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OUR TOP NEWS:
Front-year vintage WCI allowances cleared at $12.52 (C$16.39) in last week’s joint California-Quebec quarterly auction, selling for 3.5% above the floor price of $12.10 and finishing firmly above the previous auction’s settlement price of $12.29 in May.
Trading volume in RGGI dropped 30% over the second quarter versus a quarter earlier, with 44.4 million units changing hands in spot and futures, as appetite for deals eased following a March compliance deadline, a quarterly review by the market’s official monitor Potomac Economics said on Tuesday.
European carbon prices sank on Wednesday amid technical selling and as traders braced for the return of higher auction volumes next week.
An ex-Mercuria carbon trader has joined Hartree Partners LP to help build an emissions desk at the global merchant commodities trading firm’s London office, a well-placed source told Carbon Pulse.
Bite-sized updates from around the world:
RGGI linked to significant emission cuts – RGGI is responsible for about half the US region’s emissions reductions, an amount far greater than reductions achieved in the rest of the country and GHGs would have been 24% higher without the cap-and-trade programme, according to a Duke University-led study.
As India works on its voluntary commitments to reducing its greenhouse gas (GHG) emissions, Indian experts explain how the country could cut its carbon emissions by nearly 70% using low-cost methods and, in the process, transform the lives of the poor. (Odisha Sun Times)
Hunt’s Direct Action abatement auction: a ‘market’ Marx would be proud of – Australia’s Environment Minister Greg Hunt likes to call his Emission Reduction Fund a market mechanism. But given the regulator’s omnipotent discretion and the opaque way the ERF is run, it doesn’t look anything like that, writes Tristan Edis, after last week’s ERF auction rule change. (Climate Spectator)
New Zealand to ban HCFC imports – The NZ government has started consultation on regulations that will “complete the phase-out of HCFCs in New Zealand by removing a residual category of wholesale import permits. This will enable us to meet our commitment to phase out ODSs by 2020 under the Montreal Protocol ahead of schedule”. HCFCs are an ozone-depleting substance and also a greenhouse gas. (Ministry for the Environment)
Creating a club of carbon markets – The Environmental Defense Fund proposes the formation of a club of carbon markets among willing countries where members could grant each other exclusive access to their own carbon markets. (International Centre for Trade and Sustainable Development)
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