Carbon Pulse

Businesses involved in the UK Emissions Trading Scheme have criticised the British government over a lack of visibility regarding potentially significant climate policy changes, which they say is hindering post-Brexit investment.

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All generators regulated under Massachusetts’ Global Warming Solutions Act (GWSA) power sector carbon market complied by the Mar. 1 deadline for 2021 emissions, according to a state agency.

Finnish biofuel company Neste Corporation on Tuesday announced a joint venture to produce renewable diesel (RD) at Marathon Petroleum Company’s forthcoming facility, which traders said could weigh even more on California Low Carbon Fuel Standard (LCFS) credit prices that are already sitting at four-year lows.

The European Commission is making plans to expand the number of industries eligible to receive indirect ETS cost compensation under state aid guidelines, according to a leaked draft seen by Carbon Pulse on Wednesday that signals an apparent U-turn in policy.

Market intelligence firm ICIS has pulled the plug on its US carbon analytics service, Carbon Pulse understands.

EUAs are likely to continue to face bearish pressure as prospects for industry slowdowns outweigh any increased coal and oil burn to cover Russian gas supply disruptions, analysts told Carbon Pulse.

EU carbon prices plunged by as much as 20% for a second day as investors and traders continued to liquidate positions, while energy prices extended their gains amid fears that sanctions will cut off Russian energy supplies to western countries.

Agricultural firm Usher Pastoral and miner Rio Tinto received large batches of Australian offsets this week, adding to a trend of improved supply that continues to put downward pressure on prices.

US oil major ExxonMobil plans to develop hydrogen production and CCS operations at its integrated refining and petrochemical project in Baytown, Texas, the company has announced.

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

A Canadian alternative ESG investor announced a streaming agreement with a mangrove restoration developer on Tuesday that could generate over 70 million voluntary emissions reductions (VERs) over the life of the projects.

European parliamentarians remain deeply at odds over a planned carbon border adjustment mechanism (CBAM), as a key cross-party group failed to agree a united line this week.

California Carbon Allowance (CCA) prices fell by as much as 10% on Tuesday morning, as the financial impacts from Russia’s invasion of Ukraine caused a precipitous fall in EU carbon and global equity prices and spread into the North American programme.

Italy's main business lobby Confindustria on Tuesday called for a temporary suspension of the EU carbon market and for climate policy proposals to be revised, a sign of increasing pressure on business amid surging energy costs and the heightened risk of gas supply cuts from Russia.

A strategic document on how the EU could tackle surging energy prices and increase carbon market oversight has been delayed by a week, as Brussels officials craft bolder plans in light of the heightened risk of disrupted gas supply from Russia.

The higher EU ETS carbon prices of the last three months have caused cross-sectoral concern. Many are placing unsubstantiated blame on speculative trading. But with speculation a minor problem at best, Agnese Ruggiero of Carbon Market Watch asks whether flooding the market with more carbon allowances is a solution or a dangerously reckless move.

EUAs extended their recent losses in early Tuesday trading as investors continued to unwind positions in carbon, while energy markets were led higher by coal as the conflict in Ukraine deepened.

Japan’s latest auction of domestic carbon credits cleared at record high prices this week, as government plans to set up a voluntary carbon market and businesses looking to offset their emissions footprint are pushing market prices up.

The annual level of carbon loss caused by the conversion of tropical forests to other land uses, such as agriculture, has doubled over the last 20 years, highlighting the need to implement strategies at a global scale to prevent further deforestation, a study has concluded.