California carbon prices fell to an eight-month low this week as traders grew anxious over whether the WCI market could absorb its biggest auction yet, with activity grinding almost to a halt ahead of next week’s result.
Efforts by industrialised nations to reduce fossil fuel subsidies have slowed since the signing of the 2015 Paris Agreement while emerging economies have maintained pace in eliminating them, according to an OECD published Thursday.
WCI allowances are likely to lift from the market’s auction reserve price in the coming months but could surge more steeply if Wednesday’s record-breaking auction fails to sell out, according to analysts at ClearBlue Markets.
California officials released unofficial rulemaking documents to the Low Carbon Fuel Standard (LCFS) late on Tuesday, featuring more ambitious emissions reductions targets than previously discussed.
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