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TOP STORY
RGGI Market: RGAs tank 9% following release of Third Program Review results
RGGI Allowance (RGA) futures fell over $2 or above 9% on Thursday following the release of results of the Third Program Review, a move long-awaited by market participants that concludes a multi-year reform process.
*NEW* DAILY NEWS TICKER
CP Daily News Ticker: 3 July 2025
Introducing the CP Daily News Ticker, a running list of all our news updated in real-time throughout the day. This is also the new home of our ‘Bite-sized updates from around the world’, which previously featured at the bottom of our CP Daily newsletter.
EMEA
DATA DIVE: Europe’s ETS-covered shipping emissions rise 5.2% in 2024
European shipping emissions covered by the bloc’s carbon market rebounded in 2024, rising 5.2% in large part due to diversions of container ships to avoid attacks in the Red Sea, according to a Carbon Pulse analysis of preliminary data published this week.
BRIEFING: Brussels considering an ‘exchange rate’ for CDR credits traded on EU ETS
The European Commission is looking into applying a “conversion factor” for carbon removal (CDR) credits when they are traded on the EU’s Emissions Trading System (ETS), among the wide range of options Brussels is considering to include CDR in the EU carbon market.
INTERVIEW: Norway’s updated NDC may boost demand for international credits, but market impact uncertain
Norway’s move to include international carbon credits in its 2035 climate plan could raise demand for Article 6 units, though the market impact will depend on who executes the trades and the quality of credits used, a carbon removal (CDR) expert told Carbon Pulse.
EU channels €4 bln of ETS revenues into Eastern Europe clean energy projects
An investment of €3.66 billion from the EU’s Modernisation Fund, funded by its Emissions Trading System (EU ETS), will support 34 energy-related projects in nine member states, the European Commission and European Investment Bank (EIB) announced on Thursday.
Euro Markets: EUAs consolidate after hitting six-day high as gas selling, tariffs trim early gains
European carbon prices consolidated on Thursday after prices hit a six-day high amid more aggressive buying after the daily auction saw the strongest bidding in six weeks, before easing off and handing back most of the gains as traders appeared to be waiting for next week’s end of the 90-day grace period ahead of possible US tariffs on EU goods.
EU urged to separate carbon removals from overall emissions 2040 goal -report
The European Commission’s newly proposed target to cut emissions by 90% by 2040 has triggered fresh calls to overhaul how carbon removals are treated under EU law.
Germany urged to use new EU ETS2 revenue for targeted social support, building upgrades
Germany should prioritise direct payments to households, affordable public transport, and targeted building renovation subsidies when spending revenues from the EU’s new Emissions Trading System for buildings and road transport, a policy briefing recommends.
UK govt hopes to blow new wind energy onshore, after decade of stagnation
The UK government is hoping to drive the development of up to 10 GW of onshore wind energy across the country, with a new strategy aimed at rolling back a de facto nine-year ban on wind turbines in England, it announced on Friday.
Share of coal in Poland’s power mix drops to record low in 2024 -think tank
The share of coal in Poland’s power mix fell to a record low of 56% in 2024, reflecting an accelerating but poorly planned energy transition in the country, a Polish think tank found in a report this week.
Scotland unveils tax on agricultural estates as part of new environmental plan
The Scottish government has released a draft environment strategy setting out goals such as to restore biodiversity and end its contribution to climate change, with proposed policies including a carbon tax on agricultural estates.
Big volume of CCP and CORSIA eligible cookstove credits expected from Madagascar
Large volumes of CORSIA and Core Carbon Principle (CCP) integrity-stamped cookstove credits are set to appear in the market after a project developer this week started to distribute around 250,000 biomass cookstoves to households in Madagascar.
Biodiesel production stagnates as waste-based feedstocks surpass crops in EU -report
Biodiesel production in the EU has flatlined despite the need for a major scale-up in renewable fuels to meet 2030 climate goals, while waste-based feedstocks have overtaken crop-based sources for the first time, according to a report published Thursday.
AMERICAS
US bill altering nation’s clean energy framework awaits Trump’s signature
The US House narrowly passed Republicans’ One Big Beautiful Bill Act (OBBBA) Thursday afternoon, overcoming Democrats’ last-ditch effort to delay the vote that ultimately delivered a significant blow to the nation’s clean energy industry.
Washington boosts total allowances on offer at Q3 sale
Washington’s Department of Ecology (ECY) will offer slightly higher allowances at the third quarterly auction of 2025, according to a notice published Thursday.
US renewable energy projects faced greater local opposition in 2024 -report
The number of renewable energy projects in the US facing local and state-level restrictions and contestations increased in 2024, according to a new report from Columbia University.
WCI Markets: CCAs dip amid dearth of developments, WCAs remain above $61
California Carbon Allowances (CCA) prices dipped slightly week-on-week (WoW) ahead of the July 4th weekend and amidst a lack of significant short-term drivers, while Washington Carbon Allowances (WCAs) continued to hold steady above the $61 threshold, traders said.
California slows down on power sector decarbonisation in May
California’s electricity sector contiues to set record-low CO2 monthly outputs, with renewables making up the largest percentage of the power mix in a year, but grid operator data shows the pace of decarbonisation is slowing down.
Dominican Republic debuts design for ETS pilot
The Dominican Republic has published a technical design report outlining key facets of a pilot emissions trading system (ETS), including 100% free allocation and substantial use of voluntary carbon credits.
Biochar developer’s field study finds crop yield improvements in Bolivia
A Bolivia-based project developer has found through a field study that applying biochar in agriculture can substantially improve soil health and boost yields, potentially decreasing dependence on conventional fertilisers.
