Carbon Pulse

RGGI Allowances (RGAs) came within striking distance of record high settlements this week as traders pointed to escalating power prices and continued compliance demand, while California Carbon Allowance (CCA) values ticked down as state regulator ARB proposed holding the course on the state’s CO2 neutrality target.

Trees and soils on the edge of temperate forests store more carbon than interior areas, according to US studies that potentially represent good news for climate action but may complicate carbon crediting initiatives.

A Canadian alternative ESG investor raised almost twice its targeted amount in financing, it said on Thursday, with the C$28 million ($22.3 mln) sum set to be used to advance the firm’s backing of voluntary emissions reduction (VER) projects.

Any listing of GCC-certified renewables offsets on Xpansiv’s CBL carbon trade platform won’t automatically mean the units are delivered into CBL’s standardised GEO contract, the exchange confirmed on Thursday.

US internet major Google is scaling up its interest in the voluntary carbon market, announcing on Thursday an Indian soil carbon initiative while donating to a cross-stakeholder initiative to standardise credits.

EUAs gave up some of the previous session's 9.5% jump on Thursday morning , even as traders absorbed a technically bullish picture and energy markets were mostly firmer.

Japan will consider steps to reform its Joint Crediting Mechanism (JCM) to increase the involvement of private companies in a bid to ensure it reaches the target of generating 100 million offsets from the scheme by 2030, the government said Thursday.

An Australian agtech firm that closed a A$8.5-mln ($6.3 mln) IPO to list on the ASX on Thursday hopes its proprietary plant nutrition technology can help generate millions of carbon credits.

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

California fuel consumption rose year-on-year in January but stayed far below pre-pandemic levels, coinciding with the state grappling with peak infections from the Omicron COVID variant, according to state data published Tuesday.

Oil major Shell nudged up its use of carbon credits last year and still expects a 20-fold increase in its retirement of the units by the end of the decade, it said in a progress report on Wednesday.

California will stick to its existing current carbon neutrality target in its forthcoming Scoping Plan update, rejecting other emissions pathways that could have sped up this abatement by a decade, state regulator ARB proposed Wednesday.

Upcoming principles to help measure offset quality will not rank "avoidance" over "removal" credits, a conference heard Wednesday, with experts expecting the debate within the voluntary carbon market (VCM) to continue to run. 

Danish EU ETS-covered companies should face a carbon fee of DKK 75/t (around €10) in 2025, rising annually to the equivalent of €50/t over five years, the government proposed on Wednesday.

A narrow majority of the European Parliament’s industry committee (ITRE) on Wednesday voted to curb the role of speculative investors in the EU ETS, teeing up a tough battle among lawmakers that favour less drastic measures.

The oil and gas market shunned buying voluntary carbon credits to offset fossil fuel shipments in Q1 as fuel prices spiked in the lead up to the war in Ukraine, analysts said in a report published on Wednesday.

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Virginia Governor Glenn Youngkin’s (R) administration won’t begin the regulatory process of attempting to rescind the state’s RGGI-linked cap-and-trade programme until the third quarter at the earliest, a government official said Wednesday.

Standard-setting body Verra has proposed changes to tools for estimating emission reductions from its key REDD+ project types that will ensure Verra’s methodologies reflect the latest science and practices while aligning with jurisdictional GHG estimation procedures, Steve Zwick of Verra writes.