Carbon Pulse

The first ever auction of Swiss aviation carbon allowances has sold out, the government announced Monday.

Two project developers have secured more than two-thirds of the funds from the Queensland government Land Restoration Fund’s first investment round.

The UK will have its own ETS starting from January to replace the EU’s carbon market as the Brexit transition period comes to an end, the government confirmed Monday in a press release.

NZX has created a new role to head up and develop its new emissions trading platform.

Our Built Environment team is seeking an experienced carbon consultant to join our advisory team in London, although other locations may be considered, to help grow our net zero service offerings to new and existing clients particularly in the healthcare and higher education sectors.

President Xi Jinping announced new, tougher 2030 targets for China’s climate change policy, though the adjustments to its previous Paris Agreement pledge were modest and did not include an absolute cap on greenhouse gas emissions.

More than 70 world leaders are addressing the Climate Ambition Summit on Saturday, a one-day virtual forum aimed at building momentum for raising national pledges to the 2015 UN Paris Agreement ahead of the pact taking effect next year.

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

Compliance entities increased their California Carbon Allowance (CCA) holdings this week, as speculators kept their positions firm amid rising secondary market prices, according to US Commodity Futures Trading Commission (CFTC) data published Friday.

Wisconsin should study the implementation of various carbon pricing and offset mechanisms, as well as a low-carbon fuel standard (LCFS) and measures to expand renewable fuel usage, according to a state climate report published this week.

This position will be part of the front-office Global Portfolio Management and Origination team (GPMO) within Pavilion Energy. Pavilion Energy has taken the decisive step to integrate its core businesses relating to LNG and gas trading and marketing with its sustainability values and our carbon neutral ambitions.

The European Commission detailed its expected MSR auction withdrawals and aviation allowance volumes for 2021 late on Friday, confirming an expected drop in both once the UK exits the scheme at year-end.

Pennsylvania Democratic legislators and an environmental group lobbed support behind a proposed RGGI-modelled cap-and-trade regulation during the first of 10 virtual public hearings this week, while Republicans questioned the legality of the state’s actions, according to public comments.

European carbon prices entered new territory on Friday, leaping above the €31.00 mark that had stood as the all-time high since 2006 as EU leaders agreed to tougher 2030 emissions targets.

Canada will hike the CO2 price under its ‘backstop’ carbon pricing regime by C$15/tonne annually between 2023 and 2030, hitting C$170 ($133) by the end of the decade as the country rolls out new measures to overachieve on its Paris Agreement target, the government announced Friday.

With the Green Deal, the EU is producing a regulatory storm that will stretch far into the future, deep into today’s profit models, and way beyond Europe’s borders. Companies should bring the Green Deal into the heart of their business in order to secure the competitive advantage of regulatory pre-alignment, argues Christiaan Gevers Deynoot of South Pole. 

China’s Hubei province sold just over a third of the CO2 allowances on offer at its second auction this week, despite bidding being open to both emitters and financials.

Closing prices, ranges and volumes for China's regional pilot carbon markets this week. All prices are in RMB, and volumes in tonnes of CO2e. Data sourced from local exchanges.

A group of 30 global investors with over $9 trillion worth of assets under management on Friday vowed to support a reduction of GHG emissions to net zero by 2050 or sooner through their portfolios.

EU heads of state and government early on Friday adopted the 27-nation bloc's upgraded 2030 emissions reduction target of at least 55% below 1990 levels, after a whole night of negotiations at the European Council to persuade Poland.