Carbon Pulse

OECD nations mobilised in 2018 11% more on climate finance for developing countries, compared with the previous year, although reaching the $100 million objective set by 2020 is still uncertain.

Closing prices, ranges and volumes for China's regional pilot carbon markets this week.

Hong Kong-based shipping firm Wah Kwong has agreed to buy an undisclosed amount of carbon credits from the territory’s biggest power company as part of a joint effort to “raise awareness of decarbonisation in the shipping industry”.

Italian utility Enel has reported a 61% year-on-year drop in coal power generation over the first nine months while considerably advancing its hedging position, a double-whammy for EUA demand.

Offset deliveries to Australia’s Emissions Reduction Fund (ERF) has now surpassed 60 million units, according to Clean Energy Regulator data, while the recent high ACCU issuance levels continued this week.

India is considering setting up a domestic GHG emissions trading scheme, a senior government official told industry leaders this week, while providing no further detail on what such a market might look like or when it could start.

President Donald Trump replaced the chairman of the US Federal Energy Regulatory Commission (FERC) on Thursday evening, demoting Neil Chatterjee after he voiced openness for the grid regulator to consider state-led efforts to incorporate carbon pricing into wholesale power markets.

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

Emissions regulated under Quebec’s WCI-linked carbon market increased by almost 1% last year, as the CO2 from a newly opened cement plant outweighed lower GHG output elsewhere in the economy.

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.