ARB issues strong rebuke to new study’s conclusions of rampant over-crediting in California’s forestry protocol
California regulator ARB repeatedly pushed back against a new study that found the state’s compliance forestry offset protocol allows for inaccurate baseline levels and for developers to utilise these loopholes to inflate credit issuances, according to responses published by the agency late Thursday.
Read MoreNA Markets: Bullish pressure pushes CCAs to 14-mth high, as RGGI prices rise amid Q1 emissions uptick
California Carbon Allowance (CCA) prices surged on the secondary market amid increased speculative demand over the week, while RGGI Allowance (RGA) values rose as entities looked to move positions further out on the curve.
Read MoreUPDATE – New study identifies gaps, over-crediting in California’s forestry offset protocol
California’s compliance offset programme could have erroneously issued up to nearly 40 million credits to forestry projects, and developers utilised gaps in the state’s protocol to inflate emissions reductions attributed to those initiatives, according to a non-profit study released Thursday.
Read MoreDominion backs RGGI auction procurement strategy, discloses pending secondary market purchase
Dominion Energy argued its auction-centric RGGI procurement strategy is a prudent approach to meet compliance obligations at a electricity rate hearing Wednesday, while adding the Virginia-based utility is also working on a multi-year secondary market purchase to cover CO2 output.
Read MoreRGGI should examine ways to regulate imported power, increase ambition -panel
The US RGGI cap-and-trade programme should consider incorporating imported electricity into the scheme during its upcoming 2021 review, while also increasing overall stringency, panelists said at an industry event Tuesday.
Read MoreCalifornia fuel consumption slumps to usher in 2021, data shows
California fuel consumption dropped year-on-year in January as COVID-19 restrictions imposed by Governor Gavin Newsom (D) continued to cause demand destruction in the transportation sector, according to state data released Monday.
Read MoreNA Markets: CCAs jump on increased speculative demand, bullish outlook on 2022 floor price
California Carbon Allowances (CCA) surged on the secondary market Monday amid further rises in outright and spread demand ahead of the May auction, as some said the trend bore similarities to heightened speculative involvement over the 2018-19 period.
Read MorePreliminary RGGI data shows significant YoY uptick in Q1 emissions
Four RGGI states have exceeded Q1 2020 carbon output levels for the first quarter of this year, while two large-emitting members are on pace to do the same, according to preliminary CO2 Allowance Tracking System (COATS) data.
Read MoreUS likely needs new legislation to hit its revised Paris climate goal -panel
The US will need to leverage existing programmes and regulatory authority to drive near-term emissions reductions, but federal legislation is likely required to hit its enhanced Nationally Determined Contribution (NDC) to the Paris Agreement, panelists told a conference on Friday.
Read MoreLeaders Summit on Climate: Officials highlight need for public, private action ahead of COP26
Government officials on Friday pushed for the public and private sectors to increase climate ambition ahead of the UN COP26 summit this fall, as the US and other countries announced a pair of initiatives to drive future reductions.
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