Carbon Pulse

The EU's upcoming carbon market reform proposal will seek to place further conditions on free allowance allocation to energy-intensive industries, according to sources familiar with a draft document.

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Despite a week-long rally that has added more than 6% to EUA prices, carbon needs to rise even higher in order to restore natural gas’ advantage over coal in EU power generation, updated data show.

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Trading in China’s national emissions trading scheme will not start this month as planned, the carbon exchange in Shanghai confirmed on Monday, though it remains unclear when trading can begin or what has caused the latest setback for the market.

The European Commission is planning carbon market reform proposals that would adjust downwards the scheme’s annual cap cut earlier than originally foreseen, while bringing into the ETS emissions from shipping routes outside of EU waters, according to a leaked draft seen by media.

UK carbon allowances are likely to hover around the £50 mark through next year, analysts said, though a number of bullish developments on the radar could easily see prices double by 2023.

Oregon Democrats passed legislation on Saturday that would require 100% clean energy within two decades, marking one of the strongest renewables goals in the US.

Cement and electrolytic aluminium producers will “definitely” be included into China’s national CO2 emissions trading scheme next year, a government advisor and key member of the team that designs the scheme said.

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

California Carbon Allowance (CCA) positions held by financial firms increased slightly over the past week, but the week-on-week gains slowed considerably after seeing a torrid pace over the previous month, according to US Commodity Futures Trading Commission (CFTC) data published Friday.

A summary of legislative and regulatory action on carbon pricing, clean fuel standards, and clean energy at the US subnational and federal level this week, including developments in federal methane regulations, California, and Iowa. 

EUAs stretched their five-week rally on Friday after a strong auction, but then slipped back on pre-weekend profit-taking to notch a solid 6.1% weekly gain to leave prices within reach of their record.

California gasoline consumption recorded the first year-on-year rise for 13 months in March, but the COVID-19 pandemic is continuing to push Golden State gas fuel demand beneath historic levels, according to state data released this week.

Several economic advisors to the French government have suggested an EU carbon central bank as an alternative to a price corridor to manage long-term carbon price stability, according to a paper released on Friday.

Small refineries regulated under the Renewable Fuel Standard (RFS) do not need to continuously receive compliance waivers to qualify for such relief in future years, the US Supreme Court ruled Friday in a split decision that overturned a lower court ruling.

Bringing buildings and road transport into the EU ETS would be “political suicide” because of the cost the bloc’s poorest families would bear, according to the European Parliament’s environment committee chair.

Bhutan has submitted an updated NDC to the UN, pledging to remain carbon neutral but also planning a number of climate initiatives that it plans to finance in part through a carbon fund and a domestic REDD+ programme.