Carbon Pulse

The former head of environmental products at Gazprom’s trading arm has landed at UK oil major BP, Carbon Pulse has learned.

American energy company Phillips 66 on Thursday announced it intends to reduce the carbon intensity of its oil and gas operations and energy products by 2030.

The number of California-registered Compliance Instrument Tracking System Service (CITSS) accounts under the linked WCI cap-and-trade programme grew to a record during the third quarter, with new entrants split evenly between general market accounts and covered entities, according to data published by state regulator ARB on Thursday.

The Irish agriculture minister has said that CO2 stored in forests planted on farmland belongs to the government, but agriculture groups maintain they have the right to sell the sequestered carbon on the voluntary emissions reduction (VER) market.

RGGI Allowance (RGA) prices headed north of the $11 mark this week on a wave of compliance buying and speculative interest, while California Carbon Allowance (CCA) values topped out a new all-time record as traders pointed a possible correlation with EU carbon.

The European Parliament’s political leaders on Thursday rejected calls for a resolution to seek restrictions on speculation in the bloc’s carbon market and other measures to calm the bloc’s soaring energy prices, instead opting to hold a debate with the other EU institutions.

There is merit in a Caribbean carbon pricing regime, the Jamaican Economy Panel (JEP) of economic and public sector experts from the region said this week, providing guidance on how the policy should be designed to safeguard vulnerable households.

Nearly 9 million allowances traded OTC in China’s carbon market over the past couple of days, adding some much-needed liquidity to the market, though most traders are focused on offsets with speculators placing bets on which CCERs might be deemed eligible for the first compliance cycle.

EUA prices declined in early trading on Thursday as sentiment turned bearish, while German power and TTF gas continued to increase as the month and quarter came to an end.

The acceleration in "carbon neutral" LNG cargoes is leading to louder calls for clear reporting on emissions and offset quality, as some companies use methods that cover barely a fifth of the fuel's climate impact while avoiding hundreds of thousands of dollars in offsetting costs.

Romania will phase out coal-fired power by end of 2032, with a majority of its 4.59 GW fleet being shuttered before 2026, according to a deal clinched with the European Commission.

Indonesia will introduce a carbon tax that will apply from Apr. 2022 as a result of an agreement between parliament’s finance commission and the government, according to news reports on Thursday.

Shenzhen has become the latest Chinese jurisdiction to announce plans for a so-called “inclusive” small-scale offset scheme, aiming to drive production and lifestyle changes that can cut carbon emissions from small businesses, organisations, and individuals.

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

American businesses are being warned of looming export carbon costs ahead of Thursday’s infrastructure bill vote, which could leave the $3.5 trillion reconciliation package and its CO2 price component in limbo amid Congressional negotiations. 

The US Department of Agriculture (USDA) on Wednesday outlined a new climate programme to benefit the agriculture and forestry sectors, and is requesting public input on how the voluntary carbon market (VCM) can fit in to the initiative.

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A green group argued Wednesday that the Virginia State Corporation Commission (SCC) must either reject Dominion’s rate request to recover nearly $168 million in RGGI obligations for failing to perform least-cost analysis or require future examination of additional compliance options.

US biofuel credit (RIN) prices jumped on Wednesday to reverse weeks of losses, coming as corn-state legislators warned the EPA against possibly lowering Renewable Fuel Standard (RFS) blending quotas.

European carbon prices could be set for further downside after setting a new record this week, as uncertainty over the EU’s 'Fit for 55' package grows amid the start of political negotiations and as lawmakers amplify calls for a limit on speculation in the market, according to an analyst.