Carbon Pulse

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.

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

European carbon prices could reach €30-50 by 2021 as companies hoard units, but prices may fall sharply once those firms start selling, analysts said.

California and Ontario officials are continuing to negotiate the financial costs associated with the Canadian province’s decision to exit the Western Climate Initiative (WCI) but reimbursement costs are not part of that discussion, Air Resources Board (ARB) Chairwoman Mary Nichols told Carbon Pulse.

A coalition of environmental groups is suing the Ontario Progressive Conservative (PC) government for cancelling the province’s cap-and-trade programme without public consultation.

California Governor Jerry Brown publicly ridiculed a Trump administration proposal that could ease regulations on methane emissions leaks in the US, while simultaneously calling on the expansion of carbon pricing mechanisms to other areas of the world.

EU carbon prices shed more than a euro on Tuesday, giving back over half of the previous session’s massive gains that had seen prices hit a fresh decade-high €25.79.

Offset developer Bluesource has secured an undisclosed investment from private equity firm GEF Capital Partners to help further expand its services in the North America market, the two companies announced Tuesday.

EU carbon traders are mired in doubt about when regulators could meet to discuss market intervention, even as soaring EUA prices close in on a likely trigger point.

The South Korean government has ordered Samsung Electronics to withdraw a CDM project that originally aimed at generating nearly 770,000 carbon credits per year over a decade.

Oregon lawmakers are likely to approve legislation in 2019 that would enable the US state to create a cap-and-trade market to eventually link with the WCI programme, several regulatory sources said.

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

As the first indigenous-led conservation effort to be financed through the sale of carbon offsets, the Suruí Forest Carbon Project (PCFS in Portuguese) dramatically slowed deforestation and incubated sustainable livelihood programs in Brazil’s Sete de Setembro Indigenous Territory (TISS), but a dramatic surge in illegal mining activities throughout the region in which TISS is located has forced the Paiter-Suruí indigenous people and their partners to suspend the program indefinitely.

Policymakers and industry have been caught off-guard by the rapid surge in EU carbon prices, and according to experts, the prospects to intervene may be limited and the idea generally unwelcome by many due to the painstakingly-constructed market reforms that triggered the year-long rally.

New Zealand carbon allowances on Monday continued their upwards March, although the upward trajectory has slowed and volumes have dropped.

Australia’s government won’t pursue the proposed National Energy Guarantee (NEG) policy and has decided not to legislate its emissions targets under the Paris Agreement, Prime Minister Scott Morrison said.

European carbon prices jumped by more than €2 early on Monday, extending their 10-year high and accelerating a bull run that has caused prices to triple this year.

Governments are planning to agree only core elements of global guidance for international emissions trade this year, stripping down Article 6 text to the bare essentials as work mounts up on the wider Paris Agreement rulebook.

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

EU carbon allowances are surging to new 10-year highs almost daily, lifting power and gas prices across Europe to dizzying heights in the process, but experts say lawmakers are unlikely to intervene anytime soon by triggering a little-known emergency mechanism.