Carbon Pulse

India will need to spend $627 billion in order to decarbonise its steel and cement sectors so the country can realise its goal of reaching net zero, according to a report published this week.

Allowances in the Chinese carbon market this week rose to their highest level since the market launched two years ago, with analysts expecting the carbon price to climb to above 85 yuan ($11.63) later this month due to strong compliance demand.

A carbon credit fungible across all Southeast Asian markets would be a “brilliant” idea, according to a veteran carbon market expert based in Singapore.

The first batch of credits to be tagged with the Integrity Council for the Voluntary Carbon Market's (ICVCM) label of quality will now be seen in "early 2024", rather than the previous end-of-year target, the head of the cross-stakeholder initiative said on Friday.

Taiwan has updated its management rules to streamline the development process of voluntary greenhouse gas (GHG) reduction projects, as the island is gearing up for a domestic carbon levy scheme as part of its Paris-aligned climate targets.

Finland will use EU funding to boost target habitats and garner private-sector funding to make biodiversity projects more financially sustainable, the government announced.

Australia’s Clean Energy Regulator (CER) has issued 1.3 million Australian Carbon Credit Units (ACCUs) in its latest update, over 400,000 of which went to projects owned by fossil fuel companies.

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

The Washington Department of Ecology (ECY) on Thursday said linking its cap-and-trade regulation with the California-Quebec market could yield several benefits, and that maintaining an independent scheme could prove an existential threat to the programme.

The NZX has updated the ETS auction calendar for the next four auctions in line with the new price controls and settings recommended by the Climate Change Commission, as market observers look to what the future holds following Saturday's election.

California Carbon Allowance (CCA) prices sagged to a six-week low in recent days as bearish macroeconomic factors intertwined with “roll season”, while Washington Carbon Allowance (WCA) values sank as traders questioned the upcoming November Allowance Price Containment Reserve sale and state’s WCI linkage potential.

A large Brazilian financial services firm is working to set up a trading desk following its inaugural sale of carbon credits to a major multinational bank, the company announced Wednesday.

A scarcity of green hydrogen may force a Spanish steelworks to rely on fossil fuels for longer, diverting public money just weeks ahead of the first auction of the EU's new Hydrogen Bank facility.

EUA prices are set to remain broadly within their current range in the coming two years before resuming their upward trajectory from 2026, as the market works through the additional supply mandated by the EU’s REPowerEU initiative, according to analysts speaking at the Carbon Forward event on Thursday.

A UK-based carbon credit insurer on Thursday announced its clients can now get paid out in replacement offsets, after the company amassed four partners to build a pool of units with which to settle claims.

Multilateral development banks provided worldwide climate finance of almost $100 billion in 2022, up from $82 bln in 2021, with a record more than $60 bln going to low and middle-income countries, according to a report released Thursday.

London-based exchange ICE has seen its first trades in its newly-launched CORSIA-eligible carbon credits, transactions that give an early indication of how correspondingly-adjusted units will be valued.

The EU should first test whether its carbon border adjustment mechanism (CBAM) delivers on its objectives of reducing emissions in third party countries and providing carbon leakage protection for European industry, before expanding its scope within existing, or to additional, sectors, an industry representative said on Thursday.

Officials from Brazil's first homegrown carbon offset standards body will bring in smaller landowners and promote conservation across the country by reducing the significant time and costs involved in applying for credit certification.

Shipping companies may try to avoid paying carbon costs for their routes by engaging in ship-to-ship transfer of their liquid cargo at sea, a maritime industry expert told an audience at the Carbon Forward conference on Thursday.