Newsletters > CP Daily: Tuesday February 14, 2023

CP Daily: Tuesday February 14, 2023

Published 02:56 on February 15, 2023  /  Last updated at 03:01 on February 15, 2023  / /  Newsletters

A daily summary of our news plus bite-sized updates from around the world.

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TOP STORY

ANALYSIS: Japan’s domestic carbon market set for slow start amid scarce supply, lack of policy clarity

Japan is preparing the launch of its domestic voluntary carbon market as a first step towards an emissions trading scheme, but participants are expected to take a wait-and-see approach for now, awaiting clearer market rules.

EMEA

EU lawmakers approve REPowerEU bill in plenary session

Members of the European Parliament on Tuesday voted to adopt the REPowerEU deal provisionally reached in December, one of the final steps before the legislation can pass into law.

Euro Markets: EUAs claw back losses after sharp sell-off in response to REPowerEU approval vote

EUA prices partially clawed back losses on Tuesday, erasing a sharp late-morning sell-off after the European Parliament approved the REPowerEU package that will see €20 billion worth of EUAs sold into the market through to 2026, while energy markets rallied after gas margins were said to have risen close to fuel switching levels on Monday.

EU proposes 90% emissions cut target for new trucks and buses by 2040

The European Commission on Tuesday presented a plan to phase out emissions from heavy-duty vehicles sold in the EU from 2030 onwards, piling pressure on the sector to reduce its carbon footprint.

EU carbon prices will top €150 in face of REPowerEU permit sale flood, analyst predicts

EU carbon prices will nearly double to €150 over the next 12 months and continue rising, an analyst has forecast, bucking the trend of bearish expert views to predict that near-term supply pressures won’t be as strong as anticipated.

Kenya looks to set out new carbon market framework by end of February

The Kenyan government is hoping to set out a new framework for its carbon market by the end of the month, a move that could include a percentage of carbon credit cash from voluntary projects going to national and district government budgets.

Nigeria set to announce carbon pricing system and plan for international credits -local media

The Nigerian government is set to introduce a carbon pricing system that would see polluters pay the state per tonne of emissions, as well as develop a strategy for credit-generating climate projects for domestic and international use, according to local media sources on Tuesday.

In from the cold: Russian project has emissions cuts verified by international standard 

A Russian carbon project claims to have become the first for many years to have its emissions reductions checked under an international standard, a move that could pave the way for bringing the nation’s climate projects onto the global market.

AMERICAS

PREVIEW: Traders anticipate tame Q1 WCI auction result as market awaits drivers

The February WCI cap-and-trade auction on Wednesday is expected to settle in a relatively narrow range compared to current secondary market levels, as market participants see a lack of regulatory news and poor speculative conditions running up against smaller sale volumes and the potential start of annual deficits in California.

RGGI emitters ramp up holdings in Q4, shrinking compliance shortfall

Power generators boosted their holdings of RGGI Allowances (RGAs) in between the December auction and year-end in the lead up to the power sector carbon market’s interim compliance deadline, according to a report published Tuesday.

ASIA PACIFIC

“Incomplete, unsubstantiated, tortured” Chubb review findings will undermine Safeguard Mechanism effectiveness, new studies say

The failure of the review into the Australian carbon market to address fundamental flaws in several key methodologies could undermine the integrity of the government’s overhauled Safeguard Mechanism and flood the market with tens of millions of “junk” credits, according to two new studies released on Wednesday.

Australian facilities will look to cut their emissions at source rather than rely on offsets, analysts say

An Australian market outlook has found that up to three-quarters of emissions reductions by facilities covered under the strengthened Safeguard Mechanism could be done at source, while finding the price for Australian Carbon Credit Units (ACCUs) could reach A$54-90 ($37-62) by 2030.

Australian carbon farming start-up raises A$105 mln in funding round, gets further CEFC backing

The Australian government’s Clean Energy Finance Corporation (CEFC) has invested A$9 million ($6.3 mln) in local biotechnology company Loam Bio as part of the start-up’s successful A$105 mln Series B funding round to enhance CO2 removal with its microbial technology for cropping systems, the company announced on Tuesday.

VOLUNTARY

Verra delays revamped REDD methodology to Q3, identifies initial activity data collection areas

Offset standard developer and registry Verra announced on Tuesday a planned third quarter release of its new consolidated methodology for avoided deforestation, delaying the previously promised Q2 REDD methodology revamp after recent market focus on over-crediting claims in the sector.

