Carbon Pulse

California officials on Monday removed a budget provision to require a cap-and-trade rulemaking by next year as part of a compromise between state lawmakers and Governor Gavin Newsom (D), though they will reassess changes by the Scoping Plan update, a legislative source said.

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

Sustainable economic recovery efforts amid the coronavirus pandemic should not only feature CO2 taxes or emissions trading schemes to stimulate a clean and just transition, but also avoid the pitfalls of weak carbon pricing rates that have persisted for years, experts said Monday.

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In this role within the Portfolio Management unit, you will be responsible for South Pole’s procurement strategy and for structuring and closing carbon credit sourcing transactions. You will develop business with project developers, retailers, intermediaries and wholesale companies active in carbon markets.

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Mechanisms that help manage unexpected shocks in emissions trading schemes are a necessary consideration when weighing the linking of two carbon markets, however existing ones can also act as a deterrent to connecting systems, according to a study released late Friday.

Utah Republicans removed funding for a lawsuit to challenge the legality of California’s cap-and-trade programme and emissions performance standard (EPS) from the state’s revised budget, but legislators could still restore the allocation during an August special session.

The Canadian government will lessen the short-term carbon intensity reduction targets for its proposed Clean Fuel Standard (CFS) in response to the coronavirus pandemic, while making the GHG abatement goals more ambitious later on in the decade to maintain the stringency of the policy, the environment ministry said Monday.

RGGI members are evaluating a draft Virginia RGGI regulation for any inconsistences with the Northeast US cap-and-trade programme ahead of its scheduled 2021 entrance, with the state aiming to complete those changes this summer, a state official said.

EU leaders urged their Chinese counterparts at an online summit on Monday to outline a path towards net zero emissions, though the talks ended without major progress on climate diplomacy.

Denmark’s political groups have agreed a climate deal that will include an increased carbon tax, the government said on Monday, defying concerns about the impact of the coronavirus on the country’s economy.

Governments can effectively stabilise their carbon prices using auction reserve prices and supplementary taxes, according to a paper published by OECD advisors on Monday.

A judge approved Pacific Gas & Electric’s (PG&E) bankruptcy plan on Saturday ahead of a deadline for the California utility to participate in a fund to ease future wildfire liabilities.

EUAs bounced back from a brief dip below €24 early on Monday to remain near their four-month high even as wider markets faltered on some signs of a resurgence in COVID-19 infections in Germany.

One of China’s biggest oil companies has agreed to buy carbon credits along with two shipments of LNG from Shell, seeking to offset all the life cycle emissions associated with the shipment in the first such deal for mainland China.

The Shanghai government has released the 2019 allocation for its emissions trading scheme, keeping the number of allowances in play at the same level as before despite including more companies, while also tripling the amount of offsets emitters can use for compliance.

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

In the latest episode of our Carbon Pulse Conversations podcast, we chat with Neelesh Nerurkar, vice president of Washington DC-based research firm ClearView Energy Partners, to discuss current developments and politics surrounding the US Renewable Fuel Standard (RFS).

WCI regulated parties and speculators held their California Carbon Allowance (CCA) holdings largely steady as secondary market levels slipped underneath the 2020 reserve price again this week, according to US Commodity Futures Trading Commission (CFTC) data released Friday.