Carbon Pulse

EU carbon prices rose nearly 4% on Wednesday to test Monday’s one-month high, but profit-taking and technical selling caused the day’s gains to completely unravel, traders said.

Power consumption in EU energy firm E.ON’s markets reached last year’s levels during the second half of Q3, the company said in its quarterly results on Wednesday.

Oil and gas firm Woodside told investors on Wednesday it aims to develop a large-scale carbon offset portfolio to 2030 to meet new emissions targets, and has identified the potential to store as much as 3.4 billion tonnes of CO2e underground.

New Zealand’s Climate Change Commission is expected to recommend an increase in the country’s Paris target, according to climate minister James Shaw.

The coming decade will be crucial for mobilising funds for zero-carbon shipping fuels, an industry report released Wednesday said, renewing calls for the creation of a $5 billion R&D fund to help the maritime sector decarbonise.

South Korea on Wednesday sold just over half the allowances on offer at its monthly KAU auction, with prices coming in well below secondary market levels as expectations about oversupply tamed interest.

New Zealand carbon allowances have inched up to all-time high levels again as supply remains tight with sellers happy to wait and see where prices go once the ETS reform kicks in next year.

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

A trio of California-based dairy digesters are seeking biogas-to-electricity pathways under the state’s Low Carbon Fuel Standard (LCFS), continuing the year-long trend of projects shifting over from the California Carbon Offset (CCO) market.

Alberta carbon offset values surged by 20% in recent days after the provincial government confirmed that the excess emissions charge under its Technology Innovation and Emissions Reduction (TIER) programme will rise by C$10 next year, matching the increase in Ottawa’s CO2 pricing mandate.

Utility Dominion Energy plans to build a RGGI allowance bank and cover roughly a fourth of its annual obligations via quarterly cap-and-trade auctions, with the Virginia-based company aiming to recouping these costs on electricity bills, according to newly published documents.

European carbon prices receded on Tuesday, pulling back slightly after Monday's huge COVID vaccine-fuelled rise amid supply pressures and fundamental weakness from milder weather.

Ukraine will launch a system for monitoring, reporting, and verification (MRV) of emissions in 2021, the country’s environment minister announced on Tuesday, a milestone in the design of a national carbon market.

EU negotiators agreed on Tuesday a deal for the bloc’s €1.074 trillion seven-year budget and a €750 billion coronavirus recovery fund, with tighter scrutiny for climate spending part of the final package.

Czech utility CEZ continued to be less heavily hedged than in recent years over Q3, while its relatively resilient coal generation is set to tumble next year following a deal to sell its biggest facility.

California electricity sector CO2 output rose year-on-year for the second consecutive month as a September heatwave broke weather records across the Golden State, California Independent System Operator (CAISO) data showed.

The post will lead on the Scottish Government's policy for industrial climate regulation – developing and implementing new regulations post-EU Exit that cover several areas that originated from EU law - carbon pricing / emissions trading, and regulation of Fluorinated Greenhouse Gases (F-gas) and Ozone Depleting Substances (ODS).

German utility Uniper reported an 11% year-on-year drop in EU-based CO2 output for the first nine months, though the opening of the Datteln coal plant slowed its decarbonisation efforts, according to quarterly results published on Tuesday.

The voluntary carbon market should be standardised to allow credits to list on exchanges to help massively scale up and meet Paris Agreement climate goals, according to a consultation launched Tuesday by private sector taskforce steered by UN climate finance envoy Mark Carney.

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