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cCarbon News Round-up

Daily Newsletter

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

Key Takeaways:-
  • 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%.
Read More
Key Takeaways:-
  • 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
Read More

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

Canada to unveil cap and trade system for oil and gas emissions


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.

UKAEA awards £11.6m for development of fusion energy technologies

(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 Carbon Exchange Signs MOU with Gold Standard at COP28

(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

US to release hydrogen subsidy guidance after COP28


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, Whitehouse Introduce Bill to Boost Domestic Manufacturers, Tackle Climate Change

(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).

Draft text at COP28 considers phase out of fossil fuels 


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.

North America End of Year Regulatory Round-up: Tracing 2023’s Carbon Market Transformations & Gearing Up for 2024

10 am PT, 13th December 2023

Register Now

Decarbonizing Corporate America’s Power Emissions: the North American V-REC and I-REC Market

10 am PT, 17th January 2024

Register Now

North America Clean Fuel Markets Outlook for 2024

10 am PT, 15th February 2024

Register Now

Offset Use Guideline I Analyst Note, November 2023

In this report, we review current retiring trends, the most important factors and threats guiding buyer behavior in the VCM as well as existing voluntary and national guidance intended to help buyers navigate the risk-laden landscape of credit retirements.

Read More

Australia Carbon Market Primer

Launched in 2016, the Safeguard Mechanism is the Australian Government’s primary policy for reducing GHG emissions and is part of the  Australian Carbon Credit Unit (ACCU) Scheme (formerly known as the Emissions Reduction Fund or ERF).

Read More

Interactions among LCFS markets and the case for Renewable Diesel

A comprehensive analysis of several clean fuel standards, with an emphasis on a comparison of programme scope, credit prices, and credit volumes. 

Read More

North American Renewable Diesel Outlook 2030

The North American market for renewable diesel is expected to experience remarkable growth....

Read More

UK-ETS Analyst Note: Market Outlook

The UK Emissions Trading Scheme (UK ETS) commenced on January 1, 2021, succeeding the EU ETS for the UK...

Read More

North America Renewable Natural Gas Market Outlook

North America Renewable Natural Gas Market Outlook reports the RNG production and economics in North America using cCarbon's CarbonOutlook TM RNG Model...

Read More

ICVCM Category-level Assessment Framework | Analyst Note, August 2023

A long wait came to an end last week as the ICVCM published its Category-level Assessment Framework...

Read More

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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