Carbon Pulse

Carbon prices on both North American coasts rose this week as New Jersey released its proposed cap for its re-entry into the RGGI market, while California Carbon Allowances (CCAs) nudged toward next year’s floor price.

The Canadian government will further relax the stringency of industry production benchmarks for certain sectors under its output-based pricing system (OBPS), the government announced Thursday, as it also revealed more information on the national clean fuel standard (CFS) beginning next decade.

European carbon closed down slightly on Thursday, though steady buying throughout the day lifted prices back from their morning lows below €24.

The European Commission has amended the EU ETS Registry Regulation to allow for the lifting of restrictions on British EUAs should a wider Brexit deal be reached.

The EU faces a tight timeline to adopt a 2050 low carbon strategy in time for UN deadlines as several environment ministers on Thursday called for more analysis and wide consultation first.

Australia’s Clean Energy Regulator on Thursday for the first time released a set of key carbon offset market data, concluding that supply in the short term will be sufficient to meet demand as Safeguard Mechanism entities approach their Feb. 28 compliance deadline.

A newly formed industry association is planning to develop carbon estimation and reporting standards for vegetation-based carbon credit projects to reduce risk for involved parties and increase confidence for banks lending to project developers.

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

Two US senators introduced bipartisan legislation on Wednesday that would implement a carbon fee-and-dividend programme, mirroring a bill introduced by lawmakers in the House in November.

European carbon prices resumed their upward climb on Wednesday, hitting a new three-month high but failing to breach €25 after numerous attempts.

California and Quebec will auction off an estimated 42.6 million allowances at 2019 auctions with consignment and unsold volume increasing the total amount offered at the quarterly sales, state data shows.

The UK government has confirmed that it will not hold any EUA auctions in Q1 2019, regardless of the outcome of Brexit negotiations.

The Shanghai municipal government released the 2018 allocation plan for its emissions trading scheme, slightly adjusting upwards the programme’s CO2 cap but keeping the system largely unchanged ahead of the national cap-and-trade launch.

EU lawmakers early on Wednesday agreed on reforms to the bloc’s power market that will end coal subsidies from 2025, paving the way for a full phase-out of the fuel.

Emitters in the New Zealand ETS should pay the fixed price option for 2018 instead of surrendering permits, brokers OM Financial said Wednesday, in a recommendation that could keep up to 34 million NZUs in the system next year.

A recently revoked Australian energy efficiency project could add annual demand of upwards of 500,000 tCO2e to meet its contractual obligations to the Emissions Reduction Fund (ERF), stretching the country's small secondary offset market to the limits of its capacity and likely pushing up prices in the process.

Australia’s federal government on Wednesday dismissed a push from the New South Wales state energy minister to put a carbon emissions obligation back into the national energy strategy.

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

Washington DC's city council endorsed a bill on Tuesday that will see the US capital achieve a 100% Renewable Portfolio Standard (RPS) by 2032, though amendments proposed by a utility generated pushback from environmental groups.

California and Quebec emitters surrendered roughly 53 mln offsets this year, increasing credit usage during the cap-and-trade programme's 2015-2017 period as California data also showed a bankrupt power utility failed to comply on time.