Carbon Pulse

Traded volumes in China’s national emissions trading scheme fell to near zero this week as the government’s messaging on pro-growth policies eroded confidence that regulators will support a market already suffering from regulatory indigestion.

A group of international experts has launched an initiative to hammer out basic tools for developing methodologies for carbon projects under Article 6 of the Paris Agreement.

Analysis published on Friday by an environmental analytics group found that given the extreme high fossil fuel cost environment and current EU carbon price, the economic incentive is now overwhelmingly in place for the EU to directly switch from coal to clean energy and from grey to green hydrogen as soon as possible, to wean the bloc off Russian energy while keeping long-term climate goals in sight.

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At least one Russian-owned industrial plant has reportedly been suspended from the EU's Emissions Trading System as part of sanctions levied on the country by the bloc over the war in Ukraine.

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Drinks-maker Diageo has been fined £1.2 million by the Scottish government for breaches relating to the EU ETS.

The oil and gas industry converged on Houston this week for its flagship CERA Week event in a much-changed environment compared to the last time the conference was held in person in 2019.

Airlines should phase out the use of carbon offsets from their climate strategies and only count removal-based units towards any carbon neutral or net zero claims, an investor engagement initiative said Thursday.

California Carbon Allowances (CCAs) remained tied at the hip to EU carbon and equities this week as prices recovered from a massive early-week plunge, while RGGI Allowances (RGAs) experienced a similar, albeit more muted movement around the programme’s Q1 auction.

The US EPA is seeking to integrate its regulations on power generators, aiming to ensure the sector delivers GHG emissions cuts indirectly in the event that the Supreme Court rules the agency cannot act in a direct way, Administrator Michael Regan said Thursday.

High fossil fuel prices could entail a shift in policy design necessary to reach US climate targets, though current federal inaction on CO2 pricing will likely continue giving ground to expanding state-led efforts, a virtual event heard Thursday.

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EU nations have agreed a unified stance on a proposed Carbon Border Adjustment Mechanism (CBAM), a leaked draft seen by Carbon Pulse on Thursday suggested, following efforts by France to prioritise the issue in under its six-month EU presidency. 

EUAs rallied from early losses on Thursday morning, climbing back above Wednesday's closing level after the daily auction saw the highest volume of bidding in a year, while energy prices were lower amid reports of negotiations between Ukraine and Russia to reach a ceasefire.

European members of parliament on Thursday gave their approval to the EU’s environment programme that will commit the bloc's climate objectives on a 2030 time horizon to law, including a binding framework for the phaseout of fossil fuel subsidies as well as a 55% emissions reduction goal.

Conservative candidate Yoon Suk-yeol won South Korea’s tight presidential election, which likely means changes to its climate policy and emissions trading settings given Yoon’s support of nuclear power and desire to slow down the planned coal phase-out.

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A major Pakistan-based blue carbon project has agreed to sell 3 million carbon credits to a group of buyers in the first tranche of units from the world’s biggest mangrove restoration programme.

Egypt is forging closer ties with US energy majors Chevron and ExxonMobil ahead of its November hosting of COP27 UN climate negotiations, the nation’s energy minister told a conference on Wednesday while speaking of his plans to export clean hydrogen to Europe.