Carbon Pulse

California regulator ARB defended its decision to maintain the current emissions cap trajectory of its WCI-linked ETS to 2030, despite confirming that there were more than 218 million surplus compliance units at the end of the market's second compliance period, according to a letter sent to legislators Tuesday.

Oregon’s proposed cap-and-trade scheme would be undersupplied from day one and would absorb more than 40 Mt from the wider WCI market over the next decade if legislation currently on the table is passed, analysts predict.

A new Climate Action Reserve (CAR) protocol aims to reduce costs for voluntary urban forestry projects, but the methodology would have to demonstrate success and pass other regulatory hurdles to become eligible for WCI compliance-grade offsets, a company official said.

Prince Edward Island’s Progressive Conservative party won the right to form a minority government in Tuesday’s election, but a historic showing by the Greens offers the possibility of changing climate politics in Canada’s smallest province.

Privately-held Czech company EPH will purchase two Northern Ireland thermal plants from US firm AES, consolidating its position as the second biggest emitter in the EU ETS.

California regulator ARB distributed 125,900 California Carbon Offsets (CCOs) this week, in the lightest issuance of the year to date.

California should drop its move toward allowing REDD tropical forest protection credits in its carbon market, because it won’t ensure emission cuts and could pave the way for much greater use by airlines under the UN’s CORSIA offsetting mechanism, a cross-party group of EU lawmakers warned on Wednesday.

EUAs slipped on Wednesday as a weak auction result pushed carbon back to technical support levels and further away from the 11-year high near €28 that was approached a day earlier.

Virginia’s final cap-and-trade regulation includes language to implement the programme even if it faces any delays from the Republican-controlled legislature, while deferring a decision on regulating biomass emissions to future programme reviews, according to a Department of Environmental Quality (DEQ) presentation.

South Korean carbon allowances rose to 10-month highs in Wednesday trade as available supply remained elusive, driving buyers to bid higher with just over two months left to the compliance deadline.

Japan is in the final stages of developing its long term climate action plan with focus firmly on technology development, sparking criticism that the government is “procrastinating”.

The Canadian industry associations’ claims about the negative impact of carbon pricing on jobs and competitiveness are exaggerated and lack empirical evidence. Pollution pricing incentivises companies to innovate, which will be necessary to guarantee their competitiveness in the long-term.

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

As corporates across Canada adjust to new federal and provincial carbon regulations, energy efficiency providers are fine-tuning their products and to serve the low-carbon economy. From low-hanging fruit to futuristic devices, there is no shortage of options to reduce greenhouse gas emissions.

The Washington state legislature on Monday approved a bill to move the Evergreen State to a 100% carbon-free electric grid by 2045 and align the policy with a possible cap-and-trade programme, as Nevada’s governor signed off on doubling the state’s Renewable Portfolio Standard (RPS).

EUAs rose to within reach of this month’s 11-year high on Tuesday, resuming their upward course following the Easter break’s jump in oil prices.

Non-EU nations Norway, Iceland, and Liechtenstein will begin auctioning EU carbon allowances in June, the European Commission announced late on Tuesday, cueing up the long-delayed sales after the formal requirements were fulfilled.

The Canadian federal government’s plan to implement fuel-specific electricity benchmarks under its ‘backstop’ output-based pricing system (OBPS) will weaken the true carbon cost of coal-fired generation and diminish incentives for investing in renewable energy, according to a new study released Tuesday.

UK metals firm Liberty House is set to substantially increase its EU ETS footprint after Brussels cleared its purchase of ArcelorMittal steelmaking facilities that were allocated millions more EUAs than they needed.

Australia’s opposition Labor party on Tuesday announced a plan to spend A$1.5 billion ($1.07 bln) on natural gas extraction projects that critics say would balloon carbon output despite the government running on a platform to strengthen the nation’s emissions targets.