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California regulator ARB on Friday presented updated GHG reduction target modelling for next month’s final 2022 Scoping Plan, showing a slightly more stringent abatement trajectory than the draft plan.
The Canadian environment ministry put forth plans to annually increase the stringency of industrial facilities’ performance standards under the ‘backstop’ output-based pricing system (OBPS) this week, and also updated the programme’s excess emissions charge schedule in line with the post-2022 carbon pricing benchmark.
Compliance entities unloaded V23 California Carbon Allowance (CCAs) but kept their overall net length mostly stable, while speculators whittled back their positions in both the WCI and RGGI markets, according to US Commodity Futures Trading Commission (CFTC) data published Friday.
The Architecture for REDD+ Transactions (ART) programme on Friday announced it has advanced Costa Rica to the verification stage, though overlap with another jurisdiction-scale forest protection scheme may limit its carbon credit generation.
EUAs recorded their biggest weekly increase in more than five years on Friday as the rally extended into a sixth day on steady buying, while energy prices stabilised after several days of losses.
Western Balkan nations have until the end of year to adopt 2030 climate goals as a precursor to imposing carbon pricing, with the EU this week pledging €500 million in aid to help the process along while staving off Russian influence in the region.
Utility EDP reported on Friday a stark rise in ETS-covered output across its Iberian units over the first nine months of the year amid weak hydro supply, while more oil firms reported huge profits and airlines touted a sustained recovery towards pre-pandemic traffic levels.
ICE Futures late on Friday published the calendar of UK Allowance auctions for 2023, showing that the UK will sell 3.1% fewer UKAs next year than in 2022.
Hong Kong Exchanges and Clearing (HKEX) on Friday launched Core Climate, an international carbon market place for voluntary carbon credits.
The spot price for Chinese carbon allowances remained stable over the past week with slightly improved trading volume, though the improvement in trading activity was not enough to ignite market participants’ enthusiasm.
Australia risks reputational and gross decarbonisation opportunities if it fails to properly ensure Paris Agreement carbon accounting rules are robust and it does not increase its efforts to provide adequate climate finance to neighbouring countries, according to a UN expert group member.
An Australian think-tank has argued that national regulators attempting to crackdown on greenwashing claims by corporates and large emitters are being undermined by the federal government’s own policies and programmes.
Cumulative emissions saved from decarbonisation pathway for India equal to half of remaining global carbon budget for 1.5C -report
India has the potential to reduce its cumulative GHG emissions by as much as 287 billion tonnes of CO2e by 2070 if it adopts an aggressive decarbonisation pathway that would get it to within striking distance of its net zero target for that year, according to a report released this week.
The Glasgow Financial Alliance for Net Zero (GFANZ) climate finance coalition will no longer require its sub-alliances to be members of a group that had at one stage aimed to impose limits on fossil fuel finance.
The Global Green Growth Institute (GGGI) has been given the go-ahead for its plans to set up the Carbon Transaction Platform (CTP), which it says will provide readiness support and create liquidity in the emerging global carbon market under the Paris Agreement.
A company that develops technologies for the decarbonisation of cement and lime has signed a perpetual global licence agreement with industry giant Heidelberg Materials, one of the largest building materials companies, they announced.
Nothing highlights the controversy surrounding REDD+ projects as the current evolution of their project development documents (PDDS), market players have told Carbon Pulse.
A carbon credit ratings firm has put a bumper 13 projects on watch this week, raising the prospect of a change in their ratings.
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BITE-SIZED UPDATES FROM AROUND THE WORLD
Finance finds – Ahead of COP27, Canada and Germany on Friday released a Progress Report on the Climate Finance Delivery Plan that looks at the collective progress and key actions still required by developed countries to deliver on the commitment to jointly mobilise $100 bln in climate finance per year, as soon as possible. While the countries said significant progress has been made since the Climate Finance Delivery Plan was launched ahead of COP26 last year, further efforts are still needed to improve the scale, efficiency, and access to climate finance, and to deliver on the $100 bln goal. The Progress Report will help push the conversation forward at COP27 and beyond, as focus turns to the post-2025 goal for climate finance.
