One month until Carbon Forward 2022 – Europe’s leading environmental markets conference. Taking place in London and online from Oct. 12-14, don’t miss the chance to hear about the risks and opportunities presented by the world’s largest carbon markets – compliance and voluntary. Or come network with your industry peers and meet our sponsors and exhibitors.
Early Bird discounted tickets available until Sep. 12. Register Now!
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California regulator ARB will evaluate the role of the state’s cap-and-trade programme in hitting more ambitious GHG reduction goals as part of the agency’s updated Scoping Plan modelling, a conference heard Monday.
The European Commission will this week propose a mandatory EU target to curb electricity demand at peak hours, a leaked draft circulated on Monday suggested, revealing the EU’s executive is resisting pressure from member states to only set out voluntary goals.
Carbon prices rebounded sharply on Monday morning, erasing Friday’s losses as the market reacted to an unexpectedly strong auction result, while energy prices fell for a second session after Ukrainian forces made significant advances against Russian occupiers over the weekend.
Forest restoration company Terraformation announced a new partnership on Monday to create storage for up to 50 million seeds in East Africa, including for projects in Kenya and Mozambique.
Switzerland has cancelled and rescheduled an aviation carbon permit auction due to weak demand, the government said Monday.
Papua New Guinea officials have signalled the country’s moratorium on REDD+ projects for the voluntary market will last until the COP27 UN climate talks in November at least, when direction is expected to be given on whether the carbon project type will be accepted in Article 6 accounting rules.
Core Carbon Principles seeking to establish offset quality thresholds are likely to be rolled out gradually rather than letting existing projects face a “cliff edge” when the the market’s Integrity Council for the Voluntary Carbon Market (IC-VCM) finalises its guidelines, a webinar heard on Monday.
The integrity of the voluntary carbon market (VCM) will always remain in doubt, and that problem will not go away even with added levels of review, a VER project developer and intermediary said Monday.
Standardised spot prices climbed to recover from last week’s dip, but sources over the past week reported a generally quiet over-the-counter bespoke market amid wide bids and offers.
A Toronto-based voluntary carbon offset investor has reached an “exclusive” royalty agreement covering four Brazilian REDD+ projects.
CME Group is extending its nature-based offset future, the CBL N-GEO, to December 2027 as it seeks to maintain liquidity in the nature-based offset and stave off competition from rival exchanges.
A senior member of Washington’s Department of Ecology on Monday announced the state’s first cap-and-trade auction schedule in 2023, while a utility company representative said she was expecting a “wild ride” in the first year of the WCI-modelled programme.
Pierre Poilievre won the Conservative Party of Canada’s (CPC) leadership race on Saturday, pledging to undo Prime Minister Justin Trudeau’s carbon taxes and energy policies that climate experts consider challenging to unravel.
Around 120 companies have signed up to participate in the pilot phase of Japan’s voluntary carbon market, which begins later this month, according to news reports.
Thai stock exchange plans to set up carbon credit market, as govt calls export emissions levy “inevitable”
The Thailand Stock Exchange (SET) has plans to introduce a carbon credit market to encourage the adoption of corporate sustainability goals, the president of SET said in an interview that was published on Monday, while a high-level government official called a national emissions levy on exports “inevitable”.
A year after Indonesia pulled out of its long-standing forest carbon partnership with Norway over delayed payments, the two nations have revived the cooperation in a move that will likely see the Scandinavian country pay for hundreds of millions of tonnes of CO2 from reduced deforestation in recent years.
Two experienced carbon offset company founders have formed a new venture that aims to launch seven nature-based projects within the next five years in Southeast Asia.
A California headquartered renewable fuels company has signed a series of supply agreements for Sustainable Aviation Fuels (SAF) with ten airlines for a total value of around $7 billion.
Job listings this week
- *General Manager of Commercial Development, NatureCo – Remote
- *Manager, Corporate Responsibility, Gold Standard – Remote, UK based
- Carbon Initiative Lead – India, Bayer – Thane
Or click here to see all listings
One month until Carbon Forward 2022 – Europe’s leading environmental markets conference. Taking place in London and online from Oct. 12-14, don’t miss the chance to hear about the risks and opportunities presented by the world’s largest carbon markets – compliance and voluntary. Or come network with your industry peers and meet our sponsors and exhibitors. Early Bird discounted tickets available until Sep. 12. Register Now!
