Producers built and managed money cut their V26 RGGI Allowance (RGA) net holdings during the recent historic surge in futures prices, according to the latest US Commodity Futures Trading Commission (CFTC) data, which reported V27 RGA data for the first time, showing emitters with net length and managed money with a net short in the vintage.

Canal current – In a Wednesday announcement, California Governor Gavin Newsom (D) said the newly-launched $20 mln Project Nexus initiative will install solar panels over irrigation canals can cut evaporation, produce electricity, and improve system efficiency. The project brings together the California Department of Water Resources, Turlock Irrigation District, SolarAquaGrid, and the University of California, Merced in an academic and public-private partnership. Officials added that the pilot will help determine how the solar-over-canals concept could support the state’s clean energy goals and long-term drought resilience.

Verra released on Friday the final version of deforestation risk maps for Colombia, Cambodia, and the Mai Ndombe province in the Democratic Republic of the Congo (DRC).

CPP rulemaking schedule - Oregon's Department of Environmental Quality (DEQ) announced on Friday four advisory committee meetings from May-Oct. 2026 for the rulemaking for emissions-intensive, trade-exposed (EITE) industrial facilities under its Climate Protection Program (CPP). The committee will hold public meetings from 1000-1600 Pacific/1300-1900 Eastern on May 28, July 29, Sep. 15, and Oct. 21. All meetings will be held both in-person and virtually, except the July one, which will only be virtual. Meeting materials including a committee roster and memo overviewing the rulemaking can be found here, while registration for the July meeting can be found here. A coalition of industry, business, and labour groups recently launched a legal challenge against the CPP, seeking to have it invalidated.

Vermont superfund defence - In a Thursday submission, defenders of Vermont's climate superfund law argued against the Trump administration's ongoing challenge to the policy, saying US Supreme Court (SCOTUS) precedent from Hencely vs. Fluor Corp. undercuts the federal government's arguments that the state law is preempted and precluded by federal authority. Under this precedent, there are "few" and "rare" instances wherein state law is preempted by federal authority without an explicit source, which the US has failed to provide in its arguments, according to the filing by defendants. This constitutes a narrow definition compared to the broad one put forth in the case by the Trump administration. Additionally, plaintiffs have failed to show "significant conflict" between Vermont's policy and US policy, the defendants said, while indirect burdens on the federal government are insufficient grounds for preemption, they added.

AEM advanced – Horizon Fuel Cell has delivered the world’s first 5 MW anion exchange membrane (AEM) electrolyser system to a steel project in China, Global e-Fuels reported. The company’s subsidiary HET Hydrogen supplied the unit to Tianjin Zhonghe Energy Management for use at Rockcheck Steel’s industrial park in Tianjin. Horizon said the deployment would help test the technology at industrial scale, with the hydrogen to be used to reduce coal consumption and CO2 emissions.

Despite persistent attempts by some countries this week to dismantle key elements of the Net-Zero Framework (NZF) for global shipping, including removal of a carbon levy and decarbonisation fund, the framework has survived and is set to form the basis of further discussions.

Hydrogen hookups – The European Commission said its first hydrogen matchmaking round successfully connected supply and demand across 265 vendor projects, with most suppliers attracting buyer interest, Rigzone reported. The Hydrogen Mechanism covered renewable and low-carbon hydrogen and derivatives including ammonia, methanol, e-methane, and e-sustainable aviation fuel (eSAF), with suppliers from 33 countries offering volumes to buyers across 20 EU countries. It said 87% of suppliers received at least one expression of interest and 50% drew interest from three or more potential offtakers. Participants can now pursue bilateral talks outside the platform.

Spanish translation - The ART Secretariat announced on Friday the posting of translated documents in Spanish for Ecuador's jurisdictional REDD+ (J-REDD+) programme under the TREES standard. The translated documents are available here. A comment period of 30 days has been opened for the translations. All translated documents in the ART Registry are non-certified translations of the official English TREES documents, and are solely for stakeholder reference. In the event of any discrepancy, the English text shall prevail, the secretariat added.

With much of Europe enjoying a public holiday on Friday, EU carbon allowances took advantage of the low liquidity to test the upper end of the recent price band, while energy markets edged higher as Iran downplayed the likelihood of a ceasefire agreement with the United States.

Solar snag – The Carolinas Clean Energy Business Association (CCEBA) has challenged a decision to halt new solar procurements in North Carolina, arguing the move breached regulatory procedures and risks harming commercial energy users, E&E News reported. The industry group, whose members include Clearway, Google, and Duke University, has petitioned the North Carolina Utilities Commission to reverse an order pausing 770 MW of solar procurement for 2026. It said the decision was taken unilaterally by commission chair William Brawley without the required notice and comment period, in violation of state law.

