Carbon Pulse

NZUs shed another 3.4% on Thursday, dropping below NZ$23 as demand remained minimal following the government's lack of clarity over the market's de-facto price cap.

Queensland on Thursday approved Adani’s groundwater plan for its Carmichael mine, the final approval required to begin construction at what will become one of Australia’s biggest coal mines.

Poland intends to auction next year a further 50 million EUAs from its unallocated reserve of free ETS allowances that are earmarked for the country’s power sector, the European Commission announced late Wednesday.

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California regulator ARB issued offsets this week to a pair of mine methane capture (MMC) projects for the first time in nine months, while the total issuance dropped to an 11-month low of 110,000 compliance-grade credits, according to state data.

Energy-related CO2 output rose 2% worldwide last year, the fastest rate since 2011, as extreme weather stoked demand for heating and cooling, a report found on Wednesday.

Transportation and Climate Initiative (TCI) jurisdictions in the northeast US are cautiously optimistic about finalising a carbon programme design before their December deadline, but others believe a tight timeframe could see the states miss that self-imposed cut-off date, numerous sources told Carbon Pulse.

Oregon state Democrats have lined up several amendments before the legislature’s fiscal committee votes on the proposed WCI-modelled cap-and-trade programme, while opponents have continued to attempt to weaken the bill.

EUAs slipped further below €25 on Wednesday, as weakness in the energy complex continued to weigh on carbon while fears of a no-deal Brexit loomed larger.

Fuel refiner PBF Energy has agreed to purchase oil giant Shell’s Martinez refinery in California for up to $1 billion, with the acquisition expected to add to the former's compliance obligations under the state’s cap-and-trade programme.

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Australia has launched a review of offset rules that might allow for awarding carbon credits to even its dirtiest ageing coal-fired power plants.

South Korea sold out all allowances on offer in Wednesday’s auction, but the sale cleared 1.3% below the secondary market as only five companies submitted bids.

New Zealand carbon allowances on Wednesday fell below NZ$24 for the first time in 10 months as demand fell away and market participants warned of further downside ahead.

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The UK will on Wednesday propose to enshrine in law a 2050 net zero greenhouse gas emissions target, Prime Minister Theresa May said in a statement late Tuesday in a bill set to go against the government’s in-house experts by leaving open the door to using international credits.

The Intercontinental Exchange (ICE) has hired a new manager on its North American environmental desk, according to an email sent to market participants Tuesday.

California Low Carbon Fuel Standard (LCFS) credits have risen past the $190 mark in recent days on the heels of increased purchasing, reversing some of this spring’s losses.

EU carbon prices dipped back below €25 on Tuesday as a weaker energy complex deterred buyers, despite continued robust auction demand.

Exelon was the only company to purchase Global Warming Solutions Act (GWSA) allowances last year to comply with Massachusetts’ in-state cap-and-trade programme, as the power utility's emissions outstripped its annual allocation from the scheme, according to a new report.