Carbon Pulse

India has published institutional responsibilities for its domestic carbon market in the national gazette, marking a significant step towards the establishment of what has the potential to be one of the world’s biggest emissions trading programmes.

The Beijing municipal government will auction 1.5 million carbon allowances under its pilot emissions trading scheme (ETS) at the beginning of August, with a price floor for the sale to be set later.

The UK government will opt for the highest suggested option for tightening its ETS cap to align with a 2050 net zero emissions trajectory, but will mitigate this by adding unallocated allowances to the market while committing to include carbon removals following further consultation.

An environmental group has urged the Australian government to hold an independent review into its Climate Active certification scheme and consider scrapping it, as it becomes increasingly out of step with international practices.

Guyana is reportedly attracting interest for the sale of the remaining 70% of its REDD+ credits, after a landmark deal with US energy company Hess.

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The Liberian government has warned the public against participating in the ‘black market’ for carbon credits.

Brazil expects to see a $9.1 billion mobilisation of clean energy investment in the country after a multilateral fund’s board on Friday endorsed a $70 million plan to support renewable power onto the grid.

South Korea and Vietnam have signed a deal to collaborate on carbon trading under Article 6 of the Paris Agreement.

Emitters trimmed their net short position in California Carbon Allowances (CCAs) while depleting their RGGI Allowance (RGA) net length this week, as financial entities did not alter their holdings to a significant degree, according to US Commodity Futures Trading Commission (CFTC) data published Friday.

The number of entity accounts pending approval to participate in California’s WCI-linked cap-and-trade system continued to balloon during the second quarter, according to Carbon Pulse analysis of government data published Friday, as more speculators sought physical exposure to the market.

A summary of legislative, regulatory, and policy action on carbon, clean fuel standard, and clean energy markets at the US federal and subnational levels this week, including a Maryland climate plan that features an economy-wide cap-and-invest programme, and a California Senate committee advancing two carbon credit related bills.

Washington state will offer an identical number of current vintage allowances at the August auction compared with the Q2 sale, according to a notice published Friday, with some of the volume stemming from consigned permits under the cap-and-trade programme.

Most emissions reductions needed for the EU to meet its 2030 climate ambitions fall under the bloc's Effort Sharing Regulation (ESR), with signs that nations will struggle to meet their binding annual national targets in non-ETS sectors even if they make use of provisions to tap abatement from the ETS or land use sectors.

Carbon credits from a mangrove project in Colombia have been downgraded to a moderate chance of achieving a tonne of carbon avoidance or removal , while credits from three other projects, including a cookstove project in Somalia, have been given low chances.

Representatives of EU nations failed to find a deal on Friday to reform the bloc's electricity market to help speed decarbonisation amid continued squabbles on how nuclear and coal should be treated.

Venture capital funding in the carbon industry slumped in the first half of the year amid a general retrenchment in the climate tech sector, but largely because of a boom in 2022, according to research published on Friday.

A new nature-based voluntary carbon market standard on Friday said it will revise its focus following a consultation towards the assessment of ecosystem and habitat indicators as it looks to make an official launch in early September.

European carbon posted a small gain at midday on Friday after early declines amid thin trading as the quarter neared its end and traders closed their books, with a weak German auction contributing to a bearish feel while energy prices were slightly firmer as traders looked ahead to the start of Q3.