Carbon Pulse

The UN International Marine Organisation (IMO) faces continued drag in developing policies to reduce GHGs, with some countries claiming that the cost is too high even as the container shipping industry sees record-breaking profits this year.

The Sustainability and Climate Change (S&CC) advisory team, part of Risk & Financial Advisory, is growing and requires outstanding, innovative, and engaging professionals to join our team. The Sustainability and Climate Change team is privileged to be working on one of the most pressing and topical business and societal issue of our time. Through our services, we help our clients understand, engage with and act on their sustainability-related risks and opportunities.

The Commodity and Carbon Trading Solutions team is looking for a Manager to create commercial demand and deliver commodities trading expertise for operational, risk and regulatory propositions delivered in a wide range of project scenarios.

Financial players unwound their California Carbon Allowance (CCA) positions slightly over the week, while compliance entities kept their holdings nearly unchanged, according to US Commodity Futures Trading Commission (CFTC) data published Friday.

A group of Canadian fossil fuel companies on Thursday announced their three-step approach to reaching net zero operational emissions by 2050, with the first phase to focus heavily on a CO2 transportation and storage network in the oil sands heartland of Alberta.

North American carbon allowance prices set new all-time highs on Friday morning, with California Carbon Allowances (CCAs) surpassing $30 and RGGI Allowances (RGAs) bubbling closer to the programme’s Cost Containment Reserve trigger level before both products retraced.

Only around one in eight CDM projects could deliver abatement that would not otherwise happen if those carbon-cutting activities were allowed to transition into the Paris Agreement regime, according to researchers.

DroneSpeed is seeking a Carbon Specialist to help make reforestation scalable to mitigate the worst effects of climate change. DroneSeed is transforming a 300-million-acre global landscape deforested since the 1990s where it would take 300 years to replant this deficit with current tools. 

In this role, you will be an important member of the team working to ensure the success of this program.  We are looking for someone who will be an expert on carbon offsets and how offsets can be integrated into the cap and invest program.  

Japan should push for a global solution to be found for rules guiding the international carbon market and expand its Joint Crediting Mechanism (JCM) to drive bigger involvement from domestic companies in foreign offset projects, the nation’s biggest business group has said.

EUAs rose sharply to a one-week high on Friday morning as traders reacted to the strongest daily auction in more than two months and EU leaders appeared to shy away from intervention in the EU ETS. Energy prices were mixed.

Japan’s government has confirmed that it will boost the share of renewables and accelerate the return of nuclear power, with cabinet’s approval on Friday of a draft energy plan that will guide policy efforts to reach the recently upgraded emissions reduction target for 2030.

Liquidity continued to improve slightly in China’s emissions market over the past week, but allowance and offset prices both lack direction amid a lack of progress on policy and operational issues.

Australia’s Emissions Reduction Fund contracted the purchase of 6.8 million offsets at last week’s auction, the Clean Energy Regulator said Friday, with the average price up 6% from the previous auction but far below secondary market levels.

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

Pilot trading in Russia’s domestic carbon market is expected to start before the end of next year, according to a senior bank official, with at least three regions looking to launch pricing schemes.

California Carbon Allowance (CCA) prices leapt to a new all-time high this week as speculators kept up purchases and entities continued to roll positions en masse, while RGGI Allowance (RGA) values also notched new records as more financial players opened accounts.

As US President Joe Biden’s flagship emissions reduction proposal falters due to the intransigence of a coal-state senator, other Democratic legislators have set their sights on a state-led subsidy package and other alternatives to move the nation’s climate policy forward and build credibility ahead of the COP26 UN summit. 

Most public oil and gas companies have not set emissions reduction targets that align with the Paris Agreement’s objective to limit the rise in the global temperature to below 1.5C, new research has found.

EU leaders are expected to postpone a deal on bloc-wide measures to tackle surging energy prices this week, as several snubbed pleas from poorer nations to delay climate action and draft text deferred a decision to ministers.