In This Newsletter
1. Feature: RGGI reports lowest Q3 emissions of 34.36 M sh.tons, YTD decline 9% in 2023
2. SBTi’s Beyond Value Chain Mitigation: Timeline and Public Consultation Results
3. Daily Price Change
4. Carbon & Clean Fuel Market News
5. Upcoming Webinars
6. Latest Insights

• RGGI states observed lowest emissions of 34.36 M sh. tons in Q3 2023, down by 4.64% from Q3 2022 and by 2.72% from Q3 2021.
• RGGI emissions declined 7.83 M sh. tons over the first three quarters of 2023 compared to Q2, a YTD decline of 9%.
• Reductions of emissions driven by coal phase out from PJM grid - with a 15% decline in coal electricity output from Q3 2022.
• Electricity generation in Q3 2023 in (New England, PJM & New York) increased 0.68% YoY.
• Massachusetts led the charge for emission reduction with an 18% decline, followed by New Hampshire at 12.82%, New Jersey at 11.59%, and Delaware at 10%.

• The SBTi’s Beyond Value Chain Mitigation (BVCM) includes all actions outside a company’s value chain which lead to the reduction or removal of GHG emissions
• The BVCM public consultation results were published in September and the Guidance is due to be published soon; the initial timeline suggested the publication to happen before the end of the year
• This article throws light on the timeline of the BVCM process and key results of the public consultation

On Wednesday, there was a fall of $0.16 in CCA prices, a rise of $0.08 in RGGI prices, and no change in the LCFS prices.

Cap and Trade News

(Reuters)

Canada on Wednesday said it plans to unveil a cap and trade system starting in 2026 for limiting emissions from the oil and gas sector, a step toward fulfilling one of Prime Minister Justin Trudeau's key climate policies. The framework for the cap and trade system will be announced on Thursday, ahead of draft regulations being released next year.

(UK Atomic Energy Authority)

The United Kingdom Atomic Energy Authority (UKAEA) has awarded contracts worth £11.6 million to nine organizations to explore technology for fusion energy, which promises to be a safe, low carbon and sustainable part of the world’s future energy supply. The contracts are sponsored by the Fusion Industry Programme, which was introduced in 2021 and range in value from £500,000 to £1.4 million. The goal of this program is to develop the technology and skills required for the future global market for fusion powerplants.

Carbon Offsets

(Bursa Malaysia)

Bursa Carbon Exchange and Gold Standard signed a Memorandum of Understanding (MOU) during the 28th United Nations Climate Change Conference of Parties (COP28) in Dubai, United Arab Emirates, with the aim to further develop and grow the voluntary carbon market landscape in Malaysia.
 

Clean Fuel Standards

(Reuters)

The U.S. will release guidance for how hydrogen producers can secure billions of dollars of subsidies embedded in last year’s Inflation Reduction Act sometime this year after the COP28 climate conference in Dubai.

Carbon Linked Mechanisms

(Delbene House)

Congresswoman Suzan DelBene (WA-01) and Senator Sheldon Whitehouse (RI) introduced legislation to make American companies more competitive in the global marketplace and address major sources of planet-warming greenhouse gas emissions by creating a carbon border adjustment. The legislation is cosponsored by Representatives Don Beyer (VA-08), Kathy Castor (FL-14), and Ami Bera (CA-06) and Senators Brian Schatz (HI) and Martin Heinrich (NM).

(UNFCCC)

The draft text published by the U.N. climate body on matters relating to the global stocktake under the Paris Agreement shows the possibility of an orderly and just phase out of fossil fuels. The first option in the draft text was listed as "an orderly and just phase out of fossil fuels" wheras the second option called for "accelerating efforts towards phasing out unabated fossil fuels". The draft text also included an option for countries to agree to a "rapid phase out of unabated coal power this decade" and an immediate halt to building new CO2-emitting coal power plants.

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