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News and intelligence on carbon markets, greenhouse gas pricing, and climate policy
Updated: 37 min 9 sec ago
CP Daily: Friday June 30, 2023
A daily summary of our news plus bite-sized updates from around the world.
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Senior Business Developer, Carbon Offset Certification – Remote
In direct collaboration with the co-founders, you will be an essential team member to accelerate COC development, to participate in growth strategy definition and implementation.
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Liberian government warns against participation in carbon credit ‘black market’
The Liberian government has warned the public against participating in the ‘black market’ for carbon credits.
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Brazil eyes mobilisation of $9.1 bln in clean energy investment after fund approves grid plan
Brazil expects to see a $9.1 billion mobilisation of clean energy investment in the country after a multilateral fund’s board on Friday endorsed a $70 million plan to support renewable power onto the grid.
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South Korea, Vietnam sign MoU on Article 6 collaboration
South Korea and Vietnam have signed a deal to collaborate on carbon trading under Article 6 of the Paris Agreement.
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Compliance entities add CCAs and slash RGA holdings, while speculators stay quiet
Emitters trimmed their net short position in California Carbon Allowances (CCAs) while depleting their RGGI Allowance (RGA) net length this week, as financial entities did not alter their holdings to a significant degree, according to US Commodity Futures Trading Commission (CFTC) data published Friday.
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California cap-and-trade account backlog continues building in Q2
The number of entity accounts pending approval to participate in California’s WCI-linked cap-and-trade system continued to balloon during the second quarter, according to Carbon Pulse analysis of government data published Friday, as more speculators sought physical exposure to the market.
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US Carbon Markets and LCFS Roundup for week ending June 30, 2023
A summary of legislative, regulatory, and policy action on carbon, clean fuel standard, and clean energy markets at the US federal and subnational levels this week, including a Maryland climate plan that features an economy-wide cap-and-invest programme, and a California Senate committee advancing two carbon credit related bills.
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UPDATE – Washington Q3 current vintage carbon auction volume remains identical to May sale, but features consigned allowances
Washington state will offer an identical number of current vintage allowances at the August auction compared with the Q2 sale, according to a notice published Friday, with some of the volume stemming from consigned permits under the cap-and-trade programme.
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BRIEFING: EU nations face major ambition hike in non-ETS sectors
Most emissions reductions needed for the EU to meet its 2030 climate ambitions fall under the bloc's Effort Sharing Regulation (ESR), with signs that nations will struggle to meet their binding annual national targets in non-ETS sectors even if they make use of provisions to tap abatement from the ETS or land use sectors.
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Colombian mangrove project sees carbon credit score downgraded by rating agency
Carbon credits from a mangrove project in Colombia have been downgraded to a moderate chance of achieving a tonne of carbon avoidance or removal , while credits from three other projects, including a cookstove project in Somalia, have been given low chances.
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EU ambassadors fail to agree on power market reform, leaders urge speedy industry deal
Representatives of EU nations failed to find a deal on Friday to reform the bloc's electricity market to help speed decarbonisation amid continued squabbles on how nuclear and coal should be treated.
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Investor shine fades in carbon sector amid general slowdown in climate tech
Venture capital funding in the carbon industry slumped in the first half of the year amid a general retrenchment in the climate tech sector, but largely because of a boom in 2022, according to research published on Friday.
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New forest carbon standard pivots to more ecosystem-focused assessment, eyes Sep. launch
A new nature-based voluntary carbon market standard on Friday said it will revise its focus following a consultation towards the assessment of ecosystem and habitat indicators as it looks to make an official launch in early September.
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Euro Markets: Midday Update
European carbon posted a small gain at midday on Friday after early declines amid thin trading as the quarter neared its end and traders closed their books, with a weak German auction contributing to a bearish feel while energy prices were slightly firmer as traders looked ahead to the start of Q3.
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ANALYSIS: EUA pricing may be shifting back to fundamentals as spec-driven whipsaw seen ending
Europe's carbon market has seen sharp price swings in recent months amid an increased focus on technical trading as participants have focused on speculative positioning, but after the most recent episode of short-covering traders are starting to question whether EUAs are overvalued, with some are saying allowance costs may again start to reflect fundamentals.
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UK lawmakers publishes report on marine mammal protection
A report from a British parliamentary environment committee on protecting marine mammals published this week calls for new comprehensive and precautionary actions to protect species.
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CN Markets: CEA price stable with improved trading volume, though CCER liquidity shrinks amid lack of clarity
The spot price in China's national emissions trading scheme (ETS) remained stable over the past two weeks with a steady increase in trading volume, while the domestic offset market saw shrinking liquidity as participants are taking a wait-and-see attitude ahead of the official relaunch of the national programme.
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Global biodiversity fund ready for August launch after GEF reaches agreement
The Global Environment Facility (GEF) Council has reached an agreement on the design of the Global Biodiversity Framework Fund (GBFF), leaving everything set for the fund to be formally launched at the GEF Assembly in Canada in August.
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Japan tweaks J-Credit scheme for CORSIA reapplication
Japan has made further adjustments to the rules of its national voluntary carbon credit programme to remove doubts over double claims, agreeing to subject it to corresponding adjustments in preparation for its participation in ICAO’s aviation offsetting scheme CORSIA.
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