Carbon Pulse

Australia has announced plans to use its offset market to cut a staggering 35-90 MtCO2e worth of emissions every year through soil carbon projects, but even if the technological challenges are overcome, who will buy all those carbon credits?

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

EU carbon prices will average €57 over the next decade, or double current prices, analysts forecast, modelling a scenario where the bloc adopts a 55% emissions reduction target for 2030 and does not implement any other supply-tightening changes.

Three conservative-led Canadian provinces argued before the country’s highest court on Tuesday that the federal government lacks Constitutional authority to impose its ‘backstop’ CO2 levy and output-based pricing system (OBPS) on recalcitrant jurisdictions, while Ottawa and British Columbia contended that climate change is a matter of national concern that necessitates minimum national standards of GHG pricing.

The 12th new speculator of the year opened a RGGI CO2 Allowance Tracking System (COATS) account this week, continuing the flood of financial entities into the Northeast US power sector carbon market in 2020. 

China will strengthen its climate policies, strive to peak its emissions before 2030, and become carbon neutral before 2060, President Xi Jinping told the UN General Assembly Tuesday in a surprise move that signals a significant step-up in climate ambition for the world's biggest emitter.

California fuel consumption continued to skew towards historic norms in July after hitting record lows in April during the onset of the COVID-19 pandemic, but though the rate of increase has eased, according to federal data released this week.

The European Commission proposed an upgrade to its air traffic management framework on Tuesday, aiming to overcome many failed attempts and to cut the sector's emissions by 10%.

EUAs sank below €26 to a one-month low on Tuesday, defying a stronger auction and reversals in wider markets to continue the sharp sell-off of the past week.

The Centre for Nature-based Climate Solutions and the Department of Biological Sciences at the National University of Singapore (NUS) invite applications for a Research Fellow in Blue Carbon Science and Policy.

Australia’s Clean Energy Regulator last week issued over 520,000 new carbon credits, after doling out just a total 30,000 over the previous two weeks amid ERF auction preparations.

A South Korean firm has struck a rare deal with a Chinese petrochemical group, a move that will see the two launch a Clean Development Mechanism (CDM) project to generate carbon credits eventually eligible for compliance use in the South Korean emissions trading scheme.

Australia on Tuesday outlined a plan to invest around A$18 billion ($13 bln) over the next decade in five technologies it says will drive GHG emissions cuts, but Energy Minister Angus Taylor refused to consider increasing the nation’s climate ambition.

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

Pennsylvania may explore a low-carbon fuel standard (LCFS) to reduce emissions from gasoline and diesel in the state, while the proposed 2022 start date of the Transportation & Climate Initiative’s (TCI) cap-and-invest programme is still feasible, a panel heard Monday.

The Michigan Department of Natural Resources (DNR) last week announced it selected environmental firm Bluesource to develop the country’s first offset project on state-owned forest land, with the aim of supplying credits to the voluntary offset market.

California regulator ARB’s Low Carbon Fuel Standard (LCFS) branch chief stepped down from his role last week, marking the second departure from the agency’s top spot for the clean fuels programme in less than 18 months, a regulatory source told Carbon Pulse.

Net zero emissions pledges are ramping up but in subnational jurisdictions and among companies, but the ultimate scope of these efforts could determine their long-term effectiveness in reducing GHG, according to new analysis published Monday. 

France's parliament will have the last word over a citizen-led climate proposal to increase an aviation levy, following an inter-ministerial dispute and warnings that the hike may hit the country's economy, the head of a French consultative assembly said on Monday.

Post-Brexit Britain needs to expand its carbon pricing to more sectors at a rate rising to at least £75/tonne ($95, €80) by 2030 to put it on a path to reach its 2050 net zero emissions target, according to a report published by an expert group Monday.