California lays out initial concepts for LCFS target step change, auto-acceleration mechanism
California regulator ARB on Monday published its initial design considerations for mechanisms to ratchet up the stringency of the Low Carbon Fuel Standard (LCFS), including a one-time ‘step change’ in the programme’s carbon intensity (CI) targets and a measure to automatically tighten the GHG reduction goals if set parameters are hit.
Read MoreNew York schedules cap-and-trade webinars to inform rulemaking design
New York government agencies on Friday announced a series of webinars next month to solicit initial input on crafting the state’s cap-and-invest regulation, as it also disclosed the rough process for completing the rulemaking and said it will consider the design of existing North American economy-wide carbon markets.
Read MoreUS Carbon Markets and LCFS Roundup for week ending May 19, 2023
A summary of legislative, regulatory, and policy action on carbon, clean fuel standard, and clean energy markets at the US federal and subnational levels this week, including North Carolina’s Senate passing a budget that would block a RGGI-modelled cap-and-trade system, Colorado regulators considering a market-based climate programme for industrial emitters, and New York lawmakers advancing clean fuel standard legislation to the Senate floor.
Read MoreUS DOJ gives California man 40-month prison sentence for biofuel credit fraud
The US Department of Justice (DOJ) on Friday sentenced a Los Angeles resident to 40 months in prison after he pled guilty to wire fraud by selling fraudulent biofuel credits under the Renewable Fuel Standard (RFS).
Read MoreVerra to move ahead with carbon credit labels for removals, Article 6 readiness
Offset standard manager and developer Verra on Friday said it will launch carbon credit labels to signify emissions removals and compatibility with the Paris Agreement, while ditching designations for other project attributes.
Read MoreCanada govt watchdog report on steep clean fuel standard costs generates stern rebuke
Canada’s government budget watchdog on Thursday said the impending Clean Fuel Regulations (CFR) will cost some residents over C$1,000 in 2030, though Prime Minister Justin Trudeau’s administration and researchers said the analysis was highly flawed.
Read MoreUPDATE – California legislature declines stronger 2030 GHG goal and LCFS credit restrictions, moves cap-and-trade review to first floor vote
A California legislative committee on Thursday held bills that would have ratcheted up the state’s 2030 GHG reduction target and throttled Low Carbon Fuel Standard (LCFS) crediting from dairy digesters, though lawmakers did send to the floor proposals to review the state’s WCI-linked cap-and-trade programme and implement other climate policies and disclosure requirements.
Read MoreZimbabwe voids all existing carbon offset agreements, lays claim to half of future proceeds -report
The Zimbabwe government has declared all current carbon offset deals in the country “null and void” and will take a 50% revenue cut of all future contracts, a media outlet reported Tuesday, in what could further imperil a large, already beleaguered REDD+ project and set a precedent for other countries to extract similar concessions.
Read MorePREVIEW: WCI Q2 auction primed for discounted settlement, with outside chance of a premium
Most traders expect the California-Quebec current vintage carbon auction on Wednesday to clear at a small-to-medium discount to prevailing allowance prices, though some feel bolstered sentiment in the WCI programme could lead to the first premium settlement in a year.
Read MoreIncubEx, Nodal Exchange unveil first DEBs-tagged California offset futures contract
Environmental products developer IncubEx and commodity trading platform Nodal Exchange this month will launch a California Carbon Offset (CCO) futures contract for credits that have direct environmental benefits to the state (DEBs).
Read More