Disrupted holidays – The EU is looking for an agreement on two more pieces of Fit for 55 climate legislation before the Nov. 6-18 COP27 UN climate summit. After Thursday’s deal on on car standards, trilogue negotiations are expected to continue over next week on Effort Sharing and Land Use (LULUCF) regulations covering the bloc’s non-ETS emissions. “If those two are also ready to be finalised, then it’s based on the progress of those teams,” an EU source told Carbon Pulse on Friday, noting that talks are ongoing despite Tuesday and Wednesday being official holidays for the European Commission and most MEPs either on holiday or on missions during their so-called “green week”. Read Carbon Pulse’s latest on how EU legislators are preparing for the COP27 summit.
Demanding times – Onshore and offshore wind met more than half of Britain’s electricity demand on Wednesday. Britain’s fleet of wind turbines generated more electricity than ever before over a 90-minute window earlier this week, according to statistics from the electricity grid operator. Between 11:30 and noon on Wednesday, Britain’s wind farms generated 19.9 MW of electricity meeting 52.2% of total demand, the figures from National Grid ESO revealed. Trade body RenewableUK said the figures marked a new generation record for Britain, although it fell short of the record for wind power’s share of the grid which was set at 64% on Jan. 29 this year. However, wind power supplied 50% of the grid’s overall power needs across all of Wednesday. (Business Green)
King of COP – The UK’s King Charles has been urged not to attend the crucial COP27 climate summit, the prime minister Rishi Sunak’s office has said, despite a cabinet minister claiming it is up to the monarch whether to go, The Independent reports. Rishi Sunak’s spokesperson confirmed Liz Truss had imposed an effective ban on him travelling to Egypt next month and that it remains in place. John Kerry, the US climate envoy has urged the UK to rethink its ban on King Charles attending the summit, pointing to his long history of environmental campaigning. The call came after Sunak – amid widespread criticism – announced he would skip the event due to “pressing domestic commitments”.
Raking it in – Oil major Exxon announced a record $19.7 bln Q3 profit on Friday morning, while US peer Chevron booked $11.2 bln for the same period, its second-highest haul. The significant earnings reflect high oil and natural gas prices but are also likely to draw fresh criticism from Democrats ahead of the midterm elections. • The White House has ramped up criticism of the industry as companies have reported big profits in recent quarters, alleging they’re failing to help consumers. Industry officials say the criticisms don’t accurately portray how global commodity and fuel markets work. (Axios)
2BT – Canada signed its first provincial agreement in principle (AIP) with the province of PEI under the country’s 2 Billion Trees programme that aims to partner with provincial and territorial governments, non-profits, businesses, and Indigenous governments and organisations to plant 2 bln trees over 10 years. AiPs are a vital first step in moving toward concrete agreements further supporting tree-planting initiatives across the country. PEI is focused on creating new forests by planting currently unforested areas and riparian zones, supporting municipalities with urban planting, and replanting hurricane-damaged areas.
Hanoi hold-up – The US and wealthier European nations are struggling to seal a loan-based Just Energy Transition Partnership (JETP) with Vietnam ahead of the COP27 UN climate summit next month, Reuters reported, citing two anonymous Western sources. Vietnam would be the second nation with a JETP following South Africa’s $8.5 bln deal struck last year but domestic politics in Vietnam are holding up the deal.
Bank focus – Climate aid is included in up to $5 bln in new loans the Asian Development Bank expects to provide to countries in Central and West Asia as part of its growing push to help countries withstand the impact of floods, droughts and extreme weather, Bloomberg reported. The bank, which earlier this month gave $1.5 bln to Pakistan for social protection and food security after the devastating flooding, is looking to approve as much as $500 mln in December to the climate-ravaged nation.
Climate action in a can – Tinned fish are among the lowest-carbon animal protein available, with potential to curb the world’s enormous emissions from food, Bloomberg reports, profiling the product that has no feed, eliminating an enormous source of emissions associated with livestock raised on grains or in pastures. There’s no energy required to grow or maintain fisheries, and sardines don’t belch methane like cattle. The small carbon footprint from eating wild fish comes mainly from the fuel burned by fishing ships. Known as conservas in Spain and Portugal, where they’ve never gone out of style—they are making a comeback in foodie culture, with chefs touting the ingredient on menus and gourmet shops using the colourful retro designs on the tins to lure customers.
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