Carbon Pulse

The UK's net zero strategy for aviation assumes a carbon price rise to £378/tonne by mid-century to meet the goal of climate neutrality in the sector, and does not envisage emissions to rise above pre-pandemic levels, according to documentation published on Tuesday.

EUAs gave up ground for a second day on Tuesday but remained firmly entrenched within their recent range as activity continued to dwindle, while energy markets were generally slightly firmer after the European Commission said it did not expect the Nord Stream 1 pipeline to resume flows after maintenance ends later this week.

Following a legal challenges from environmental groups, a court has ordered the UK government to outline how it plans to meet emissions reduction targets as part of its net zero strategy with the current level of detail unlawful.

Australia’s environment minister has emphasised the expanding role carbon credits will play in protecting and restoring marine and land-based ecosystems, while ACCU delivery to the government fell slightly in the last financial year, according to regulator data.

India’s Modi government will shortly introduce legislation to the country’s lower house of parliament, the Lok Sabha, that will facilitate a national framework for carbon trading and boost clean energy use, according to local media reports.

Some utilities in the EU ETS behave more like financial institutions, according to analysis of historical trading data, suggesting that participant segmentation practices may need to be reviewed as lawmakers consider restricting the market access of some non-compliance players.

Hong Kong Exchanges and Clearing (HKEX) has appointed a head of carbon and ESG products and markets, underpinning its ambition to establish itself as an emissions trading hub.

Technological solutions to remove carbon from the atmosphere, like CCS, CCUS, and Direct Air Capture (DAC) are gaining traction in Australia with support from the federal government, however the technologies’ ability to work as intended and the way it is being used by the fossil fuel industry remain deeply questionable, according to its critics.

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

The Washington State Department of Ecology (ECY) on Monday released draft regulations to implement the Clean Fuels Program (WCFP) in 2023, with the initial compliance period extended to two years.

Director of Forest Carbon Project Origination to play a lead role in identifying viable forest carbon projects and contracting with landowners to create climate benefits via forest management.  Offset credits generated from these projects will be sold in the voluntary and compliance carbon markets in North America. 

IncubEx is looking for a Head of The Voluntary Climate Marketplace (“TVCM”). The ideal candidate is passionate about our company’s mission and the potential of environmental markets as all companies assess their ESG goals and as environmental products continue gaining traction as an asset class.

IncubEx is looking for a renewable fuels salesperson who is knowledgeable about Renewable Identification Number (RIN) markets and/or Low Carbon Fuels Standard (LCFS) market. This salesperson should have existing contacts in the RIN and LCFS marketplace. This is a client-facing role that requires travel to industry conferences and clients.

Seven international airline groups on Monday announced letters of intent to explore buying carbon removal units from a US-based direct air capture (DAC) platform.

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National leaders have welcomed Australia’s proposed bid to jointly host the UN’s annual climate conference in partnership with Pacific Island countries as early as 2024, propelling the proposal through to the next stage in the process.

The Canadian federal government proposed to either introduce a carbon trading programme or modify its existing 'backstop’ CO2 pricing system on Monday as it plans a declining emissions cap for the oil and gas sector. 

The battle between oil and the environment has flared up in the Democratic Republic of Congo (DRC),  with environmental lobbyists urging the president of the African country to cancel the selling off exploration rights in tropical forests.

The price of standardised spot carbon credits and those of near-dated vintages remained depressed in the voluntary carbon market (VCM) this week, but demand for later-dated nature vintages held up, reflecting resilience in the market's contango that underpins a bullish outlook for offsets.

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