Carbon Pulse

New York and Washington Democrats pre-filed low-carbon fuel standard (LCFS) bills ahead of the start of each state’s legislative sessions, building on increased subnational momentum in recent months to enact the market-based clean fuels programmes.

California gasoline and diesel consumption fell in September as the COVID-19 pandemic continued to temper demand across the Golden State, likely leading to lower fuel sector emissions under the WCI-linked carbon market, according to state data.

Romania's president has requested a criminal investigation be launched against a former environment minister accused of bribery and instigating embezzlement, in a case involving the exchange of free EU carbon allowances for metal products.

EUAs jumped back above €33 on Wednesday, defying weaker energy prices in a late surge coinciding with wider markets rising in anticipation that Democrats would gain control of the US senate.

The Northeast RGGI cap-and-trade scheme has shifted Q1 auction volume for the programme's upcoming five-year surplus bank adjustment, with more than 18 million allowances withheld from quarterly sales, according to a Carbon Pulse analysis.

Setting a carbon border tax on imports is the preferred option among respondents to a key consultation on the EU carbon border adjustment mechanism (CBAM), the results of which are meant to inform the European Commission’s design and implementation of the measure.

Swiss-based commodities trader Trafigura set its first emissions reduction target on Wednesday, aiming to cut its scope 1 and 2 emissions by at least 30% under 2020 levels by the end of its 2023 financial year.

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

Most countries have missed a year-end deadline to update and enhance their GHG reduction commitments as the Paris Agreement took effect on Jan. 1, putting more focus on the need for greater climate ambition from large emitters this year to help close the gap to achieving the pact’s temperature goals.

A federal court granted California and WCI, Inc. a filing extension on Monday in a US Department of Justice (DOJ) lawsuit challenging the Golden State’s cap-and-trade linkage with Quebec, pushing the timeline of the case well into President-elect Joe Biden’s tenure. 

Massachusetts sold all 1.6 million allowances for its in-state Global Warming Solutions Act (GWSA) cap-and-trade programme last month, with permit prices in the power sector scheme continuing to slide downward, according to an auction report.

EUAs dropped below €33 on Tuesday, giving back much of the previous session's record-setting gains after breaching technical support and amid pressure from weaker energy prices.

E3G is looking to recruit two roles to support the UK COP26 Presidency Energy Transition Council. The roles will also provide practical support and expertise to E3G’s broader efforts on energy transition, working with governments, civil society, philanthropy, and the private sector.

US biofuel credit (RIN) prices under the Renewable Fuel Standard (RFS) set a fresh three-year high this week on a lack of sellers and as a federal administration under President-elect Joe Biden (D) gets set to take office later this month.

The Northeast US RGGI carbon market will offer 23.5 million allowances at the March auction with the inclusion of Virginia this year, while the quarterly sale will also include the supply-curbing Emissions Containment Reserve (ECR) for the first time. 

Virginia opened RGGI compliance accounts for regulated parties this week as the state entered the regional power sector cap-and-trade programme on Jan. 1, according CO2 Allowance Tracking System (COATS) data.

China on Tuesday published final regulations for its national CO2 emissions trading scheme, meaning the market will be formally in operation from Feb. 1 despite technical issues with the registry and trading platform.

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

EUAs hit a new all-time high on Monday as cold weather prospects lifted the energy complex and allowance supply curbs continue to drive bullish sentiment, while data showed a significant 10-20% drop in investors and other financial market participants.

The Architecture for REDD+ Transactions (ART) on Thursday announced it has approved the first five submissions for jurisdictional deforestation reduction programmes that may generate carbon credits for use in international emissions trade.