Carbon Pulse

The Q2 RGGI auction is expected to settle closer to the secondary market after notching a wide discount in March, with some market participants foreseeing the quarterly sale settling at a premium due to deferred compliance demand.

The head of European power and carbon analytics at ICIS is leaving for a boutique consultancy, Carbon Pulse has learned.

Eight major government agencies and institutions have encouraged Beijing to set up an offset trading platform in its pilot free trade zone to act as the centre for the Chinese carbon credit market.

South Korea on Wednesday announced it has cancelled plans to auction off 5.1 million CO2 permits next week with no plans to make those available before the June 30 annual compliance deadline, after the spot price in the secondary market has collapsed by nearly 20% in the past two days.

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

Voluntary emissions reduction (VER) prices this week maintained their upward trajectory seen over late spring, with voluntary carbon market (VCM) participants continuing to attribute the uptick to large buyers scooping up low-cost renewables credits.

Switzerland intends to procure carbon offsets from Thailand under a joint statement signed by the two nations on Friday, marking the fourth arrangement for Paris-era international emissions trade orchestrated by Bern to date.

EUA prices lifted above €52 in thin trade on Tuesday amid higher prices in energy and equity markets and as traders said Brussels appears to have made limited progress in handing out this year's free allocations.

California regulator ARB initially viewed a non-compliance issue at a Wisconsin dairy farm as a significantly longer period than it ultimately determined, with the offset project developer arguing the position would result in a financial loss of more than $600,000.

Carbon contracts for difference (CCfDs), an increasingly touted measure across the EU to decarbonise heavy industries, could have “potentially distortive effects” on the bloc’s carbon market, according to a network of European energy exchanges.

Spain's government has introduced plans to curb windfall profits that nuclear and hydropower plants earn from the wholesale power market as a result of higher carbon prices, a measure designed to shield household and industrial consumers from soaring EU carbon market costs.

Domestic offset prices in China’s carbon market remained firm throughout May, though volumes halved as investors took a step back after liquidity had spiked the previous month, while most of the action in the pilot schemes again took place in Guangdong.

US stock exchange Nasdaq has taken a controlling stake in Finnish-based carbon removals platform Puro.earth, the latest deal reflecting soaring demand for high-end carbon credits based on eliminating rather than merely avoiding emissions.

The European Commission has applied a cross-sectoral correction factor (CSCF) for industry’s free carbon market allocations through 2025, a move that paves the way for 2021 EUA handouts later this summer.

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