Carbon Pulse

Emitters in the WCI cap-and-trade programme decreased their net short California Carbon Allowance (CCA) position prior to the Q1 auction this week, while financial players kept their holdings largely the same, according to US Commodity Futures Trading Commission (CFTC) data published Friday.

WaterEquity is seeking a Director, Climate Impact to lead on the development and implementation of investment policies, tools, and processes that integrate consideration of climate change and other environmental factors into the investment lifecycle.

A summary of legislative and regulatory action on carbon pricing, clean fuel standards, and clean energy at the US subnational and federal level this week, including the second consecutive failure of a New Mexico LCFS bill, and efforts in Washington’s transportation budget proposal to overcome a lawsuit against the state’s LCFS implementation.

Cambodia is emerging as the Southeast Asian nation most likely to make the first corresponding adjustments for carbon credits sold to corporate buyers, with the nation conducting extensive market outreach and one regional expert regarding it as a frontrunner in promoting carbon finance.

The Pennsylvania Legislative Reference Bureau (LRB) this week asked a state court to deny the Department of Environmental Protection’s (DEP) petition to compel it to publish the state’s RGGI-modelled cap-and-trade regulation, claiming the request is unconstitutional and untimely.

The European Commission is planning to host a high-level expert event on carbon oversight towards the end of next month, seeking diverse views on how to respond to a long-awaited financial watchdog report, according to leaked plan seen by Carbon Pulse on Friday.

The voluntary carbon market's (VCM) effectiveness as a force in climate action is being called into question, with more than half of credits retired in 2021 representing emissions cuts made more than five years earlier.

*PREMIUM LISTING - Carbon Royalty Corp. (CRC) is seeking a Carbon Offset Project Development Manager to provide detailed insight and consultation on the development process for high-quality carbon offset projects. The Carbon Offset Project Development Manager would have a strategic role and work in collaboration with CRC’s dynamic Project Development and Innovation Team, providing technical feasibility support on prospective carbon projects, while also assisting in developing new areas of project development growth.

The American Forest Foundation (AFF) seeks a highly motivated candidate to join the Family Forest Carbon Program (FFCP) Team. Individuals and families own 36% of America’s forests – more than any other ownership group – and are critical to unlocking U.S. forests as a Natural Climate Solution.  Were 20% of these lands to implement management activities that improved carbon sequestration and storage by 2030, an additional 2 gigatons of CO2e would be sequestered and stored over the balance of the century.   

Portugal's EDP and Norway's Statkraft both announced a year-on-year fall in ETS-covered thermal generation for 2021 in their financial results published late this week, the latest in a string of European utilities that have noted a drop in mainly gas-fired output. 

EUAs shrugged off weakness across wider energy markets on Friday to post moderate gains as traders judged the market to have been oversold, while energy markets weakened on milder temperature forecasts and strong renewable generation as Storm Eunice battered the west of the continent.

Singapore will raise its carbon tax to reach as high S$80 ($60) per tonne of CO2 by the end of the decade and commit to reach net zero emissions by “around mid-century”, the island state’s finance minister, Lawrence Wong, announced on Friday while delivering the government’s 2022 budget, adding emitters will be allowed to use international offsets towards a share of their obligations.

Chinese carbon allowances fell by almost 6% over the week, though trading volumes were so low that not much can be derived from the price direction, sparking renewed calls for allowing financials to participate in the market.

South Korean carbon allowances have suffered losses throughout the week, triggering price volatility measures that market participants expect to be put in place next week.

India’s power ministry released a green hydrogen policy this week, outlining a raft of incentives in the first detailed plan to kickstart hydrogen production from renewables since the announcement of a “national hydrogen mission” by India’s Prime Minister Narendra Modi  in August last year.

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

The European Commission is considering imposing more reporting requirements for EU ETS emissions derivatives as soon as next month, media reported late Thursday, citing a draft document.

The Brussels-based European policy director of a major emissions trading lobby is leaving to take up a senior role at a UK energy trade association.

A Parisian carbon offset developer and agroforestry company is aiming to invest $500 million over the next six years in nature-based operations, with financial backing from two French multinationals helping get the new endeavour off the ground.

Nasdaq’s carbon removals platform Puro.earth has launched a registry for units issued under its standard, seeking to scale up voluntary activity and transparency.