Carbon Pulse

South Korea will auction off over 5.5 million CO2 allowances this Friday after previously having suspended the last permit sale ahead of the compliance deadline, despite prices languishing at their lowest level in more than five years due to oversupply.

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

A high maximum credit contribution to a contingency account is among the factors threatening the economic viability of British Columbia’s proposed forestry carbon offset protocol (FCOP), trade associations and project developers told Carbon Pulse.

The Q3 California-Quebec auction will include slightly fewer allowances than the May quarterly sale, while the final WCI auction of 2021 is slated to see a more significant reduction, according to an auction noticed published Friday afternoon.

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 Pennsylvania, North Carolina, Illinois, and California. 

EUA prices climbed above €52 as power price gains dragged carbon higher, while UKAs traded at a discount for the first time as the prospect of additional supply loomed larger.

Introducing a carbon price for buildings, paired with additional energy efficiency measures, will be needed for the sector to reduce its carbon footprint in a socially just manner, a Germany-based think-tank said Friday.

Cargo: Asistente en Comunicación Proyecto: Proyecto de Pago por Resultados de REDD en Paraguay Lugar de Destino: Asunción, Paraguay Sección/Unidad: UNEP ROLAC REDD UNIT

Cargo: Asociado(a) Gestión del Conocimiento Proyecto: Proyecto de Pago por Resultados de REDD en Paraguay Lugar de Destino: Asunción, Paraguay Sección/Unidad: UNEP ROLAC REDD UNIT

Cargo: Coordinador de Proyecto Pago Basado en Resultados de REDD (RBP) Proyecto: Proyecto de Pago Basado en Resultados de REDD 2014-2017 en Paraguay Lugar de Destino: Asunción, Paraguay Sección/Unidad: UNEP ROLAC REDD UNIT

Cargo: Especialista en Economía y Finanzas Sostenibles Proyecto: Proyecto de Pago por Resultados de REDD en Paraguay Lugar de Destino: Asunción, Paraguay Sección/Unidad: UNEP ROLAC REDD UNIT

South Korean carbon permits fell another 8% on Friday to hit their lowest since Dec. 2015, as sellers remained desperate to offload KAUs to boost the number of allowances they can bank into next year.

China’s emissions trading market will likely see modest prices of around 40 yuan ($6.21) initially due to oversupply, quickly rising in the second half of the decade as the scheme is gradually tightened and more sectors brought in, analysts said Friday.

The Philippines Department of Finance is backing an intensity-based emissions trading scheme initially limited to the power industry, rather than a carbon tax, according to reports in local media.

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

California and Quebec regulated entities are expected to turn in a lower number of offsets than previously forecast for the upcoming third compliance period of the WCI cap-and-trade programme, analysts said Thursday.

Dominion Energy has asked the Virginia State Corporation Commission (SCC) to approve its RGGI rate request next month, while an environmental group continued to advocate for more long-term analysis of carbon market compliance options despite the utility’s pushback. 

California Carbon Allowance (CCA) prices set a new all-time high this week before retracing slightly on lower activity, while RGGI permits inched up on thin trading volumes despite few near-term drivers.

Rabobank intends to launch its marketplace for carbon credits generated from sustainable agricultural practices early next year, the CEO of its newly-launched Rabo Carbon Bank told Carbon Pulse.

European carbon prices dipped on Thursday on another weak auction result and as supply concerns continued to weigh.