Carbon Pulse

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Closing prices, ranges and volumes for China's regional pilot carbon markets this week.

EUAs slipped to their lowest level for over a week early on Friday, declining below €22 as markets grew wary about the pace of the global recovery from the coronavirus pandemic amid a resurgence in new cases.

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

California Democratic legislators maintained a provision in a Senate budget bill to require regulator ARB to conduct a cap-and-trade rulemaking next year, but sources said the exact language may continue to give the state agency significant discretion in that process.

California Carbon Allowance (CCA) prices stagnated on the secondary market this week despite growing optimism on the 2021 WCI floor price, while RGGI Allowance (RGA) values climbed to a three-month high following the Q2 auction.

The onset of the coronavirus pandemic is presenting several challenges for developing offset projects under the Canadian government’s planned system, with stakeholders enduring more delays in receiving regulatory guidance on eligible protocols and travel restrictions that are complicating site visits.

EUAs retreated towards €22 early on Thursday, defying a stronger auction as wider markets slid on a US Federal Reserve assessment weighing the impact of the coronavirus.

Japan and the EU are consulting with the UNFCCC secretariat to hold an online ministerial meeting on tackling the effects the coronavirus pandemic through climate action, top government officials said on Thursday.

The China Emissions Exchange in Guangzhou has introduced limits on daily price movements for Guangdong’s provincial carbon credits in a bid to ensure stability and prevent market manipulation.

New Zealand carbon allowances saw a third straight day of record high prices in Thursday trade, as eager buyers continued to chase offers up towards the new NZ$35 fixed price option level.

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

California regulator ARB minted over 115,000 new offsets this week across two protocols, while Quebec’s environmental ministry granted nearly 63,000 credits over seven different projects, according to data released Wednesday.

The Israeli environment ministry is working on a strategy on carbon pricing, with the Bank of Israel recommending the government to set up a carbon tax for power sector, road transport, and cooking gas, according to local reports on Wednesday.

Germany unveiled on Wednesday a €9 billion strategy to expand clean hydrogen capacity at home and abroad to help cut emissions from transport and EU ETS-covered heavy industry, while major companies set out a plan to use the fuel to decarbonise steel.

China’s Tianjin on Wednesday sold all 2 million carbon permits on offer at its annual auction as more than 30 buyers took advantage of getting access to allowances well below current secondary market prices.

EUAs were little changed after sliding towards €22 early on Wednesday, consolidating below this week's three-month high as the market struggled to absorb a bumper UK auction.

Offset demand under the international aviation sector’s CORSIA scheme can be back near levels expected pre-COVID as early as 2023, exchange operator CBL Markets said Wednesday, backing a push to adjust the programme’s baseline to cover only 2019 emissions.

California’s ETS floor price is still set to increase less than 5% in 2021 after year-on-year inflation dropped further as a result of the COVID-19 pandemic, according to federal data released Wednesday.

China is expected to overcome coronavirus impacts and impose CO2 curbs on coal power stations as planned this year under its national emissions trading scheme, although observers say the market launch itself may well only happen in the very last days of the year.