UK govt projects bigger emissions reductions by 2050, policies ramp up
The UK is on track to meet its two domestic emissions reduction targets covering 2023-32, with energy demand and greenhouse gases set to fall by nearly a quarter out to 2050, according to government data published Tuesday evening.
Read MoreUK hydrogen programme moving ‘at pace’ as government lays out agenda for next year
The UK hydrogen strategy is moving “at pace”, with a number of key milestones reached in 2024, according to a strategy update released on Thursday, which also laid out what policy developments are expected in 2025.
Read MoreEuro Markets: EUAs slump late on resumption of sustained selling pressure
The December 2025 EUA future started its run as the benchmark carbon contract trading in a relatively narrow range on Tuesday morning, before prices slumped late in the day to post a 1.5% fall, triggered by a brief period of substantial selling that sources said reflected both positioning changes and technicals.
Read MoreUK seeks views on changes to ETS free allocation rules ahead of CBAM, confirms current period extension
The UK ETS Authority on Monday opened new public consultations on proposed changes to its method of calculating adjustments to free allocations related to carbon leakage, as well as on future adjustments to free allocations to account for the introduction of the country’s carbon border adjustment mechanism (CBAM).
Read MoreEuro Markets: Expiring Dec-24 contract posts 21% drop in 2024, as trading completes shift to new benchmark
Dec-2024 European carbon futures ended its run as the benchmark EUA contract 21% down from its level at the start of the year, with a 1.7% daily decline as weakening natural gas prices continued to weigh on carbon, while the front-December UKA ended its run down by 27% from Dec. 31, 2023.
Read MoreUK govt launches consultation on implementing CORSIA
The UK Department for Transport (DfT) has launched a consultation on Monday laying out proposals for how to implement the UN’s Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA), including potential fines for non-compliance.
Read MoreEuro Markets: EUAs hit five-week low ahead of benchmark contract expiry as prompt gas tumbles
EU carbon allowances fell to a five-week low on Friday, tracking a big drop in natural gas prices as reports emerged of negotiations to keep some Russian exports flowing to Europe next year, while carbon traders began to shift their attention to the Dec-25 EUA futures contract, which takes over as the benchmark early next week.
Read MoreUK plans “once-in-a-generation” energy investment blitz in bid to hit 2030 clean power target
The UK has unveiled a plan requiring hundreds of billions in investment to massively scale clean energy by 2030, as part of a strategy published Friday that outlines how the country will achieve at least 95% clean power by the end of the decade.
Read MoreEuro Markets: EUAs track gas plunge to fall most in 8 months as trading picks up across curve
EU carbon prices fell the most in eight months on Thursday amid selling on the back of weakening gas prices, after the bullish run-up ahead of Wednesday’s options expiry gave way to some profit-taking as volumes along the whole curve picked up before the Dec-24 futures contract expires next Monday.
Read MoreEuro Markets: EUAs jump to 8-day high ahead of afternoon options expiry before easing back
European carbon prices ended Wednesday modestly firmer after they rose sharply ahead of the expiry of the December options contract and fell back afterwards, while weekly positioning data showed investment funds continued to add to their net long positions last week, amassing the biggest bullish bias in 20 months.
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