California-Quebec carbon allowance costs hit record high for third time in a row

Energy transition highlights: Our editors and analysts bring together everything you need to know about the industry this week, from renewables to storage to carbon prices.

California and Quebec's joint cap-and-trade program saw a record-high settlement price for greenhouse gas emission allowances at $41.76/mt -- the third time in a row the record high has been breached, California Air Resources Board data showed Feb. 22.

The settlement price for Auction 38, the first quarterly auction of 2024 held on Feb. 14, represents a 7.82% increase from the previous record set in the fourth quarter of last year. This latest settlement price is also a 50% increase year on year."

The clearing price represents a premium to secondary market prices as of auction day on Feb. 14, said Matt Williams, emissions and clean energy analyst at S&P Global Commodity Insights. This is the second auction in a row where the auction price cleared above the comparable secondary market, he said.

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SPGlobal.com

EU agrees carbon removals certification framework

Europe's legislators forged a deal Feb. 20 to establish an EU-level certification framework for carbon removals and carbon farming in a bid to accelerate its net-zero goals, the European Council said.

Interview: India's biofuel push to be driven by power, transport sectors: Biofuel Junction founder

India's domestic power and road transport sectors should lead the country's decarbonization initiative amid a greater push for expansion of biofuel utilization and achieving net-zero carbon emission, managing director of Biofuels Junction Pte. Ltd. Ashvin Patil told S&P Global Commodity Insights on the sidelines of India Energy Week Feb. 9.

Platts Connect

ENEOS, Idemitsu, Hokkaido Electric eye Japan's largest green hydrogen supply chain by 2030

Japan's ENEOS, Idemitsu Kosan and Hokkaido Electric have agreed to consider developing what will be the country's largest domestic green hydrogen supply chain in Hokkaido in the north by around 2030, the companies said Feb. 20.

Germany confirms Eur3.5 billion for next H2Global hydrogen import auctions

The German government has confirmed it will make up to Eur3.53 billion ($3.82 billion) available for green hydrogen imports for 2027-2036 under the country’s H2Global import initiative.

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