Carbon Pulse

The California Low Carbon Fuel Standard (LCFS) recorded its biggest quarterly surplus in the 11-year history of the programme during the fourth quarter of 2021, according to data published by state regulator ARB Friday.

EU member states want more flexibility over how they spend their carbon market auction revenue, according to a leaked draft document that suggests governments are pushing back on a proposal to earmark all EUA auction proceeds for climate purposes.

Production of sustainable aviation fuel (SAF) will fail to scale quickly enough to meet soaring demand for flying over the next three decades, leaving the industry still relying on carbon offsets to meet net zero pledges by 2050, according to analysts at an investment bank.

Discussions on preferred trade flows have become front and centre since Russia’s invasion of Ukraine, with ideas on how to protect domestic production, ban imports, and increase energy independence shaking the foundation of WTO rules that would govern carbon border adjustments.

A large European agricultural goods firm and shipping company have completed a biofuel trial that involved transporting a full cargo of orange juice from Brazil to Belgium as part of a voyage bundled with carbon credits that is claimed as the world’s first carbon-neutral shipment of its kind.

Energy firms have made heavy writedowns on assets owing to Russia’s invasion of Ukraine but these were more than offset by strong profits due to high fuel prices, according to quarterly results published on Friday, while several EU companies are also considering paying for Russian gas in rubles.

Carbon gave up early advances amid very light volume on Friday morning as the market eased into a long weekend, while energy markets weakened as traders continued to seek clarification over how to pay for Russian gas supplies without breaching EU sanctions.

Allowances in China’s national emissions trading scheme edged down marginally over the past week, but remained in the same range as in previous weeks with little going on to provide direction for traders.

An Australian carbon farming developer is launching a pilot programme combining carbon storage and koala habitat restoration work that it aims to earn ACCUs for.

Cutting exotic plantings from New Zealand’s ETS would come at a cost of tens of billions of dollars, according to a newly formed forestry lobby group, while the nation’s peak agricultural body is pushing for a two-year ban on the plantings.

CQC is hiring a Head of Sales and Business Development for Europe, Middle East and Africa (EMEA) to meet the increasing demand from companies and sovereigns in the region for carbon and sustainability solutions.

A government-appointed study group has released a draft set of guidelines and principles for how Japan should make use of carbon credits to meet its climate targets, which paves the way for significant use of international offsets in the GX League and for other voluntary purposes.

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

The California legislature this week gave first approval to two bills that would reform the state’s cap-and-trade regulation, one that would tie allowance supply to offset usage and another that would add public banking metrics for compliance instruments.

California Carbon Allowance (CCA) prices faded over the course of the week as buying interest waned and traders continued to digest the impact of regulator ARB’s preferred Scoping Plan path, while RGGI Allowance (RGA) values receded towards the Cost Containment Reserve (CCR) trigger price.

*PREMIUM LISTING – The Asia Society Policy Institute, a think- and do-tank that tackles major policy challenges confronting the Asia-Pacific, seeks an Associate Director of Clean Energy to develop and implement projects to support ambitious energy transition and climate action across Asia – and in China and Southeast Asia in particular – including the development of effective policies to accelerate the achievement of net zero emissions.

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*PREMIUM LISTING – West Africa Blue is seeking an outstanding professional with carbon project development or related experience to assist with the analysis, design and implementation of projects throughout West Africa, starting with the hands-on development of our project in the SRE. 

Efforts by a group of MEPs to raise ambition further in the EU ETS while killing a proposal for a second carbon market are unlikely to survive the full legislative process, experts told Carbon Pulse on Thursday. 

A US-based technology start-up has pre-sold $4 million of its tokens backed by nature-based offsets to a firm seeking to decarbonise buildings in urban environments.