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EU Allowances hit €74.20/mtCO2e, up 5.1%, driven by TTF gas (+47%) and coal surges amid Middle East LNG fears. Clean dark spreads turned positive (e.g., €2.50/MWh Q3 Germany), boosting coal economics and EUA demand.

Washington, California, and Québec released a draft agreement to link their carbon markets, expanding North America's largest system. It enables cross-use of allowances for efficient emissions reductions, with linkage possible by 2027 pending approvals.

Global Carbon Council (GCC) and TERI signed an MoU to create India's inaugural digital carbon marketplace under LaBL 2.0, enabling household clean energy projects to generate tradable credits via digital MRV for rural livelihoods.
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