Europe 

• The European Commission voted to extend the market stability reserve (MSR)’s 24% intake rate until 2030. Also, EU Finance ministers took a unified position to approve a proposed carbon border adjustment mechanism (CBAM). These decisions alleviated fears that the Fit-for-55 climate package would have a setback due to the energy crisis related to the crisis in Ukraine. 
• The European Commission approved plans by Spain and Czechia to compensate their ETS-covered industries for indirect costs caused by power producers passing on the cost of paying for their carbon allowances. 

US 

• RGGI -  Auction results were announced on the 11th of March. The Auction settled at $13.50, an all time high and 4% higher than the last Auction. Revenue from the RGGI shrank 17% to 293 million dollars, as the prior Auction saw an additional 4 million CCR reserve allowances sold at $13. Investors reduced their purchases at the auction. Investors' pull back from the auction is the primary reason the auction settled below the Cost Containment Reserve (CCR) trigger price of $13.91. 
• Virginia’s Republican Governor continues to try to remove the states participation in RGGI, most recently seeking emergency regulation to rescind the cap-and-trade program. These attempts have been thwarted by Democrats in the state’s Senate. Meanwhile, Virginia netted $74 million in the most recent auction. 

Voluntary Carbon Markets (VCM) 

• The Integrity Council for Voluntary Carbon Markets (IC-VCM) pushed back its timeline to release its anticipated core carbon principles (CCP) and assessment framework. This is now expected by Q3, while previously anticipated as early as end of March. The IC-VCM is being closely watched by the voluntary market participants which are hoping for standardized contract terms based on the principles laid out by IC-VCM.