Carbon Pulse

The Forward Markets Trader will be responsible for the development and execution of trading strategies with regard to electricity derivatives and carbon that ultimately help to drive Contact’s overall portfolio strategy and manage risk.

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

EUAs mounted a late scramble from week-low levels to climb back above €29 on Friday, ensuring a 4% weekly gain and keeping carbon near its year-high in continued jumpy trade.

WCI compliance entities and speculators made minimal changes to their net long California Carbon Allowance (CCA) holdings during the past week despite prices  rising on the secondary market, according to US Commodity Futures Trading Commission (CFTC) data released Friday.

EU nations are only likely to cancel enough EUAs to account for around 15% of emissions reduced due to coal power phaseouts through 2030, with the vast majority of the lost generation being replaced by renewables rather than gas, analysts said in a report this week.

The UN has opened a tender to buy just over 224,000 Gold Standard CERs to offset the organisations annual emissions.

Analysts have raised their short-term EU carbon price forecasts following the huge rally staged in Q2, though most are warning of a pullback from current levels, especially should Europe be gripped by a second wave of COVID-19.

California Low Carbon Fuel Standard (LCFS) credit prices sank past the $200 level this week as buyers continued to wait for the market to fall further and despite higher gasoline production in the Golden State.

Maine’s Department of Environmental Protection (DEP) is aiming to finalise its post-2020 RGGI regulation next month after failing to meet internal deadlines for an upcoming July committee meeting, an official told Carbon Pulse.

Norway has paid Indonesia for reducing greenhouse gas emissions by 11.2 MtCO2e, the first payment under a 10-year-old bilateral forestry deal after a smaller transfer flagged last year never materialised.

The European Council’s latest proposal for a 2021-27 Multiannual Financial Framework (MFF) retains the idea of earmarking some revenues from auctioned EUAs for the bloc’s general budget, but wants to leave it to officials to outline the details only after 2021.

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

South Korean CO2 permits shed another 9.9% in Friday trade to sink to their lowest levels since Oct. 2018 as the market remained flooded with surplus allowances and bereft of demand.

The Northern Territory government in Australia has released principles for use of carbon offsets in its efforts to reach net zero emissions by mid-century, but did not clarify which requirements might be imposed on facilities already regulated under the federal Safeguard Mechanism.

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

California Carbon Allowance (CCA) prices rose to a nearly six-week high this week despite continued expectations that future quarterly sales will go undersubscribed, while RGGI Allowances (RGAs) stagnated above the 2021 Emissions Containment Reserve (ECR) trigger price.

A New York-based hedge fund opened a new CO2 Allowance Tracking System (COATS) account in the Northeast US RGGI market this week amid rising prices in the power sector ETS, data shows.

The County of San Diego's Board of Supervisors voted this week against challenging a court ruling that banned a voluntary offset programme for rural housing developments, leaving the jurisdiction to forge a new plan.

EU carbon traders have found humour in a pair of fake tweets that have been circulating in the market over the past week or so, though some voiced unease at the possibility that they were genuine attempts to influence EUA prices.

The absence of corresponding adjustments on voluntary carbon credit transfers over the next decade risks double counting emission reductions and obscuring climate mitigation progress, environmental organisations argued Thursday.