REDD hot details: Scientists push back on media claims of forest carbon overcrediting

Three scientists with expertise in tropical forest conservation spoke out at a webinar on Tuesday against last month’s media reports charging 94% of Verra’s REDD+ credits with no benefit to the climate, and noting that each project instead has complexities that make generalised criticism “irresponsible”.

UK Forestry Commission offers £30 floor price for carbon credits from woodland scheme

The UK Forestry Commission is offering farmers, landowners, and businesses a £30/tonne reserve price for carbon credits generated under its Woodland Carbon Guarantee scheme.

Xpansiv CBL launches trading in offsets listed on Latin American carbon registry

Xpansiv’s environmental markets trading platform CBL announced plans on Tuesday to offer carbon credits on its spot exchange from a Latin American registry that has repeatedly been denied eligibility for the UN aviation offsetting programme CORSIA.

INTERNATIONAL

US govt funds initiative to support nations’ Article 6, CORSIA carbon trading strategies

The US Department of State is lending financial support to an effort that will help developing countries’ governments improve their national climate strategies under the Paris Agreement’s market-based Article 6 and separate CORSIA mechanism for international aviation through carbon trading.

BIODIVERSITY (FREE TO READ)

Over 40% of the most-at-risk businesses and investors have no plans to address deforestation

A new report published on Wednesday found that 40% of the companies and financial institutions most at risk of driving the loss of tropical forests have not yet set a single deforestation policy or target.

Swedish Ingka invests €30 mln in ocean impact investment fund

The investment arm of Ingka Group, the largest owner and operator of IKEA, has invested €30 mln in a London-based fund focused on the blue economy, including food security and healthy marine and coastal ecosystems.

Business group puts biodiversity market in spotlight with new working group

With momentum picking up quickly for the emerging voluntary biodiversity credit market, a European business group has set up a three-year working group for members to grapple with its fundamental challenges and opportunities.

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CONFERENCES

North American Carbon World (NACW) 2023 – Mar. 21-23, Anaheim: For 20 years, the NACW conference has been the place for carbon professionals working in North American carbon markets and climate policy to learn, collaborate, and network. Taking place Mar. 21-23 in Anaheim, California, NACW 2023 will dive into new policies and developments that will shape and scale carbon markets and climate solutions with integrity, ambition, and equity. Register now to gain actionable insights for bold climate solutions and participate in premier networking opportunities with an active and engaged audience to strengthen your organization’s strategy for navigating the carbon landscape.

European Climate Summit (ECS 2023) – Mar. 28-30, Lisbon: Registration for the 5th edition of the European Climate Summit organised by IETA and partners is open. The ECS brings together leading private sector experts and policymakers from both the carbon and energy world, to analyse and discuss the current developments and pressing challenges. The summit provides a discussion and networking forum for policymakers, business leaders, and innovators involved in building, scaling, and collaborating on markets for net zero. The event will feature high-level plenaries, cross-cutting deep dives, interactive side events, and quality networking opportunities. Registration here.

ANNOUNCEMENT

Call for Expression of Interest to join the Climate Action Data Trust User Forum. Climate Action Data Trust has launched a Call for Expression of Interest to join the CAD Trust User Forum. The Initiative is looking for a variety of stakeholders across the carbon market value chain, from both the public and private sector. The purpose of the User Forum is to act as a market sounding board for the Council and the Technical Committee on business, policy, and technical matters. CAD Trust is a decentralised meta data platform that links, aggregates and harmonises all major carbon registry data to enhance transparent accounting in line with Article 6 of the Paris Agreement. Deadline for applications extended to Feb. 28, 2023.

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BITE-SIZED UPDATES FROM AROUND THE WORLD

Carbon Pulse has teamed up with CME Group to provide its clients with regular updates on the global carbon markets. Check out these briefs for the latest insights on pressing trends and events impacting markets, published every other week. Registration required

