Global emissions far off track for 1.5C, even as US GHGs to plunge to 1983 levels this year -reports
Countries are progressing on their GHG reduction targets too slowly to reach net zero emissions by mid-century, even as the COVID-19 pandemic may inadvertently put the US on track to meet its previous Paris Agreement goals, according to two reports published Thursday.
Read MoreCanada puts forth legislation for five-year GHG budgets, 2050 net zero target
Canadian Environment Minister Jonathan Wilkinson introduced a long-awaited bill on Thursday to install five-year GHG reduction budgets and a mid-century commitment to net zero emissions, with the forthcoming 2030 target to serve as an update to the country’s Paris Agreement goal.
Read MoreStakeholders see pathways for LCFS and CO2 pricing programmes in Washington, New York
Washington state Democrats are optimistic that reintroduced low-carbon fuel standard (LCFS) and cap-and-trade bills could pass in the 2021 legislative session, while a New York environmental advocate believes the state could implement a clean fuels programme as early as 2022.
Read MoreCalifornia may need to drop electric vehicles from the LCFS in the 2030s -ARB board member
The anticipated growth in electric vehicle deployment over the coming decades may eventually require California to drop the credit generator from the state’s Low Carbon Fuel Standard (LCFS), a board member of regulator ARB said Tuesday.
Read MoreAnalysts lower 2020 WCI emissions forecast on strained rebound for fuel, power sectors
The California-Quebec carbon market will experience further GHG abatement in 2020 due to a slower recovery in gasoline and electricity demand than previously expected and more efficient gas plants running in the Golden State, analysts said in a report published Tuesday.
Read MoreCOVID-19, LCFS could influence future WCI supply-demand balance
California Carbon Allowance (CCA) values will rise off the WCI auction reserve price in the first half of the decade, with the state’s Low Carbon Fuel Standard (LCFS) and COVID-19 pandemic playing a critical role in the linked cap-and-trade programme’s future supply-demand balance, a conference heard Monday.
Read MoreCalifornia regulated entities trim carbon allowance holdings before Q4 auction
Emitters slashed their California Carbon Allowance (CCA) position last week ahead of the Nov. 17 WCI auction and as prices increased on the secondary market, while speculators kept their holdings nearly unchanged, according to US Commodity Futures Trading Commission (CFTC) data published Monday.
Read MoreCalifornia should set carbon market caps in line with 2045 net zero target -IETA
California’s cap-and-trade programme should play a central role in the state reaching its carbon neutrality goal, with more stringent CO2 allowance budgets necessary to hit this long-term abatement target, business group IETA said in a report published Monday.
Read MoreQuebec bans new sales of gas-powered vehicles by 2035, issues industrials free carbon allowances
The Quebec government on Monday announced that it will phase out the sale of new gasoline-powered vehicles on the same timeline as WCI partner California, as the province’s environment ministry handed out more than 4 mln additional V19 permits.
Read MorePREVIEW: WCI participants see November carbon auction selling out under secondary market level
Traders anticipate the California-Quebec cap-and-trade auction on Tuesday will sell out after the last two consecutive sales went undersubscribed, with the current vintage price expected to settle at a discount to the secondary market.
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