Carbon Pulse

Representatives from the three EU institutions agreed on two concessions for heavy industry under the EU ETS reform bill in resumed trilogue negotiations on Monday, but left most issues for later. 

The Global Carbon Council (GCC) issued 235,000 carbon credits on Monday, more than doubling its tally so far, as the standards registry starts to work through a large pipeline of projects.

Petroleum company Ecopetrol on Monday announced it has sold carbon offset-backed crude oil to a US-based refiner, the first of several such shipments planned by the Colombian entity that omits Scope 3 output.

Prices drifted over the week in the voluntary carbon market (VCM) that continued to be undermined by thin liquidity and negative press about a lack of integrity in the market amid the global macro-economic slowdown.

The EU will pay Estonia €354 million in grants to support the phaseout of oil shale in energy production that accounts for over 50% of the country's total greenhouse gas emissions, and also approved €1.1 billion in Slovakian measures to help ETS-exposed industry to decarbonise.

European air carriers are purchasing VERs with questionable environmental integrity and failing to provide enough transparency about their carbon credit practices more generally, said an NGO-commissioned report published Monday.

The London Stock Exchange on Monday outlined a set of listing rules for firms that finance carbon credit-generating projects as part of an aim to drive growth in the voluntary carbon market and increase its transparency.

EUAs fell back from Friday's nine-day high settlement price early on Monday, and went on to drop as much as 4.4% in a thin market as traders waited for fresh signals on market reform and on the EU's plan to auction more EUAs to fund its REPowerEU initiative.

Australia’s biggest seller of carbon credits to the government has teamed up with one of the market’s biggest critics to voice “shared concerns” about the integrity of the scheme, calling for urgent reform.

Mumbai-listed EKI Energy Services, the world’s biggest carbon offset developer, has seen its share price rise by 30% after the government last week clarified there will be no all-out ban on exports of carbon credits from India.

The Australian government has opened consultation on draft legislation needed to create Safeguard Mechanism Credits (SMCs), which will be rewarded to industrial facilities that stay below their emissions baselines.

Up to 90 million national-scale forest protection credits are likely coming to the global voluntary carbon market after the UN completed a technical check, which would represent a potentially massive supply injection from a supply route that has so far seen very limited demand.

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

Compliance entities continued to trim their California Carbon Allowance (CCA) holdings this week, but emitters in RGGI reversed course and added to their RGA net positions, while financial players added length in both WCI and RGGI markets, according to US Commodity Futures Trading Commission (CFTC) data published Friday.

Brazil has the potential to meet nearly 50% of all demand for voluntary carbon credits this decade, according to a study.

FREE READ - A major green energy and carbon markets conference scheduled in London next week has been cancelled due to a water leak at the venue.

The Canadian Maritime province of Nova Scotia announced the details of its sixth and potentially last cap-and-trade auction Friday, including the number of allowances, reserve price, and date.

EU power sector emissions rose some 8% relative to 2021 over the first three quarters of the year, as nuclear and hydro output dropped, and surging coal output stepped into to meet demand, data from an climate analytics think-tank showed.

The Commodity Futures Trading Commission (CFTC) should investigate the “self-certification of the GEO and the N-GEO futures contracts by the CME Group last year,” and use its mandate to oversee the ‘flawed’ voluntary carbon market (VCM) where fraud may be widespread, a think-tank stated on Friday.

Governments on Friday agreed at UN body ICAO to a long term aspirational goal (LTAG) of reaching net zero aviation emissions by 2050, while adopting a controversial baseline for the CORSIA international aviation offsetting scheme.