Carbon Pulse

Raising the EU's 2030 GHG emissions target may prove risky as the economic impact of the coronavirus pandemic and a potential rebound cannot be properly estimated, according to senior Polish experts.

Bipartisan Senate legislation unveiled on Thursday would help rural US stakeholders participate in carbon markets, building on heightened attention this year for driving climate change mitigation in the country’s agriculture and forestry sectors.

EUAs appeared poised to stay above €22 for the second straight day early on Thursday, further locking in this week's big gains despite a weaker energy complex as technical signals point higher. 

New Zealand carbon allowances saw strong gains for a third consecutive day in Thursday trade, as expectations grow that the price will move towards the NZ$35 fixed price option (FPO) over time.

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

California legislators included a cap-and-trade rulemaking requirement in a final version of the state’s budget on Wednesday after the Senate and Assembly reached an agreement on the proposal.

Mounting opposition could sink a California budget proposal to require a cap-and-trade rulemaking by next year, while more moderate legislators could also soften the provision to limit its long-term impact, a source told Carbon Pulse.

EUAs held above €22 after hitting a seven-week high on Wednesday, consolidating the previous session's strong gains even as the energy complex failed to support the move.

A combination of compliance waivers under the Renewable Fuel Standard (RFS) and significant fuel demand destruction from the coronavirus pandemic this year could sink US biofuel credit prices by swelling the surplus bank, a consultancy said Wednesday.

Imposing a border carbon adjustment to EU imports cannot be combined with continued free EU ETS allocations for affected sectors, the EU’s top trade official Sabine Weyand said on Wednesday.

Czechia has published legislation governing the compensation of indirect carbon costs for its energy intensive industries, bringing the total number of EU countries with such scheme in place to fourteen.

A ruling by the Western Australia state government might force Chevron to buy as many as 10-12 million carbon credits to make up for excess CO2 emissions due to delays in the carbon capture and storage operations at its Gorgon oil and gas project on Barrow Island.

New Zealand carbon allowances rose 7.7% in Wednesday trade as some market participants continued to react to this week’s government announcement on market reform, though volumes were tiny amid little available supply.

Australia’s Clean Energy Regulator has adjusted down the number of carbon credits it expects to be delivered under the Emissions Reduction Fund (ERF) this year by 5%, according to a quarterly market report released Wednesday.

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

In the latest edition of our Carbon Pulse Conversations podcast, we chat with Cristian Mosella, co-founder and executive director of Chilean consultancy EnergyLab, about the South American country’s recent COP25 presidency, its updated Paris Agreement NDC, and developments regarding a potential emissions trading programme and the current carbon tax.

Market participants anticipate Wednesday's Q2 RGGI sale will settle close to the secondary market price despite expectations that quarterly emissions are dropping due to the COVID-19 pandemic.

Most EU countries have set insufficient emission targets in their climate roadmaps for 2030 and should review the plans, focusing on non-ETS sectors where ambition falls significantly short of achieving the 27-nation bloc's targets, according to environmental NGOs in a report published on Tuesday.

RIN prices climbed to levels not seen in more than two years on Monday as obligated parties under the Renewable Fuel Standard (RFS) continued to show strong demand for credits, but some questioned the sustainability of the bull run.

New Zealand carbon allowances shot to their highest levels in three months on Tuesday, after the government’s announcement it would increase the fixed price option level for major emitters.