Carbon markets
Overview
Argus carbon markets services provide essential insight into global industry trends, policy changes, and regulatory developments. They include access to analysis and price for the green markets assessments, including renewable energy certificates, voluntary carbon credits, CO2 permits, EU Emissions Trading systems (ETS), SO2 and NOX.
Key markets covered
- Europe
- EUA (EU ETS allowances)
- CER (certified emission reductions)
- ERU (emission reduction units)
- US & Canada
- RECs (renewable energy certificates)
- Carbon markets for California, RGGI (Regional Greenhouse Gas Initiative), and Canada
- California and Oregon LCFS (low-carbon fuel standard)
- Biofuel RINs (renewable identification numbers)
- SO2 and NOX
Latest carbon markets news
Browse the latest market moving news on carbon markets.
Lula approves offshore wind law with vetoes
Lula approves offshore wind law with vetoes
Sao Paulo, 13 January (Argus) — Brazilian president Luiz Inacio Lula da Silva approved legislation that will clear the way to develop the offshore wind industry, while vetoing three items supporting fossil fuel-fired power projects. The new law establishes a regulatory framework for the sector, clearing the way for Brazil to hold its first auctions for offshore wind concessions. The law positions Brazil to become a leader in offshore wind development, according to Matheus Noronha, the head of offshore wind at the Brazilian wind power association Abeeolica. Amid strong lobbying from large energy consumers, industry associations and environmentalists, Lula vetoed three articles that had been tied to the bill. These articles would have mandated the construction of new gas-fired thermoelectric plants, extended power purchase agreements (PPAs) for coal plants until 2050 and required PPAs for small hydroelectric plants. Energy research firm PSR estimated that these three amendments would have raised annual electricity prices for consumers by 9pc by adding cost of around R22bn/yr ($3.6bn/yr) . Brazil is on the radar of wind power developers and companies have submitted over 100 projects with roughly 245GW of capacity to environmental watchdog Ibama for approval. Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Brazil's power gen expands at record rate in 2024
Brazil's power gen expands at record rate in 2024
Sao Paulo, 13 January (Argus) — Brazil's installed power generation capacity increased by a record 10.9GW in 2024, surpassing government projections of 10.1GW. New solar capacity from 147 new solar farms contributed with the largest share of new generation capacity connected to the grid in 2024, expanding by over 5.6GW, according to electricity regulator Aneel. Wind power contributed with the second largest share of new capacity, as 121 new wind farms added 4.3GW of capacity. Hydroelectric capacity increased by 56MW from 11 new plants. The country's thermoelectric capacity also posted modest gains, with 22 new plants adding 907MW of capacity to the grid. More than 70pc of the new capacity came from three states, Minas Gerais (adding 3.17GW), Bahia (2.4GW) and Rio Grande do Norte (1.8GW). With the expansions, Brazil reached nearly 209GW of installed capacity connected to the grid, of which nearly 85pc is renewable. Aneel is projecting that new capacity connected to the grid will reach 9.37GW in 2025, including 3.6GW of solar, 2.4GW of thermoelectric and 2.34GW of wind power. Installed distributed generation (DG) capacity increased by 30pc in 2024, or 7.4GW, bringing total capacity to 34GW, according to the Brazilian distributed generation association. The association is projecting DG to expand by an additional 22pc in 2025. Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
European RES will not meet 2050 targets: Aurora
European RES will not meet 2050 targets: Aurora
London, 13 January (Argus) — European renewable energy sources (RES) will fall short of 2050 capacity targets despite an expected three-fold increase owing to market challenges, according to research body Aurora. The EU aims to be carbon neutral by 2050, meaning it expects renewable generation to account for over 60pc of its generation mix. Although Europe's installed renewable capacity has increased to almost 530GW in the past decade and is estimated to more than triple by 2050, it will not reach its target owing to persistent challenges in the energy market, Aurora said in an industry report. The research body highlighted negative prices and market saturation as two of the main obstacles to faster renewable energy additions. Central Europe has recorded the lowest negative prices, while the Nordic area has seen them most frequently. Grid congestion also represents a major bottleneck for renewables expansion according to Aurora. Europe saw nearly a 15pc rise year on year in remedial actions at around 57TWh in 2023, with Germany, Poland, the UK and Ireland curtailing the most energy. Aurora urged European countries to develop more battery energy storage capacity and have a more diversified renewable portfolio to enable a more efficient energy transition. It also suggested accessing additional revenue through capacity, ancillary, and balancing markets. Industry association WindEurope recently raised concerns over the EU not having built enough wind farms last year to reach its 425GW wind capacity target for 2030. By Ilenia Reale Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
California governor eyes carbon market extension
California governor eyes carbon market extension
Houston, 10 January (Argus) — California governor Gavin Newsom (D) is planning to start discussions with lawmakers to enact a formal extension of the state's cap-and-trade program. Newsom included the idea in the 2025-26 budget proposal he released on Friday. "The administration, in partnership with the legislature, will need to consider extending the cap-and-trade program beyond 2030 to achieve carbon neutrality," the governor's budget overview says. The California Air Resources Board (CARB) believes it has the authority to operate the program beyond 2030, but a legislative extension would put it on much firmer footing. The cap-and-trade program, which covers major sources of the state's greenhouse gas (GHG) emissions, including power plants and transportation fuels, requires a 40pc cut from 1990 levels by 2030. CARB is eyeing tightening that target to 48pc as part of a rulemaking that could take effect next year to help keep the state on a path to carbon neutrality by 2045. Newsom's budget proposal highlighted the need to weigh the revenue received from the program carbon allowance auctions. That money goes to the Greenhouse Gas Reduction Fund (GGRF), which supports the state's clean economy transition through programs targeting GHG emissions reductions, such as subsidizing purchases for zero-emission vehicles (ZEVs). The budget plan added few new climate commitments, instead prioritizing funding agreed to last year. The governor's $322.3bn 2025-26 budget proposal would continue cost-saving measures the state enacted in its 2024-25 budget to deal with a multi-billion-dollar deficit. These included shifting portions of expenditures from the state general fund to the GGRF over multiple budget years, such as $900mn for the state's Clean Energy Reliability Investment Plan. The state's $10bn Climate Bond, passed by voters in November 2024, would cover the majority of new climate-related spending, including taking on $32mn of the reliability plan spending. The change in funding source would allow the state Department of Motor Vehicles to utilize $81mn in GGRF funds to cover expenditures from CARB's Mobile Source Emissions Research Program. The governor's budget would also advance his proposal from October for CARB to evaluate allowing fuel blends with 15pc ethanol (E15) in the state, as a measure to lower gas prices. CARB would receive $2.3mn from Newsom's proposal to finish the multi-tier study it began in 2018 and implement the necessary regulatory changes to allow E15 at the pump. Currently, California allows only fuel blends with up to E10 because of environmental concerns, such as the potential for increased emissions of NOx, which contributes to smog, by allowing more ethanol. With the administration predicting a modest surplus of $363mn from higher state revenues, it is unlikely that California will return to the belt tightening of the past two state budgets. But the state cautions that tension with the incoming president-elect Donald Trump, potential import tariffs and ongoing state revenue volatility should leave California on guard for any potential future fiscal pitfalls. The state's legislature's non-partisan adviser cautioned in November that government spending continues to outpace revenues, with future deficits likely. The administration is keeping an eye on the issue, which could result in changes through the governor's May budget revision, state director of finance Joe Stephenshaw said. By Denise Cathey Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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