Carbon removals linked to UK ETS should have a project-risk assessment, says ratings agency
The UK government should incorporate project-level ratings assessments when they integrate domestic carbon removals into their Emissions Trading System (ETS), a ratings agency said Tuesday.
Read MoreEuro Markets: EUAs rally from early 1.1% drop with a boost from UKA jump as EU-UK summit confirmed
European carbon allowance prices fell away over the course of Tuesday morning before rallying strongly in the afternoon with UKAs, after Britain and EU confirmed a Jul. 22 date for a summit that’s expected to include an agreement to link carbon markets, while energy markets continued to weaken amid expectations of steadily improving supply from the Middle East in the coming weeks.
Read MoreNordic businesses urge EU to protect a strong ETS price signal
The EU Emissions Trading System (ETS) is finally delivering what industrial investments need most – a long-lasting, technology-neutral price signal for decarbonisation – and the upcoming reform needs to reinforce the market’s core function, a northern European business coalition said on Tuesday.
Read MoreBrussels aims for swift adoption of new benchmarks to release extra free EU ETS allowances
The European Commission will present in July a separate proposal with additional benchmarks for certain industries to increase their allocated free ETS allowances, alongside the revision of the bloc’s carbon market, and will work with co-legislators for a swift adoption, it confirmed on Tuesday.
Read MoreEuropean steel and chemicals giants urge EU leaders to freeze ETS costs
Europe’s largest steel and chemical companies have urged EU leaders to halt rising carbon costs they fear will result from an expected reform of the bloc’s Emissions Trading System (EU ETS) due to be presented in July.
Read MoreEuro Markets: EUAs settle over €80 for first time in two weeks as peace deal, benchmarks boost confidence
European carbon prices surged early on Monday as markets reacted to the announcement that a peace memorandum between Iran and the United States will be signed later this week, and edged up further in the afternoon to cross the psychological €80 level after EU representatives voted to approve proposed benchmarks adjustments for free allocation.
Read MoreEU states back updated free allocation benchmarks in exchange of separate fallback proposal
EU member states approved on Monday the updated benchmarks used to determine the number of free ETS allowances handed to industries for the next five years, while Brussels also committed to put forward a new proposal with more specific ‘fallback’ values in July.
Read MoreECB climate report shows lower portfolio emissions, higher share of green bonds
The European Central Bank (ECB) saw a further decline in emissions linked to its sovereign and corporate bond portfolios last year, although most of the cuts stem from balance sheet run-off rather than decarbonisation of issuers, according to its latest climate-related financial disclosure.
Read MoreBRIEFING: Global governments urge Brussels to simplify CBAM compliance rules
Governments around the world have urged the EU to simplify what they describe as overly prescriptive and complex requirements for complying with its Carbon Border Adjustment Mechanism (CBAM).
Read MoreItaly attacks draft EU ETS review, says Brussels is undermining political deal
Italian Prime Minister Giorgia Meloni has launched a fresh attack on the EU Emissions Trading System (ETS) ahead of this week’s EU leaders’ summit in Brussels, accusing officials of using technical interpretations to overturn political agreements reached by member states.
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