Carbon Pulse

Ozone-depleting substance (ODS) destruction projects that contain any amount of California-based product would be deemed to provide direct environmental benefits to the state (DEBs) under the state's compliance offset programme, an official confirmed to Carbon Pulse.

Extending the EU ETS to include transport and buildings, or creating a separate carbon market for the two sectors, will not deliver the required emissions reductions, a report released on Wednesday found.

The EU will this month begin its delayed CO2 allowance sales to fund the bloc’s Innovation Fund, the European Commission announced late Wednesday, adding a further 50 million EUAs to the 2020 auction calendar, which was also revised to reflect MSR-linked supply changes.

European carbon prices rocketed to their highest in 11 months on Wednesday, as traders said unabated buying by unidentified speculators continues in the face of bearish fundamentals, low liquidity, and a general lack of compliance player participation.

A New York-based energy retailer opened a CO2 Allowance Tracking System (COATS) account in the Northeast US RGGI carbon market this week, marking the fifth new account in the programme this year, according to public data.

Jamaica has increased the ambition of its GHG reduction commitment in a new economy-wide Paris Agreement NDC, while also signalling that it may use market mechanisms for either its own targets or to assist other countries.

Australia has amassed a total 430 million surplus Kyoto Protocol units, the government said Wednesday as the nation’s commitments under the treaty ended June 30, more than sufficient to prop up any shortfall in meeting its Paris Agreement targets.

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

Offset credits with direct environmental benefits to the state (DEBs) may be undersupplied in the post-2020 period and lead to tighter discounts to allowance prices depending on regulator ARB’s final classification, according to a new analysis published Tuesday.

The ICAO Council on Tuesday agreed to omit 2020 from the carbon neutral growth baseline during the international aviation offset programme CORSIA’s first three years, while leaving the door open for the UN body’s Assembly to make that change for the entire 15-year duration of the global climate policy.

Eleven entities opened California-based Compliance Instrument Tracking System Service (CITSS) accounts to participate in the WCI carbon market during the second quarter as five others closed theirs, data from state regulator ARB showed Tuesday.

California Low Carbon Fuel Standard (LCFS) credit values continued their downward trend on Tuesday ahead of utility Pacific Gas & Electric’s (PG&E) latest auction.

EU Commissioner for Energy Kadri Simson is optimistic about the bloc’s ability to raise its 2030 emissions target to 55%, stressing the need to cut GHG output from heavy industry and to spur energy efficiency in buildings at an online event on Wednesday.

California’s compliance offset approach does not eliminate the risk of over crediting emissions reductions from approved protocols, but further analysis and changes could minimise that outcome, according to an updated research report.

Democrats on a US House of Representatives climate committee unveiled a sweeping roadmap to decarbonise the economy by mid-century on Tuesday morning, including through carbon pricing and transitioning the Renewable Fuel Standard (RFS) into a nationwide Low Carbon Fuel Standard (LCFS).

EUAs raced to a nine-month high above €27 on Tuesday, jumping by more than 60 cents within a few minutes to reverse early losses in volatile month-end trade.

Project developers ALFA have received around 420,000 carbon offsets for two programmes in Australia’s Northern Territory aiming at reducing the risk of late dry season wild fires, in the Clean Energy Regulator’s latest credit issuance.

New Zealand carbon allowances rose to new historic high records in Tuesday trade, as available supply remains modest and traders fix their eyes on 2021 market dynamics.

Greenhouse gas removal platform Puro has paused its bi-monthly auctions, favouring web sales to bolster trade in its premium-priced credits for the voluntary carbon market.

Australia’s biggest-emitting company on Tuesday announced the launch of a carbon neutral electricity product which will offer offset-backed power to customers, and plans to roll out similar options across its entire product portfolio.