International finance lobby group urges EU to broaden recognition of carbon credits under CBAM
A major international financial markets lobby group has urged the European Commission to ensure that carbon prices paid in third countries under the EU’s Carbon Border Adjustment Mechanism (CBAM) encompass all recognised compliance instruments, including domestic and international credits, warning that proposed restrictions could undermine the bloc’s objective of preventing double carbon pricing.
Read MorePREVIEW: EU summit to vent “discontent” over carbon market overhaul
European Union leaders are expected to air ongoing “discontent” at a summit on Thursday over the European Commission’s handling of a major overhaul of the bloc’s carbon market, after Italian Prime Minister Giorgia Meloni accused Brussels of ignoring political guidance agreed at a March summit, an EU diplomat said.
Read MoreEuro Markets: EUAs flat as energy markets struggle to digest potential Strait of Hormuz reopening
EUAs ended the day flat as energy markets seesawed amid a tentative reopening of the Strait of Hormuz, with participants pointing to rising European equities as offering an increasingly bullish signal.
Read MoreIndustry, NGOs unite in urging Brussels to exclude carbon credits from EU CBAM
NGOs and European industry associations are pushing back against the European Commission’s plan to allow international carbon credits to be deducted from importers’ Carbon Border Adjustment Mechanism (CBAM) fees, in a statement released on Wednesday.
Read MoreINTERVIEW: Chemicals, construction the biggest winners from EU ETS free allocation benchmarks decision
Chemicals and construction companies are the biggest winners from the latest changes to benchmarks used to determine the number of free EU Emissions Trading System (ETS) allowances handed to industries, according to an analyst from a carbon investment consultancy.
Read MoreEXCLUSIVE: European emitters boost shareholder payouts while receiving free EU carbon permits, data shows
Big European steel and petrochemical firms benefiting from free EU carbon allowances have channelled billions of euros into share buybacks since 2022 while scaling back green investments, according to data compiled for Carbon Pulse ahead of a crunch summit this week.
Read MoreCarbon 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.
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