Carbon Pulse

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

RGA prices took a sizable step back to start the new year, amid continued uncertainty on the scheme's programme review and as unseasonably warmer weather permeated the Northeastern and Mid-Atlantic US states.

A New York senator on Friday brought back legislation that would build support for establishing a carbon price in the state’s wholesale power market, following the finalisation of the state’s Scoping Plan climate strategy that said such a measure may be necessary.

Selling pressure during the second half of the week weakened most standardised carbon credit prices with a return to thin traded volume as many of the gains made during a bullish final week to last year were undone when end of year compliance obligations had caused a jump in demand.

Despite a month-long sell-off on European gas prices, it is not likely that there will be a quick return to EUA buying for industrials that have suspended operations amid extreme energy costs, nor a sustained ramping up of coal-to-gas fuel switching, analysts have told Carbon Pulse.

The EU Presidency under Sweden will aim to bring the remaining Fit for 55 climate bill to a close over its six month term through to July, the nation's deputy ambassador to Brussels said on Monday.

EUAs rose strongly on Monday as the market appeared to absorb the first auction of the year with ease, despite energy fundamentals which continue to suggest demand from generators should be weak and the prospect of additional auction volumes when the EU signs off on the REPowerEU initiative.

Some 96% of companies in the UK-based FTSE 350 share index increased expenditure on the voluntary carbon market over the past 24 months of which more than 50% did so dramatically, while around half said they plan to substantially raise spending over the next 24 months, according to research published on Monday.

China’s energy regulator has issued a draft strategy with policy objectives for the country's power sector over the coming decades, signalling the government's increased emphasis on market-based means to build towards a renewable-based new power system.

The ILSC is seeking a proactive Senior Carbon Coordinator to join our Northern Strategic Projects team to lead the development of the ILSC’s carbon strategy.

Reputex is looking for an analyst to join our Australian carbon market and advisory team. Based in Melbourne, the role will work to develop and implement our forecast models for Australian carbon market fundamentals, and carbon offset prices.

This role will require both sourcing regenerative carbon projects in Australia as well as help develop them for project registration.

South Korea’s environment ministry on Monday launched a call for proposals from ETS participants to apply for a total 138.8 billion won ($111.6 million) in government support for projects that will cut CO2 at their facilities.

Australian market players and observers have welcomed the Chubb review’s recommendations to overhaul the governance structure of the scheme, but some have argued the panel failed to address fundamental issues with the methodologies that will continue to undermine its credibility.

The review into the Australia’s carbon offset market has called for the scheme’s governance structure to be broken up, and has revoked one of the methodologies it assessed, despite the panel describing the scheme as “fundamentally well-designed”.

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

The compliance instrument surplus bank expanded in the fourth quarter even after accounting for 2021 interim obligations in the linked cap-and-trade system, according to programme data published Friday.

The Forest Carbon and Climate Services Branch in the Government of British Columbia (BC) is hiring a Senior Forest Carbon Analyst to lead and support climate mitigation opportunities in BC's forest sector. Main responsibilities would include enabling forest carbon offset projects, but would extend to other emissions reduction and sequestration programs and policies in B.C.'s Ministry of Forests.

Regulated parties reduced their California Carbon Allowance (CCA) and RGGI Allowance (RGA) net length this week, as financials went the opposite direction in the WCI market, according to US Commodity Futures Trading Commission (CFTC) data published Friday.

The electric car revolution could be set for a fresh incentive with drivers soon to be able to earn tokenised nature-based credits after plugging into a charge point.