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Governments kicked off a two-week UN negotiating session in Bonn on Monday, aiming to spur a boost in national commitments to tackle climate change and push forward on key issues ahead of the UN’s main COP27 summit in November in Egypt.
China National Petroleum Corporation (CNPC), the world’s third-largest oil company, plans to peak its carbon emissions by 2025 and achieve net zero by 2050 helped by a steadily growing portfolio of forest carbon projects, it announced Monday, both targets well ahead of the Chinese government emissions pathway.
Singapore’s Temasek has launched an investment platform company that will invest an initial $5 billion to accelerate the low carbon transition, the state-owned financial giant announced on Monday.
The New South Wales state government is opening up to partner with private sector investors on conservation initiatives that can become eligible to earn carbon credits, with telecom firm Telstra the first to strike a deal.
The Chilean government on Sunday presented details of the country’s much anticipated climate legislation to reach net zero emissions by 2050, and followed this on Monday by announcing collaboration with Canada on carbon pricing initiatives.
California Low Carbon Fuel Standard (LCFS) credit values barrelled towards five-year lows last week as traders thought more downside was likely.
Standardised technology-based credits lifted for the first time in two months this week while nature-based units again stalled amid moderate trade.
A group of mostly US-based market veterans coming from firms like Macquarie and South Pole have teamed up to co-found a start-up aiming to produce “ultra-high quality carbon offsets” at scale in emerging markets.
European carbon made a lacklustre start to the week, with prices tumbling more than 6% in thin trading on Monday after failing to breach a key resistance level, while traders absorbed reports that the European Parliament is seeking more stringent restrictions on financial participation in the EU ETS.
Two startups hope to capture pricing benchmarks in the global shipping market ahead of the sector’s expected entry into the EU ETS by offering a set of ocean freight and CO2 prices.
EU institutions, stakeholders and experts agree that the EU’s carbon market should serve as the centrepiece of Europe’s decarbonisation efforts. To reach enhanced climate ambition for 2030, the EU needs a well-functioning carbon market fostering cost-efficient emission reductions. However, this role has just been cast into doubt.
Carbon Pulse is seeking a Greater China Environmental Markets Correspondent.
Job listings this week
- *Ratings Manager, Technologies, Calyx Global – Remote
- *Ratings Manager, Sustainable Development, Calyx Global – Remote
- *Government Relations Manager, Gold Standard Foundation – UK, Germany, or Switzerland
- *Manager, Government Engagement, Verra – Remote
- *Director, Carbon Capture & Sequestration & Industrial Innovation, Radicle – Calgary
- *Senior Carbon Analyst, Climate Smart, Radicle – Vancouver/Calgary/Remote
- *Risk Analyst, Environmental Commodities, Radicle – Calgary
- *Product Marketing Lead, Credit Development & Trading, Radicle – Remote
- Senior Program Officer or Program Officer, Project Developer Engagement, Verra – Remote
- Business Development Manager, ClimeCo – Remote
- Aviation Sustainability Advisor, Vertis – Brussels/Madrid
- Carbon Farming Business Development Specialist, Elders – Adelaide
Or click here to see all our listings
Reuters Events: Global Energy Transition 2022 – June 14-15 in New York City: The conference unites CEOs and changemakers from the energy, industrial, and government ecosystems to shed light on the defining issue of our time, and help companies meet a uniquely difficult challenge. Over two days and five critical themes, we will define the future of energy, inspire a decade of action, and prepare the sector for challenges still to come, with diverse voices from around the world bringing passion and expertise to deliver a new path forward. Find out more by visiting the website today: https://bit.ly/35H7cgb
Climeworks’ DAC Summit – June 30 in Zurich/online: Carbon removal and Direct Air Capture technologies have been experiencing a watershed moment in recent months. Scientists have deemed them indispensable in the latest IPCC report, governments have stepped up their funding and policy efforts, and investors have committed large amounts to scale up. Where does the industry stand today, and what are its recent most promising developments? What are the requirements and immediate next steps for scaling up at the required speed? And when the industry works together, what could the future look like? The Summit provides a unique opportunity to get answers to these questions from DAC insiders and experts. Register here
Argus Carbon Markets and Regulation Conference – June 30-July 1 in Lisbon, Portugal: The event will deliver critical updates on regulation, the future of the EU ETS, and key developments in the voluntary carbon markets space, amongst other topics that will be tailored for the European and global audience. Featuring panel discussions, fireside chats, presentations, and collaborative problem-solving sessions. Participates will gain knowledge and insight from expert opinions and take advantage of the opportunity to network and discuss with their industry peers in-person for the first time in two years. CP Daily subscribers can get a 15% discount by registering with the code CARBONPULSE15: https://bit.ly/3t4CmH6
BITE-SIZED UPDATES FROM AROUND THE WORLD
Bomb defusal – A coalition of environmental lawyers, investigative journalists, and campaigners has launched a group to challenge the “carbon bomb” fossil fuel projects revealed in a Guardian investigation, the UK newspaper reports. After a meeting in May, more than 70 NGOs and activist groups from around the world have formed a “carbon bomb defusal” network to share expertise and resources in the fight to halt the projects and prevent the catastrophic climate breakdown they would cause.
