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TOP STORY

Euro Markets: Carbon sets new record high ahead of drop in auction supply

Carbon prices leapt to a new all-time high late on Friday as traders positioned themselves ahead of a week of reduced auctions and as gas prices rose amid forecasts of a hurricane in the US Gulf.

AMERICAS

NA Markets: CCAs set second consecutive all-time high, as 20 mln call options come into the money

California Carbon Allowance (CCA) prices continued to set new all-time highs on the secondary market on Friday morning after the Q3 auction exceeded expectations this week, with more than 20 million call options now in the money.

WCI emitters sold off positions ahead of Q3 auction results, data shows

California and Quebec regulated entities sold futures and options positions last week ahead of the Q3 WCI auction results publication that far exceeded traders’ expectations, with financial firms adding to their length over that period, according to US Commodity Futures Trading Commission (CFTC) data published Friday.

US Carbon Pricing and LCFS Roundup for week ending August 27, 2021

A summary of legislative and regulatory action on carbon pricing, clean fuel standards, and clean energy at the US subnational and federal level this week, including developments in California and Pennsylvania.

ASIA PACIFIC

CN Markets: CEAs drop to lowest levels yet, as traders see more downside ahead

Chinese Carbon Emissions Allowances (CEAs) this week fell to their lowest level since the market launched, with traders expecting further drops in the weeks ahead amid a lack of demand.

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BITE-SIZED UPDATES FROM AROUND THE WORLD

Carbon Pulse has teamed up with CME Group to provide its clients with regular updates on the global carbon markets. Check out these briefs for the latest insights on pressing trends and events impacting markets, published every other week. Registration required

INTERNATIONAL

Crossed the line – Some 72 of the 130 climate-focused funds examined by think-tank InfluenceMap were found to be misaligned with the Paris Agreement goal of limiting global warming to well below 2C despite claiming to be “aligned” with it. These funds, which collectively hold more than $67 bln in assets, often hold shares in large polluters including big oil companies. (FT)

Kerry on – US Special Presidential Envoy on Climate John Kerry will head to China next month with plans to prod the world’s largest carbon emitter on taking stronger climate steps as the COP26 UN summit looms this fall. Kerry will be in Tianjin Sep. 1-3 after an Aug. 31 meeting in Tokyo, a source familiar with the plans told Axios and according to published reports. Via the Wall Street Journal, Kerry will “press Chinese leaders to declare a moratorium on financing international coal-fired projects”. The source familiar with his plans confirms that’s among several items on the agenda for talks between the two largest GHG emitting nations.

AMERICAS

Ambition opposition – Conservative Party Leader Erin O’Toole is facing criticism after rejecting Canada’s new Paris Agreement target in favour of a lower one first set by former Conservative Premier Stephen Harper. In anticipation of COP26 this fall, PM Justin Trudeau’s Liberal government recently increased its Paris GHG abatement goal to 40-45% below 2005 levels by 2030, up from the 30% target set by Harper. But O’Toole said the Conservatives’ climate change plan “will meet the Paris objectives” of 30%, despite the UN specifying the agreement works by countries coming up with “increasingly ambitious climate action” every five years. (Canadian Press)

SCC, please – The US EPA, in a pair of August letters, urged the Federal Energy Regulatory Commission (FERC) to revise draft environmental reviews for two natural gas projects to include a social cost of carbon calculation in order to better understand their impacts. Columbia Gulf Transmission has proposed new gas facilities in Louisiana that the EPA says would cause “over $205 mln dollars in climate damages per year.” Separately, Iroquois Gas Transmission has a proposed Northeast project that could do more than $144 mln in annual damage, the agency said. FERC is independent and does not have to follow EPA’s recommendations, but green groups said the agency is “extremely influential”, and using the carbon cost calculation could help meet President Joe Biden’s plans to decarbonise the US economy. (Utility Dive)

VOLUNTARY

Corteva credits – Seeds and farm chemicals company Corteva will partner with farm technology and services provider Indigo Ag to broaden its US agricultural carbon credits programme for the 2022 season, the company announced Thursday. The Corteva Carbon Initiative will initially pay farmers around $15 an acre for shifting to practices that pollute less, use fewer chemicals, or farm crops that pull carbon from the atmosphere and lock it in the soil. The collaboration will expand Corteva’s two-crop pilot project in three states this year to an 11-state programme that covers 17 different crops. The credits generated will be sold on Indigo’s online carbon trading marketplace to companies seeking to reduce their carbon footprint, including Barclays, JPMorgan Chase, Ralph Lauren and New Belgium Brewing. (Reuters)

AND FINALLY…

Royal rumble – Britain’s Queen Elizabeth will attend the COP26 UN climate conference in Glasgow in November, organisers have confirmed, the BBC reports. The 95-year-old monarch will be among the 120 heads of state expected, including President Biden. Others among the 20,000 delegates expected to travel to Scotland include Pope Francis and climate campaigner Greta Thunberg. Meanwhile, activist group Extinction Rebellion activists have dyed a memorial fountain by Buckingham Palace – the Queen’s residence – blood red in a protest against use of crown land for hunting and animal agriculture that the group say are contributing to the climate and ecological emergency and the death of animals, the Daily Mirror reports.

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