Carbon Pulse

Below is a table of the closing prices, ranges and volumes for China's regional pilot carbon markets this week. All prices are in RMB, and volumes in tonnes of CO2e. Data sourced from local exchanges.

The decline in China's energy intensity continued to outpace national targets in Q1, with the shift towards a cleaner economy boosting domestic demand for gas and further cutting the country's GHG emissions, according figures published by China's National Bureau of Statistics (NBS) on Friday.

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North American carbon prices stabilised over the last week as both the east and west coast markets began to focus on the spring auctions.

Mexico’s Senate passed a bill late Wednesday that gives a clearer mandate to the country’s planned carbon market and to align national emission reduction goals with Paris Agreement targets.

California regulator ARB does not expect tens of millions of unsold allowances in its cap-and-trade programme to jeopardise the state’s 2030 GHG target, according to the agency’s estimates.

Finnish utility Fortum emitted 1.1 million tonnes of CO2 from its EU ETS-regulated facilities over the first quarter, up 22% year-on-year, it said in financial results on Thursday.

The New Jersey Department of Environmental Protection (DEP) expects to start earning revenue from RGGI allowance auctions in fiscal year 2020, consistent with the department’s thinking outlined at a presentation last month.

EU carbon prices could dip back to as low as €11, some 22% below recent highs, if investors cool their recent interest or opt to take profits from selling EUAs bought at much lower prices, ICIS analysts said on Thursday.

New Zealand’s Productivity Commission on Friday urged the government to bring agriculture into the emissions trading scheme, and pave the way for carbon prices to grow almost tenfold over the next three decades in case new technologies are slow to emerge.

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EU carbon prices jumped to a one-week high on Thursday after the day’s auction cleared at the largest premium to the secondary market in nine months.

EU carbon prices are set to double from current levels by 2021 and could quadruple to €55 before 2030 if lawmakers align the ETS’ emissions reduction trajectory with the goals of the Paris Agreement.

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California regulator ARB doled out just over 275,500 California Carbon Offsets (CCOs) this week following the zero issuance recorded earlier this month, with normally high-yielding forestry projects not receiving any credits for the first time since December.

Turkish bank Garanti outlined its shadow carbon pricing strategy on Wednesday, though the partial approach may fall short of addressing the company's ongoing investments in coal plants.

Higher EU ETS prices have helped slow the expected pace of global warming, according to London-based fund managers Schroders on Wednesday.

EU carbon prices are not rising to more elevated levels fast enough, France said on Wednesday after meeting with a small group of member states, reiterating its call for a bloc-wide carbon price floor starting with Europe's power sector.

Monthly revenues from EU carbon allowance auctions have for the first time topped the €1 billion mark, providing a major funding injection for governments as EUA prices hold near seven-year highs.

German-based energy exchange EEX increased turnover from its European environmental markets business by more than 50% in financial year 2017 after posting a sharp rise in secondary market CO2 trading volumes.