US House Democrats back CO2 pricing, national LCFS for 2050 net zero goal
Democrats on a US House of Representatives climate committee unveiled a sweeping roadmap Tuesday to decarbonise the economy by mid-century, including through carbon pricing and transitioning the Renewable Fuel Standard (RFS) into a nationwide Low Carbon Fuel Standard (LCFS).
Read MoreCalifornia to begin tagging DEBs-eligible offsets, accept out-of-state project applications
California regulator ARB will begin tagging in-state offset credits that meet the requirements of yielding direct environmental benefits to the state (DEBs) in the coming weeks, with an application process also expected to potentially qualify out-of-state projects with that distinction.
Read MoreLCFS Market: California credits dither as price cap set to kick in
California Low Carbon Fuel Standard (LCFS) values have sagged recently on a lack of demand, even as fuel production and vehicle miles travelled picks up and the transportation sector programme’s price ceiling takes effect later this week.
Read MoreCalifornia fuel sales collapse in March amid COVID-19 outbreak, larger cuts expected in April
California’s WCI-capped fuel consumption plummeted during March as a statewide ‘shelter-in-place’ order went into effect and stunted vehicle miles travelled across the Golden State, with federal data forecasting steeper drops in April.
Read MoreVirginia publishes revised RGGI regulation with state-run allowance sales
Virginia’s Department of Environmental Quality (DEQ) released a revised RGGI regulation on Friday that installs state-run auctions, cuts the 2020 CO2 budget and makes other technical changes ahead of its scheduled adoption later this summer.
Read MoreLow WCI allowance prices could reduce need for California refinery allocations -IEMAC
California should evaluate the future of refinery allocations under its WCI-linked carbon market if allowance prices are expected to remain near the floor price in the post-2020 period, a state watchdog said Friday, adding that regulators should also consider the impact of the supply surplus and possible auction changes.
Read MoreCalifornia offsets may have reached peak supply -developer
California carbon offset (CCO) supply may have topped out in recent years as protocol changes, manufacturing trends, and transitions to other climate programmes reduce future credit issuances, a project developer said Friday.
Read MoreUS threatens CORSIA exit if GHG baseline decision not made next week
The US will opt out of the first three years of the CORSIA offset mechanism for global air travel if other countries do not agree to alter the programme’s emissions baseline next week, with other nations potentially following suit, a Dutch minister said Friday.
Read MoreNA Markets: CCAs slip further below floor price, RGGI edges under ECR level
California Carbon Allowance (CCA) prices fell further below the WCI auction reserve value this week as secondary market activity declined, while RGGI allowances (RGAs) dropped beneath the supply-curbing Emissions Containment Reserve (ECR) trigger price.
Read MoreNortheast US carbon price must greatly exceed RGGI ECR values to hit emissions targets -report
CO2 prices three-to-seven times higher than RGGI’s Emissions Containment Reserve (ECR) trigger levels are necessary for New England states to meet their long-term economy-wide GHG abatement goals, according to an analysis commissioned by power producers that was published Wednesday.
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