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News and intelligence on carbon markets, greenhouse gas pricing, and climate policy
Updated: 38 min 31 sec ago
China’s Industrial Bank signs first voluntary carbon forestry offset forward deal
China’s Industrial Bank on Thursday unveiled a deal involving upfront funding and forward purchase of carbon credits from a forestry project in Fujian province, a first of its kind in China that observers say can help overcome financing challenges for voluntary forestry schemes.
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CP Daily: Wednesday March 17, 2021
A daily summary of our news plus bite-sized updates from around the world.
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UK plans for 2023 tightening of its new carbon market
The UK expects to tighten its cap-and-trade programme in 2023 to align with its mid-century net zero emissions target, the government said in a strategy document published Wednesday that could see British emitters face higher carbon costs up to three years earlier that their European rivals.
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Washington Senate LCFS opponent sees possible “path forward” for legislation
A key Washington state senator who has repeatedly blocked low-carbon fuel standard (LCFS) legislation sees a possible path forward for the bill this year if certain provisions are built in, he told a committee Tuesday.
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Oil company Eni to deepen co-development of forestry offset projects
Italian oil and gas firm Eni will avoid buying spot carbon offsets from brokers where possible, choosing instead to co-develop projects in partnership with developers and local actors, a company official said Wednesday.
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UK govt seeks stakeholder input for ETS free allocation review
The UK government is gathering stakeholder input to guide the more effective use of free allowance allocations under its new ETS.
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EU nations eye carbon price-based support for green hydrogen, with Portugal pioneering first auction
EU nations want to support green hydrogen using carbon contracts for difference (CCfD) schemes, with Portugal leading the way by making plans to hold an auction in the second half of 2021.
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Virginia peaker plant opens new RGGI account, following other emitters
A Virginia-based peaker plant opened a secondary RGGI account on Wednesday, aligning with a growing trend of compliance entities registering general accounts in the power sector cap-and-trade scheme.
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EU Midday Market Brief
EUAs resumed an upward course on Wednesday, with observers eyeing a resumption of the rally that had pushed carbon to a record high earlier this week.
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CP Daily: Tuesday March 16, 2021
A daily summary of our news plus bite-sized updates from around the world.
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NZ Market: First NZU auction sells out at NZ$36
New Zealand sold all 4.75 million NZUs on offer at its inaugural auction Wednesday, with the sale clearing more than 7% below the secondary market at NZ$36 ($25.90).
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Interim benchmarks, not offsets, seen as key to accelerating net zero targets -panel
Activist shareholders welcome the impending release of ever-shorter, interim sectoral benchmarks designed to guide investors towards 2050 net zero targets, but remain adamantly opposed to the recognition of reduction-based offsets in achieving net zero, a panel heard Tuesday.
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Czech utility CEZ sees thermal output drop nearly 14% as coal divestment continues
Czech utility CEZ saw a 13.9% drop in its EU ETS-covered thermal generation for 2020 as a major coal facility closed, it reported on Tuesday, detailing plans to offload more coal assets this year.
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World Bank cancels three potential REDD agreements
The World Bank-led Forest Carbon Partnership Facility (FCPF) has cancelled three possible deforestation reduction deals, while three others are expected to be agreed soon, a spokesperson confirmed to Carbon Pulse.
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POLL: Pandemic slashed EU ETS emissions by record amount in 2020, analysts predict
Emissions covered under the EU ETS likely fell by a record amount in 2020, according to a poll of 10 analysts, as the pandemic and subsequent government-imposed lockdowns slashed power generation and industrial output while wreaking havoc on the European economy.
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Massachusetts GWSA auction settlement hits all-time low, as traders point to Texas losses
Massachusetts sold all Global Warming Solutions Act (GWSA) carbon allowances on offer at its March auction, but the second sale of 2021 allowances regressed to an all-time low clearing price for the power sector cap-and-trade programme, market participants told Carbon Pulse.
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EU Market: EUAs retreat further amid profit-taking, weaker energy
EUAs lost nearly 2% on Tuesday, falling back further from the previous session's record high amid weaker energy markets and profit-taking, and despite resolute bullish sentiment.
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California power consumption trends back to historic levels at pandemic’s one-year mark
California electricity demand appears to be skewing back to historic levels, though consumption remained stunted over the first two months of 2021 amid more COVID-19 restrictions, according to California Independent System Operator (CAISO) data.
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Germany’s RWE reports 23% cut in ETS-covered emissions for 2020
ETS-covered emissions from Germany-based utility RWE dropped 23% last year, as higher carbon prices reduced the profitability of the company's coal-based units, it said in its full-year results on Tuesday.
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Consulting firm seeks LCFS transition for another California offset project
A sustainability consulting firm is aiming to transfer another California Carbon Offset (CCO) project into the state’s Low Carbon Fuel Standard (LCFS) for a negative carbon, electricity-based pathway, according to documents published Monday.
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