Carbon markets
Overview
Carbon markets are developing as a crucial economic lever in the challenge of reversing the accumulation of greenhouse gases in the Earth’s atmosphere, while CO2 remains a key factor in a range of industrial sectors.
National governments are embracing carbon markets, with a proliferation of carbon pricing policies worldwide. The private sector is channelling finance into projects that generate carbon emissions reductions and removals to mitigate their hard-to-abate emissions.
And the United Nations is making progress in building a global marketplace for carbon emissions reductions that will facilitate nations’ attempts to meet their obligations under the Paris Agreement.
Industrial sectors remain a key source of CO2 emissions and consumption, with innovation looking towards sustainable methods of production and utilisation.
Argus is setting the stage for an extended period of growth, evolution and interconnection of carbon market participants and initiatives.
Latest carbon markets news
Browse the latest market moving news on carbon markets.
2025 was among hottest years on record: Global agencies
2025 was among hottest years on record: Global agencies
London, 14 January (Argus) — Global science and weather agencies found that 2025 was either the second- or third-hottest year recorded, according to eight different datasets consolidated by the World Meteorological Organisation (WMO). The global average temperature in 2025 was 1.44°C above pre-industrial levels, with a margin of uncertainty of 0.13°C either higher or lower, according to the synthesis of eight datasets. Of the eight datasets consolidated, two found that 2025 was the second-warmest year in the 176-year record, and the remaining six ranked it as the third-hottest year recorded, the WMO said. The Paris climate agreement seeks to limit the global rise in temperature to below 2°C above the pre-industrial average, and pursues a 1.5°C threshold. The past three years, over 2023-25, are the three hottest years in all eight datasets, the WMO found. The average temperature across 2023-25 was 1.48°C above pre-industrial levels — again with a margin of uncertainty of 0.13°C — the consolidated data show. The average global temperature in 2025 was 15.08°C based on the datasets, but the margin of uncertainty for this is much higher, at around 0.5°C, the WMO said. "The year 2025 started and ended with a cooling La Nina and yet it was still one of the warmest years on record globally because of the accumulation of heat-trapping greenhouse gases in our atmosphere. High land and ocean temperatures helped fuel extreme weather", WMO secretary-general Celeste Saulo said. The La Nina weather pattern typically leads to lower global temperatures, while the El Nino pattern has the opposite effect. These are naturally-occurring. But "the long-term increase in global annual average temperature is driven by the human-induced rise in the concentration of greenhouse gases in the atmosphere", UK Met Office climate scientist Colin Morice said. The WMO collates data from the EU's Copernicus , Japan's Meteorological Agency, the UK's Met Office, the US' National Aeronautics and Space Administration and National Oceanic and Atmospheric Administration, and US non-profit Berkeley Earth. It has also this year used a UK-US dataset, DCENT, and China's Merged Surface Temperature dataset. Science and weather agencies agree that 2024 is the hottest year on record . By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Jera's option to reduce stake in US NH3 project expires
Jera's option to reduce stake in US NH3 project expires
London, 14 January (Argus) — Japanese power producer Jera has not exercised a right to reduce its ownership stake in fertilizer producer CF Industries' planned $4bn carbon capture and storage (CCS) enabled ammonia facility on the US Gulf coast, known as Blue Point. The 1.4mn t/yr plant is a joint venture between CF, Jera and Japanese trading firm Mitsui. CF holds 40pc, Jera 35pc and Mitsui 20pc in the development. Jera had an option to reduce its stake below 35pc to a minimum of 20pc, with CF having to increase its stake by the same amount that Jera reduced its holding. That option expired on 31 December 2025 and can no longer be exercised, according to a report that CF filed with the US Securities and Exchange Commission in January. Jera's decision to retain its 35pc stake comes soon after it was selected to receive subsidies from the Japanese government's hydrogen and ammonia contracts for difference (CfD) scheme on 19 December. Mitsui was also selected for 15-year government subsidies under the CfD scheme's second round. Partners of the Blue Point venture will have offtake rights according to the size of their stake in the project, meaning that Jera will export around 490,000 t/yr from the Louisiana plant to Japan. Most volumes will be used for ammonia co-firing at its 1GW No.4 unit at the Hekinan coal-fired power plant in Japan, which the firm has said is on track to reach a sustained 20pc co-firing rate in 2029. Blue Point's first volumes are also expected in 2029 following a final investment decision in April . Jera retaining its 35pc stake in the project is a positive sign for the developing low-carbon ammonia industry after multiple recent setbacks. Indications that South Korea's new government could push away from ammonia co-firing had undermined some confidence in the future of ammonia co-firing in Asia, while delays to the International Maritime Organisation's net-zero framework has slowed investment decisions in the maritime sector. Funding cuts for low-carbon initiatives, particularly in the US, and slim demand signals, have seen a spate of project cancellations in recent months, with the latest cancellation announced as recently as last week. By Lizzy Lancaster Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
