Carbon Pulse

Liquidity continued to improve slightly in China’s emissions market over the past week, but allowance and offset prices both lack direction amid a lack of progress on policy and operational issues.

Australia’s Emissions Reduction Fund contracted the purchase of 6.8 million offsets at last week’s auction, the Clean Energy Regulator said Friday, with the average price up 6% from the previous auction but far below secondary market levels.

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

Pilot trading in Russia’s domestic carbon market is expected to start before the end of next year, according to a senior bank official, with at least three regions looking to launch pricing schemes.

California Carbon Allowance (CCA) prices leapt to a new all-time high this week as speculators kept up purchases and entities continued to roll positions en masse, while RGGI Allowance (RGA) values also notched new records as more financial players opened accounts.

As US President Joe Biden’s flagship emissions reduction proposal falters due to the intransigence of a coal-state senator, other Democratic legislators have set their sights on a state-led subsidy package and other alternatives to move the nation’s climate policy forward and build credibility ahead of the COP26 UN summit. 

Most public oil and gas companies have not set emissions reduction targets that align with the Paris Agreement’s objective to limit the rise in the global temperature to below 1.5C, new research has found.

EU leaders are expected to postpone a deal on bloc-wide measures to tackle surging energy prices this week, as several snubbed pleas from poorer nations to delay climate action and draft text deferred a decision to ministers.

Greater oversight by the federal government is necessary to ensure voluntary emissions reductions (VERs) provide significant environmental and economic benefits, with proposed Congressional legislation on a carbon offset certification system serving as a model, according to a right-wing think-tank study published Wednesday. 

A leak of government inputs into part III of the UN-backed IPCC scientific panel’s upcoming landmark climate report shows how several nations are pushing for a prominent role for CCS and carbon trading in global mitigation efforts.

EUA prices consolidated on Thursday morning after moving in an average daily range of €3.43 over the previous three days, with sharply weaker energy prices amid mild weather depressing heating demand.

Several Chinese provinces on Thursday moved to cancel fixed power prices for business and industrial customers in response to last week’s power market reforms aimed at easing ongoing electricity shortages, a move experts say is crucial for the market’s ability to accommodate a carbon price.

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Spot credits in Australia’s offset market traded up another 3% on Thursday, while a coalition of big-emitting companies said more than 100 million ACCUs would be required annually by 2030 to meet demand.

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US biofuel credit (RIN) values jumped to a nearly two-month high on Wednesday as traders pointed to strong soybean oil prices and a lack of news on preliminary Renewable Fuel Standard (RFS) volumes.

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