Carbon Pulse

It hasn’t taken long for governments to notice the EU ETS, spitting out revenue at the rate of half a billion euros a week, and get the idea that here is a mechanism ready-made to be exploited at a time of crisis. But a new Greek proposal marks a "forehead-smacking moment" that betrays a worrying lack of understanding about the market and how it works.

A federal bill introducing a US carbon border adjustment mechanism (CBAM) may not pass WTO muster in the absence of a nationwide CO2 price, experts said Wednesday.

California offset issuances sunk to a three-month low as state regulator ARB distributed nearly 179,000 credits across 10 reporting periods, according to data published Wednesday.

The allowance volume on offer at Nova Scotia’s Nov. 23 cap-and-trade auction will increase for the third straight sale, according to a notice published by the province’s environment ministry on Wednesday.

The EU’s legislative bodies are planning to make key decisions on the bloc’s Fit for 55 climate proposals early next year, while the bloc's energy ministers on Tuesday discussed an idea to hold extra EUA auctions to help shield households from rising energy costs.

US biofuel credit (RIN) values declined to seven-month lows on Wednesday after news outlets reported President Joe Biden’s (D) administration is mulling multi-year cuts to Renewable Fuel Standard (RFS) biofuel volumes.

Carbon pricing could help alleviate funding issues involved in US Democrats' proposed $3.5-trillion budget reconciliation bill, while the mechanism could also ensure the US reaches the long-term climate goals laid out by the Biden administration, a panel heard Wednesday.

The UK has fined seven companies including oil major ExxonMobil a total of more than £300,000 for not complying with their obligations under the EU carbon market.

Three major Chinese companies on Wednesday announced they had used government-issued CCERs to offset a shipment of 30,000 tonnes of crude oil from extraction in Angola and every step of the way through the supply chain to consumption.

European carbon had a quiet morning on Wednesday as the market anticipated the expiry of the September options, while UK traders prepared for the fortnightly auction with UKAs maintaining a premium to EUAs for nearly three weeks.

A coalition representing the maritime sector’s entire value chain has called on Wednesday for a target of net zero emissions from shipping by 2050 and for market-based measures within five years.

China’s Hubei province has released the 2020 allocation for its pilot emissions trading scheme, with the number of allowances to be issued falling by almost 40% after regional coal-fired power plants exited the scheme to participate in the national market.

Industrial conglomerate INEOS will invest around $1.4 billion to convert the Grangemouth petrochemicals and refining complex in Scotland to hydrogen production and use with CCS, it announced on Wednesday.

More than 22 million of Australian offsets issued so far have been generated using a “deeply flawed” method, calling into question the value of the government’s entire carbon credit programme, said a report released Wednesday, though industry representatives said the report had “critical errors”.

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

China will end funding for new coal-fired power plants abroad, President Xi Jinping announced at the UN General Assembly on Tuesday, signalling a massive shift for the world's largest public financier of overseas coal.

Pre-compliance carbon offset trading has started under Mexico’s pilot cap-and-trade programme, but a dearth of supply and lack of regulatory clarity are serving as headwinds for further development, a panel heard Tuesday.

California gasoline demand per day declined slightly in July even as Governor Gavin Newsom (D) removed all COVID-19 restrictions, but the Golden State’s fuel consumption still narrowed against historic levels, according to federal data.

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