Carbon Pulse

South Korea’s National Assembly has adopted legislation that significantly firms up its 2030 emissions target as the nation steps up efforts to get on track to meeting its mid-century net zero ambition.

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

New Zealand carbon permit auction cleared at a record high of NZ$53.85 ($37.97) on Wednesday, with ravenous buyers snapping up all 7 million units for 2021 under the market's new cost containment reserve, along with the 4.75 mln on offer in the sale.

California gasoline usage edged closer to pre-pandemic levels in May, as total consumption rose slightly from the previous month despite some state-level COVID-19 restrictions remaining in place across the Golden State, according to state data released Tuesday.

We are looking for an analyst to join our Australian energy and carbon market research team. Based in Melbourne, the role will be focused on maintaining and enhancing RepuTex’s existing electricity and environmental price forecasting services, with a particular focus on the analysis of wholesale electricity price dynamics within the National Electricity Market (NEM), and price interactions with large-scale Generation Certificates (LGCs) and Australian Carbon Credit Units (ACCUs). 

Dominion Energy’s RGGI rate adjustment has been suspended ahead of its Sep. 1 implementation until the Virginia State Corporation Commission (SCC) can hear a petition from an environmental group that says the utility should be required to examine low-cost alternatives.

EU carbon consolidated its latest gains in early Tuesday trade amid mixed signals, as weekly auction supply dropped to the lowest for the year while European natural gas prices declined.

Australia’s Clean Energy Regulator plans to offer small-scale projects an opportunity to sell their offsets to the government outside the regular ERF auctions, starting with a pilot for environmental plantings programmes.

A carbon border adjustment mechanism (CBAM) imposed by the EU on its trading partners will only have a minor effect on European imports, a study has found.

Standardised voluntary emissions reduction (VER) prices rebounded this week after a brief retracement, with voluntary carbon market (VCM) participants noting that new highs set on exchange-traded, CORSIA-eligible offsets were differing from values on the more heavily traded over-the-counter market.

A large US-based utility has urged Pennsylvania’s Independent Regulatory Review Commission (IRRC) to approve a RGGI-modelled cap-and-trade regulation this week despite a flood of comments from Republicans, labour groups, and industry stakeholders against the measure.

Texas Renewable Energy Certificate (REC) prices declined over the second half of August to stop a bull run that has taken wider North American compliance and voluntary Renewable Portfolio Standard (RPS) markets by storm over the past year.

Canadian Prime Minister Justin Trudeau’s Liberal Party rolled out a zero-emissions vehicle (ZEV) sale mandate, declining GHG caps for the oil and gas sector, and a Clean Electricity Standard (CES) on Sunday as they look to bolster their climate agenda ahead of next month’s federal election.

Hong Kong Exchanges and Clearing (HKEX) and the Guangdong Futures Exchange (GFEX) are teaming up to explore the possibilities of a strategic partnership around products related to China’s carbon emissions targets.

Australia has released a new draft method for soil carbon that aims to make it easier for farmers to develop and operate projects and earn offsets.

European carbon prices rose above €60 for the first time early on Monday, briefly topping €61 moments later amid a surge of speculative buying and strong natural gas prices.

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

*PREMIUM LISTING – Reporting to the GHG Program Director and under supervision of the Vice President of GHG Operations, the GHG Project Manager’s primary role is to help manage the processes required for the timely and successful generation of Low Carbon Fuel Standard (LCFS) and Renewable Fuel Standard RIN credits across CalBio’s portfolio of projects.

California and Quebec regulated entities sold futures and options positions last week ahead of the Q3 WCI auction results publication that far exceeded traders' expectations, with financial firms adding to their length over that period, according to US Commodity Futures Trading Commission (CFTC) data published Friday.

California Carbon Allowance (CCA) prices continued to set new all-time highs on the secondary market on Friday morning after the Q3 auction exceeded expectations this week, with more than 20 million call options now in the money.