Almost 30% of global emissions covered by carbon price last year, but only 6% at effective level, finds think tank
Some 28% of global emissions were covered by carbon pricing of some kind in 2024, yet only 6% were covered at an effective price to drive emissions reductions, found a new report by a climate non-profit.
Read MoreLawmaker calls for reality check on EU’s 2040 climate ambitions
There is still no majority in the European Parliament to back ambitious EU climate policies for 2040, a lawmaker has warned, pointing to a backlash on climate action within the dominant political group, the European People’s Party (EPP).
Read MoreINTERVIEW: GFS, FuelEU, EU ETS carbon levies on ships spawn new complexities in carbon market
Ships that transit through the EU may soon face three overlapping prices levied per tonne of CO2 above different, predefined thresholds, with added complexity arising from the several market-based flexibilities and contingencies left within the system.
Read MoreEuro Markets: EUA rally continues to be held in check by key level acting like “bouncer at a nightclub”
European carbon allowance prices headed back towards a key level on Wednesday morning, boosted by strong gains in natural gas and power markets after news of corrosion at a French nuclear reactor sparked a rally across energy markets, and weekly position data showed speculative participants had upped their bullish bets last week.
Read MoreBrussels outlines conditions for Article 6 use in EU’s 2040 climate target
The European Commission’s top climate official has outlined key conditions for using Article 6 international credits to meet the EU’s 2040 climate target, saying those need to rely on robust monitoring, reporting, and verification (MRV) systems, which are currently not in place, and will probably take years to develop.
Read MorePolish court says EU energy and climate policies infringe on sovereign rights
A Polish court has ruled that the EU’s energy and climate policies breach the country’s sovereign right to decide its energy mix and how it’s supplied, and found the climate action tools like the Emissions Trading System (ETS) can significantly affect national energy policy.
Read MoreCBAMs vital to decarbonising energy-intensive sectors, in absence of global carbon pricing -report
Border carbon fees are essential to cutting emissions from hard-to-abate sectors in the absence of international carbon pricing schemes, because they’re the only way in which developed countries can take responsibility for the emissions they import, according to a study published on Wednesday.
Read MoreUK climate advisers warn against including nature-based removals in ETS
Britain’s Climate Change Committee (CCC) has warned the government against including nature-based carbon removals, such as woodland creation, in the UK ETS, arguing that such a move risks undermining emissions reduction goals and distorting the carbon market.
Read MoreEuro Markets: EUAs drop by most in 3 weeks as falling gas prices end carbon’s 6-day winning streak
EU carbon allowance prices gave up Monday’s gains and recorded their first loss in six days, returning to the middle of their well-established range as activity picked up on Tuesday after a public holiday on northern Europe, while gas prices continued to drift for a third day as traders eyed news of additional supply deals.
Read MoreGlobal carbon revenues fall but 28% of emissions now covered by carbon pricing
Global carbon revenues fell in 2024, but for the second year in a row over $100 billion was raised for public budgets from pricing systems, according to a report released Tuesday.
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