Carbon Pulse

California Carbon Allowance (CCA) prices remained largely unchanged on the secondary market Tuesday after Democratic majority lawmakers passed a budget that included a provision for regulator ARB to complete a cap-and-trade rulemaking by next year.

The European Commission will present a first assessment of the EU's 27 national climate plans together with an updated bloc-wide 2030 climate target in September, setting back the scrutiny by at least three months owing to delays caused by several nations submitting their plans late.

The European Commission will take another look at implementing a floor price in the EU ETS, a senior official said Tuesday, submitting to pressure by several member states to revisit a policy that the bloc’s executive has historically opposed.

US biofuel credit (RIN) prices trudged back to the 50-cent mark over the past week, with the latest rise coming after a news outlet reported the EPA will increase blending volumes under the Renewable Fuel Standard (RFS) to address a 2017 court order.

Quebec will push back the completion of the forestry protocol for its WCI-linked carbon market because of the coronavirus pandemic, with no firm timeline established for finalisation, a government spokesperson told Carbon Pulse.

EUAs raced above €23 early on Tuesday, returning to their pre-pandemic levels of a week earlier as stimulus measures and improved oil demand forecasts lifted wider markets.

Australia’s Clean Energy Regulator has issued over 250,000 new carbon credits, mostly to land-based programmes and waste schemes, but revoked yet another energy efficiency project in its latest round.

The New Zealand parliament on Tuesday approved legislation to amend the nation’s emissions trading scheme, putting an end to a reform process that has been ongoing for almost five years and will see the market face a higher fixed price option for 2020, while an absolute cap on emissions and auctioning of allowances being introduced from next year.

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

Ireland is set to steepen the trajectory of its rising domestic carbon tax under an agreement reached by party leaders this weekend to form a new coalition government after months of stalemate.

Consumer goods firm Unilever has bolstered its voluntary climate goal, pledging on Monday to reach net zero emissions from its operations and products by 2039 while launching a €1 billion climate and nature fund to be spent over the next decade.

A spat about the ETS has played a part in EU energy ministers failing to adopt a united line on the energy sector's response to the COVID-19 pandemic, Carbon Pulse has learnt.

A San Diego County provision for rural housing developments to utilise out-of-jurisdiction carbon credits violates the California Environmental Quality Act (CEAQ) because it lacks stringent language on additionality and environmental integrity, California judges ruled Friday in support of a lower court ruling.

The California legislature on Monday faces a crucial vote on a revised budget provision directing regulator ARB to conduct a rulemaking on the WCI-linked cap-and-trade programme by next year.

EUAs fell to their lowest in almost two weeks early on Monday, dropping below €22 amid wider fears that a second wave of COVID-19 cases will weigh on global recovery prospects.

Switzerland has cancelled its second straight carbon allowance auction due to low demand, the government announced Monday.

Thermal power generation in China rose sharply last month, according to official data, indicating a rapid rebound in CO2 emission levels as the world’s second-biggest economy strives to get back on track.

Long seen as a shortcut for corporate climate action, offsetting is aiming for a major credibility boost this year in a process that could transform the voluntary and compliance carbon markets.

Climate Bridge is seeking a Nature Based Solution analyst to work with our consulting team to develop forest-based carbon sequestration projects in China register under the VCS + CCB Standard, GS or CCER Standards.

BASF is looking for a manager to create and implement procurement strategies for renewable electricity in Asia, including negotiating contracts for renewable energy and carbon emission certificate purchases.