Carbon Pulse

The Oregon Clean Fuels Program (OCFP) recorded a nearly 15,000 credit surplus during the second quarter of 2019 after posting its largest-ever deficit over the previous three months, state data showed Wednesday.

The objective of this role is to track the progress of climate policy at the subnational, national, and international levels, outside Europe and North America, where it is of significant relevance to BP, and to work with local businesses and C&EA teams to develop appropriate positions and advocacy strategies based on group principles.

EUAs climbed back above €25 early on Thursday to keep within their recent range, despite another weak auction further bearish economic data.

Participants in South Korea’s emissions trading scheme have banked 35.5 million 2018 vintage carbon allowances into 2019, the government said Thursday, some 6% of total annual allocation.

Shell expects a surge in demand for voluntary carbon credits after witnessing an immediate uptake from customers when it launched its own programmes, according the oil major’s executive tasked with making good on the company’s three-year $300 million nature commitment.

New Zealand on Thursday adopted legislation that obligates it to cut biological methane emissions 24-47% below 2017 levels by mid-century and cut all other greenhouse gases to zero by 2050.

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Two more installations have picked up EU ETS-related fines by the UK government.

Quebec's WCI-regulated emissions saw meagre year-on-year growth in 2018, as reductions in the electricity sector minimised gains seen from transportation, according to data released by the environmental ministry this week.

Transportation and Climate Initiative (TCI) stakeholders and observers remain split on where to assign compliance obligations and whether to regulate biofuels under the potential cap-and-invest programme in the US Northeast and Mid-Atlantic regions, according to public comments.

California emitters fully complied with surrendering compliance instruments against 30% of their 2018 GHG output at the state's Nov. 1 interim cap-and-trade deadline, ARB officials said.

RGGI allowance (RGA) prices rose early on Wednesday as market participants took a bullish view of Democrats securing a majority in Virginia’s legislature late Tuesday, a feat that could allow the state to join the regional ETS in 2021.

China is likely to opt for the softer range of the proposed emission benchmarks for coal-fired power plants set to be brought into the national cap-and-trade programme next year as power companies baulk at the most ambitious options, according to observers.

EUA prices sank early on Wednesday, again returning towards the €25 mark following a bumper auction and signs that the European economy is barely responding to recent stimulus efforts.

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Virginia Democrats won a majority in the state legislature on Tuesday, potentially allowing the state to join the Northeast US ETS in the coming years.

The UN’s CORSIA aviation offsetting scheme is just over a year away from entering into force, but a myriad of major supply-related concerns is clouding the horizon for airlines and investors, not least the fact that it remains unclear exactly which credits will be eligible.

Most airlines already seek out bargain basement carbon credits for their passenger offset programmes and are likely to be even less picky once CORSIA obligations start, a conference heard on Tuesday.

New financial entities have maintained their long position in California Carbon Allowances (CCAs), even as uncertainty rankled the cap-and-trade programme after the US Department of Justice challenged the state's ETS linkage with WCI partner Quebec, according to US Commodity Futures Trading Commission (CFTC) data.

EUAs dipped slightly on Tuesday in relatively calm trade that kept carbon pinned between technical boundaries, as the market searched for clear direction.