Carbon Pulse

Summer seems a long time ago now. Back in August and September, EU carbon was setting almost weekly records, European gas was nicely positioned at the top of the merit order, the European Commission was talking about climate ambition, and all was right with the world. And just three weeks later, the EU ETS finds itself in a time of high volatility and of high anxiety.

A decision to bring forward California’s carbon neutrality goal by a decade could lead the state to alter its yearly allowance budgets under the cap-and-trade programme to meet this greater ambition, an official from state regulator ARB said Monday.

Standardised, CORSIA-grade voluntary emissions reduction (VER) prices came under further pressure this week, consolidating the downturn of a week earlier amid signs of a ramp-up in issuances.

The Russian government has taken more steps towards the development of a domestic carbon market, including setting MRV rules for companies and establishing a network of internationally-recognised emissions auditors.

South Korea on Monday as expected approved its upgraded 40% emissions reduction target by 2030, which contains steep cuts for sectors in the emissions trading scheme and a shared role for government and the private sector in buying carbon credits from abroad.

EUAs reversed early losses on Monday morning in the run-up to the latest auction of gas transshipment capacity through Ukraine, while natural gas rose strongly after Russia's Gazprom declined to book any capacity in the sale.

Mitsubishi Corporation, Japan’s largest trading company with ten business units, will target a halving of its Scope 1 and 2 emissions by 2030 and aim for net zero operational emissions by 2050, the company announced on Monday.

China's thermal power growth picked up in September from the 10-month low recorded the previous month, official data showed Monday, but the numbers were still moderate as coal shortages and curbs on energy-intensive industries continued to weigh on the market.

Industrial conglomerate INEOS plans to make a big investment in developing Europe’s green hydrogen capacity, with an announcement on Monday to commit €2 billion in what will be the region’s largest investment to date in electrolysis projects.

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

Your responsibilities as a carbon analyst will include identifying high quality projects suitable for investment and providing a technical review of projects being assessed.

The Project Development Manager will expand the 3Degrees portfolio of projects that generate environmental attributes to be sold in carbon and transportation markets. The Manager will originate and structure new project agreements.

Analysts have raised their EU carbon price forecasts across the board to reflect the surge in gas prices and the ongoing influx of new speculative capital into the ETS, though some warned of possible downside risk ahead.

The White House outlined plans Friday for how it will make US companies legally required to publicise their climate change plans, making the information auditable by financial regulators and potentially helping to increase ambition at the COP26 UN summit next month.

Chevron is currently seeking a Carbon Market Analyst to join our London trading team to support Chevron’s energy transition/lower carbon strategies.

*PREMIUM LISTING – Reporting to the Director of Development, the Senior Development Officer – Government and Multilateral Agencies works closely with program teams to support the impact and growth of Gold Standard programs through grant funding from government and multilateral donors.

*PREMIUM LISTING – Reporting to the Director of Development, the Senior Development Officer – Foundations and Corporations works closely with program teams to support the impact and growth of Gold Standard programs through grant funding from foundation and corporate donors.

Emitters in the WCI-linked cap-and-trade programme increased their California Carbon Allowance (CCA) short position as prices retraced this week, while financial entities saw varied results between the futures-only and futures and options markets, according to US Commodity Futures Trading Commission (CFTC) data published Friday.

The role will focus on providing support for TFS’ Green desk, which covers Australian and international renewable energy, energy efficiency, and carbon markets.

EU downstream manufacturers fear their exclusion from the EU’s carbon border adjustment mechanism (CBAM) will lead to their customers switching to foreign-made products, as officials deem them not currently worth the effort.