Carbon Pulse

The recent spike in EU carbon prices has been tied to a massive loss booked by a major Nordic power market trader that has likely bankrupted him and cost energy exchange Nasdaq over €100 million.

California and EU officials will increase collaboration to improve their existing carbon markets, while also examining potential avenues for aligning policies between the programmes, the parties announced at the Global Climate Action Summit (GCAS) in San Francisco on Thursday.

With Ottawa’s deadline for Canada’s provinces and territories to submit their carbon pricing plans having now passed, the federal government has a tough task ahead in reviewing and coordinating the programmes and addressing the obstinate gaps in what has emerged as a national patchwork of schemes.

California should examine ways to streamline its own suite of climate policies while taking on more ambitious emission reductions programmes, legislative and industry officials said Wednesday.

Poland's energy minister on Thursday urged Brussels to step in to cool EU ETS prices, which this week spiked to a 10-year high near €26, Polish newswire PAP reported.

EU carbon prices continued to plummet on Thursday, falling further from this week’s 10-year high of €25.79 to fall below €21 after a weak auction.

China this week finalised the structure of its new super ministry for the environment without a mention of the national emissions trading scheme and with the climate change division stripped of some of its responsibilities.

South Korean CO2 prices are likely to be volatile over the next three years as an early large permit surplus is replaced by shortages later in the trading phase, analysts at trading firm Ecoeye said Thursday.

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

Virginia will join a group of northeast states working to create a market-based mechanism to regulate transportation emissions, and will seek to limit methane emissions leaks from the oil and gas sector, Governor Ralph Northam announced Wednesday.

The European Commission is seeking views for amending a regulation to enable German EUA auctions to resume promptly early next year and to start selling withheld allowances in 2019 to raise cash for the bloc’s Innovation Fund to launch in 2020.

Average prices in both the California Low Carbon Fuel Standard (LCFS) and Oregon Clean Fuels Program (OCFP) ascended to new heights in August, as state regulators are set to vote on regulatory amendments in the coming weeks and months.

The Ontario government could revive some sort of carbon reduction scheme if challenged by the large emitters that previously participated in the province's now-scrapped cap-and-trade programme, former Environmental Minister Glen Murray said Tuesday.

California state regulator ARB dished out nearly 830,000 California Carbon Offsets (CCOs) this week, with two mine methane capture (MMC) projects accounting for more than 70% of the total.

EUAs fell by more than a euro for the second straight day on Wednesday, slipping further from this week’s 10-year high in jumpy trade as falling gas and power prices dragged down the energy complex.

European Commission president Jean-Claude Juncker on Wednesday joined his climate and energy chief in calling for the EU to deepen its 2030 emission cut goal.

The US can come within touching distance of its Paris Agreement emissions target even without any new policies from the federal government, according to California Governor Jerry Brown and former New York city mayor Michael Bloomberg, who launched a report on Wednesday outlining 10 policy initiatives for cities, states and companies including carbon pricing.

New Zealand carbon allowances fell slightly on Wednesday, slipping for a second consecutive day even though market participants expect the spot contract to hold above NZ$25.

Australia’s Clean Energy Regulator on Wednesday introduced a new offset method aimed at driving deeper emission cuts at industrial facilities whose involvement in the scheme has been minimal so far.

The European Commission is “happy” to see EU carbon allowances at their current elevated levels and is not at the moment considering supply-side intervention to dampen the recent price spike.