ASIA PACIFIC
BRIEFING: Japan considers 10% cap for carbon credit use under national ETS
Japan is contemplating setting a 10% upper limit for the use of carbon credits and narrowing the scope of eligible projects under its emissions trading system, as the country seeks to better regulate the emerging market.
Japan’s looming ETS driving carbon pricing up, as govt looks to boost private green finance -official
The start up of Japan’s mandatory emissions trading system (ETS) next year is already pushing up the price of carbon credits in the country, as the government weighs up details like free allowances and the use of offsets – while working to boost private sustainable finance more broadly, a government official said in London this week.
Japanese companies invest millions in Australian hydrogen developer
Several Japanese industrial heavyweights have piled into an Australian smallcap hydrogen and helium player this week, investing a total of A$14.5 million ($9.52 mln) hoping to capitalise on its plans to develop hydrogen at lower cost as a plank to realising their own low-carbon ambitions.
Vietnam to join CORSIA from 2026, govt announces
Vietnam will participate in the voluntary phase of the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) starting 2026, according to a government directive published Wednesday.
Pakistan eyes global buyers for methane projects amid waste sector challenges
Pakistan is actively seeking international buyers for its methane offsetting projects, particularly from the waste sector which is struggling with data inadequacies and financial barriers.
Colombian standard teams up with Malaysian state to boost carbon, biodiversity market infrastructure
Colombia-based voluntary carbon standard Cercarbono has partnered with a Malaysian state to strengthen its carbon and biodiversity market ecosystems.
ID Market: June liquidity drops to near zero, capping a stop-start first half
Trading on Indonesia’s national carbon exchange tumbled to its lowest level in six months in June, ending the first half of the year on a subdued note despite some initial minor bursts of activity earlier in 2025.
VOLUNTARY
With highest deforestation rate in Brazil, Pantanal has potential for 16.5 mln carbon credits yearly -report
Brazil’s Pantanal wetlands have the capacity to generate 15.8 million REDD+ and 738,000 afforestation, reforestation and revegetation (ARR) carbon credits annually, according to a report published Thursday.
INTERVIEW: Blockchain-based credit exchanges can drive higher prices through robust accounting
The robust accounting system of blockchain is helping carbon credit buyers carry out due diligence and driving higher prices, according to an Isle of Man-based carbon credit exchange that has sold 1.6 million tonnes of credits so far this year – and is pushing back on scepticism of the technology.
Microsoft keeps the carbon removals market ticking over in June
Microsoft led the charge again last month in the carbon removals (CDR) market, accounting for the bulk of the buying amid a slow down from May, according to the platform CDR.fyi.
Combining biodiversity, carbon credits may bring disappointing results, paper says
Bundling or stacking biodiversity and carbon credits may face obstacles due to issues with additionality, cost, and ecological complexity, according to a paper released this week.
INTERNATIONAL
BRIEFING: Seville development forum seeks private mitigation finance, leaves debt
Several high-profile initiatives to stimulate private financing for climate mitigation launched this week during the Fourth Financing for Development Conference (FFD4) in Seville between June 30 and July 3, while critics panned outcomes for debt and global financial reform.
BRIEFING: International court marks first legally binding ruling on climate emergency, human rights
The Inter-American Court of Human Rights (IACHR) has issued a landmark advisory opinion outlining the obligations of states in responding to the climate emergency, marking a significant legal development at the intersection of human rights and environmental protection.
World Bank floats proposals for jurisdictional carbon credit contracts
Price floors, “right of first refusals” clauses, and call options for jurisdictional emissions reduction crediting programmes should be integrated into carbon contracts for REDD+ and other AFOLU sectors, the World Bank recommended this week.
Slashing $7 trillion in annual fossil fuel subsidies while properly pricing CO2 could cut global emissions by a third -study
Fossil fuel subsidies cost the world economy an estimated $7 trillion a year, but removing them and properly pricing the local damage from burning fossil fuels could cut global CO2 emissions by nearly a third while boosting welfare and government revenues, according to new research.
US climate policy rollback threatens to derail 1.5C, but it may bolster urgency -report
The rollback of US climate policies under the Trump administration carries serious implications both for tackling climate change and piling economic pressures on the US, but it could strengthen climate alliances among countries and heighten activism, according to a new report.
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COMPLIMENTARY REPORTS
CBAM: Break for the Border (Mechanism) – To what extent are the European Union’s top trading partners ready for embedded emissions reporting and how can this risk their compliance with EU CBAM? Wood Mackenzie’s Carbon Management experts share insights on the EU led global growth of CBAMs and how companies can be better prepared for upcoming compliance challenges and unique MRV requirements. Click here to access this complimentary report
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EVENTS
Carbon Forward Expo London: Oct. 7-9, London – Europe’s premier carbon markets conference. Our flagship event takes place in London once again, and will celebrate its 10th year analysing global carbon markets. Over three information-packed days, we’ll bring you leading experts, thought-provoking content, trailblazing organisations, lively discussions, and innovative thinking across the compliance, voluntary, removal, and renewable energy markets. This year’s edition will feature more side events, workshops, and our inaugural Startup Pitch Hub! More details and a call for proposals to follow. Super Early Bird discounts now available. Register
Carbon Forestry 2025: Aug. 19-20, Rotorua – The 2025 Carbon Forestry Conference draws foresters, managers, advisers, and lawmakers to discuss policy and market changes. Director John Stulen calls it a vital forum for the sector. Key topics include the Climate Change Commission’s latest advice on NZ ETS unit limits and price controls for 2026-30, aiming to restore confidence in emissions trading. Also central is the ‘Alt-F Reset’ report from the Parliamentary Commissioner for the Environment, which raises new, sometimes counterintuitive, ideas for land use adaptation. The event will shape future forestry and climate policy in New Zealand. Register
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