Carbon Pulse

India’s Gujarat state government has signed a memorandum of understanding  (MoU) with a US university and a local non-government organisation to establish and design a cap and trade market for emissions from large industrial sources, it announced this week.

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The Australian branch of US investment firm VanEck will launch the first exchange-traded fund (ETF) on the Australian Securities Exchange that will be tracking global carbon futures prices, the firm said.

The US EPA on Monday published a proposed schedule for finalising 2023 Renewable Fuel Standard (RFS) volumes, which will see the agency exercise more discretion in setting the yearly biofuel quotas.

An environmental organisation this week lobbed heavy criticism at Virginia utility Dominion Energy’s request to suspend its existing rate case to recover RGGI allowance costs, saying the move is designed to provide political support for Governor Glenn Youngkin (R) to rescind the state’s power sector cap-and-trade regulation.

A carbon credit ratings agency has awarded ratings to three more projects in the past week, but only one was given a high likelihood of avoiding or removing one tonne of CO2 equivalent, while the other two were given a moderate chance.

The European Commission’s idea to raise €20 billion by selling carbon allowances held in the MSR faces a fierce pushback from many EU capitals, which fear the resulting lower prices would hamper the bloc’s decarbonisation pathway while drastically lowering their ETS-derived revenues.

The EU’s new REPowerEU strategy risks tapping the brakes on the upward trajectory of the bloc’s carbon permit prices, analysts have warned, thereby threatening to hinder progress on Europe’s climate objectives.

Technology voluntary emissions reductions (VERs) extended losses for a seventh consecutive week to set a new nine-month low as offsets continued to track tumbling stock markets, while nature-based credits retained their recent resilience to move sideways.

The tricky mix of scaling the voluntary carbon market (VCM) amid the machinations of international trade disputes came to the fore at a conference Monday after an Indonesian minister accused the West of double standards.

EUAs fell to their lowest in nearly four weeks as selling stretched into a fourth day amid a weak auction and continued concerns over the European Commission's intention to sell as many as 250 million EUAs to fund its shift away from Russian fossil fuels.

A Chinese province has become the first to reward shellfish farming with carbon credits, though market participants were dubious about the new units and many details remain unclear.

Australian Carbon Credit Unit (ACCU) spot prices jumped by around 20% in early Monday trade, buoyed by the Labor Party’s victory at the federal election over the weekend.

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Five global firms have joined a facility that seeks to forward purchase one million carbon removal credits (CDR) at a targeted average price of $200 a tonne of CO2e through 2030, aiming to drive nascent technologies to scale.

Anthony Albanese is set to become Australia’s next prime minister as the Labor Party claimed victory in Saturday’s federal election, however it is yet to be determined if the party has won enough seats to form majority government or will be forced to negotiate with a sea of Green and so-called “teal” independents that put climate policy at the heart of their agendas.

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