Carbon Markets
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…...
A Superior Court rejected lawsuits against California’s carbon allowance auction under the cap-and-trade program. On November 12, 2013, the Sacramento Superior Court rejected lawsuits by the California Chamber of Commerce and Morning Star Packing Company challenging California Air Resources Board’s (CARB) authority to auction carbon allowances under the cap-and-trade program. Petitioners contended that CARB exceeded…...
2012 EIA data show that U.S. energy-related emissions dropped to lowest levels since 1994 due to a decline in energy consumption and overall carbon intensity. On October 21, 2013, the Energy Information Administration (EIA) released its 2012 report on U.S. energy-related carbon dioxide (CO2) emissions. The report, derived from EIA’s monthly energy data, highlighted that 2012…...
Earlier this month, California Air Resources Board (CARB) released a draft Update to the Assembly Bill 32 (AB 32) Scoping Plan, describing the progress made towards objectives and defining priorities and activities to reduce emissions. Overview AB 32, the California Global Warming Solutions Act of 2006, signed into law by Governor Arnold Schwarzenegger, created a…...
The Organization for Economic Cooperation and Development (OECD) has released a report discussing the central role of carbon pricing for effective climate policy. On October 9, 2013, the OECD released a report discussing policy measures that governments must prioritize to tackle climate change. The report calls for credible and consistent carbon pricing to cost-effectively…...
Starting January 1, 2014, California and Quebec have signed an agreement to integrate their cap-and-trade programs. On October 1, 2013, the California Air Resources Board (CARB) and the Government of Quebec signed an agreement defining the steps and procedures to link California and Quebec cap-and-trade programs. The agreement, a result of more than five years…...
California Air Resources Board has announced issuance of the first carbon offset credits for cap-and-trade program compliance. On September 17, 2013, the California Air Resources Board (CARB) announced issuance of 600,000 compliance-grade carbon offset credits for use in the cap-and-trade program. The offset credits will be issued through the Compliance Instrument Tracking System for state-issued carbon…...
California and China have signed a Memorandum of Understanding to coordinate efforts on low carbon development. On September 13, 2013, California Governor Jerry Brown and China’s National Development and Reform Commission (NDRC) Vice Chairman, Xie Zhenhua signed a two-year Memorandum of Understanding (MOU) to coordinate climate change efforts, promote efficient energy technologies, and advance low…...
Allowances offered at RGGI’s 21st carbon auction cleared at $2.67 each, generating $102.5 million. On September 6, 2013, the nine Regional Greenhouse Gas Initiative (RGGI) members released results of their 21st quarterly auction held on September 4. The auction offered 38,409,043 carbon allowances that were bid in the range of $1.98 to $12.85 each. All allowances sold…...