BITE-SIZED UPDATES FROM AROUND THE WORLD
Rights at risk – An international human rights group called Monday on the UN to ensure that countries hosting its climate conference commit to meeting human rights standards after it documented instances of repression against environmental groups in Egypt, the host of COP27 later this year. According to Climate Home, Human Rights Watch said in a report based on interviews with more than a dozen academics, scientists and activists that government restrictions amount to a violation of basic human rights and throw into question the Egyptian government’s ability to meet basic climate commitments. Egypt’s government has engaged in a widespread crackdown on dissent in recent years that has detained thousands, many without trial, according to rights groups. Under President Abdel Fattah el-Sissi, Egypt has also intimidated activists and new laws have practically barred many civil society organizations from operating. Egypt’s human rights record is coming under scrutiny as the country prepares to host the international conference aimed at slowing climate change through coordinated global action. In July, several dozen organizations called on Egypt to end its crackdown and allow people to exercise freedom of expression ahead of the summit. In a joint statement signed by 36 groups, including Amnesty International and Human Rights Watch, they expressed concern that Egypt will largely keep in place its prohibition on protests during the conference in November.
Bookings at risk – The COP27 organisers and some hotel operators have also come under file for price-gouging when it comes to COP27 delegates booking accommodations ahead of the summit. A letter from the Egyptian Hotel Association to hotels in Sharm el-Sheikh sets a floor price of at least $500 per night for a room in a five-star hotel – nearly five times the usual cost – Climate Home reported earlier this year. Carbon Pulse booked £11,000 in accommodations almost a year ago for its editorial staff attending COP27, but the Naama Bay Promenade Beach Resort – owned by the Pullman brand of the French multinational hospitality conglomerate Accor – unexpectedly cancelled those reservations earlier this month. Despite numerous pleas to the hotel’s reservations department and complaints filed with Accor, the bookings have not been reinstated, but rather the rooms have been re-advertised at a price three times what Carbon Pulse had booked them for last November.
State band aid – The European Commission has approved under EU state aid rules a Romanian scheme to partially compensate energy-intensive companies for higher electricity prices resulting from indirect emission costs under the EU ETS over 2021-30. The scheme notified by Romania, has a total estimated budget of €1.5 bln. The compensation will be granted to eligible companies through a partial refund of the indirect emission costs incurred in the previous year, with the final payment to be made in 2031. The maximum aid amount will be equal to 75% of the indirect emission costs incurred with the aid amount is calculated based on electricity consumption efficiency benchmarks, which ensure that the beneficiaries are encouraged to save energy.
Anywhere will do – Russia will send the first shipment from its newest LNG terminal to Greece, a surprise destination as Europe tries to reduce its dependency on Moscow for energy supplies, Bloomberg reports. The first cargo from the Portovaya LNG plant on Russia’s Baltic coast will head to Greece, according to a person with direct knowledge of the matter, who declined to be identified because the information is private. The buyer of the cargo wasn’t disclosed. The new terminal, near the shuttered Nord Stream gas pipeline to Germany, is starting amid an unprecedented energy crisis aggravated by Russia’s decision to slash flows to Europe. But while pipeline supplies have virtually halted, the super-chilled fuel from another Russian LNG plant is still landing in European ports.
Greener Slovenia – Slovenia will benefit from €3.26 bln in Cohesion Policy funding between 2021-2027 to support the sustainable development of its economy. The details and strategy for these investments are set out in the partnership agreement between Slovenia and the Commission that was adopted Monday. The EU funds will address the regional disparities in the country by boosting innovation and competitiveness, enabling the economy’s digital transformation, investing in social inclusion, skills training and employment, and helping reach the country’s climate and biodiversity goals. Slovenia will invest €806 mln under the European Regional and Development Fund (ERDF) the Cohesion Fund for a greener, low-carbon transition towards a net zero carbon and resilient economy. The funds will contribute to the decarbonisation of the country as well as to the development of renewable energies. In particular, investments will be made in solar and wind energy capacities, and to improve the energy efficiency of buildings.
Doing just Fin(e) – Finland will be energy self-sufficient within two years or less, Economy Minister Mika Lintila told Finnish Broadcasting Company YLE’s current affairs programme on Saturday. Lintila commented on the country’s diversified energy mix and increasing domestic production, especially in nuclear and wind power, Euractiv reports. In 2021, Finland imported 20.5% of its consumed electricity, and 10% came from Russia. But the proclaimed self-sufficiency depends greatly on Olkiluoto 3, a nuclear reactor that is still in the testing phase after facing a series of delays and technical issues. The plant’s output exceeded 1,000 MW and is expected to be at total capacity in December, Teollissuden Voila, the plant’s operator, said last week. Once at total capacity, the plant is expected to cover about 14% of the country’s electricity needs.