New Mexico favors spring LCFS start
New Mexico favors spring LCFS start
Houston, 9 January (Argus) — New Mexico regulators today restored plans to begin its low-carbon fuel standard (LCFS) this spring after determining delays could create cascading problems for it. If finalized, the US' fourth LCFS program could begin credit trade in August following a 1 April program start date. New Mexico would pursue a 20pc reduction from 2018 road fuel carbon intensity by the end of this decade by replacing more and more conventional gasoline and diesel with lower-carbon alternatives. Members the state Environmental Improvement Board (EIB) continued debate on the final rules on Friday. They reconsidered a vote taken previous day to move the program start back to 1 July to allow obligated parties more time to prepare without shifting back deadlines to comply with the program. The state's Environment Department noted after the vote that the decision would ripple through other milestones for credit and deficit generation as well as fees collected to administer the program. "You can see that by changing the effective date there really is a domino effect of pushing everything back, including jeopardizing the fees necessary to run the program in the early years," EIB member Sandra Ely said. Board members reversed their decision to move the effective date as they worked through rulemaking language for a second day. "It did keep me up last night that I did that and I have the opportunity to correct it," member Karen Garcia said. LCFS programs require yearly reductions of road fuel carbon intensity. Higher-carbon fuels that exceed the annual limits incur deficits that suppliers must offset with credits generated from the distribution to the market of approved, lower-carbon alternatives. New Mexico follows California, Oregon and Washington in the US, as well as British Columbia and Canada, in establishing the standard. Credit and deficit generation would begin this year, with the first compliance period closing on 31 December 2027. Five board members either braved wintry mix at the state capitol or joined by videoconference to trudge line-by-line through hundreds of pages of rulemaking. The members reviewed edits proposed throughout by oil industry, refining, alternative fuels and environmental groups. The group largely declined to revise language proposed in November, including recommendations to not generate deficits for the first year of the program or to eliminate all book-and-claim accounting for fuels such as renewable natural gas. Members were less certain about whether the legislature was clear enough in the law to empower the department to enforce the law with penalties. That discussion had not resumed as of mid-afternoon on Friday. The board has the option to meet again later this month if the members cannot complete their review and make recommendations by the end of the day. By Elliott Blackburn Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Brazil inflation slows to 4.26pc in Dec
Brazil inflation slows to 4.26pc in Dec
Sao Paulo, 9 January (Argus) — Brazil's headline inflation decelerated to an annual 4.26pc in December, mainly driven by power tariffs within housing costs. The consumer price index IPCA eased from 4.46pc in November, national statistics agency IBGE said Friday, after decelerating from 4.68pc in October. The annual figure was down from 4.83pc in December 2024 and marked the lowest year-end reading since 3.75pc in December 2018. The result came in below the 4.5pc forecast by the national monetary council CNM. Housing costs, personal expenses, education and healthcare were among the largest contributors to IPCA in December, accounting for 64pc of the annual result, IBGE said. Food and beverage costs, which weigh heavily on the index, decelerated to an annual 2.95pc in 2025 from 7.69pc a year prior. Food expenses at home decelerated to 1.43pc to end 2025 from 8.23pc in December 2024, driven mainly by lower rice and milk costs in the period. Housing costs accelerated to an annual 6.79pc in December 2025 from 3.06pc in December 2024, driven by recurring power tariffs from May-December. Power costs accelerated to 12.31pc in December after up to 21.95pc of tariff readjustments throughout the year. As for services, the index accelerated to 6.01pc in December 2025 from 4.78pc a year earlier. Brazil's central bank has kept its target interest rate stable at 15pc since June 2025. The central bank has said it plans to keep the rate steady to counter inflation. By João Curi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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