Carbon Pulse

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

California Carbon Allowance (CCA) prices picked up momentum on the back of a watchdog report and stronger spread activity resuming after the winter break, while Washington Carbon Allowance (CCA) prices stalled after the initial bout of trades ahead of the official launch of the state’s cap-and-invest programme at the start of the year.

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Exchange operator ICE in the coming months will change the delivery method for its California and nature-based carbon futures contracts, aligning its procedures with its Europe-based environmental products.

The Brazilian Congress is likely to pass a proposal to launch a national carbon trading programme covering the compliance and voluntary market, endorsed by newly-inaugurated President Lula da Silva, experts told Carbon Pulse.

Virginia Governor Glenn Youngkin’s (R) administration on Wednesday said it will move to public comment this month its proposal to rescind the state’s RGGI-linked cap-and-trade regulation at the end of the year.

Swiss firm Climeworks on Thursday announced it has distributed its first carbon removal tonnes from its direct air capture plus storage (DAC+S) facility in Iceland to three North American tech giants, with one of the companies having previously pledged to pay a steep price for the credits.

The EU's biggest political group will not support an effort in the European Parliament to increase the ambition of the bloc's nature restoration bill, senior party members said on Thursday while urging that food security and increased cooperation with farmers must be taken into account.  

Verra’s Program Development and Innovation team is seeking a Technical Editing Manager to ensure that existing and new standards and related methodologies are written in a way that facilitates comprehension and their effective use.

The EU will face less international opposition for slapping on levy on industrial emissions outside its territory than it did a decade ago with airlines, key lawmaker Peter Liese said on Thursday, judging that the bloc’s carbon border adjustment mechanism (CBAM) will be fully implemented as a result.

Most business executives see the voluntary carbon market (VCM) as an important tool to meet near-term climate goals, according to a survey published on Thursday, with responses also raising significant concerns that some companies are using carbon credits for greenwashing.

The United Arab Emirates has selected state oil firm boss Sultan Ahmed Al Jaber as president of the next UN climate conference to be held in the nation in December, angering climate campaigners who likened the appointment to a cigarette company leader being put in charge of a health conference.

The EU ETS will move from oversupply to significant tightness towards the end of the decade and beyond, analysts said on Thursday, assessing the overall impact of recently-agreed reforms that have the overall effect of backloading ambition for several years. 

EUAs made robust gains on Thursday morning with traders highlighting apparently healthy demand in the run-up to compliance season, as buyers were seen looking to catch up on purchases delayed in 2022 amid high initial margin requirements and energy prices.

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Indian carbon offset developer EKI Energy Services will collaborate with DNV to promote awareness and support governance to develop a climate transition ecosystem, which will involve its provision of advisory services to the classification society’s assurance customers to help them reach their carbon neutral goals, the two entities announced on Thursday.

Shenzhen, home to more than 12 million people, has released a set of accounting guidelines for ocean-based carbon sink projects, as a broader ambition for the Chinese megacity to explore the potential of blue carbon.