Carbon Pulse

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

The incoming German presidency of the Council of EU member states will keep climate policy and the bloc’s carbon market high on the agenda, as Berlin will be responsible for fostering agreements among EU nations over an upgraded level of ambition for 2030.

California regulator ARB will begin tagging in-state offset credits that meet the requirements of yielding direct environmental benefits to the state (DEBs) in the coming weeks, with an application also expected to potentially qualify out-of-state projects with that distinction.

The EU needs to broaden its debate beyond a proposed carbon border adjustment mechanism in order to deal with carbon leakage and competitiveness issues thrown up by its climate ambition running ahead of that pursued by its main trade partners, argue Andrei Marcu, Michael Mehling, Aaron Cosbey of think-tank ERCST.

EUAs surged to near €27 on Monday to hit their highest so far this year, rebounding by almost 10% from early weakness as speculator buying drove a strong auction result and widespread short-covering.

French President Emmanuel Macron will put forward in September new climate legislation based on citizen proposals and push for more climate ambition at EU level, he said on Monday following a major setback in local elections.

California Low Carbon Fuel Standard (LCFS) values have sagged recently on a lack of demand, even as fuel production and vehicle miles travelled picks up and the transportation sector programme’s price ceiling takes effect later this week.

California’s WCI-capped fuel consumption plummeted during March as a statewide ‘shelter-in-place’ order went into effect and stunted vehicle miles travelled across the Golden State, with federal data forecasting steeper drops in April.

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China’s national emissions trading scheme could generate more than 600 million surplus allowances each year due to the generous benchmarks proposed for facilities that don’t monitor their CO2 fuel factor, the International Energy Agency (IEA) said Monday.

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

Virginia’s Department of Environmental Quality (DEQ) released a revised RGGI regulation on Friday that installs state-run auctions, cuts the 2020 CO2 budget and makes other technical changes ahead of its scheduled adoption later this summer.

California should evaluate the future of refinery allocations under its WCI-linked carbon market if allowance prices are expected to remain near the floor price in the post-2020 period, a state watchdog said Friday, adding that regulators should also consider the impact of the supply surplus and possible auction changes.

California carbon offset (CCO) supply may have topped out in recent years as protocol changes, manufacturing trends, and transitions to other climate programmes reduce future credit issuances, a project developer said Friday.

The US will opt out of the first three years of the CORSIA offset mechanism for global air travel if other countries do not agree to alter the programme’s emissions baseline next week, with other nations potentially following suit, a Dutch minister said Friday.

Four EU governments including Germany have co-signed a statement asking the European Commission to consider additional options in preventing carbon leakage besides a carbon border adjustment mechanism (CBAM).

European carbon prices continued to ease on Friday after the most bearish auction in almost two months and as traders said the six-week rally appears to be "petering out".

New Zealand carbon allowances on Friday were almost back up to their June 11 all-time high as sellers are reluctant to let go of permits amid bullish sentiment and high logging prices.

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

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