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News and intelligence on carbon markets, greenhouse gas pricing, and climate policy
Updated: 1 hour 35 min ago
CP Daily: Friday September 8, 2023
A daily summary of our news plus bite-sized updates from around the world.
Categories: Around The Web
Emitters build, financial participants erode CCA and RGA net length
Compliance entities boosted their net length in the California Carbon Allowance (CCA) and RGGI Allowance (RGA) markets over the past week, while speculators pared back their holdings in both North American programmes, according to US Commodity Futures Trading Commission (CFTC) data published Friday.
Categories: Around The Web
OECD climate group to discuss national carbon pricing approaches, advance stocktake work at fall dialogue meeting
An OECD committee assembled to help improve the impact of emissions reduction efforts around the world through enhanced multilateralism will meet this autumn to discuss countries' various carbon pricing approaches, as part of an initiative to take stock of global efforts, examine their effectiveness, and prevent carbon leakage.
Categories: Around The Web
California opts for 30% LCFS reduction target by 2030, alongside step change and auto-acceleration mechanism
California regulator ARB’s forthcoming Low Carbon Fuel Standard (LCFS) rulemaking package will include a strengthening in the scheme’s carbon intensity (CI) targets alongside other measures to tighten the programme and phase out avoided methane crediting pathways, the agency revealed Friday.
Categories: Around The Web
Second Washington reserve carbon auction announced for fall, following record-high Q3 clearing price
The Washington Department of Ecology (ECY) will offer allowances from its Allowance Price Containment Reserve (APCR) for sale at one fixed-price tier this fall, following a Q3 settlement price which triggered the second-ever reserve auction, according to a government notice published Friday.
Categories: Around The Web
UPDATE – LCFS Market: California prices wane to 6-wk low before state reveals more ambitious CI benchmarks
California Low Carbon Fuel Standard (LCFS) values slid on Friday to levels not seen since late July as market participants reported compliance entities were keen to sit back, though they spiked late in the day after the state published a document detailing its forthcoming rulemaking to strengthen the programme's carbon intensity (CI) benchmarks.
Categories: Around The Web
Brazilian bank expects to generate 60 mln carbon credits over 30 years
A major Brazilian financial services company announced on Thursday it expects its current suite of carbon projects to produce 60 million credits over the next three decades, not counting future investments in the sector.
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Indonesia speaks up for producing countries, who demand say in EU deforestation law
Indonesia is leading a group of 17 commodity-producing countries that are demanding to have a say in the EU's anti-deforestation law that addresses imported products.
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EU Taxonomy will not include fish farms for two years, think-tank exec predicts
Fish farming will not enter the EU’s list of sustainable investment activities for at least two to three years, an executive at non-profit think-tank Planet Tracker has predicted.
Categories: Around The Web
Electric cookstove projects need $30-50 carbon credit price, say developers
Electric cookstoves will need a carbon credit price of $30-50 to enable the fledgling market to thrive, according to one of the leading manufacturers and project developers in the market that is set to open a new factory in Nigeria next month and is planning to sell commercially in the future.
Categories: Around The Web
RGGI Q3 auction settles near all-time record, breaking bearish trend of sub-$13 clears
The Q3 RGGI cap-and-trade auction cleared just shy of its all-time record settlement and in-line with broad market expectations near the secondary market values, although compliance participation remained subdued, according to results published Friday.
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PREVIEW: Observers welcome progress made on key texts ahead of crucial UN carbon market meeting
Stakeholders have welcomed the significant progress, notably on draft recommendations for removals, made by the UN body responsible for shaping the carbon crediting mechanism under Article 6 of the Paris Agreement ahead of a crunch meeting next week, while also highlighting the pressure of using the limited remaining time to finalise key aspects of the guidance, ahead of year-end negotiations at COP28.
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Free biodiversity risk tool launched by Swiss tech firm
A Biodiversity Risk Assessment (BioRA) tool has been launched by technology company Ceven that is free to use at its basic level.
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PREVIEW: Green development, climate action to be G20 summit’s priorities, says talks’ sherpa
Green development and climate finance will be one of the priorities of this weekend's G20 leaders' summit, according to G20 Sherpa Amitabh Kant ahead of the two-day meeting in New Delhi this weekend despite climate change goals emerging as one of the major stumbling blocks.
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MOL, Shell marine unit to collaborate on shipping decarbonisation efforts
Mitsui OSK Lines (MOL) and Shell Marine Products Singapore have agreed to collaborate on maritime decarbonisation efforts, including advancing cleaner fuel-related measures that could have carbon market implications.
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Much more climate action needed on all fronts, says UN after taking stock
While the 2015 Paris Agreement has inspired significant progress in response to climate change, the world is not on track to meet the pact’s long-term goals, according to the UN’s first-ever stocktake of global efforts to tackle the crisis, released Friday.
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Shell publicly backs nature-based voluntary carbon credits, despite shelving targets
A senior leader at Shell on Friday appeared to reinforce the company’s support for purchasing nature-based carbon credits, despite the oil major having dropped public targets for its credit-buying programme.
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Euro Markets: Midday Update
European carbon prices advanced moderately in Friday morning trade, threatening to snap a run of six successive daily losses, as the market was supported by a sharp rise in gas prices after workers at two Australian LNG facilities began strike action.
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Leading commercial bank poised to invest in early-stage climate tech as net zero momentum picks up
A London-based commercial bank with significant Asia presence is growing its in-house expertise on climate tech in order to identify the early-stage companies with potential for the biggest climate and commercial impact, a conference was told this week.
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CN Markets: CEA prices climb back above 70-yuan level, trading volume surges
China’s national carbon markets saw stable prices over the past week with a surge in trading volume as the ETS compliance deadline is approaching, with experts saying that recent policy change to introduce allowance vintages could shape corporate preferences.
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