NA Markets: CCAs rise on bullish 2022 floor price outlook, as RGGI stalls on low compliance demand
California Carbon Allowance (CCA) prices climbed on the secondary market this week due to rising 2022 floor expectations and an uptick of spread trading, while RGGI Allowance (RGA) values stagnated despite participants’ growing beliefs of unmet demand from emitters.
Read MoreApple creates $200-mln forestry fund with eye toward decarbonisation goal
Apple announced a fund on Thursday to invest in profitable forestry projects that remove carbon, with the tech giant aiming to use the GHG reductions to reach its 2030 CO2 neutrality goal.
Read MoreDominion Energy argues RGGI allowance approach is “prudent” as it carries short position into Q2
Virginia utility Dominion Energy backed its auction-focused approach to RGGI compliance amid criticism about failing to account for long-term CO2 abatement trends, while the company disclosed it held a small shortage in the regional power sector carbon market through Q1, according to public documents.
Read MoreMinimal US carbon price could help spur investment in green assets, study finds
A modest CO2 price could help spur investment, bolster economic growth, and help the US meet long-term climate goals, with the mechanism having little impact on economic recovery from the COVID-19 pandemic, according to a new report published Tuesday.
Read MoreEnvironmental justice, green groups aim for higher TCI prices and more equity principles in final Model Rule
Transportation and Climate Initiative Program (TCI-P) jurisdictions should raise the proposed fuel sector carbon market’s minimum and reserve tier trigger prices, while providing additional clarity and responsibility for equity advisory groups, environmental organisations wrote in public comments.
Read MoreRising US inflation pushes California cap-and-trade floor price expectations close to $19
California’s WCI-linked cap-and-trade floor price is on track to rise near $19 in 2022 due to higher inflation in March, according to federal data released Tuesday.
Read MoreVirginia industry groups argue numerous deficiencies should invalidate RGGI regulation
Virginia’s revised RGGI-modelled cap-and-trade rule should be invalidated because the programme represents an illegal tax, while tweaks to the regulation finalised last year failed to adhere to administrative requirements and went beyond legislative intent, according to a brief filed by an industry group last week.
Read MoreQuebec shifts 2019 carbon allowances into reserve as province issues new allocation
Quebec shifted past vintage allowances into its price containment reserve and doled out additional free allocations in Q1, with the remaining Vintage 2019 volume for the province’s cap-and-trade programme to be auctioned at the May WCI sale, according to the provincial environmental ministry.
Read MoreCoronavirus pandemic, restrictions led to 11% plunge in US energy-related emissions last year
US energy-related CO2 emissions declined by double-digits in 2020 as the COVID-19 pandemic and subsequent ‘stay-at-home’ orders reduced overall power consumption and vehicle miles travelled, according to federal data released Monday.
Read MoreFinancial entities add to CCA holdings as emitters trim positions
Speculators increased their California Carbon Allowance (CCA) holdings over the past week, while WCI emitters shed their holdings slightly, according to US Commodity Futures Trading Commission (CFTC) data published Friday.
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