Carbon Pulse

South Korea will increase its 2030 climate target before the administration’s term ends in May 2022, President Moon Jae-in said Friday.

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

The success of sustainable development taking root in the voluntary carbon market has presented both tremendous opportunity and an important risk: SDG washing, writes Owen Hewlett of Gold Standard.

EU carbon prices climbed to a new two-month high Thursday, boosted by a strong auction and as the wider energy complex lifted due to several bullish factors, while several traders said the market was still not accurately pricing in a looming supply drought.

Japan and South Korea has voiced concerns over EU plans to extend the scope of its ETS to include emissions from all voyages using the 27-nation bloc’s ports, which the European Commission is considering as part of its carbon market reform.

California Carbon Allowance (CCA) prices cascaded this week after the release of the Q4 WCI auction results, as RGGI Allowances (RGA) found continued support on the secondary market ahead of the Northeast US cap-and-trade programme's own quarterly auction.

A proposal to introduce a passenger tax in Portugal’s budget for next year was adopted in the national Parliament on Wednesday.

The municipal government of Shenyang has released draft regulations for what will become China’s ninth regional carbon market, with an eye to linking to other regions over time.

South Korea will close a number of coal-fired power plants during the winter months to reduce air pollution, the government announced Thursday, a move that will also mute demand for CO2 allowances in the nation’s emissions trading scheme.

The international carbon market under the Paris Agreement could be saddled with as many as 1.5 billion or as few as 46 million pre-2020 credits from the Clean Development Mechanism (CDM), depending on restriction details, according to a report released Thursday.

Rules for international emissions trade under the Paris Agreement's Article 6 are more likely to emerge from bilateral deals rather than via climate negotiations, according to New Zealand’s Climate Change Minster James Shaw.

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

Switzerland’s Federal Council on Wednesday adopted a revised CO2 ordinance, which enters into force on Jan. 1, 2021 and acts as an emergency measure to extend several of the country’s climate action instruments.

The British government is consulting the oil and gas industry about penalties under a post-Brexit UK emissions trading scheme, in what observers said was another potential sign the country will opt to implement a domestic cap-and-trade system instead of a tax when it leaves the EU ETS at the end of this year.

California regulator ARB this week divvied out 158,700 compliance offsets, breaking a six-week streak of issuances over 1 million and marking its smallest issuance since July.

The UK has levied more than £130 million in fines on three grounded airlines for not complying with their obligations under the EU carbon market.

WCI compliance entities shifted their Q4 auction bidding strategies on future emissions outlooks for the linked cap-and-trade programme, internal allowance limits, and available capital, leading the group to procure fewer carbon permits than the previous sale, traders said.

Aircraft operators’ association IATA on Wednesday launched its Aviation Carbon Exchange (ACE) to facilitate trade in both CORSIA-eligible and voluntary offsets, also announcing the inaugural transaction on the platform.

The recent acquisition by private equity firm Averna Capital of a majority stake in ClimateCare will help prepare the low-carbon project developer for massive growth in the global offset market, the company’s founder told Carbon Pulse.

Canadian Clean Fuel Standard (CFS) credit values will not come close to reaching the proposed programme’s maximum price over the next decade, even under a scenario that requires significant biofuels uptake, according to an analysis published Tuesday.