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.
Trump to declare power 'emergency' in some states
Trump to declare power 'emergency' in some states
Washington, 11 March (Argus) — President Donald Trump said today he intends to declare a "National Emergency on Electricity" in states that could be affected by Ontario's imposition of a 25pc surcharge on electricity exports and further threat to cut off exports entirely. The emergency declaration will allow the US to alleviate the "abusive threat" from losing electricity imports from Canada, Trump wrote in a post on social media. Trump said in response to the surcharge, he would double existing tariffs on Canadian steel and aluminum , and warned Canada that it would pay a high cost if Ontario cuts off the flow of electricity to the US. "Can you imagine Canada stooping so low as to use ELECTRICITY, that so affects the life of innocent people, as a bargaining chip and threat?" Trump wrote. "They will pay a financial price for this so big that it will be read about in History Books for many years to come!" On Monday, Ontario put a 25pc fee on its electricity exports to New York, Michigan and Minnesota in response to Trump's tariffs on Canada. Ontario premier Doug Ford said he was applying "maximum pressure" on the US over its tariff war, and threatened to cut off exports entirely if Trump increased tariffs further. Ontario was the largest exporter of electricity to the US in 2023, sending 15.2 TWh to the US. Trump already declared a national energy emergency on 20 January, unlocking emergency authorities to fast-track permitting and seek to retain production of baseload power plants. Trump has yet to offer more details on the electricity emergency, but the US Department of Energy (DOE) can issue emergency orders that would allow power plants to run at maximum capacity or waive some environmental regulations. DOE did not immediately respond to a request for comment. The New York Independent System Operator, which runs the state's electric grid, said it was analyzing the effects of Ontario's orders and expects to have "adequate reserves to meet reliability criteria and forecast demand for New York." By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Italian Bess necessary to reduce gas burn: Industry
Italian Bess necessary to reduce gas burn: Industry
London, 11 March (Argus) — As renewables become more prevalent in the Italian power mix, market participants support the buildout of battery energy storage systems (Bess) to replace gas-fired generation as a source of flexibility, Argus heard on the sidelines of the KEY25 Energy Transition Expo in Rimini last week. Italy has some of the highest electricity prices in Europe owing to the country's heavy reliance on gas-fired generation, with the single national price (Pun) averaging €107.75/MWh over 2024. While there has been a decrease in gas burn and an increase in renewables output since 2022, gas-fired generation still accounted for slightly over 40pc of the power mix on average last year, compared with combined solar and wind generation at 21pc. The Italian government has set ambitious renewable targets under the country's national energy and climate plan, aiming to reach 131.3GW — including solar, wind and hydro capacity — by 2030 from 77GW in January under Italy's climate and energy plan. There is general agreement among market participants that reducing gas burn in favour of renewable energy sources will lower electricity prices, but some gas-fired capacity may never be removed from the Italian power mix without having another technology that can provide the same flexibility at scale. Residual demand in Italy is falling, but thermal output remains essential to cover demand peaks during critical summer and winter periods, according to Italian transmission system operator (TSO) Terna's latest system adequacy report . But as renewables cover an increasing share of electricity demand — estimated to reach 335TWh in 2028 — thermal plants will become less economically viable and are likely to be decommissioned unless they are kept operating through ancillary services. "The more renewable generation we have, the less gas-fired plants will have to cover residual electricity demand. Only the most efficient — hence the cheapest — gas-fired plants will be accepted, and the others will be decommissioned," a power trader told Argus . But turning on a gas-fired plant from cold and with a stop-start operation would lead to exaggerated costs and higher maintenance prices. "Morning and evening prices could be used to cover the maintenance of the plant, and the average price would risk being the same but with very marked price differences," the head of power origination of an Italian utility told Argus . "This would lead to investing a lot in batteries that could exploit the spreads and lower them a bit," he added. Market participants attending the conference widely agreed that growing renewable capacity means there is a need to focus on the development of Bess, especially those with 6-8 hours duration to enable time shifting. Solar photovoltaic capacity is expected to grow by 6-8 GW/yr to 2030, according to industry body Italia Solare president Paolo Viscontini. The Italian energy ministry has recently accepted Terna's view that the country will need an additional 10GWh of Bess capacity by 2028 to avoid the risk of the grid becoming congested in periods of overgeneration. As of January 2025, Italy had 13.3GWh of Bess capacity — mainly in the south of the country and on the islands — and is expected to reach 50GWh by 2030. And Terna last week said it will hold its first auction for large-scale Bess with 2028 delivery on 30 September, for which it has already approved 9GWh, as reported by the operator's grid development manager Francesco Del Pizzo. Connection requests for Bess projects more than tripled in 2024 to 253GW worth of capacity, mainly because of a significant reduction in capital expenditure for the assets, which has dropped by around 40pc since 2022 and is expected to stabilise at a competitive price in the next few years. By Ilenia Reale Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Oil sector climate 'problem' is resolved: Al-Jaber
