RGGI Market: RGAs notch 8-mth high on CCA momentum, while Virginia repeal faces first challenge
RGGI Allowance (RGA) values kept up recent momentum to new register new year-to-date highs this week amid the latest spike in California Carbon Allowance (CCA) prices, while the first legal challenge to Virginia’s planned cap-and-trade repeal regulation was announced Monday.
Read MoreProducers opt for V23 CCA net length over next year’s contract, speculators bet on RGGI
Emitters favoured this year’s California Carbon Allowance (CCA) vintage contract as prices stalled prior to a workshop-fuelled rally, while financial players went in the opposite direction on the V24 contract and also picked up a significant amount of RGGI Allowances (RGAs), data from the US Commodity Futures Trading Commission (CFTC) showed Friday.
Read MoreEmerging technologies, hedging needs playing into California cap-and-trade budget cut decision, official says
California will factor in the viability of nascent low-carbon technology roll out and importance of having a permit bank as it weighs steeper cuts to cap-and-trade allowance budgets over the remainder of the decade, a senior official with state regulator ARB said Thursday.
Read MoreCalifornia carbon prices surge to all-time high after state floats steep allowance budget cuts
California regulator ARB on Wednesday presented several scenarios for removing cap-and-trade permits in order to hit the state’s more ambitious emissions reduction goals, sending allowance prices skyward to record highs as traders expressed surprise at the magnitude of the potential supply cuts.
Read MoreCanada eliminating most fossil fuel subsidies next year, becomes first in G20 to publish approach
The Canadian government announced Monday it will cease providing subsidies to fossil fuel operations and phase out public financing to the sector by 2024 with exceptions for carbon capture projects, drawing a mixed reaction from green groups.
Read MoreBrazil ETS regulation to reach congress in August, faces new opponent
Regulatory language introducing Brazil’s ETS to congress is expected in August, but an Indigenous group is vowing to oppose the measure over a lack of consultation, according to local media reports.
Read MoreCarbon developer seeks partnership with landowners in western Brazilian state
A Switzerland-based carbon project developer announced Friday it was planning new activities that comply with Verra and Gold Standard methodologies in a heavily deforested western Brazilian state by partnering with local landowners.
Read MoreDeveloper plans largest ever forest project in the Americas, won’t use REDD+
A Canadian carbon credit streaming company announced an 8.3 million hectare avoided deforestation project in Bolivia as part of a partnership with a private equity firm on Thursday, using a methodology the company claims will better meet the Core Carbon Principles than REDD+.
Read MoreBrazil needs $80 bln per year to reach net zero by 2050 -report
A report from an international consultancy group says Brazil will need to invest $80 billion per year to control its emissions, largely driven by illegal deforestation, and that carbon markets have an important role to play.
Read MoreUS CFTC voluntary carbon market convening hears criticism of standards
US federal government regulators heard pointed criticism of voluntary carbon standards, as agency officials defended their record and suggested greater participatory roles at the Commodity Futures Trading Commission’s (CFTC) second voluntary carbon markets ‘convening’ on Wednesday.
Read More