Carbon Pulse

Washington’s Puget Sound Clean Air Agency (PSCAA) will halt approval of a low-carbon fuel standard (LCFS) for the greater Seattle area, with the potential of reevaluating the draft clean fuels programme in the future, the regional body announced Thursday.

EUAs jumped further above €18 on Friday and were poised for a huge weekly gain amid spiking oil prices.

After cratering due to COVID-19 over the past few weeks, EU carbon prices have now stabilised and are trading at levels representative of decreased emissions demand caused by the crisis, an analyst said, estimating that figure to be around 80-100 million tonnes.

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

Australia’s Clean Energy Regulator this week issued almost 710,000 new carbon credits, a big increase from recent weeks despite agency staff mostly working from home due to the COVID-19 outbreak.

South Korean CO2 prices have not budged during the coronavirus crisis, with allowances consistently trading above 40,000 won ($32.46) despite a worsening economic outlook.

Airlines are urging governments to alter the UN's international CORSIA aviation offsetting mechanism to account for the drastic cut in flights due to the coronavirus, changes that would likely greatly reduce offset demand.

The coronavirus crisis is introducing a number of problems for South Africa and its new carbon tax, including preventing emitters from registering to pay it, experts say.

Australia’s Clean Energy Regulator paid a record A$16.10/t in the latest Emissions Reduction Fund (ERF) auction, but volumes remained low and most of it was signed as optional contracts.

Prior to the onslaught of COVID-19, a quick scan of the news each day would reveal that climate change is on the minds of customers and corporates worldwide.  Warmer winters with rain where there was once snow, colder weather anomalies due to destabilization of the polar vortex, and summers punctuated by raging fires in both hemispheres make the topic impossible to ignore.  And, while new regulatory regimes are cropping up across the globe, voluntary action is on the rise.

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

The position involves research and advocacy in the following areas: - New market approaches to international co-operation (Article 6 of the Paris Agreement). - Enhancement of Nationally Determined Contributions in line with the goal of limiting warming to 1.5 C.

California Carbon Allowance (CCA) prices rose week-on-week for the first time since permits plummeted below the current WCI floor price amid a speculator-led selloff, while RGGI allowance (RGA) prices recovered nearly all of their previous losses seen over the COVID-19 pandemic.

Let this economic crisis not be a brake on the low-carbon transition, but an accelerator. With the Green Deal as a compass, we can marry our emergency spending with structural changes that will prepare us for a greener tomorrow. Because we cannot backtrack on our climate commitments, neither governments nor companies. That is more than crisis management, that is responsible policy, writes Renat Heuberger, CEO, South Pole.

EU emissions will decline 250-450 MtCO2e in 2020 as a result of coronavirus-triggered shutdowns, a steeper drop than that seen during the 2009 financial crisis but one that researchers expect will be shorter-lived.

Colombia has prolonged temporary verification requirements for domestic offsets eligible for use against the South American nation's $5/tonne CO2 levy as the federal government continues work on its accreditation programme for in-country projects.

EUAs lifted back towards €18 early on Thursday as surging oil markets and a strong auction stirred buying, despite a bearish technical outlook.

China is preparing a set of rules and standards for financial products tied to its emerging carbon market, indicating those will eventually become available for traders though it remains uncertain if the instruments will be allowed from the start of the national emissions trading scheme.

New Zealand carbon allowances gained another 2.1% in Thursday trade, pushing prices to within touching distance of the NZ$25 fixed price option.

The UK should set up a national body to guarantee the credibility of domestic carbon offsetting and spur land restoration, according to a report published by a think-tank on Thursday.