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UK keeps carbon price floor in place for another year
The UK will maintain over fiscal 2023-24 its freeze on the rate of its Carbon Price Support tax on power sector CO2 emissions, the finance ministry said in its budget on Wednesday, while cutting fuel duty on domestic flights and cancelling a planned rate rise for cars. Read MoreTop
Carbon-backed crypto initiative buys nearly 7 mln offsets in first week after launch
A digital currency protocol backed by carbon credits has purchased close to 7 million VCS units in the first week after its launch, while reaching a market cap of over $1.1 billion. Read MoreTop
Euro Markets: Midday Update
Carbon prices lost touch with their recent highs on Wednesday morning, drifting in concert with energy markets amid a slowdown in trading activity. Read MoreTop
Government offset announcement stuns China’s carbon market
China’s carbon market was paralysed on Wednesday as traders stepped back to digest news that the government will allow all CCER types to be used for compliance in the national emissions trading scheme. Read MoreTop
Global investors call for accelerated climate policy action as COP26 nears
Over 700 institutional investors representing $52 trillion in managed assets have called for governments to take ambitious policy action to avoid a “catastrophic” rise in global temperatures and to manage climate risk, according to a statement from the combined group of financial heavyweights released on Wednesday. Read MoreTop
Chinese banks tie interest rate to carbon emissions performances
Some Chinese lenders have begun offering interest rates linked to emission levels, as the nation’s financial sector strive to develop new climate-related products. Read MoreTop
EU emissions drop 10% amid pandemic restrictions as renewables rise to top
EU greenhouse gas emissions fell 10% in 2020 as pandemic restrictions curbed factory and transport output, while renewables overtook fossil fuels for the first time in the bloc’s power mix. Read MoreTop
By the numbers: A snapshot of the EU ETS – 2020-21 edition
The European Commission on Tuesday released its annual report on the functioning of the EU ETS, which covered the market’s developments in 2020 and into 2021. Read MoreTop
G20 carbon pricing still lagging even as coverage improves -OECD
Nearly half of all energy-related CO2 emissions in major economies are now subject to a carbon price, though rates remain too low to lead a successful transition to net zero, the OECD said in a report published Tuesday. Read MoreTop
California gasoline usage hits pandemic high during July, diesel drops
California gasoline consumption rose to a new pandemic-era high in July despite remaining far off levels from two years ago, as diesel retraced from a 10-year record, according to state data published Monday. Read MoreTop
Canada sees former climate activist Guilbeault named new environment minister
Former environmental campaigner Steven Guilbeault was named Minister of Environment and Climate Change as part of Canadian Prime Minister Justin Trudeau’s new Liberal Party cabinet sworn in Tuesday, only days before the country’s delegation leaves for COP26. Read MoreTop
China rules all CCER offset types eligible for ETS compliance in 2019, 2020
China’s environment ministry on Tuesday said all domestic offsets will be eligible for use in the first compliance cycle of its national emissions trading scheme, including units generated almost two decades ago that have been banned from all the eight regional pilot markets for years. Read MoreTop
Spain refines ideas to curb EU ETS speculation, EU remains split on energy market action
Spain has unveiled several ideas for curbing EU ETS speculation as part of wider proposals to reform the bloc’s energy market, with Madrid urging the EU to explore the plans as part of its work to amend the Fit for 55 climate policy package. Read MoreTop
Euro Markets: EUAs test resistance at €60 as energy gives up early gains
EUAs forged higher on Tuesday to test technical resistance levels in thin trade, while energy prices gave up early gains amid signs of progress on the approval of the Nord Stream 2 pipeline. Read MoreTop
