Carbon Pulse

Gasoline sales in California for August rose to the highest levels since May last year, while diesel consumption picked up from last month’s decline, according to state data released Friday.

Compliance entities reversed course from last week, adding to their California Carbon Allowance (CCA) position amid continued spread trading ahead of the WCI Q4 auction, while financials continued to shorten their CCA position and add to their RGGI length, according to US Commodity Futures Trading Commission (CFTC) data published Friday.

The existing VER surplus is likely to continue growing for most of this decade as baseline demand for voluntary carbon offsets remains low and proposed integrity standards do little to realign supply, analysts said Friday.

A forest carbon offset project in northern Brazil is selling 250,000 carbon credits that were registered, issued, and verified through affiliated companies.

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Urban nature-based solutions (NBS) may fail to spark the passions of saving a rainforest but they still deliver high economic and social benefits, a study of European cities has found.

EU states are meeting late Friday to decide whether to jointly withdraw from the Energy Charter Treaty (ECT), a well-placed EU source told Carbon Pulse, with Luxembourg the latest to say it will drop out due to concerns the pact will hinder its climate efforts.

Money has started to flow into nature-based futures during the last week of COP27, often a bullish signal for the market, although prices have continued to edge sideways.

Papua New Guinea’s climate envoy has said the recent announcement by the country’s sports minister entrusting the country’s carbon market regulations to a Dubai-based company is not binding and will likely be quashed by the government, as the nation and its allies lobby for their pre-2021 REDD+ credits to be allowed to count towards Paris goals on the final scheduled day at COP27.

EUAs traded in a narrow range for much of Friday morning as bulls and bears battled it out, before the market broke higher on sustained buying shortly before midday, as energy markets fell back amid a build in North Sea gas supply.

Carbon Pulse has recently hired its first Greater China correspondent amid a push in Hong Kong and Taiwan to play a larger role in international carbon markets, adding to the news flow already emerging from Mainland China.

It’s Friday - the final day (?) - of week two at COP27 in Sharm el-Sheikh, and Carbon Pulse rounds up today's other news and announcements from the summit. Timestamps in local time (EEST, GMT+2).

Liquidity continued to improve in China’s compliance and voluntary markets over the past week, though observers remain cautious about market outlook due to unclear policy signals.

The Australian government has awarded nearly A$29 million ($19.5 mln) in funding to farmers and land managers to make it easier for them to measure the amount of carbon in their soils, a joint statement from the ministers for climate change and agriculture announced on Friday.

Ammonia offers key decarbonising opportunities for sectors such as power generation and shipping in the longer term, but low carbon ammonia may remain an untapped market without strong policy support that focuses on lowering the emissions footprint of its current industrial uses, a report has found.

A Japanese steel firm has just received its first blue carbon credits from a project using iron and steel slag to help grow a kelp seaweed bed and now aims to replicate the procedure throughout the country.

A major Australian bank has announced its first carbon prepayment deal as it seeks to ease carbon market access for agribusinesses.

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

California Carbon Allowance (CCA) values slid early in the week ahead of the Q4 WCI auction before rising after state regulator ARB published the final Scoping Plan update, while RGGI Allowance (RGA) prices held in a narrow range amid few drivers.

A probe into the offsetting of the upcoming FIFA World Cup football tournament in Qatar has shone a light on GCC’s governance, with the carbon project certifier insisting that its conflict of interest safeguards are robust despite links between two of its steering committee members and the handful of projects it has so far registered ahead of hundreds in the pipeline.