Carbon Pulse

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

China will end funding for new coal-fired power plants abroad, President Xi Jinping announced at the UN General Assembly on Tuesday, signalling a massive shift for the world's largest public financier of overseas coal.

Pre-compliance carbon offset trading has started under Mexico’s pilot cap-and-trade programme, but a dearth of supply and lack of regulatory clarity are serving as headwinds for further development, a panel heard Tuesday.

California gasoline demand per day declined slightly in July even as Governor Gavin Newsom (D) removed all COVID-19 restrictions, but the Golden State’s fuel consumption still narrowed against historic levels, according to federal data.

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Massachusetts Global Warming Solutions Act (GWSA) allowance prices surged nearly 30% in the final auction of the 2021 compliance year, with the settlement eclipsing the most recent quarterly auction price in the Northeast US RGGI cap-and-trade programme.

German utility RWE’s early hedging of its EUA exposure for the period to 2030 may earn it significant financial rewards if the country’s coal phaseout is brought forward from its scheduled 2038 deadline, according to media reports.

EU carbon allowances were relatively calm on Tuesday as the market stabilised after Monday's volatility, with traders looking ahead to tomorrow's expiry of the Sep-21 options contract.

The private sector Taskforce on Scaling Voluntary Carbon Markets (TSVCM) announced its governance body on Tuesday, adding that it was on track to deliver next year standardising tools being designed to help dramatically increase the volume of carbon credit transactions.

Brazil's Petrobras and Saudi Aramco have joined ten other oil and gas companies in aiming for net zero Scope 1 and 2 emissions, though the pledge did not include setting a date for when the goals would be reached.

Shipping firm NYK Line has taken a minority stake in an Australian offset developer to expand its carbon credit business and gain know-how that can be used in other markets, it said Tuesday.

Canadian Prime Minister Justin Trudeau's Liberal Party hung onto a minority government during Monday's snap election, with more of the same for the country's existing carbon pricing and climate policies and new announcements requiring parliamentary compromise to come into fruition.

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

Stakeholders are advocating for California regulator ARB to increase the stringency or the long-term certainty of its WCI-linked cap-and-trade programme in the 2022 Scoping Plan, while power utilities and an oil major raised reliability and legality questions about current scenarios, public comments show.

Prices for exchange-traded, standardised voluntary emissions reductions (VERs) rose more quickly among nature-based products than CORSIA-qualified credits for the second straight week, reasserting a premium in the voluntary carbon market (VCM) that had evaporated earlier this month. A Carbon Pulse subscription is required to read this content. Subscribe today to access our unrivalled news and […]

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Spain wants the EU to adopt measures to curb financial speculation in the ETS, outlining a number of proposals to calm the surging energy prices that are rattling the bloc currently.

Poland has vowed to continue extracting coal at its Turow mine after being ordered by Europe's top court to pay daily fines of €500,000 to the European Commission over the government's refusal to adhere to an earlier ruling.

Sweden-controlled utility Vattenfall has pledged to phase out coal by 2030 as part of a ramping up of its voluntary emissions reduction pledge designed to align with a 1.5C global warming scenario.