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cCarbon News Round-up
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Daily Newsletter

In This Newsletter
1. Feature : Washington CFS Market Outlook 2031 | Analyst Note | May 2024
2. CCO Scorecard: Spread in DEBs vs Non-DEBs prices narrows for the first time in 12 months

3. Daily Price Change
4. Carbon & Clean Fuel Market News
5. Upcoming Webinars
6. Latest Insights

Washington CFS Market Outlook 2031 | Analyst Note | May 2024
The Washington Clean Fuel Standard (WA CFS) targets a 20% reduction in the carbon intensity (CI) of transportation fuels by 2037. This has resulted in the rapid growth in electric vehicle (EV) adoption, with 120,000 EVs currently on the road, and a significant rise in renewable diesel (RD) usage, driving increased credit generation. 

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Key Highlights :

  • The latest batch of CCO-8 issuances was below the YTD average, markedly down from the previous batch
  • Following a two-year high in CCO-3 conversions in the previous batch, the second batch for May 2024 dropped significantly
  • Average prices for Non-DEBs continue to pick up, reducing the DEBs vs Non-DEBs spread
  • Marginal decline observed in the CCA vs CCO discount rates for both DEBs and Non-DEBs

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On Wednesday, there is an increase of $0.40 in CCA prices, an increase of 0.36 in RGGI prices, and a decrease of $1.75 in LCFS prices.

Cap & Trade

ArcelorMittal, MHI launch pilot CO2 capture unit at Gent blast furnace

(Reuters)

ArcelorMittal, opens new tab, Mitsubishi Heavy Industries, opens new tab, and partners said on Tuesday that they have started operating a pilot carbon dioxide capture unit on the blast furnace at ArcelorMittal's Gent steel plant in Belgium.

Clean Fuel Standards

Shell Investors back weaker emissions targets at meeting

(Bloomberg)

Shell Plc shareholders approved the company’s new energy transition plan with weaker carbon-emissions targets, while rejecting a resolution asking the oil and gas giant to align itself with the goals of the Paris Climate Agreement.Shell’s updated energy transition strategy got the backing of 78% of shareholders at the company’s annual general meeting on Tuesday. Only 19% voted for the climate resolution, filed by activist shareholder Follow This and 27 investors — including Amundi SA, Europe’s largest asset manager — that jointly manage funds worth more than $4 trillion.

Carbon Offsets

Tech giants Google, Meta, Microsoft, and Salesforce launch 20 million ton nature-based carbon removal buyers coalition

(ESG Today)

Tech Giants Google, Meta, Microsoft, and Salesforce announced today the launch of the Symbiosis Coalition, a new advance market commitment (AMC) collaboration aimed at supporting the development and growth of the nature-based carbon removal market, with a collective commitment to contract up to 20 million tons of nature-based carbon removal credits. According to the companies, the coalition aims to send a strong demand signal, enabling the development of high-impact, and science-based restoration projects that will advance progress on global climate goals.

Ponterra, Microsoft, Rubicon Carbon and Carbon Streaming launch 3.2Mt nature-based carbon removal project

(Rubicon Carbon)

Ponterra, a developer and operator of large-scale biodiversity-rich forest restoration projects, today announced an agreement with Rubicon Carbon, Carbon Streaming (Cboe CA: NETZ) and Microsoft to deliver high-quality reforestation carbon credits from its ARC Restaura Azuero Project (ARC Project) in the Azuero Peninsula of Panama. The project is expected to issue 3.24 million tonnes of carbon removal credits over the 30-year contract. 

Carbon Linked Mechanisms

SAfrica considers complaining to WTO against EU carbon border tax

(Reuters)

South Africa is considering lodging a formal complaint at the World Trade Organization against the European Union's "protectionist" carbon border levy, Trade Minister Ebrahim Patel said on Wednesday. The EU's proposed carbon border adjustment mechanism (CBAM), which will impose charges on imports of carbon-intensive goods like steel and cement into Europe, has faced criticism from some developing nations and sectors including China's steel industry.

Finding the Flight Path – Sustainable Aviation Fuels vs CORSIA Offsets

10 am PT, 05th June 2024

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Charting New Waters: The EU ETS Extension to Maritime Transport

10 am PT, 12th June 2024

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Harvest & Capture: Incentive Opportunities for Ethanol Production with CCS

10 am PT, 11th July 2024

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Deals Q1 2024 report | Analyst Note | May 2024
cCarbon’s Deals Q1 2024 report provides a comprehensive analysis of corporate climate initiatives worldwide, offering insights into market trends, type of deal, valuations, and geographical distribution.

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Global Sustainable Aviation Fuel Outlook 2030 | Insight Report | May 2024
Sustainable aviation fuel (SAF) marks a significant shift for aviation. Unlike conventional jet fuels, SAF is derived from renewable sources like tallow, waste oils, and synthetic processes.

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WCI Market : Outlook as California Strengthens Targets | Analyst Note | May 2024
The Western Climate Initiative (WCI) Cap-and-trade program, that covers economy-wide emissions in California and Quebec, is undergoing substantial change. 

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Oregon CFP Market Outlook | Analyst Note | April 2024
Oregon has set ambitious environmental goals, aiming for a 10% decrease in carbon intensity by 2025 and more significant reductions by 2030 and 2035.

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RGGI Market: Forecasting the Landscape | Analyst Note | April 2024 
The RGGI market faces a much more daunting task in abatement, as the transition from natural gas to renewables is proving to be much harder than the one from coal to natural gas. 

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Alberta TIER Market Analyst Note: A new model for North American carbon markets | Analyst Note | April 2024
The analyst note provides an outlook for Alberta’s Technology Innovation and Emissions Reduction (TIER) program, against the backdrop of the continuous support from the provincial government to build the Carbon Capture and Storage. 

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California LCFS Market Outlook Ahead of New Regulations Coming In | Analyst Note | April 2024
This Analyst Note by cCarbon delves into the demand-supply outlook for the UK Emission Trading Scheme (UK ETS) spanning till 2030. 

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UK ETS Demand-Supply Outlook 2030 | Analyst Note | April 2024
This Analyst Note by cCarbon delves into the demand-supply outlook for the UK Emission Trading Scheme (UK ETS) spanning till 2030. 

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cCarbon (pronounced ‘see-carbon’) was launched in 2012 as CaliforniaCarbon, catering initially to the WCI market. Since then, we have grown to provide comprehensive coverage across compliance carbon markets across North American, as well as the global Voluntary Offsets markets. We provide business intelligence, analytics and forecasts for our clients.

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