Carbon Pulse

EU heads of state and government early on Friday adopted the 27-nation bloc's upgraded 2030 emissions reduction target of at least 55% below 1990 levels, after a whole night of negotiations at the European Council to persuade Poland.

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

The EU’s heads of state and government continue to discuss the increase of the 27-nation bloc emissions reduction target by 2030 well on to the night, as latest draft conclusions have made some concessions to Central and Eastern member states but differences remain.

A California watchdog group reiterated calls for state regulator ARB to address the WCI allowance surplus to encourage future emissions reductions, saying low prices could minimise the linked cap-and-trade scheme’s contribution to hitting the Golden State's 2030 GHG goal.

California Carbon Allowance (CCA) prices rose toward the 2021 WCI floor price this week with fewer sellers on the secondary market, as RGGI Allowance (RGA) values trended upward after the Q4 auction cleared above traders’ expectations.

United Airlines will eschew the use of traditional carbon credits in favour of direct air capture technology and sustainable aviation fuel in reaching CO2 neutrality by mid-century, the Chicago-based company announced Thursday.

Switzerland’s revised NDC is set to curb the country’s reliance on international credits, but intends to use flight ticket tax revenues to help compensate for emissions linked to fossil fuel imports.

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US biofuel credit (RIN) prices mostly trended down this week from multi-year highs, while a coalition of agriculture and biofuel groups challenged the EPA’s granting of several dozen Renewable Fuel Standard (RFS) compliance waivers for 2018.

European carbon prices jumped to a three-month high on Thursday on the back of rising energy prices, a looming supply shortage, and optimism surrounding efforts to adopt stronger EU climate targets, with EUAs now within sight of this summer's 14-year high as well as their all-time peak.

Hubei’s Wednesday auction for ETS participants sold just over half of the 2 million allowances on offer, with the remainder transferred to Friday’s open-for-all sale.

Australia now expects to emit 300 MtCO2e less than previously expected over the next decade, meaning it is set to easily meet its Paris Agreement obligations even without the controversial use of Kyoto carryover credits.

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

California issued more than 3.5 million new compliance offsets this week, as analysts revised their 2030 outlook for credits with direct environmental benefits to the state (DEBs) in light of greater projected supply. 

European carbon prices briefly rose above €30 again on Wednesday, but failed to close above this key level despite today's EUA options expiry and data showing a record build in investor interest in the market.

EU envoys reached an agreement on Wednesday over the bloc’s €17.5 billion fund to support coal regions in transition, in a compromise that excludes all financing for fossil fuel investments.

Nova Scotia’s Dec. 2 cap-and-trade auction settled significantly above the programme’s annual floor price for the second straight sale, according to results published Wednesday.

EU capitals will need to resolve outstanding issues on the bloc’s seven-year budget and coronavirus recovery plan ahead of a key summit starting Thursday afternoon if they want to agree on a higher 2030 emissions reduction target, although signs of a preliminary compromise is building optimism. 

California Governor Gavin Newsom (D) has selected California Public Utilities Commission (CPUC) Commissioner Liane Randolph to replace ARB Chair Mary Nichols, while naming three new appointees to the environmental agency's board ahead of the 2022 Scoping Plan process.