Oil sector climate 'problem' is resolved: Al-Jaber
Houston, 11 March (Argus) — Adnoc chief executive Sultan al-Jaber, who just two years ago called his fellow oil executives' view on climate change problematic and urged them to prepare for the eventual decarbonization of the global economy, today recast the problem and pronounced it to be solved. "Energy realism is taking center stage" again and "the world is finally waking up to the fact that energy is the solution," al-Jaber said at the CERAWeek by S&P Global conference in Houston. Speaking at the same venue in March 2023, the head of the UAE's national oil company said then that the oil and gas industry had a special responsibility for addressing climate change and that it needed to decarbonize its own operations and help its customers reduce their emissions as well. But speaking today, al-Jaber said that his goal all along has been to "inject realism and pragmatism across the whole process". Al-Jaber in 2023 served as the president of the UN Cop-28 climate conference in the UAE. In that role, "one of the biggest findings I came across very early on was the fact that the narrative [concerning the oil sector and climate change] was completely hijacked, and it was the big responsibility on my shoulder, on my team, to help correct that narrative," al-Jaber said. The Cop-28 summit al-Jaber presided over concluded with a call to transition away from fossil fuels, rather than phase them out. Al-Jaber said his 2023 call to action on his fellow executives has succeeded in "making them be included" and ensured "that they are not only seeing part of the solution, but in fact, the energy business [will] drive the solution." The last two years also witnessed a change in policies in Washington, and in the message from US government officials to CERAWeek attendees. Gone is the talk of decarbonization and net zero emissions, and in its place, US energy secretary Chris Wright on Monday described climate change as a mere "side effect" of economic development. Al-Jaber also said that Adnoc's recently launched energy investment arm XRG views investments in the US not only as a priority but as an "absolute imperative". XRG is looking to invest in natural gas — along the entire supply chain from exploration to distribution — and also in petrochemicals, al-Jaber said. Adnoc last year took a 35pc stake in a hydrogen project at ExxonMobil's Baytown, Texas, refinery and similar investments are a possibility, he said. "Over the next few months... you will be witnessing very serious, large, significant investments by XRG," al-Jaber said. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Brazil ignores fossil fuel phase-out in Cop 30 letter
Brazil ignores fossil fuel phase-out in Cop 30 letter
Sao Paulo, 10 March (Argus) — Climate activists welcomed Brazil's stance of making the UN Cop 30 summit a "turning point" for real climate change commitments but criticized the presidency's letter for turning a blind eye to fossil fuels' leading role in global warming. The summit's president Andre Correa do Lago released on Monday a letter addressing the event's goals and outlooks, which includes boosting climate financing to $1.3 trillion/yr from the target stipulated at Cop 29 of $300bn/yr. "Lago calls on foreign countries — especially the US — to leave individuality and irresponsibility behind in exchange for cooperation and our planet's future," scientist Karin Bruning — a graduate of the University of Heidelberg and the Massachusetts Institute of Technology — said. "However, the letter has no use if Brazil does not pull its own weight." Bruning recalled Brazilian president Luiz Inacio Lula da Silva's public feud with the country's environmentalist watchdog Ibama regarding the exploration in Brazil's equatorial margin region. "A country with so much renewable energy available cannot look at past solutions such as exploring and pushing for fossil fuels," Bruning said. She also highlighted the importance of respecting technical and scientific decisions on matters such as oil exploration. Environmental concerns have always been at the center of the equatorial margin debate, as it stands near a freshwater barrier reef. State-controlled Petrobras has long been trying to explore the area's Foz do Amazonas basin — which holds an estimated 10bn bl of crude, according to energy research bureau Epe — but has struggled to receive the environment licenses to do so. Ibama last denied the company a request to drill in the area in May 2023. Brazilian climate think tank Observatorio do Clima called the letter "inspiring," but added that it "excludes the elephant in the room." It recognized the letter as a "relief for giving the Paris Agreement negotiations to professionals who understand the gravity of the moment" but bashed it for keeping fossil fuels' gradual stoppage out of Cop 30's priorities list. Still, Correa do Lago's letter recognized "the scale of the challenge and the urgency of response," according to climate change think-tank E3G's associate director Kaysie Brown. Holding on to past pledges Correa do Lago's letter focused on progressing previous decisions regarding developing countries and increasing financing for them, which has long been one of the Brazilian government's priorities. This includes working on a roadmap to reach $1.3 trillion/yr in climate finance from all sources by 2035, as agreed at Cop 29 in Baku. But previous Cop agreements and the conclusions of the first global stocktake in Dubai (GST) — a five-yearly checkpoint agreed upon in the 2015 Paris accord — on energy were ignored and pushed back against in Baku's final text. "We do have pending issues to solve at Cop 30, notably the UAE dialogue on implementing the GST outcomes and the just transition work programme," Correa do Lago said. "The GST is an invaluable legacy that unites us. We must all continue to subscribe to it as the ultimate benchmark for climate implementation." By Maria Frazatto Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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