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Futures News, December 11th: PTA prices initially fell and then rose this week. The main reason was that expectations of inventory accumulation initially weighed on the market, but geopolitical tensions coupled with the Federal Reserves interest rate cut boosted the crude oil market, pushing up PTA prices. According to industry seasonal patterns, demand is expected to fall to a low level in January and February, accelerating PTA inventory accumulation and negatively impacting the market. However, the US seized an oil tanker near the coast of a South American country, and the Federal Reserve lowered interest rates as expected, leading to higher crude oil prices and increased cost support for PTA. In the short term, attention should be paid to whether geopolitical tensions escalate; a slight increase in PTA prices is expected in the near term.On December 11th, ING stated that the market expects the Federal Reserve to cut interest rates by another 50 basis points in 2026. Given the current economic growth, low unemployment, stock market near record highs, and inflation closer to 3% than the Feds 2% target, there seems to be little reason for further policy easing by the Fed. Nevertheless, we suspect the inflationary backdrop will become more favorable for rate cuts in the coming months, thus providing dovish voices. While the threat of tariffs remains, its impact is arriving slower and weaker than feared. This buys more time for factors such as declining energy prices, slower rent growth, and weaker wage growth to alleviate inflation, and we believe this will push inflation closer to 2% faster than the Fed expects. Furthermore, given that the employment component of the Feds dual mandate appears more concerning (note that Powell stated the Fed believes recent job growth figures were overestimated by 60,000), we expect the Fed to cut rates twice in 2026, predicting 25 basis point cuts in March and June respectively.Japanese Chief Cabinet Secretary Minoru Kihara: We are closely monitoring the potential impact of the US financial situation following the Federal Reserves interest rate cut on the Japanese economy.According to Nikkei: Japan plans to introduce tax incentives to stimulate capital spending.Market news: Japans Kioxia will begin producing next-generation memory chips for artificial intelligence data centers in 2026.

Canada Introduces Carbon Offset Certificates to Combat Emissions

Haiden Holmes

Jun 09, 2022 11:19

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Canada began a credit system for greenhouse gas offsets on Wednesday, a significant component of its goal to reduce carbon emissions, beginning with a set of rules outlining how projects might create tradable credits by absorbing landfill gas.


The government reported that guidelines for four additional areas, including agriculture and forest management, are in development. This summer, it will also begin creating rules for carbon capture technology, on which Canada's highly polluting oil industry is relying to reduce emissions.


The Liberal government of Prime Minister Justin Trudeau has vowed to reduce climate-warming emissions by 40-45 percent below 2005 levels by 2030. 7 percent of Canada's total carbon output comes from greenhouse gas emissions from trash, including landfills.


The greenhouse gas offset credit system is designed to enable a domestic carbon offset trading market, and the government has stated that it will generate new economic opportunities for businesses and municipalities that reduce emissions.


Participants may register projects and earn one tradable offset credit for each tonne of emissions reduced or removed from the environment, provided their initiatives adhere to the federal offset regulations that specify which activities qualify.


The credits can subsequently be sold to others, such as big industrial polluters obligated to limit carbon pollution or businesses voluntarily offsetting their emissions.


"Beginning with landfills, we are implementing a market-based framework to encourage firms and municipalities to invest in pollution-reducing technology and innovations," stated Environment Minister Steven Guilbeault.


The government anticipates that the price of carbon credits would closely mirror Canada's carbon pricing, which is presently set at C$50 per tonne and will increase to C$170 per tonne by 2030.


However, environmental groups cautioned that enabling polluters to purchase offset certificates rather than reducing their own emissions could jeopardize climate goals.


Greenpeace Canada spokesman Shane Moffatt stated, "Offsetting does not prevent carbon from entering the atmosphere and warming our planet; it merely keeps it off the books of large polluters who are accountable."


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