Stronger regulation needed to keep BioCCS in check, think tank says
Tighter regulation of biomass use will be needed in Europe if the EU starts incentivising bioenergy with carbon capture and storage (BioCCS) on a large scale to meet its net zero emissions target, according to a Danish think tank.
Read MoreEU’s next Paris commitment coming “in good time”, Commission official promises
The EU will submit its Nationally Determined Contribution (NDC) “in good time”, anchored by a new target for emissions reductions, a European Commission official promised lawmakers in Brussels on Wednesday, amid calls from some for a more relaxed approach.
Read MoreEuro Markets: EUAs take back two days of losses amid macro relief rally, despite gas decline
EU carbon prices took back the previous two days’ losses in a strong session on Wednesday, benefiting from a wider relief rally that followed calming overnight headlines linked to the US, while UKA prices advanced to their highest in a month as optimism grew ahead of an EU-UK meeting that will likely see market linking discussed.
Read MoreINTERVIEW: EU’s 2040 climate target must be met domestically – without Article 6 credits, MEP says
Allowing international carbon credits to meet the EU’s 2040 climate goal risks dealing a fatal blow to the bloc’s Emissions Trading Scheme (ETS), warns Swedish MEP Emma Wiesner, who is mounting a pushback in the European Parliament against the idea.
Read MoreANALYSIS: EU carbon analysts play down ETS2 delay, despite political backlash
EU carbon analysts struggle to see a political avenue for delaying the introduction of the new ETS2 emissions trading system, despite rising fears across several EU member states about the impact of the consumer-facing pricing mechanism.
Read MoreCarbon removal credits unlikely to be considered for EU CBAM compliance until mid-2030s, expert says
While foreign countries may accept international credits to achieve their climate targets under the Paris Agreement, the EU is unlikely to consider allowing carbon removal (CDR) units for compliance under its Carbon Border Adjustment Mechanism (CBAM) until the mid-2030s, according to an expert consultant.
Read MoreEuro Markets: EUAs drop as fresh US-linked uncertainty rattles markets
European carbon prices started the week with a 2.3% loss, gapping sharply down from last Thursday’s closing level, as the market responded to news reports over the weekend casting doubt on the tenure of US Federal Reserve chair Jerome Powell, with bearish gas amid strong supply adding further weight to EUAs.
Read MoreEuro Markets: EUAs post weekly gain as traders book profits ahead of extended Easter break
European carbon prices dropped away on the last trading day before the Easter break, but ended the week up 1.7% as the market squared its books ahead of the four-day break and some participants booked profits after a 9% rally over the last six days.
Read MoreGermany steps away from hydrogen towards CCS for new gas fleet
Germany plans to move away from a focus on hydrogen to decarbonise industry, with carbon capture and storage (CCS) now on the menu as the new government pushes forward with gas-fired power plans.
Read MoreCarbon price critical to making low-carbon steel competitive, ArcelorMittal says
Supportive policy and a global price on carbon will be critical to making low-carbon steel production competitive, according to steelmaker ArcelorMittal, which reported on Thursday that it had almost halved its emissions footprint since 2018.
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