Carbon Pulse

Australia’s weekly offset issuances dropped far below average levels this week though new project registrations rose, while the Western Australia government launched a new voucher programme for soil carbon farmers.

Price levels and trading volumes in China’s carbon market both rebounded somewhat over the past week, but regulatory uncertainty continues to put a dampener on activity.

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China Southern Power Grid on Friday released more detailed trading rules for the recently established green power trading scheme, which traders say might emerge as the option of choice for generators tired of waiting for clarity on the nation’s offset market.

Oil major Shell has signed a partnership agreement with a major Chinese steelmaker that spans carbon trading, green steel, and EV charging facilities.

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

South Africa has extended the first phase of its carbon tax regime, prolonging the availability of transitional support measures while accelerating future raises in the levy and increasing offset usage limits.

California Carbon Allowance (CCA) prices were stable this week before experiencing extreme volatility on Thursday amid geopolitical instability and the publication of record-breaking WCI auction results, while RGGI Allowance (RGA) values strengthened within their recent range.

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California and Quebec sold current vintage carbon allowances at a fresh all-time high and a record premium to the secondary market during the February sale, though the advance auction cleared at the floor as it failed to sell out for the first time in two years, according to results released Thursday.

Voluntary emissions reduction (VER) prices are likely to come under pressure as buyers step away from the market amid huge uncertainties thrown up by Russia’s invasion of Ukraine, an online panel heard on Thursday.

Central banks have clearly signalled their intent to tighten monetary policy to help tackle the sky-high prices that are plaguing both sides of the Atlantic, but lowering inflation will face hindrances from the unchartered realities of climate change and its associated 'greenflation'.

ETS-covered coal and gas power generated by UK utility Drax fell by more than 75% year on year as the firm ended all commercial coal operations and completed the sale of its gas assets, the company announced in full-year results on Thursday.  

New coal plant construction projects in China rose to a five-year high last year, tripling numbers in the rest of the world combined, while new project approvals have picked up pace in the first few weeks of 2022, according to a report released Thursday.

European carbon prices plunged as much as 7.5% in early trading on Thursday, while front-month TTF prices were up more than 40% at one point as Russian forces crossed into Ukrainian territory and attacks were reported on Ukrainian military targets across the country.

Around one-third of Australian fossil fuel projects assessed by an environmental group were found to be emitting more greenhouse gases than was estimated at the time of their approval by regulators, casting doubt on the efficacy of instruments such as the Safeguard Mechanism to curb carbon pollution, a study released on Thursday has found.

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

A Canadian-based carbon credit investment vehicle is seeking a listing on the US Nasdaq stock market, it announced Wednesday.