Carbon Pulse

EUA prices fell for a ninth time in ten sessions on Tuesday morning as sentiment continued to weaken, even as ministers formally approved ETS reforms and the launch of a carbon border adjustment mechanism, while UK carbon permits shrugged off the bearish continental trend to rise for a second day.

The global low-carbon project pipeline has accelerated in the past year to reach over 400 projects in the first quarter of 2023, driven by green hydrogen projects as last year’s elevated gas prices have taken the shine off prospects for fossil-fuel based projects equipped with CCS, analysts told a webinar on Tuesday.

China should consider implementing a secondary model within its national spot power market that interfaces with the existing local markets to accelerate the decarbonisation of the country's power sector, according to the International Energy Agency (IEA).

EU member states on Tuesday gave their approval to a series of provisional deals aiming to put shipping, buildings and road transport under carbon pricing, impose a carbon border adjustment mechanism (CBAM), and launch a Social Climate Fund.

Singapore-based carbon exchange Climate Impact X (CIX) has partnered with an AI-driven decarbonisation platform that will provide access to voluntary buyers with net zero targets across several Asia-Pacific countries.

One of China's biggest securities firms has signed a letter of intent with a Shanghai-listed forestry and paper company to secure domestically-issued CCERs worth no less than 100 million yuan ($14.5 mln), aiming to make a preemptive move ahead of the relaunch of the national voluntary scheme.

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

A California Assembly committee on Monday sent along legislation that would direct the state government to evaluate certain areas of the state’s WCI-linked cap-and-trade regulation and mandate that any resulting reforms take effect by 2025.

The US may need to capture and store nearly 2 billion tonnes of CO2 per year in order to hit the country’s mid-century net zero emissions target, according to a government report published Monday.

Verified emissions covered under the EU ETS rose marginally last year, the European Commission said late Monday, confirming findings based on preliminary data released earlier this month.

Leaders from seven countries vowed to ramp up offshore wind power capacity to 120 GW by 2030 and 300 GW by 2050 at the second North Sea Summit in the Belgian town of Ostend on Monday, an event also attended by European Commission President Ursula Von der Leyen.

RGGI Allowance (RGA) values slid over the week as demand fizzled out amid expectations for lower CO2 output and excess gas and coal stocks, and as traders anticipated upcoming federal electricity sector emissions rules to replace the scuttled Clean Power Plan.

California gasoline sales increased year-on-year in January amid lower retail prices, while diesel consumption slid, according to state data published Monday.

A veteran emissions market analyst has joined voluntary carbon marketplace operator Xpansiv.

A global business organisation will launch a carbon credit buyers’ hub to help build confidence among companies that they are purchasing quality units, a conference heard on Monday, with other speakers noting the complementarity to the ongoing work under the Integrity Council for the Voluntary Carbon Market (IC-VCM).

Offset prices fell over the past week as the market was weighed down by another surge in available offsets, particularly in the REDD avoided deforestation market.

The way nature and biodiversity appear in global financial markets is on the edge of a revolution but they will be treated in a fundamentally different way to carbon, according to a senior member of the Taskforce on Nature-related Financial Disclosures (TNFD), speaking at an event in the UK on Monday.

The UK government is supporting a call for proposals for projects to build resilience to sea level rise through innovative and scalable finance and insurance products.

Green groups are urging the UK government to include waste incineration in the UK ETS place a ban on new energy-from-waste units in the country. 

The discount in UK Allowance (UKA) prices to their EU counterpart has widened to the most since the British market was launched, as traders price in a variety of bearish factors that point to a UK market lengthening at the same time as Europe tightens its targets.