E15 excluded – A US farm bill approved by lawmakers this week excludes a provision to lift summer restrictions on E15 fuel, E&E News reported. The House of Representatives is set to vote separately on an E15 measure on May 13, though its prospects remain uncertain amid Republican opposition, while proposed changes to small refinery exemptions have also drawn criticism from industry. Lawmakers also rejected an amendment to expand the Renewable Fuel Standard's definition of renewable biomass to include residual woody material from forest projects and lumber mills, voting it down 210-216.

FPIC concerns continue – In Brazil, the Articulation of Tocantins for Agroecology (ATA) has handed a document to an official from the Ministry of the Environment and Climate Change (MMA), alleging irregularities in the jurisdictional REDD+ (J-REDD+) programme in Tocantins. The ATA calls for the immediate suspension of the initiative, citing problems in the free, prior, and informed (FPIC) consultation process. The document was presented during a meeting of the Technical Working Group on Safeguards of the National Commission for REDD+ (CONAREDD+). ATA, together with other organisations, have raised concerns about alleged irregularities in the J-REDD+ programme in Tocantins for months. (AF Noticias)

Liberia faces losing vital development bank support unless it approves the sale of credits eligible under the UN's international aviation offsetting scheme (CORSIA), the Financial Times reported on Friday.

Pure carbon – Montoni Group has launched a nature-based carbon offset programme in Quebec aimed at removing residual emissions from its operations, Sustainable Biz reported on Friday. The Laval-based real estate developer said its ‘Pure’ initiative, which was internally launched in 2025, will focus on tree planting, ecosystem restoration, and conservation. Backed by a C$750,000 ($552,800) investment over three years, the programme is expected to remove 20,000-30,000 tonnes of CO2 by 2040, supporting Montoni’s carbon neutrality target. The company is focusing on projects it leads and develops over the purchase of carbon credits, which will enable rigorous monitoring, it said.

Based on the latest NDCs submitted, over 75% of parties have explicitly indicated their intention to participate in Article 6, but only around one-tenth of these are on the demand side, according to a UN presentation.

Standing ground - ExxonMobil and Chevron have resisted pressure from the White House to boost oil production despite a severe global energy crisis. Executives, including Exxon CFO Neil Hansen and Chevron CFO Eimear Bonner, said their companies would not alter existing production strategies, particularly in the Permian Basin, the FT reports. The crisis, intensified by conflict involving Iran, has disrupted oil output and refining across the Gulf and wider Middle East, tightening global supply. As a result, oil prices have surged to around $126 per barrel. This spike threatens to drive global inflation and poses political challenges for US President Donald Trump, who had pledged to cut fuel prices significantly. The companies’ stance highlights industry reluctance to rapidly expand supply despite geopolitical and political pressure.

There's more to Lhyfe - France risks lagging behind Germany in building a green hydrogen market due to slower implementation of EU regulations, according to Lhyfe CEO Matthieu Guesne, Montel reported. He noted that Germany has already set clear targets and is progressing toward a functioning hydrogen market, while France is still developing comparable mechanisms. France plans to introduce a system called Iricc to lower the carbon intensity of fuels, but its key targets are expected to be defined through secondary legislation rather than enshrined in law. Guesne criticised this approach, arguing it weakens the reliability of the framework because such targets are more susceptible to political changes. He emphasised that strong, stable, and legally binding targets are essential to provide long-term certainty and attract the significant investment needed to scale up green hydrogen production and infrastructure.

Leaked draft benchmarks, which are expected to be the final set of values, that will determine how many free carbon permits industrials receive under the EU ETS across 2026-30, are not likely to have a major impact on market prices, analysts have said, with one team forecasting an overall 4 Mt/year increase in handouts over the period, compared to the previous draft.

The European Union should make access to its carbon credit market conditional on countries adopting mandatory emissions pricing systems, according to new policy recommendations.

A Dutch project developer is waiting on a Letter of Authorisation (LoA) for Article 6 trade from Kenya to stave off the need for further capital raising or scaling back operations, it revealed in its annual report on Friday.

The Virgin Islands has launched a climate change trust fund, marking the first legally constituted trust of its kind designed to bridge the gap between global climate finance and local implementation.

Spiralling oil and gas prices due to conflict in the Middle East have left the world on the brink of recession, which would add heavy pressure to EU carbon prices amid industrial demand destruction, but the short-term shortage in barrels will likely give way to a wave of supply further down the line if there is a truce in hostilities, analysts have said.

The number of applications to submit land to New Zealand’s ETS remained in single digits in April, according to government data published Thursday.

Call for proposals - South Korea-based Global Green Growth Institute (GGGI) is seeking qualified consulting firms or consortia to submit proposals to help develop Papua New Guinea's green bond framework, it announced. The work is being funded by the Australian government's Climate Finance Initiative for Resilience and a Sustainable Transition project, with GGGI supporting the Bank of PNG through its Green Finance Centre in mobilising climate capital through innovative financial instruments. GGGI said the assignment will support a commercial bank develop an issuance ready green bond framework aligned with the country's green finance taxonomy, and other initiatives. Proposals are being accepted until May 20.