WCI Markets: CCAs stretch all-time highs near $38 as potential allowance budget cuts surprise, WCAs rise past Tier 2 reserve price
California Carbon Allowance (CCA) prices barnstormed as much as 10% over the past two days to new record highs after the state published larger-than-expected scenarios for cutting cap-and-trade allowance supply, while Washington Carbon Allowance (WCA) values climbed ahead of the programme’s permit reserve sale next month.
Read MoreCalifornia H1 power emissions plummet nearly 20% after meagre June total
California electricity sector CO2 output held at 10-year lows through the first half of the year as renewable and hydroelectric power generation remained high, according to data published Wednesday.
Read MoreUS forms methane emissions task force, reiterates prior mitigation commitments
US President Joe Biden’s administration announced a new Cabinet-level task force on Wednesday to help government agencies and stakeholders slash methane output, as it repeated previous steps the country will take to curb the potent greenhouse gas.
Read MoreMajority of $20 bln in Amazon oil and gas financing sourced from just eight banks -report
Only eight banks are responsible for over half of the $20 bln in direct financing of recent oil and gas activities in the Amazon rainforest, according to a report published Tuesday, as South American nations ready an agreement to stamp out illegal deforestation in the biome by 2030.
Read MoreMore speculators flock to Alberta compliance offset market
Two more speculative players have accumulated positions in the Alberta offset market under the Technology Innovation and Emissions Reduction (TIER) regime, building on the credit holdings that existing financial entities have accumulated in the programme.
Read MoreCalifornia gasoline sales stagnate, diesel recedes in April
California gasoline consumption held steady in April while diesel sales dropped, according to recently published state data, leaving transportation sector cap-and-trade emissions to still trail year-ago levels.
Read MoreBritish Columbia proposes tighter large emitter programme benchmarks, credit usage limits than Canadian peers
The British Columbia government will impose more stringent emissions benchmarks and usage limits on performance credits and offsets than other Canadian jurisdictions as it commences an output-based pricing system (OBPS) for industrial facilities next year, according to a recent provincial plan.
Read MoreUS EPA rejects nearly all outstanding Renewable Fuel Standard waivers
The US EPA on Friday denied almost all pending petitions for small refineries to receive compliance relief under the Renewable Fuel Standard (RFS), consistent with President Joe Biden’s administration’s past approach to the programme.
Read MoreUS Carbon Markets and LCFS Roundup for week ending July 14, 2023
A summary of legislative, regulatory, and policy action on carbon, clean fuel, and clean energy markets at the US federal and subnational levels this week, including the continued progression of climate disclosure and anti-greenwashing bills in California, and the introduction of bipartisan federal legislation to limit Renewable Fuel Standard (RFS) costs.
Read MoreVirginia regulator approves Dominion RGGI rider reinstatement
A Virginia regulatory agency granted the reinstatement of utility Dominion Energy’s request to recoup the costs of tens of millions of RGGI allowances on Wednesday via an extra charge on customers’ bills before the state’s planned exit from the power sector carbon market this year.
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