Carbon Pulse

Virginia’s cap-and-trade regulations will be published in the state’s registry later this month and will take effect 30 days after, despite Governor Ralph Northam’s (D) decision to sign into law budget amendments that complicate the US state’s ability to implement the final rule.

California Carbon Allowance (CCA) prices rose throughout the week despite entities shifting their focus to the second quarterly WCI auction, while RGGI allowances (RGAs) found bullish support amid relatively small volume.

A group of east coast and Midwestern US states could utilise cap-and-trade programmes modelled after RGGI to help slash power sector emissions as they ramp up their commitment to climate action, a study found Wednesday.

EU carbon prices slipped on Thursday to give back most of the previous session’s gains as a weak auction and softer gas prices deterred bulls.

Oregon’s Department of Environmental Quality (DEQ) will hold a Credit Clearance Market under the state’s Clean Fuels Program (OCFP) next month for entities that did not meet the low-carbon fuel standard’s 2018 compliance deadline.

Long-awaited EU carbon auctions by the three non-EU states that participate in the bloc's ETS will commence on June 3, sale host EEX announced late Thursday, and will add up to 20.6 million tonnes this year’s auction calendar.

While the EU ETS is becoming more of a driver for emission cuts, it is also heightening competitiveness concerns as fewer firms hold a surplus of allowances amid rising prices, a survey found.

The Tokyo municipal government will require facilities covered by its emissions trading scheme to cut CO2 emissions 25-27% below their baseline levels over the next five years, although most of the market participants have already achieved carbon cuts in that range.

New Zealand on Thursday released another batch of decisions on reforming its emissions trading scheme, focusing on transparency and compliance, but provided no clarity on major market-moving issues.

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

Canadian federal Conservative leader Andrew Scheer has suggested his party's long-awaited climate plan will aim to hit the country's Paris Agreement targets by relying more on the purchase of international offsets compared to domestic abatement spurred by carbon pricing.

Oregon Democrats are planning to approve a WCI-modelled cap-and-trade bill out of committee on Friday with additional technical amendments to the proposal, the bill’s author told Carbon Pulse.

Environmental justice groups urged 10 US jurisdictions to explore options outside of a cap-and-trade programme to regulate emissions from the transportation sector, claiming that model would not guarantee reductions in disadvantage communities.

Germany should push for reforms to loosen EU state aid rules and enable the government to provide more support to EU ETS-covered heavy industries, a prominent environmental think-tank has proposed.

EUAs briefly climbed back above €26 on Wednesday, recovering in another afternoon surge after wider financial markets celebrated US President Donald Trump appearing to soften his line on EU trade tariffs.

US Secretary of Agriculture Sonny Perdue could back a carbon market for the sector to stimulate more revenue for farmers, and an upcoming appropriations bill may urge his agency to research the development of that option, a federal congressperson told a news outlet.

A new coalition of multinational fossil fuel and industrial CEOs, environmental groups, and think tanks issued a call Wednesday for the US Congress and President Donald Trump to enact a market-based climate policy, coming alongside several other principles for driving emission reductions and promoting equity and durability.

Nearly 400 million more carbon allowances will be withdrawn from the EU ETS through next summer and inserted into the MSR, the European Commission announced late Wednesday in its annual 'TNAC' update, with the oversupply figure rising slightly year-on-year to top analyst expectations.

German-based utility RWE slowed its hedging rate over Q1 but still has a slightly advanced position compared to a year ago, it said in financial results Wednesday, giving a slightly bearish signal for EUAs.

China has released provincial targets for its mandatory renewable energy credit scheme, which will launch in a test version this year before starting properly in 2020.