UN chief warns Davos on climate inaction, global risks
UN Secretary General Antonio Guterres told the World Economic Forum (WEF) on Monday that there is no sign that governments are planning to effectively manage climate risks, urging the private sector to step up efforts and avoid greenwashing well ahead of November’s COP27 UN climate talks in Egypt.
Read MoreVCM Report: Nature-based contract hits new heights while CORSIA units falter
Standardised nature-based voluntary emissions reductions (VER) prices found strength this week, while technology-based CORSIA-eligible credits and others generally flatlined or sank.
Read MoreCarbon Cap fund ends 2021 with 59% gain as average carbon allowance price tops $60
Fund manager Carbon Cap’s World Carbon Fund closed 2021 with a 59% annual gain, as allowances prices in the five main cap-and-trade systems rose to an average of $60/tonne, the company said on Monday.
Read MoreVirginia Republican governor commences process to end RGGI-linked programme
Virginia Governor Glenn Youngkin (R) on Saturday issued an executive order to assess and ultimately sever the state’s RGGI-linked cap-and-trade regulation, though it is uncertain when or even if the new leader can end Old Dominion’s membership in the power sector carbon market without new legislation.
Read MoreFinancial players’ CCA length rises back towards 100 mln, emitters add to holdings
Speculators significantly increased their California Carbon Allowance (CCA) holding this week as prices dove, while compliance entities modestly decreased their net short position, according to US Commodity Futures Trading Commission (CFTC) data published Friday.
Read MoreQuebec free carbon allowance allocation inches down in 2022
Quebec’s initial free allowance distribution for 2022 slightly regressed from the previous year, even as the number of industrial cap-and-trade emitters receiving allocation increased, according to data published by the province’s environmental ministry.
Read MoreUS Carbon Pricing and LCFS Roundup for week ending Jan. 14, 2022
A summary of legislative and regulatory action on carbon pricing, clean fuel standards, and clean energy at the US subnational and federal level this week, including a market-based climate policy in New Mexico.
Read MoreUS Federal Reserve nominee likely to advance climate lens in financial regulation, oversight
President Joe Biden announced his nominations for three top Federal Reserve officials on Friday, advancing climate change considerations into the central bank’s influence over the financial sector.
Read MoreBiofuel, EV groups seek stronger California LCFS targets, as refiners more measured
Credit generators under the California Low Carbon Fuel Standard (LCFS) called on regulator ARB to strengthen carbon intensity (CI) reduction targets for the programme, while refiners said a long-term market signal was important but declined to provide specific goals, according to public comments.
Read MoreRebound in demand saw global electricity emissions spike by 7% in 2021, IEA says
Strong growth in global electricity demand of 6% in 2021, brought about by the recovery of global GDP from the Covid-19 induced slump from the year before and extreme weather conditions, saw electricity CO2 emissions spike by nearly 7% to reach a record level in the year of COP26, the International Energy Agency (IEA) stated on Friday.
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