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The last three months have seen European power generation economics upended, as margins for gas-fired generation have been driven so low that not even a strong carbon price can restore them.
Analysts at a major investment bank have raised their EUA price forecasts for the period from 2022 through to 2030, citing a “rapidly tightening system leading to structural shortage” of allowances later in the decade.
EUAs consolidated their early gains on Tuesday, reaching a new five-week peak as energy markets also forged higher.
Czech utility CEZ saw its coal power output further decline in the first half of 2021, as a result of divestment of assets and a “deterioration of medium-term market conditions” following the increase in the EU’s climate ambition and a potential phaseout of Czechia’s coal-fired generation.
The head of European carbon research at BloombergNEF is leaving to join the trading desk of a large energy company, Carbon Pulse has learned.
California Carbon Offset (CCO) discounts are remaining close to historic highs despite a flood of speculators in the California Carbon Allowance (CCA) market this year, with participants saying credits are decoupling from permit values due to diverging buying interest.
A Houston-based environmental trader has joined a US-headquartered bank to lead their environmental desk, as more financial firms look to expand into the compliance and voluntary carbon markets, Carbon Pulse has learned.
The Beijing environment exchange has launched tenders for the construction of a registry and trading system for the national offset market, bringing the restart of the Chinese Certified Emissions Reduction (CCER) programme a step closer, though the exact launch date remains unclear.
New Zealand carbon allowances rose to yet another record high on Tuesday, taking the spot contract to just a hair’s breadth away from the NZ$50 level that would release volume from the cost containment reserve at auction.
Commodity price reporting agency S&P Global Platts announced the launch of four new voluntary carbon offset assessments on Tuesday, differentiating some credits between GHG reductions and removals while adding a tech-based category.
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BITE-SIZED UPDATES FROM AROUND THE WORLD
Steel cap – China’s steel sector has finished drafting a roadmap for peaking its carbon emissions, according to Economic Information Daily. Advocating a total cap rather than an intensity-based CO2 target for the industry, the steel association plan aims for more than 80% of China’s steel production capacity to finish upgrading facilities to meet ultra-low emissions standards by 2025. Currently, 61% of crude steel is undergoing or has finalised upgrades.
Maybe, baby – The Western Australia state government might legislate a 2050 net zero target as an upgrade from its current aspirational goal, Premier Mark McGowan said Tuesday in response to the IPCC report, according to the Brisbane Times. However, a ban on new oil and gas projects would not be on the agenda for the state, which is the home of the majority of fossil fuel projects that have pushed up Australian GHG emissions in the resources sector in recent years.
Half passed – The US Senate on Tuesday by a 69-30 vote passed a $1 trillion bipartisan infrastructure plan, which contains provisions on clean energy, CCS, and hydrogen. While the bipartisan infrastructure plan did not go far enough for many progressives to address climate change or boost households, Senate Majority Leader Chuck Schumer said the $3.5 trillion budget reconciliation package Democrats are moving to advance without Republican votes will “make generational transformation in these areas”. House Speaker Nancy Pelosi has stressed she will not take up the infrastructure bill or Democrats’ separate proposal to expand the social safety net until the Senate passes both of them. The House does not return from recess until Sep. 20. (CNBC)
Xs and Alb-Os – Carbon offset platform XELS on Tuesday announced it has partnered with AI and remote sensing company Albo Climate. The collaboration will enable XELS to validate nature-based carbon offset projects, including protected lands and reforestation efforts, through the use of Albo Climate’s scanning and monitoring systems.
At your Ecosystem Service – US offset developer and intermediary ClimeCo on Tuesday announced a partnership with forestland project developer and manager 3GreenTree Ecosystem Service. 3GreenTree pioneered Verra’s Improved Forest Management in Temperate and Boreal Forests Methodology (VM0012), which is a foundational document in the Afognak Forest Carbon Project, ClimeCo said in a press release.
Making their MARK – Farmer-owned cooperative GROWMARK and agricultural tech company Indigo Ag on Tuesday announced a joint effort to spur participation in agriculture carbon markets. Participating FS retailers will help farmers evaluate and enrol in Carbon by Indigo and implement beneficial farming practices. Upon enrolment, Indigo will leverage its capabilities for measuring and verifying on-farm environmental impact at scale to translate the effects of farmers’ efforts into a new source of revenue in the form of premium carbon credits.
SCIENCE & TECH
+44.01 – Carbon removal company 44.01 has secured a $5 mln seed funding round for mineralising CO2 via a naturally occurring stone called peridotite, found off the northern coast of Oman. Apollo Projects, an early-stage investment fund from Max and Sam Altman, led the round, and Breakthrough Energy Ventures participated, as did families in 44.01’s native Oman and environmental organisations in Europe. 44.01 is partnering with Swiss firm Climeworks and other carbon capture companies to provide an end point for their CO2 sequestration efforts.
Hashdexter’s Lab – Investment firm Hashdex has announced its newest bitcoin exchange-traded fund (ETF) offering in Brazil, BITH11, and the first to be carbon neutral. Hashdex said it would work with German carbon rating company CCRI to estimate the carbon footprint of all bitcoin acquired by the HNB ETF – the fund BITH11 invests in. The investment manager said it would then purchase carbon credits and invest in carbon-neutralising projects to offset its carbon footprint, limited to a yearly sum of 0.15% of HNB’s liquid assets total value. (Nasdaq)
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