In This Newsletter
1. Feature : Oregon CFP Market Outlook | Analyst Note | April 2024
2. CA LCFS Q4 2023: Renewable diesel continues to wreak havoc when CARB discusses additional short term stringency targets
3. RGGI emissions experience YoY rise as New York remains the focal point for decarbonization
4. Daily Price Change
5. Carbon & Clean Fuel Market News
6. Upcoming Webinars
7. Latest Insights

Key Takeaways:

• Rapid increase in credit generation coupled with modest deficits takes the bank to a new height with 23.50 M credits.
• CARB workshop proposed additional step downs (7% and 9%) for CI targets in the short term.
• Renewable diesel along with biodiesel are rapidly replacing fossil diesel. Q4 2023 data reported 58.16% of the diesel pool is renewable diesel.
• The average CI of RD fell to 41.62 as tallow replaced UCO as major RD credit generator.
• ZEV sales have remained strong with sales going above 23% .9of total quarterly vehicle sales.
• cCarbon model accurately estimated a jump in credit bank in Q4 2023 in line with the actual numbers while the total deficits generated from Gasoline and Diesel (5.53M) were also equal to the forecasted 5.62M.

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Key Takeaways

• Q1 2024 emissions reach 17.48M sh. tons; increased by 7.37% YoY
• New York remains largest emitter as Connecticut and Maryland continue steady emission reduction since 2022
• Three of top five emitting facilities are from New York; no coal plants in top 35 emitting entities

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On Thursday, there was a increase of $0.30 in CCA prices, an increase of 0.24 in RGGI prices, and a decrease of $0.50 in LCFS prices.

Cap-and-Trade

(U.S. Department of Energy)

As part of President Biden’s Investing in America agenda, the U.S. Department of Energy’s (DOE) Office of Fossil Energy and Carbon Management (FECM) today announced up to $500 million available for projects that will help expand carbon dioxide (CO2) transportation infrastructure to help reduce CO2 emissions across the United States.
The United States will likely need to capture and permanently store approximately 400–1,800 million tonnes of CO2 annually to meet its net-zero commitments by 2050. To accommodate the rapid growth of carbon capture and storage industry, we must significantly expand the infrastructure to transport carbon dioxide over the next decade.

(EU Commission)

The EU Commission received a notification from Germany, concerning its intention to voluntarily cancel allowances associated with the closure of electricity generation capacities in two ETS installations in its territory in 2022 due to additional national measures. The notification contains the plants concerned, the method for calculating the volumes to be cancelled, the maximum quantities and the period of cancellation. The maximum quantity of allowances that will be cancelled equals 12.25 MtCO2. . The period over which the allowances are to be cancelled is 2025-2030. 

(National Grid)

7.8GW of clean energy projects, more than double the output of Hinkley Point C nuclear power station, have had their connection offer dates brought forward by up to 10 years through the Technical Limits programme, which is allowing projects to connect to lower voltage distribution networks prior to reinforcement of the high voltage transmission network. Networks have so far sent offers to 203 projects totalling 7.8GW with an average connection acceleration of 6.5 years. In total 393 projects are eligible for the programme with the further 190 projects able to receive accelerated offers once they have progressed through the connection offer process. Over 200 clean energy projects will be connected to our grid earlier. This means thousands of homes and businesses will be powered by more renewable energy generated in Britain.

Clean Fuel Standards

(Kent)

Kent has been awarded the FEED (Front End Engineering Design) contract for a groundbreaking initiative spearheaded by Fulcrum BioEnergy. Fulcrum’s NorthPoint project is designed to convert approximately 600,000 tonnes of pre-processed waste into 100 million litres of Sustainable Aviation Fuel (SAF).

Carbon Offsets

(ICVCM)

Verified Carbon Standard (VCS, operated by Verra) the world’s largest carbon-crediting program, has met the high-integrity Core Carbon Principles (CCPs) after making significant changes to its procedures, the Integrity Council for the Voluntary Carbon Market announced today as it published the second in an ongoing series of assessment decisions. The Integrity Council Governing Board has also approved the Architecture for REDD+ Transactions (ART, operated by Winrock International) program, which operates globally (through the TREES methodology that is currently under ICVCM multistakeholder assessment). These programs join ACR, CAR and Gold Standard, as the CCP-Eligible Programs under the ICVCM. Together these five programs have a 98% share of the voluntary carbon market.

(Sylvera)

With Sylvera Catalog, investors can now get access to one of the most comprehensive overview of projects in the market with close to 20,000 projects spanning from Biochar to Landfill Methane, all aggregated from 9 (and counting) major registries with daily updates to ensure that you are always looking at the most relevant project data set. Sylvera Catalog and Screenings, mark a significant step forward in simplifying the carbon markets. These new solutions provide unparalleled access to high-quality carbon market projects while streamlining risk assessment processes. 

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