Carbon Pulse

Three indigenous organisations and nine REDD offset project developers have challenged Peru’s new forest emissions reference level (FREL), which they say reflects the preferences of donor nations and not realities on the ground in low-deforestation countries.

California gasoline consumption rose in February over the prior month as Governor Gavin Newsom eased COVID-19 restrictions, but demand continues to remain below pre-pandemic levels, according to federal data released Tuesday.

President Joe Biden’s administration intends to advance climate resiliency strategies across the federal government as the US is set to lay out a more ambitious Nationally Determined Contribution (NDC) to the Paris Agreement this week, panelists said Tuesday.

Russian lawmakers gave preliminary approval on Tuesday to the country’s first climate law, which aims to enable emissions trade and require large polluters to report their GHG output.

EUAs extended their all-time high on Tuesday, breaking above €45 for the first time ever as strong auction demand spurred bullish confidence despite warnings of a technical correction.

If the EU’s carbon market is to be expanded to road transport and buildings, it would take the shape of an “adjacent system, maybe with linkages” to the existing ETS that would be increased over time, a senior European Commission official said Tuesday.

California Low Carbon Fuel Standard (LCFS) credit prices fell back towards a year-low this week on thin demand, while more US fuel providers announced plans to build a renewable diesel (RD) plant that could supply the transportation sector programme.

Analysts at Refinitiv have upped their forecast for EUA prices this year as greater climate ambition at EU level, rising investor interest in the ETS, and other factors combine to translate into more demand for allowances.

New Zealand’s environment ministry on Tuesday launched its annual consultation on settings in its emissions trading scheme, and included proposals from the independent Climate Change Commission (CCC) that would see major increases in the price floor and ceiling at NZU auctions.

The EU carbon market’s supply-adjusting MSR intake rate would need to at least be maintained at its current 24% or even increased if the 27-nation bloc is to meet its 2030 emissions reduction target, an NGO-commissioned report released Tuesday found.

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

Voluntary carbon market (VCM) participants and registries need to quickly scale-up high integrity offset protocols amid rising corporate demand, while also making tweaks to existing protocols to account for inadequacies, according to a white paper published Monday. 

The Canadian government will soon launch a consultation process on a carbon border adjustment mechanism (CBAM), while it also looks to CCUS tax credits and other climate funding strategies to hit a more ambitious GHG reduction goal, according to the proposed federal budget published Monday.

Poland has proposed modifying the EU carbon market’s MSR to exempt countries that are cutting emissions but continue to face an allowance “deficit”.

Voluntary emissions reduction (VER) prices dithered this week evenas spot commodities exchange and market data firm Xpansiv announced the inaugural trades in its nature-based offset product, while a new report highlighted the expansion of voluntary carbon market (VCM) interest in forestry-based credits over the past five years. 

EUAs extended their record high again on Monday, but later slipped back as experts were mixed as to carbon's next move.

After seeking to offset its emissions in the days before GHG protocols and carbon standards, US-based flooring manufacturer Interface is now receiving international acclaim for its work that has helped expand the voluntary emissions reductions (VER) market over the past 20 years.

The EU will need to carefully calibrate its 2030 renewables targets with the bloc’s carbon market to avoid depressing EUA prices due to reduced power sector demand, analysts said in a report last week.

The selected candidate(s) will support consultancy assignments in the sectors related to natural ecosystems (e.g., agriculture, forestry, and environmental change) and energy. The internship/job consists of supporting HAMERKOP’s consultants with studies, analytics, and the formulation of projects and policies (in energy access, forestry, and agriculture) in developing countries, and eligible to various climate-related financing mechanisms.

The European Roundtable on Climate Change and Sustainable Transition (ERCST) is seeking a senior policy analyst to join its team in Brussels to work on EU and international climate policy, starting as soon as possible.