Steel aid – The UK business minister is actively considering” emergency aid for steelmakers and other ETS-covered heavy industry users as they struggle with a steep hike in their energy bills, the Telegraph reports. Kwasi Kwarteng is examining proposals to soften the blow of a shake-up of bills that threatens to increase network charges for heavy industrial users by up to 85%. British steelmakers will be saddled with the extra costs due to a new charging regime that will significantly reduce incentives for using the electricity network at off-peak times.
We want to help – The US and Germany, on behalf of the G7, have proposed setting up an India-G7 partnership to help fund and support India’s transition from a “fossil-based economy to a carbon-neutral economy,” Economic Times reports. Both countries are keen to announce the partnership at the G7 Summit, where India has been invited, later this month. The idea, sources said, is to devise an India-specific ‘Just Energy Transition Partnership (JETP)’ taking into account India’s position on ensuring climate justice while addressing climate change challenges as well as its commitments on increasing the share of renewable sources in its energy mix. The G7 already has a similar $8.5 bln transition plan with South Africa, which has stated its intent to decommission coal-based power plants in lieu for lower emission alternatives.
Lower carbs – Tokyo Gas has signed a memorandum of understanding (MoU) with Shell subsidiary, Shell Eastern Petroleum, to jointly study potential opportunities to accelerate decarbonisation, Marketscreener reports. Tokyo Gas and Shell have a long history of cooperation in building and expanding the LNG supply chain, according to the report. With the conclusion of the MOU, the companies will hold discussions and conduct assessments in areas of decarbonisation, such as synthetic gas, hydrogen, bio-methane, and CCUS, with the aim of generating and developing new decarbonisation solutions. For synthetic gas, Osaka Gas is also involved as a joint study partner.
It’s official – June 2 marks the commencement in Australia of the Offshore Energy Industry Act’s licensing regime that will regulate Australia’s offshore wind industry in commonwealth waters, according to law firm Allens. Importantly, the minister is now empowered to take the first step towards declaring areas for these developments, including by inviting applications for feasibility licences. It seems likely that the offshore area off the coast of Victoria’s Gippsland region will be the first to be declared after an announcement earlier this year by the former energy minister. This area already includes a number of announced projects, including three which have received funding from the Victorian Government. However, it remains to be seen whether the change in federal government will lead to a difference of opinion as to the first area to be declared.
Solar summer – US President Joe Biden’s administration on Monday announced a two-year pause on imposing any new tariffs on the solar industry, following an outcry from importers who have complained the levies are threatening broader adoption of solar energy in the country. The decision is a victory for domestic solar installers, who said the tariffs would put at risk the Biden administration’s goal of significantly cutting carbon emissions by the end of the decade. But it will go against the wishes of American manufacturers and labour unions, which have been pushing the administration to erect tougher barriers on cheap imports to help revive the domestic solar industry. To counteract those complaints and boost the domestic solar industry, the administration also announced it would take immediate steps to attempt to speed domestic manufacturing of solar components. Those efforts include a series of presidential orders that Biden will sign to invoke the authorities of the Defense Production Act, which gives the president expanded powers and funding to direct the activities of private businesses. (NYT)
Pliocene dream – At its likely peak for 2022, atmospheric CO2 hit levels in May not seen since the Pliocene era, 4.1 to 4.5 mln years ago, the US National Oceanic and Atmospheric Administration (NOAA) reported Friday. At 421 parts per mln, measured at the Mauna Loa Atmospheric Baseline Observatory in Hawaii, carbon pollution is now more than 50% higher than pre-industrial levels, after record-breaking levels in 2020 and 2021. The last time atmospheric CO2 levels were this high on the only known habitable planet, Earth was essentially a flooded greenhouse with forests in the Arctic and sea levels 24 metres higher, submerging South Florida and coastal areas around the world. Humans, never mind human civilization, have never known such conditions. (Climate Nexus)
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