Carbon Pulse

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.

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China should pick a new growth strategy with decarbonisation at its centre as the country puts together its next five-year plan in the middle of the COVID-19 crisis, according to two reports released Wednesday, just as industry pressure is building on Beijing to scale back on environmental efforts.

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South Africa’s president on Tuesday announced a three-month delay to the deadline for the first payments due under the country’s carbon tax, as part of a wider package of financial measures to help companies cope with the coronavirus pandemic.

The European Commission could delay its work on analysing the effects of deepening the bloc’s 2030 emission goal if it can’t fully assess the impact of coronavirus shutdowns, its climate chief Frans Timmermans said on Tuesday.

US biofuel credit prices receded Tuesday as a major oil industry trade group requested the EPA change biofuel quotas under the Renewable Fuel Standard (RFS) due to a recent court ruling.

The US Department of Justice (DOJ) has asked a federal judge to find California's ETS linkage with Quebec illegal because it conflicts with the government’s position on climate change and limits President Donald Trump’s leverage, while it also sought to dismiss its remaining challenge against the cross-border scheme, according to court documents filed Monday.

EU member states and the UK handed out over 25 million additional free carbon allowances to industrial emitters in the fortnight to last Friday, according to updated data from the European Commission, with a calculation error slashing the reported maximum allocation figure by almost 100 million tonnes.

EUAs plunged below €20 on Tuesday, sliding further from last week's one-month peak as wider financial markets were rattled by sub-zero US oil prices and other bearish factors overnight.

South Korea on Tuesday announced a number of amendments to its emissions trading scheme ahead of the start of the third trading period in 2021, including letting financial institutions and securities companies participate in the market.

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The US EPA incorrectly interpreted the Clean Air Act by not allowing emissions trading to meet states' Affordable Clean Energy (ACE) obligations, a collection of mostly Democrat-led US jurisdictions and power sector entities contended in court filings Friday.

California regulator ARB is working on a formal process to determine compliance offsets that provide a direct environmental benefit to the state (DEBs), but it is unclear when that application may be finalised, regulatory sources said.

EU cohesion funding is an untapped funding source for cutting the bloc's emissions, according to a report released by green groups on Monday that found only one tenth of disbursed cash is allocated towards climate objectives. 

Thailand and British Columbia will miss UN body ICAO’s Monday deadline to resubmit their offset programme applications for eligibility under the CORSIA global aviation scheme, as they seek to make changes to their methodologies for future intakes.

EUAs fell below €21 on Monday, continuing to fade following last week's dart to a one-month high as markets remained in thrall to coronavirus developments.