Carbon Pulse

European carbon prices erased gains made late on Thursday and resumed their gradual decline amid steady selling, as energy prices also dropped away amid reports that the Nord Stream 1 pipeline will resume deliveries to Europe on Saturday after completing a short maintenance turnaround.

The number of newly minted Australian Carbon Credit Units (ACCUs) rose again this week with Terra Carbon and EDL LFG securing most of the new volume, while spot market prices for Australian offsets barely budged during the period.

Chinese carbon allowance prices barely changed over the past week despite a slight rebound in trading volume, as the ongoing lack of policy direction continues to leave the market drifting.

The New South Wales (NSW) state government in Australia has launched a five-year blue carbon strategy to unlock investment through carbon credits and other mechanisms to protect and restore the state’s coastal biodiversity and ecosystems and contribute to its emissions reduction targets.

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

Three US legislators this week asked a government body to study what federal agencies could do to increase transparency and prevent fraud in nature-based voluntary carbon offset markets.

California Carbon Allowance (CCA) prices exacerbated a two-week slide on Thursday as Golden State lawmakers turned down an enhanced 2030 climate bill, as RGGI Allowance (RGA) values counteracted a pre-auction dip on news that Virginia will not immediately exit the programme.

Indonesia will need to almost triple energy investment by 2030 from today’s level, or by around $8 billion per year compared with a business-as-usual pathway, if the Southeast Asian economy is to reach net zero emissions by 2060, according to a report from the International Energy Agency (IEA) released on Friday.

Brussels is seeking to rein in soaring electricity prices but it is yet to decide how without hitting legal hurdles or generating perverse effects such as increased power and gas demand, which could send prices further higher and worsen the bloc's energy security outlook as a result.

The World Bank is going ahead with a programme to protect rainforests in the Democratic Republic of Congo (DRC) after key milestones were achieved including the finalisation of a benefit sharing plan, a source close to the process told Carbon Pulse this week.

A carbon price of £149 ($171.85, €172.90) or greater would likely mean wind-powered processing of oil and gas production in the UK becomes more economical than the current gas-burning approach, researchers calculated in a paper released Thursday as the country's incoming leadership eyes more drilling.

Every additional tonne of CO2 emitted into the atmosphere costs society nearly four times more than the US government's central estimate currently used under President Joe Biden's administration, according to a multi-year study published Thursday.

The European Commission is considering additional measures to help shield the bloc’s heavy industry from soaring energy prices, a senior official told parliamentarians on Thursday, admitting that regulation is falling short of providing the needed level of support to energy-intensive manufacturers.

The head of business development at a Dutch trading firm has joined the staff of a North American carbon hedge fund, while a California Carbon Allowance (CCA) and Low Carbon Fuel Standard (LCFS) market participant is joining a New York-based commodity and energy trader, Carbon Pulse has learned.

EUAs made a robust recovery late Thursday morning after sliding to a one-month low as the market nervously awaited the resumption of full auction volumes, before a better-than-expected sale rallied sentiment, while energy markets slid as reports emerged suggesting industrial energy consumption has fallen sharply.

The California Assembly on Wednesday night declined to approve a bill to increase the stringency of the state’s 2030 GHG goal, though lawmakers passed a suite of other climate and energy-related bills as the legislative session came to a close.

China saw a record 8% fall in CO2 emissions in the April-to-June quarter, as the economy is being dragged down by an embattled property sector and Covid disruptions, according to an analysis published Thursday. 

Japan on Thursday opened a second registration window for companies that want to participate in its planned domestic voluntary carbon market.

NatureCo is currently looking for an experienced General Manager of Commercial Development to drive growth through stakeholder engagement and working with clients to address their climate change needs.

A joint venture (JV) led by Australian oil and gas operator Woodside has been awarded a permit for the potential development of an offshore CO2 storage site in Western Australia, it announced on Thursday.