Carbon Pulse

There is merit in a Caribbean carbon pricing regime, the Jamaican Economy Panel (JEP) of economic and public sector experts from the region said this week, providing guidance on how the policy should be designed to safeguard vulnerable households.

Nearly 9 million allowances traded OTC in China’s carbon market over the past couple of days, adding some much-needed liquidity to the market, though most traders are focused on offsets with speculators placing bets on which CCERs might be deemed eligible for the first compliance cycle.

EUA prices declined in early trading on Thursday as sentiment turned bearish, while German power and TTF gas continued to increase as the month and quarter came to an end.

The acceleration in "carbon neutral" LNG cargoes is leading to louder calls for clear reporting on emissions and offset quality, as some companies use methods that cover barely a fifth of the fuel's climate impact while avoiding hundreds of thousands of dollars in offsetting costs.

Romania will phase out coal-fired power by end of 2032, with a majority of its 4.59 GW fleet being shuttered before 2026, according to a deal clinched with the European Commission.

Indonesia will introduce a carbon tax that will apply from Apr. 2022 as a result of an agreement between parliament’s finance commission and the government, according to news reports on Thursday.

Shenzhen has become the latest Chinese jurisdiction to announce plans for a so-called “inclusive” small-scale offset scheme, aiming to drive production and lifestyle changes that can cut carbon emissions from small businesses, organisations, and individuals.

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American businesses are being warned of looming export carbon costs ahead of Thursday’s infrastructure bill vote, which could leave the $3.5 trillion reconciliation package and its CO2 price component in limbo amid Congressional negotiations. 

The US Department of Agriculture (USDA) on Wednesday outlined a new climate programme to benefit the agriculture and forestry sectors, and is requesting public input on how the voluntary carbon market (VCM) can fit in to the initiative.

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A green group argued Wednesday that the Virginia State Corporation Commission (SCC) must either reject Dominion’s rate request to recover nearly $168 million in RGGI obligations for failing to perform least-cost analysis or require future examination of additional compliance options.

US biofuel credit (RIN) prices jumped on Wednesday to reverse weeks of losses, coming as corn-state legislators warned the EPA against possibly lowering Renewable Fuel Standard (RFS) blending quotas.

European carbon prices could be set for further downside after setting a new record this week, as uncertainty over the EU’s 'Fit for 55' package grows amid the start of political negotiations and as lawmakers amplify calls for a limit on speculation in the market, according to an analyst.

A group of Spanish and Romanian MEPs are proposing to put forward next month a resolution in European Parliament that calls for restrictions on speculation in the EU carbon market as a way of calming soaring EU energy costs, while Czechia's Prime Minister is reportedly urging for a cap on EUA prices.

EUA prices erased a brief plunge early on Wednesday after one of the worst-supported daily auctions since the ETS began selling allowances, while energy prices were broadly firmer after Tuesday's sell-off.

Chinese steel and aluminium will be priced out of the European market when the EU’s carbon border adjustment mechanism (CBAM) kicks in in 2026, unless the sectors decarbonise fast, according to an analyst report published on Wednesday.

China has the capability to start reducing its CO2 emissions from the mid-2020s and become carbon neutral well ahead of its 2060 target date, the International Energy Agency said Wednesday.

New South Wales has upwardly revised its 2030 target to reduce emissions, to 50% from the level in 2005, an increase from its previous target of 35%, the Australian state government announced on Wednesday.

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