DATA DIVE: Why the steel industry may have turned a corner on net zero

Published 18:36 on July 19, 2024  /  Last updated at 18:37 on July 19, 2024   / Nick Ferris /  Americas, Asia Pacific, Data Dive, EMEA, International

The steel sector has potentially turned a corner on net zero, says a new report, after years of being considered a laggard in emissions reduction pathways. Read More

Algeria sets sights on CCS to lower national carbon footprint -media

Published 19:37 on July 19, 2024  /  Last updated at 19:37 on July 19, 2024   / Alejandra Padin-Dujon /  Africa, Carbon Taxes, CBAM, EMEA, Middle East

Algeria’s government and private sector are looking to carbon capture and storage (CCS) to counterbalance emissions from oil and gas production, with an eye to minimising the impact of the EU's Carbon Border Adjustment Mechanism (CBAM), according to local media sources. Read More

Turkish parliament approves law to start taxing ship emissions

Published 16:23 on July 19, 2024  /  Last updated at 16:23 on July 19, 2024   / Rebecca Gualandi /  EMEA, EU ETS, Shipping

The Turkish parliament has passed a law requiring ships to pay for the greenhouse gas emissions released when entering and departing from the country's ports. Read More

Concerns raised about huge soil carbon project in Kenya after founder resigns in protest at Board's behaviour

Published 14:37 on July 19, 2024  /  Last updated at 14:37 on July 19, 2024   / Paddy Gourlay /  Africa, EMEA, Nature-based, Voluntary

The abrupt resignation of the founder of Kenya’s National Rangeland Trust (NRT) in protest against alleged inappropriate behaviour by the Board has triggered an informal review by Verra on whether there should be implications for the huge soil carbon project in the country, the standard body told Carbon Pulse Friday. Read More

Azerbaijan launches Climate Finance Action Fund with initial target of $1 bln

Published 17:35 on July 19, 2024  /  Last updated at 17:35 on July 19, 2024   / Bryony Collins /  Climate Talks, EMEA, International, Middle East, Voluntary

Azerbaijan has today announced the launch of the Climate Finance Action Fund (CFAF), initially targeting $1 billion in financing from fossil fuel producing countries and companies, and half of the capital to go towards climate projects in developing countries. Read More

DATA DIVE: Why the VCM might only recover in 2026

Published 14:24 on July 19, 2024  /  Last updated at 14:24 on July 19, 2024   / Nick Ferris /  Americas, Asia Pacific, Data Dive, EMEA, International, Nature-based, Paris Article 6, Voluntary

The voluntary carbon market is in a slump, characterised by low trade volumes and largely sluggish prices, as a consistent flow of bad press around projects has put off potential buyers. Read More

India releases updated compliance carbon market regulations

Published 15:20 on July 19, 2024  /  Last updated at 15:20 on July 19, 2024   / Nikita Pandey /  Asia Pacific, Other APAC, Paris Article 6, Voluntary

The Indian government has released detailed compliance carbon market regulations, under the Carbon Credit Trading Scheme (CCTS) 2023, following months of extensive stakeholder consultations across all major cities in the country. Read More

BRIEFING: EU’s CBAM violates Paris Agreement principles, raises cost of decarbonisation in Global South, panellists say

Published 12:33 on July 19, 2024  /  Last updated at 12:33 on July 19, 2024   / Nikita Pandey /  Africa, Asia Pacific, Carbon Taxes, CBAM, EMEA, International, Other APAC, Paris Article 6

The European Union’s Carbon Border Adjustment Mechanism (CBAM) is in “clear violation” of the Paris Agreement’s principle of common but differentiated responsibilities (CBDR) and places the burden of decarbonising heavy industrial sectors on the Global South, panellists told a webinar this week. Read More

Miners want coal to make steel, money men think otherwise -report

Published 12:57 on July 19, 2024  /  Last updated at 12:57 on July 19, 2024   / Helen Clark /  Asia Pacific, Australia, International

Investors believe steel can be made cleanly and are willing to spend on it, whilst also being increasingly sceptical about the long-term financial viability of the metallurgical coal used to make the vast majority of steel, an Australian activist investor group said Friday in a report based on a survey of 500 respondents from 34 nations with cumulative billions of dollars under management. Read More

Green Climate Fund approves $1 billion in fresh funding

Published 10:49 on July 19, 2024  /  Last updated at 10:49 on July 19, 2024   / Rebecca Gualandi /  Africa, Americas, Asia Pacific, Climate Talks, EMEA, International

The board of the world’s largest dedicated climate fund, the Green Climate Fund, approved $1 billion in fresh funding at its meeting this week, it announced Friday. Read More

Euro Markets: EUAs post second weekly loss as bearish trend outweighs pre-weekend short covering

Published 17:10 on July 19, 2024  /  Last updated at 22:42 on July 19, 2024   / Alessandro Vitelli /  EMEA, EU ETS, UK ETS

European carbon recorded a second weekly decline with prices falling to an 11-week low amid very light volume, as the market shrugged off a late short-covering rally ahead of the weekend, while energy markets also saw a quiet end to the week as the summer holiday season neared its peak. Read More

CN Markets: CEA price continues to drop, trading volumes remain steady

Published 12:00 on July 19, 2024  /  Last updated at 12:00 on July 19, 2024   / Chia-Erh Kuo /  Asia Pacific, China

China’s national carbon market saw its price continue to fall this week amid slightly decreased liquidity, though some believe that the price effect of a new carryover mechanism will not appear until next year. Read More

UNIDO issues call for African JCM projects

Published 10:20 on July 19, 2024  /  Last updated at 10:20 on July 19, 2024   /  Africa, Asia Pacific, EMEA, International, Japan, Paris Article 6, Voluntary

The UN Industrial Development Organization (UNIDO) has issued a call for African projects interested in registering to generate carbon credits under Japan’s bilateral Joint Crediting Mechanism (JCM). Read More

Asia driving global surge in electricity demand as EU industrial slump drags on -IEA

Published 08:08 on July 19, 2024  /  Last updated at 08:08 on July 19, 2024   / Frédéric Simon /  Americas, Asia Pacific, China, EMEA, EU ETS, International

Global demand for electricity is on track to be among the highest in two decades this year, driven by EVs and a solar boom in China, while demand in Europe remains depressed in the aftermath of the 2022 energy crisis, according to the International Energy Agency (IEA). Read More

China CCER registry system sees surge in account registration

Published 10:03 on July 19, 2024  /  Last updated at 10:03 on July 19, 2024   / Chia-Erh Kuo /  Asia Pacific, China

More than 4,500 participants in China's voluntary carbon market have opened accounts on the national registry platform since the restart of the domestic offset programme earlier this year. Read More