Carbon Markets
On March 4, 2014, the Regional Greenhouse Gas Initiative (RGGI) held the first carbon allowance auction under the new Model Rule. Auction prices reached record levels and high market participation and allowance demand exhausted the 5 million allowance Cost Containment Reserve. Overview The Regional Greenhouse Gas Initiative (RGGI) is the nation’s first mandatory market-based cap-and-trade…...
The first RGGI carbon credit auction under the new 2014 cap sold allowances at $4 each, the highest since RGGI began its cap-and-trade program in 2008. On March 7, 2014, Regional Greenhouse Gas Initiative (RGGI) member states announced results of their 23rd carbon credit auction held on March 5. The auction was the first to…...
EPA’s finalized Tier 3 vehicle emissions and fuel standards will lower gasoline sulfur content by more than 60 percent in 2017. On March 3, 2014, the Environmental Protection Agency (EPA) finalized its Tier 3 Vehicle Emissions and Fuel Standards program, reducing gasoline sulfur levels by more than 60 percent – from 30 to 10…...
California’s sixth carbon allowance auction sold all current 2014 and advanced 2017 allowances indicating cap-and-trade program stability. On February 24, 2014, the California Air Resources Board (CARB) released the results of its sixth quarterly carbon allowance auction held on February 19. CARB offered 19,538,695 allowances under Current Auction (2014 vintage allowances) and 9,260,000 allowances under…...
The California Air Resources Board’s proposed AB 32 Scoping Plan update calls for a mid-term emissions reduction target and recommends sector-specific actions. On February 10, 2014, the California Air Resources Board (ARB) released its Proposed First Update to the AB 32 Scoping Plan, outlining priorities and recommendations to achieve the state’s long-term climate goal of…...
The nine RGGI states have announced the first carbon allowance auction under the tougher 2014 emissions cap of 91 million tons. On January 13, 2014, the nine member states of the Regional Greenhouse Gas Initiative (RGGI) announced the new 2014 carbon cap of 91 million tons, approximately 45 percent below the previous cap of 165…...
On February 7, 2013, the Regional Greenhouse Gas Initiative (RGGI) released the Updated Model Rule, which lowers the emissions cap from 165 million short tons CO2 in 2013 to 91 million short tons CO2 in 2014. The lower cap aligns with current emissions levels, and has revived the stagnant RGGI CO2 allowance market. Overview The…...
Massachusetts has finalized RGGI regulation amendments to implement a new emissions cap of 91 million tons per year, starting in 2014. On December 9, 2013, the Massachusetts Department of Environmental Protection (DEP) issued final amendments to the Regional Greenhouse Gas Initiative (RGGI) regulations of the Commonwealth of Massachusetts. Pursuant to the RGGI Updated Model Rule…...
RGGI states have recommended that EPA develop a market-based emissions reduction program based on RGGI model success. On December 2, 2013, members of environmental and energy agencies within the nine Regional Greenhouse Gas Initiative (RGGI) states submitted comments to the Environmental Protection Agency (EPA) on its proposed carbon dioxide (CO2) emissions regulations for existing power…...
The White House has published a new document explaining the derivation of the Social Cost of Carbon (SCC), reflecting May estimate updates. On November 26, 2013, the Office of Management and Budget (OMB) published a request for comment on a new Technical Support Document (TSD) that explains the derivation of SCC, a monetary estimate of…...
Allowances sold out again at California’s fifth carbon allowance auction, indicating market viability. On November 22, 2013, the California Air Resources Board (CARB) released the results of its fifth quarterly carbon auction held on November 19. CARB offered 16,614,526 allowances under Current Auction (2013 vintage allowances) and 9,560,000 allowances under Advance Auction (2016 vintage allowances)…...
California has issued the first carbon offset credits under its Forestry Protocol, enabling cap-and-trade entities to use forestry projects to offset emissions. On November 13, 2013, the California Air Resources Board (CARB) announced approval of the first carbon offset credits under the cap-and-trade forestry protocol. CARB issued 1.2 million offset credits to Willits Woods, a…...