Carbon Pulse

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

Emitters continued to widen their California Carbon Allowance (CCA) net length this week, while financial players slightly decreased their position as a bill to increase the Golden State's 2030 GHG reduction target floundered, according to US Commodity Futures Trading Commission (CFTC) data published Friday.

A California-headquartered direct air capture (DAC) systems developer has announced a project partnership with a carbon storage firm that they said will permanently remove 5 Mt of atmospheric CO2 annually by 2030.

A New York livestock project registered under the California offset programme has applied for listing in the state’s Low Carbon Fuel Standard (LCFS) via a biomethane pathway, according to documents posted by regulator ARB on Thursday.

EU energy ministers gathered in Brussels on Friday to hash out a set of emergency measures aimed at taming the effect of soaring energy prices, while making only limited headway on deciding whether to endorse a plan to sell €20 billion worth of MSR-held carbon allowances. 

Several million forestry carbon credits are primed to enter the market after the UN published the results of a technical evaluation of emissions reductions calculations by two nations, with far greater potential volumes waiting in the wings.

RGGI compliance-oriented entities scooped up their highest share of RGGI allowances (RGAs) on record at the Q3 auction this week, though this was not enough to continue a 1.5-year streak of record settlement prices, according to results published Friday.

EUAs rallied in mid-morning after dropping to yet another six-month low early on Friday as traders covered short positions ahead of the weekend, while energy prices slipped as EU energy ministers meet to discuss emergency interventions to moderate soaring energy costs for consumers.

The maritime industry will need additional annual investments of $8-28 billion on ships using clean fuels if it is to reach full decarbonisation by 2050, according to a report from Norway-based classification society DNV released this week.

Weekly trading volume in China’s national emissions market fell below 10,000 units over the past week, the lowest level since July, as market participants see little chance of policy progress in the near future.

Australian resources company South32 has set a new goal to reach net zero Scope 3 GHG emissions by 2050, the company announced Friday in its annual sustainable development report.

The New Zealand government has laid out its thinking on the Climate Change Commission’s (CCC) proposed changes to the ETS in a consultation paper, and is seeking market and industry feedback, despite appearing largely accepting of its recommendations.

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

California Carbon Allowance (CCA) prices gained ground from lows logged after stronger 2030 GHG abatement targets were stymied by the state legislature, while RGGI Allowances (RGAs) drifted lower after the Q3 auction took place mid-week.

The European Commission has received 66 applications in response to its second call for small-scape projects under the EU's Innovation Fund, it announced Thursday.

The US Inflation Reduction Act (IRA) could open the door to far more carbon capture and storage (CCS) projects in the country, despite the federal tax credit for the technology predating the landmark climate bill, industry representatives said Thursday.

State-owned Swedish iron ore miner LKAB is persisting in its long-running legal battle with the European Commission over how to set benchmarks that determine free EU ETS allocations, with the latest court hearing due next spring, a panel heard on Thursday.

Canada’s British Columbia slightly lowered its emissions in 2020 both year-over-year and compared to its 2007-level baseline, the government announced Wednesday, though the Pacific province is still far away from reaching its interim GHG abatement targets.

New UK PM Liz Truss submitted details of her well-tracked energy price freeze to Parliament on Thursday, while also announcing a £40 billion energy market financing scheme and pointing towards more fundamental energy market reform.

The general manager of Australia’s Carbon Market Institute is departing to head up the Australia and Pacific business of an international carbon trading firm.