Carbon Pulse

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

China is making steady progress on reforming its power market, which along with the national ETS is expected to speed up decarbonisation, but the process is vulnerable to government strategy to rebuild its economy after the COVID-19 outbreak, according to analysis released this week.

Europe’s top emitter RWE on Friday reported a 29% drop in ETS-covered thermal power output over Q1, continuing its rapid decline in carbon-intensive generation on from last year.

Experts have slashed their EU carbon prices forecasts for 2020 by a quarter, according to a poll of 12 analysts, as the coronavirus crisis grips the bloc’s ETS and wider economy.

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

California Carbon Allowances (CCA) continued to rise on the secondary market this week as prices oscillated around the $16.00 mark, while RGGI Allowances (RGAs) dropped on relatively thin volume.

The voluntary carbon market is making plans to secure its future as the postponement of intergovernmental climate talks ensures the UN Paris Agreement era will begin without rules on global emissions trade.

EUAs rose to test €21 again on Thursday, continuing to track rising oil and equities even as economists warned of dire conditions due to the coronavirus containment measures.

Pennsylvania has modelled a starting CO2 budget of 78 million tons for its draft power sector ETS, as a RGGI-aligned programme would force coal power offline but still keep natural gas supplying over half the state's electricity through 2030, according to analysis published Thursday.

New Zealand’s independent Climate Change Commission will review the nation’s ambition level under the Paris Agreement, its climate change minister said Thursday after submitting an updated NDC to the UN without ratcheting up the 2030 target.

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

Exchange operator ICE on Wednesday announced the launch of a new carbon market index, joining a growing number of companies seeking to track allowance prices in the world’s major greenhouse gas emissions trading systems.

California issued nearly 1.2 mln new offsets and reduced the invalidation period on an additional 2.3 mln existing credits, according to data published by regulator ARB on Wednesday.

EUAs bounced back above €21 in rocky trade early on Wednesday after prices held a key technical support level and absorbed a bumper auction, and as wider financial markets rallied.

Natural gas generation is accounting for a larger share of California's power mix amid the coronavirus pandemic, likely mitigating some electricity demand destruction caused by the statewide 'shelter-in-place' order.

The World Bank Forest Carbon Partnership Facility (FCPF) is adhering to the November deadline agreed earlier this year for tropical forest nations to sign their deforestation reduction agreements, even as several countries are running behind schedule.

A planned European Commission proposal that would legally bind the EU to implement the international CORSIA aviation offsetting scheme could take away the European Parliament’s oversight over the process, according to five EU lawmakers representing the four largest pro-European political groups. 

The International Chamber of Commerce (ICC) has teamed up with Singapore-based emissions exchange AirCarbon and blockchain development firm Perlin to drive voluntary carbon trading under its new ICC Carbon Council.

New Zealand has changed its ETS regulations to ensure Refining NZ qualifies to get most of its carbon permits for free when it joins the scheme in 2023, according to newly-released Cabinet papers.

Emission removal certificates sold for a weighted average of €31.60 each at the latest voluntary market auction held on the Puro platform led by Finnish utility Fortum, Puro said on Wednesday.