Carbon Pulse

AgriProve Solutions have registered 10 more soil carbon projects across South Australia to begin being issued Australian Carbon Credit Units (ACCUs), according to the latest regulator data update.

Pennsylvania’s GOP-controlled Senate on Monday failed to overturn Governor Tom Wolf’s (D) veto of a resolution that would block the state’s RGGI-modelled cap-and-trade regulation, meaning the programme could take effect starting in July.

EU member states are now two-thirds of the way through the 2022 free carbon allowance allocation cycle, according to official data, while countries handed out a further 6.26 mln EUAs for 2021.

A Pennsylvania-based investment manager on Friday submitted a filing for an exchange-traded fund that will track a global carbon market index measuring the performance of four international cap-and-trade programmes.

The European Parliament is expected to pass the first proposal of a mammoth climate package in a plenary vote on Tuesday, with a late Monday debate broadly reflecting lawmaker willingness to back Brussels' line on reforming the supply-curbing MSR.

The final part of the IPCC’s latest climate science trilogy was approved and published by 195 governments on Monday, outlining solutions needed to change the course of our current dire 3C+ warming trajectory including scenarios for relying on natural and engineered carbon removals.

Buying interest for exchange-traded, standardised voluntary emissions reduction (VER) contracts picked up over the last week as nature-based credits led a market-wide rebound after several weeks of uncertainty and price consolidation.

Carbon prices advanced amid thin trading on Monday after a strong auction, while energy retreated as worries over Russia's demand for payment in rubles faded even while EU leaders spoke of ramping up sanctions against Moscow over allegations of war crimes.

South Korea is calling for proposals for demonstration projects under Article 6.2 of the Paris Agreement that can help it meet its international climate obligations.

The use of market-based measures such as carbon pricing for the shipping industry would generate annual revenue between $40-80 billion by 2050, enabling enough funds for the decarbonisation of the hard-to-abate sector while also providing a source of climate finance for less developed economies, according to a report from the World Bank.

A British court has dismissed the final claims in a £26 million carbon trading fraud case against a London-based brokerage after the judge ruled the claimants – despite clear early warning signs – waited too long to file suit.

The Victorian state government has put the call out for expressions of interest from private developers to partner in a programme that aims to restore 20,000 hectares of private land for carbon capture and wildlife restoration purposes.

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

Financial players’ California Carbon Allowance (CCA) holdings this week fell to the lowest since last spring as the March contract rolled off, while compliance entities parted with permits to a lesser extent, according to US Commodity Futures Trading Commission (CFTC) data published Friday.

The Virginia State Corporation Commission (SCC) on Friday approved a petition by Dominion Energy to voluntarily withdraw its plan to recover RGGI-related costs over the next rate year, with the utility to provide an update on the matter this summer as the state's carbon market membership remains uncertain. 

EU plans to label some gas and nuclear power plants as green investments face rejection by lawmakers as war in Ukraine and the resulting scramble away from Russian fossil fuels has drastically altered the bloc's energy outlook, several EU sources have told Carbon Pulse.

It’s been a somewhat wild start to 2022, and with it the received wisdom that that carbon and gas prices move together, is – temporarily? – deceived wisdom.

Canada’s federal 'backstop' CO2 price and British Columbia’s carbon tax increased as scheduled to C$50 ($40) on Friday, as the oil-rich province of Alberta suspended its gasoline tax as crude prices remain elevated.

EUAs made early gains as natural gas prices fell away in early Friday trading ahead of the publication of verified emissions data for 2021, despite the daily auction clearing at one of the largest ever discounts to the prevailing spot market.

The spot price for Chinese carbon allowances remained stable this week as the bullish signal from a draft plan showing the government intends to make tougher-than-expected cuts in allocation was offset by the next compliance deadline being set almost two years into the future.