Carbon Pulse

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

WCI regulated entities shifted carbon allowances and offsets into compliance accounts during Q4 2020 ahead of California’s interim cap-and-trade true-up deadline, while the state moved nearly 23 million allowances into Allowance Price Containment Reserve (APCR) tiers, according to data published Thursday.

The Democratic Senate victories secured this week will enable US President-elect Joe Biden (D) to more easily reverse Trump-era environmental rollbacks, confirm political appointees, and advance green spending and infrastructure provisions, but the razor-thin majority in both Congressional chambers will still create hurdles to pass more aggressive federal climate legislation, experts told Carbon Pulse.

RGGI Allowance (RGA) prices surged to an all-time high on thin demand this week as Democrats secured a majority in the US Congress, while California Carbon Allowance (CCA) values inched slightly above the programme’s 2021 floor price.

EUAs stormed to a new all-time high on Thursday, stretching Monday's record as energy markets also notched gains.

To support the expansion of the Environmental Markets side of the business, this position is responsible for supporting the development and management of Environmental market analysis activities for the Gazprom Marketing & Trading (GM&T) business in London. The role will be directly reporting into the Head of Fundamentals and Analytics.

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

New York and Washington Democrats pre-filed low-carbon fuel standard (LCFS) bills ahead of the start of each state’s legislative sessions, building on increased subnational momentum in recent months to enact the market-based clean fuels programmes.

California gasoline and diesel consumption fell in September as the COVID-19 pandemic continued to temper demand across the Golden State, likely leading to lower fuel sector emissions under the WCI-linked carbon market, according to state data.

Romania's president has requested a criminal investigation be launched against a former environment minister accused of bribery and instigating embezzlement, in a case involving the exchange of free EU carbon allowances for metal products.

EUAs jumped back above €33 on Wednesday, defying weaker energy prices in a late surge coinciding with wider markets rising in anticipation that Democrats would gain control of the US senate.

The Northeast RGGI cap-and-trade scheme has shifted Q1 auction volume for the programme's upcoming five-year surplus bank adjustment, with more than 18 million allowances withheld from quarterly sales, according to a Carbon Pulse analysis.

Setting a carbon border tax on imports is the preferred option among respondents to a key consultation on the EU carbon border adjustment mechanism (CBAM), the results of which are meant to inform the European Commission’s design and implementation of the measure.

Swiss-based commodities trader Trafigura set its first emissions reduction target on Wednesday, aiming to cut its scope 1 and 2 emissions by at least 30% under 2020 levels by the end of its 2023 financial year.

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

Most countries have missed a year-end deadline to update and enhance their GHG reduction commitments as the Paris Agreement took effect on Jan. 1, putting more focus on the need for greater climate ambition from large emitters this year to help close the gap to achieving the pact’s temperature goals.

A federal court granted California and WCI, Inc. a filing extension on Monday in a US Department of Justice (DOJ) lawsuit challenging the Golden State’s cap-and-trade linkage with Quebec, pushing the timeline of the case well into President-elect Joe Biden’s tenure. 

Massachusetts sold all 1.6 million allowances for its in-state Global Warming Solutions Act (GWSA) cap-and-trade programme last month, with permit prices in the power sector scheme continuing to slide downward, according to an auction report.

EUAs dropped below €33 on Tuesday, giving back much of the previous session's record-setting gains after breaching technical support and amid pressure from weaker energy prices.

E3G is looking to recruit two roles to support the UK COP26 Presidency Energy Transition Council. The roles will also provide practical support and expertise to E3G’s broader efforts on energy transition, working with governments, civil society, philanthropy, and the private sector.