carbon Offset (CCO) prices are hitting record high discounts amid an influx of supply and a lack of buyers ahead of the state's Nov. 1 interim ETS compliance deadline, market participants and developers said.

To strengthen its multicultural team of professional auditors, Verifavia is recruiting data analysts for its Paris and/or Chandigarh offices. Note that applications for part-time home-based positions are also accepted.

To strengthen its multicultural team of professional auditors, Verifavia is recruiting aviation auditors for its Paris and/or Chandigarh offices. Successful candidates will join our international auditing team to perform legal verification audits for airlines and business jet operators worldwide.

Norway’s government plans to increase its climate spending to cover the ballooning cost of compensating heavy industry for indirect EU ETS costs, while campaigners flagged that the country is on course to need to buy a significant number of carbon units from non-ETS sectors.

Australia’s 2020-21 budget included a modest amount for supporting ocean and forest-based carbon activities in the Pacific region, but the government should do more, an industry group said Wednesday.

The European Parliament on Tuesday agreed to push for higher European climate ambition with a 60% emissions reduction target for 2030, a tight preliminary vote revealed on Wednesday.

The newly created role of Climate Team Lead will oversee the Australian climate team’s work and drive engagement with Australian-listed corporations.

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

WCI auction volumes appear set to rise slightly in 2021 compared to this year’s quarterly sales, with free allowance distributions to industrial emitters falling by more than 10%, according to cap-and-trade programme data published Monday.

US refrigerant services provider Hudson Technologies and offset developer Bluesource announced a partnership on Tuesday to spur the creation of voluntary market carbon credit projects that reclaim high-global warming potential gases around the country.

EUAs slipped further below €27 on Tuesday, sliding despite a stronger auction as prices wavered in response to differing reports of progress on a post-Brexit trade pact.

The Northeast US RGGI carbon market will offer 16.2 mln allowances at the December auction, the programme administrator announced Tuesday.