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Analysts have increased their estimates for EU carbon prices, modestly raising their forecasts for end-2015 and 2016 compared to the last Carbon Pulse poll while boosting, on average, their expectations for EUAs by at least 9% for the final four years of Phase 3 (2013-2020).
European carbon soared to a seven-week high on Friday, bolstered first by a strong German auction, then by short-covering as prices breached a key technical level that had capped the front-year futures since mid-September.
WCI prices inched higher this week as RGGI prices stalled, though both markets were fairly illiquid as an Argus industry event occupied many participants.
Spot NZUs closed Friday at NZ$6.80 ($4.54), up 5 NZ cents on last week, but most of the volume traded was for 2017 delivery as some took advantage of what could be seen as cheap forward prices, market participants said.
New York State Governor Andrew Cuomo on Thursday ordered state agencies to begin work with other states and jurisdictions to develop a North American carbon market.
Closing prices, ranges and volumes for China’s regional pilot carbon markets this week.
A table of Verified Emission Reduction (VER) prices and offered volumes, based on voluntary market data from Carbon Trade Exchange.
The UN draft climate text’s retention of a Kyoto Protocol provision for carbon market use to be “supplemental to domestic action” may reduce clean-technology investment to developing countries and the role of international carbon trade, business lobby IETA said. (Bloomberg)
Energy efficiency investments globally since 1990 prevented more than 870 million tonnes of carbon emissions in 2014 while slicing IEA countries’ fuel costs by $550 billion. (IEA)
The Global Innovation Lab for Climate Finance, with cash from philanthropic foundations and several richer nations, is launching a second funding cycle inviting ideas on identifying, developing, and delivering climate finance initiatives for developing nations. Application deadline Nov. 6.
Primer on the EU’s ‘Energy Union’ – is it a real thing, or a Brussels branding exercise? Politico has a primer on the state of play while IDDRI’s Oliver Sartor questions if EU leaders will shy away from effective governance of the 2030 climate and energy targets other than the EU ETS when they meet on Nov. 26. (Energy Post)