Carbon Pulse

California Carbon Allowance (CCA) prices rose week-on-week for the first time since permits plummeted below the current WCI floor price amid a speculator-led selloff, while RGGI allowance (RGA) prices recovered nearly all of their previous losses seen over the COVID-19 pandemic.

Let this economic crisis not be a brake on the low-carbon transition, but an accelerator. With the Green Deal as a compass, we can marry our emergency spending with structural changes that will prepare us for a greener tomorrow. Because we cannot backtrack on our climate commitments, neither governments nor companies. That is more than crisis management, that is responsible policy, writes Renat Heuberger, CEO, South Pole.

EU emissions will decline 250-450 MtCO2e in 2020 as a result of coronavirus-triggered shutdowns, a steeper drop than that seen during the 2009 financial crisis but one that researchers expect will be shorter-lived.

Colombia has prolonged temporary verification requirements for domestic offsets eligible for use against the South American nation's $5/tonne CO2 levy as the federal government continues work on its accreditation programme for in-country projects.

EUAs lifted back towards €18 early on Thursday as surging oil markets and a strong auction stirred buying, despite a bearish technical outlook.

China is preparing a set of rules and standards for financial products tied to its emerging carbon market, indicating those will eventually become available for traders though it remains uncertain if the instruments will be allowed from the start of the national emissions trading scheme.

New Zealand carbon allowances gained another 2.1% in Thursday trade, pushing prices to within touching distance of the NZ$25 fixed price option.

The UK should set up a national body to guarantee the credibility of domestic carbon offsetting and spur land restoration, according to a report published by a think-tank on Thursday.

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Utah Republicans have passed a budget that restores funding for a lawsuit to challenge the legality of California’s cap-and-trade programme and emissions performance standard (EPS), a government spokesperson confirmed.

Governments have agreed to delay the COP26 summit in Glasgow until 2021 due to the COVID-19 pandemic, meaning the nearly 200 parties to the Paris Agreement will probably have to wait at least another six months to agree the rulebook for international emissions trading under the 2015 climate pact.

Big-emitting industries, national delegations, and green groups seem to agree on the need for an EU carbon border adjustment, but a tussle over the allocation of free EUAs is expected in the following months.

California Low Carbon Fuel Standard (LCFS) prices returned to a two-week high in recent days, but increased demand that picked credit values off a two-year low finally left the market.

California fuel consumption fell slightly year-on-year in 2019 as gasoline demand slid, likely reducing WCI-covered emissions compared to the prior year, state data published this week suggested.

EUAs fell almost a euro to below €17 early on Wednesday, halting carbon's recent recovery as markets dove on worsening coronavirus developments and the UK's auction barely cleared. 

ENGIE is looking for an emissions market analysts for its Brussels' office.

The biggest 50 emitting installations in the EU ETS reported a 20% year-on-year drop in greenhouse gas output for 2019, analysts said on Tuesday, interpreting the first preliminary like-for-like data released by the European Commission.

Companies participating in Tokyo’s municipal emissions trading scheme marginally increased their CO2 output in FY2018, but most have already met their target for 2024, according to government data.

*FREE READ* - A new carbon consultancy is calculating the global greenhouse gas emissions being saved by people working from home due to the coronavirus outbreak, and it is packaging and selling the reductions as voluntary carbon offsets.

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