Carbon Pulse

EUAs tumbled early in the day to a new six-month low as the market reacted to a proposal by the largest bloc in the European Parliament to fast-track sales of EUAs from the market stability reserve, while energy prices extended losses for a second day as ministers prepared to discuss emergency relief measures for consumers facing soaring power and gas costs.

Fraudsters pretending to be staff or trading members at a carbon exchange in China have been seeking out people on social media to sell low-value carbon assets at extortionate prices, it emerged Thursday.

The Australian parliament has formally adopted its first climate change legislation in over a decade with the Senate voting in favour of the Labor government’s climate bill on Thursday, which commits Australia to targeting a 43% cut in GHG emissions from 2005 levels by 2030 as well as net zero emissions by 2050.

Project proponents in Australia’s offset market increased their Australian Carbon Credit Unit (ACCU) holdings by almost 50% in the first half of the year even though new issuances fell slightly, data released on Thursday showed, though the Clean Energy Regulator was cautious to explain it with the fixed ERF delivery exit arrangement announced in March.

Japanese trading powerhouse Mitsui has signed a joint agreement with oil and gas major Shell to explore the technical and commercial feasibility of carbon capture and storage (CCS) development in the Asia-Pacific region, the two companies announced on Thursday.

The Environment Protection Authority (EPA) of Australia’s New South Wales (NSW) state government will consider market-based approaches, such as fees, targeted caps, offsets, or a trading scheme as potential future options to help implement its climate change action plan released on Thursday.

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

The centre-right EPP political group wants to auction €20 billion worth of MSR-held carbon allowances within a single year - rather than the four-year stretch proposed by the European Commission under its RePowerEU initiative, according to legislative amendments submitted this week that could increase bearish pressures on the market.

The World Bank Group blew past its previous annual climate-financing record for developing countries' climate mitigation strategies in FY 2022, jumping 19% higher than last year's record-setting delivery.

The EU generated a record 12% of its electricity from solar between May and August, helping to avoid an estimated €29 billion in fossil gas imports, according to an environmental think-tank.

Virginia Governor Glenn Youngkin's (R) administration filed a Notice of Intended Regulatory Action (NOIRA) on Wednesday, initiating the first step in the standard regulatory process to repeal the trading rule and Virginia’s participation in RGGI, according to the state registrar’s office.

Environmental groups and business organisations filed an intervention Wednesday to defend the market-based Climate Protection Program (CPP) in Oregon against a lawsuit seeking to roll back regulations.

A US-based carbon credit platform launched an updated version of its screening process for listing forestry projects on Wednesday, using ‘dynamic’ satellite data to audit CO2 savings in a bid to overcome criticism of over-crediting based on its previous use of  ‘static’ historical data.

Liz Truss reiterated her commitment to domestic oil and gas on Wednesday, as climate advocates provided policy recommendations through official and non-official channels to the newly minted UK prime minister.

Newly minted UK Prime Minister Liz Truss announced plans on Wednesday to form a Citizens’ Assembly to “fix climate and costs”, noting the context of record-breaking climate impacts and a deepening cost of living crisis in the nation.

One of the largest project developers in the voluntary carbon market (VCM) is looking to scale the regenerative agriculture market by teaming up with a US agtech start-up company that secured $38 mln in second round funding in May amid plans to broaden the global reach of its software.

EUAs rallied on Wednesday morning after three days of losses as EUA auctions started a two-day pause, while energy markets drifted as EU lawmakers unveiled measures to cap the wholesale price of energy.

European Commission President Ursula von der Leyen announced Wednesday that Brussels is planning a set of measures to shield vulnerable consumers and businesses, with the emergency package featuring a mandatory target for reducing electricity use during peak hours, the introduction of a windfall tax on generators using other sources than gas and a cap on gas flows from Moscow.

The bosses of major energy intensive industry associations have sent a joint letter to the European Commission calling for urgent action to save the sector ahead of a key ministerial meeting, as energy costs have soared and plants have closed.

A South Korean company on Wednesday announced it is launching the nation’s first ‘carbon neutral lubricants’ product, using offsets from a Uruguay-based reforestation project that was given the worst possible score by a carbon offset ratings agency earlier this year.