Carbon Pulse

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A near doubling in the US’s Paris Agreement emissions reduction target is within reach, but still requires contributions from all economic sectors, researchers said Thursday.

The US Federal Energy Regulatory Commission (FERC) finalised a carbon pricing policy statement on Thursday to inform future market rules for regional grid operators, with the agency concluding that incorporating a CO2 price on wholesale power markets was within its purview.

California Carbon Allowance (CCA) prices climbed on the secondary market this week due to rising 2022 floor expectations and an uptick of spread trading, while RGGI Allowance (RGA) values stagnated despite participants’ growing beliefs of unmet demand from emitters. 

EU ETS trading volume rose by more than a fifth in 2020 even as interest in auctions dwindled somewhat, according to a report published on Thursday.

US financial regulators universally agree on the need for carbon pricing and a clear mandate to address climate change as a systemic financial risk, though data availability remains a challenge, participants said at a virtual panel on Thursday.

The EU is likely to only partially link shipping to other carbon market sectors when it includes maritime in its cap-and-trade system, analysts said in a report released Thursday, adding that any move to include shipping would be unlikely before 2023.

Apple announced a fund on Thursday to invest in profitable forestry projects that remove carbon, with the tech giant aiming to use the GHG reductions to reach its 2030 CO2 neutrality goal.

The Conservative Party of Canada (CPC) revealed its new climate change strategy on Thursday, with Leader Erin O’Toole proposing to redesign and lower the Liberal government’s carbon charge on fossil fuels while conditioning future price increases under the federal ‘backstop’ output-based pricing system (OBPS) on carbon rates in the US and EU.

EUAs climbed back above €44 on Thursday, coming close to re-testing this week's record level as wider markets lifted on optimism about the pace of economic recovery.

Over 40 UK and EU industry bodies are urging their respective governments to link the new British carbon market to its EU counterpart, seeking more efficient emissions cuts and lower carbon leakage risks in post-Brexit Europe.

Singapore-based trader Pavilion Energy has imported its first cargo of carbon offset-backed LNG, which will be sold on to its downstream customers in the country, the company announced Thursday.

Participants in South Korea’s emissions trading scheme emitted 6% less CO2 in 2020 than in the previous year, according to the environment ministry, which said it likely would take further measures to address weak demand and plummeting KAU prices.

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

China is likely to have oversupplied its national emissions trading scheme by as much as 1.56 billion allowances for 2019 and 2020, pushing the fair value of permits in the market to zero.

A Canadian ETF provider has applied to introduce a series of funds that track major North American equity indexes while offsetting a portion of the emissions of the constituent companies.

US-based offset developer C-Quest Capital on Tuesday announced it signed an agreement with oil major Shell to fund the generation of more than 60 million verified emission reductions (VERs) from cookstoves in Africa, with even more supply set to emerge. 

California regulator ARB issued more than 260,000 new offsets this week, with the ozone-depleting substance (ODS) protocol accounting for the majority of these and with all qualifying as providing direct environmental benefits to the state (DEBs), according to data published Wednesday.

California Low Carbon Fuel Standard (LCFS) credit values edged above $180 this week after suffering their greatest losses since the onset of the COVID-19 pandemic, while market participants questioned how much further credit prices could rise going forward.

Some 23 national gas transmission system operators (TSOs) from 21 European countries have joined an initiative setting a roadmap for a renewable and low-carbon hydrogen pipeline network by 2040 that mostly repurposes existing gas infrastructure.