NAGRA gonna give you up – Switzerland confirmed on Monday that its favoured location for a 20 billion Swiss francs, or $20.94 bln, underground nuclear waste storage site will be an area north of Zurich, close to the German border, Reuters reports. The company behind the project to store the country’s nuclear waste for at least the next 200,000 years, the National Cooperative for the Disposal of Radioactive Waste (NAGRA), said the site will become operational in 2050. Following a 14-year evaluation process, NAGRA – set up by nuclear power plant operators and the government – said the opalinus clay found in the area provided the greatest geological barrier, the best rock stability and a high degree of flexibility for the subterranean repository compared with the two other sites it considered. In contrast, neighbouring Germany decided against keeping its three remaining reactors connected to the grid beyond the end of the year, opting instead to place two into a reserve.
Hydrogen powerhouse – Australia’s Fortescue Future Industries (FFI) founder and Executive Chairperson Dr Andrew Forrest met with Egypt’s president, Abdel Fattah Al-Sisi, to discuss the development of green energy projects in the region, in the lead-up to Egypt hosting the 2022 United Nations Climate Change Conference (COP27), Daily News Egypt reports. Perth-based FFI has already signed a Memorandum of Understanding (MoU) to conduct studies to develop green hydrogen production in Egypt. The meeting discussed the potential development of a green hydrogen production project with a 9.2 GW installed capacity. Dr Forrest said, “Egypt is on the way to becoming a global powerhouse in the green energy value chain and will be ready to show the world that at COP27.”
Climate dashboard – The New South Wales Government in Australia has released a new interactive dashboard tracking the state’s progress in reducing greenhouse gas emissions, Energy Magazine reports. The new Net Zero Emissions Dashboard shows how New South Wales is progressing toward its goal of net zero emissions by 2050, covering all sectors including transport, industry, agriculture, energy, waste, land use and forestry. The Dashboard is powered by published data from the National Greenhouse Gas Accounts and by scientifically-derived state datasets developed by the New South Wales Department of Planning and Environment (DPE). DPE’s Net Zero Emissions Modelling Lead, Dr Yvonne Scorgie, said, “New South Wales is the first Australian state to make greenhouse gas emissions projections out to 2050 and local-scale emissions data publicly available.” The Dashboard shows projected emissions by sector for each future year out to 2050, and the emission reductions expected to be achieved by the New South Wales Government’s Net Zero Plan Stage One: 2020-2030.
Huge investment – China Tianying, which provides waste management services, is to initiate several energy-related projects in Inner Mongolia through strategic cooperation with the government of Tongliao and the Investment Association of China, with total investments of more than 70 billion yuan ($10.11 bln), according to the Shenzhen-listed company’s announcement. The plan will include the construction of a 60 billion yuan industrial park with new facilities for the development of hydrogen, ammonia, and wind power, as well as a zero-carbon industrial equipment manufacturing centre, the statement showed. Without revealing the exact timelines for these projects, the company said the park should be able to produce 50,000 tonnes of hydrogen and 300,000 tonnes of ammonia every year once construction is completed.
Team work makes the clean work – US President Joe Biden on Monday will announce creation of a new White House team, to be led by senior advisor, John Podesta, that will oversee spending of the $369 bln in climate incentives included in the Inflation Reduction Act, according to an executive order obtained by Politico. The White House will give Podesta a team within the Executive Office of the President under the newly created White House Office on Clean Energy Innovation and Implementation. The order emphasised the new office, working in tandem with the climate policy office, would help speed clean energy deployment, reduce the cost of energy efficient appliances, boost US domestic manufacturing that would create more jobs, put electric vehicles on the road, and lower energy costs.
BP-EDF M&A – BP has bought US-based power and natural gas retailer EDF Energy Services as it looks to move further into the commercial and industrial space, Bloomberg reports. Terms of the acquisition weren’t disclosed in a statement announcing the deal. BP is looking to further diversify its energy supplies as it pursues a goal of net zero emissions by 2050.
This time, it’s personal – Canada-based firm Invert has launched a mobile app to enable individuals to offset their carbon footprint via their phones. Individual carbon footprints are compared to a provincial average to better understand each person’s impact. Users can buy carbon offsets from projects worldwide, share their progress, and gift offsets – with credits available in four categories – avoidance, reduction, decades removal, and centuries removal.
Enough space – Space-based solar power could help Europe reach net zero emissions by diversifying the region’s energy generation mix, according to a recent cost-benefit study led by the UK-based Frazer-Nash Consultancy. Space-based solar is the concept of collecting solar energy in space, using very large satellites in geostationary Earth orbit. The electricity generated is converted to microwaves and beamed to a fixed point on Earth via wireless power transmission, where the electricity is regenerated by a large rectenna (an antenna used to convert microwaves into DC power). A single satellite could provide 1-2GW of power. A Europe-wide space-based solar power programme could deliver more than €180 bln in benefits and reduce reliance on fossil fuel imports too, states the research. A total of 54 solar satellites, each generating 1.4GW, would be needed to meet the projected demand for space-based solar power by 2050. (Energy Monitor)
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