Carbon Pulse

The US Department of Justice (DOJ) may have eyed a quick resolution of its constitutional challenges to the California-Quebec ETS linkage to enable President Donald Trump's administration to appeal to a more conservative court, lawyers involved in the case told Carbon Pulse.

California issued more than 157,000 new offsets over the past week, with nearly 70,000 of those credits tagged as having direct environmental benefits to the state (DEBS), according to data published by regulator ARB on Wednesday.

European carbon prices rebounded after hitting a fresh three-week low on Wednesday, with traders noting solid demand for allowances around current levels despite selling and supply-side pressure.

Renewable electricity overtook fossil fuels in the first half of 2020 to account for the largest share of generation among the EU's 27 member states as coal-fired production shrank by a third, a report released on Wednesday found.

Quebec will postpone the distribution of the remaining industrial carbon allocations for the 2019 compliance year as a result of the coronavirus pandemic, but the province will still transfer the allowances well before emitters need them for ETS compliance, according to a notice published Wednesday.

The European Commission will present a proposal to revise the EU ETS Directive in order to fund the bloc's coronavirus recovery package using EUA auction revenues from an expanded carbon market, a senior official confirmed on Wednesday.

The League of Conservation Voters is looking for a climate strategy director, with the location of the job flexible.

Climate Focus is looking for a trainee to support its team with projects for their international clients, ranging from developing carbon offsetting strategies, designing mitigation projects (mainly in the forestry sector) as well as climate policies related to carbon markets, climate finance and carbon pricing under the framework of the Paris Agreement.

New Zealand carbon allowances rose to a fresh record high in Wednesday trade as sellers remain content to sit back and watch prices go higher, though some buyers are starting to find it difficult to follow, observers say.

The UK government on Tuesday published details and launched a consultation regarding its plan to introduce a new, temporary carbon tax from next year should its post-Brexit emissions trading scheme not be ready.

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

A $2.5 trillion hedge fund has registered for a RGGI CO2 Allowance Tracking System (COATS) ahead of the Northeast power sector carbon market's September auction, marking its second entrance into US-based cap-and-trade programmes.

Including shipping in the EU ETS would increase the market’s scope by 8-9%, though the impact on allowance prices would depend on the sector’s emissions cap and level of free allocation, analysts said.

California gasoline sales rebounded in May after sinking to historic lows in April amid the COVID-19 pandemic, likely mitigating some of this year’s demand destruction in the state’s WCI-linked ETS, according to federal data released Tuesday.

Additional compliance offsets that would meet California regulator ARB’s definition of having direct environmental benefits to the state (DEBs) are waiting for final approval, likely bolstering supply ahead of the WCI-linked carbon market's post-2020 period, according to registry data.

US biofuel credits (RIN) values are stagnating in July as the market awaits clarity on next year’s proposed Renewable Fuel Standard (RFS) volumes and compliance waiver requests.

Swedish utility Vattenfall saw its fossil-based production fall by a third during the first half of 2020 due mainly to weak generation margins and "challenging" market conditions, it announced Tuesday.

EU carbon prices rose along with wider financial markets on Tuesday, boosted by a deal on the bloc's next seven-year budget and a coronavirus recovery fund that was clinched overnight.

New offsets issued by Australia’s Clean Energy Regulator and carbon credits delivered to the government’s Emissions Reduction Fund both dipped over the past two weeks after higher-than-usual activity in June, as the 2019-20 financial year came to an end.

New Zealand carbon allowances hit a fresh all-time high in Tuesday trade, with prices being pushed up because potential sellers are holding on to their NZUs in the anticipation that prices will continue to rise.