INTERNATIONAL

Defying the downturn – Venture capital investment in carbon and emissions-related technologies such as CCS hit $13.8 bln in 2022, close to a record high and defying a sharp drop in broader fundraising volumes, research firm PitchBook said on Tuesday. The amount raised in 2022 for carbon and emissions technologies was only 2% below 2021’s record $14.1 bln, according to a report by the venture capital data specialist. The wider venture capital market, however, registered a steep fall in deal activity, the report said. Regulatory changes and pledges to cut carbon emissions have spurred investment in early-stage companies in carbon-related technologies, PitchBook said, adding that the US’s Inflation Reduction Act – which involves widespread subsidies for greener technologies – would provide a further boost. The largest carbon and emissions deal in the last three months of 2022 was Canada-based carbon capture hardware company Svante’s $318 mln deal, led by Chevron Technology Ventures, PitchBook noted. (The Economic Times)

“Course correction”, but staying on course – UAE climate envoy and designated president of COP28 Sultan al-Jaber said on Tuesday that the world needed a “course correction” to limit global warming.  “We already know that we are way off track,” he told the World Government Summit in Dubai.  “The world is playing catch-up when it comes to holding global temperatures down to 1.5 degrees and the hard reality is that global emissions must fall 43% by 2030,” he said, referring to the goal of capping global warming at 1.5 degrees Celsius. In spite of this, the UAE, a major oil exporter, has also called for a slower transition away from fossil fuels in the past. “The future is clean but it is not here yet,” Jaber told an oil conference in Abu Dhabi in 2021.  The country is expanding oil and gas production, which the International Energy Agency has said is incompatible with limiting global warming to 1.5C.  Jaber also heads the state oil giant ADNOC and his appointment to lead the climate summit this year fuelled activists’ worries that the fossil fuel industry was hijacking the world’s response to the global warming crisis.  But Jaber said on Tuesday his presidency would bring a much needed fresh approach to tackle climate change challenges.  “As COP28 president, I will lay out a roadmap that is inclusive, results-oriented, and far from business as usual,” he said.  “It is in our common interest to have the energy industry working hand in hand and alongside everyone on the solutions the world needs. This is just logical and makes sense,” Jaber said. “We are in the UAE not shying away from the energy transition,” he claimed. “We are running towards it.” (Climate Home)

AMERICAS

Committee commencement – Brazil’s National Bank for Economic and Social Development (BNDES) will hold the first meeting of the Amazon Fund’s Guiding Committee since 2018 on Wednesday, BNDES announced Tuesday. The meeting comes after President Luiz Inacio Lula da Silva re-established the fund’s governance in January. The committee will discuss the actions for the resumption of the fund’s activities and the priorities for its performance. Former far-right President Jair Bolsonaro froze the fund in Aug. 2019, but Lula’s reactivation this year prompted a release of forest protection monies from Germany and Norway.

Stumbling block – Alberta’s environment minister said Canada’s proposed oil and gas emissions cap is a stumbling block in the province’s discussions with the federal government about clean-energy policies, including in CCS needed to meet Canada’s ambitious 2030 climate targets, Reuters reported Tuesday. Opposition to federal climate policies from the oil-rich province of Alberta, where premier Danielle Smith is readying for a May election, risks pushing Canada further behind in its emissions-cutting commitments this year. Alberta Environment Minister Sonya Savage told Reuters in a recent interview that the federal government’s proposed emissions cap for the oil and gas industry due this year is holding up work on other issues such as provincial support for CCS. Canada, the world’s fourth-largest oil producer, lags many global peers in tackling emissions, jeopardising the goal of PM Justin Trudeau’s Liberal government to cut GHG output by least 40% from 2005 levels by 2030.

Investigation continuation – A leading congressional critic of the fossil fuel industry plans to use his new position atop the US Senate Budget Committee to continue investigating Big Oil’s alleged efforts to mislead the public about the causes and consequences of global warming. The strength of Sen. Sheldon Whitehouse’s inquiry could hinge on when – or if – he can get his hands on a massive tranche of internal industry documents obtained by House Democrats in the previous Congress that have been in limbo since Republicans took control this year. Launched by Democrats on what was then called the House Oversight and Reform Committee in 2021, the high-stakes probe has been on ice since the party lost its majority in the chamber. The investigation forced the heads of oil majors and their trade associations to testify under oath about climate change for the first time, and shined light on how these groups were concerned about maintaining public support for fossil fuels while minimising their vulnerability to a growing wave of climate litigation. (E&E News)

Clean credit – US President Joe Biden’s administration is restarting a popular tax credit for manufacturers of solar panels, wind turbines, fuel cells and other clean energy equipment after getting a $10 billion infusion from the Inflation Reduction Act. Clean energy projects that expand domestic manufacturing, reduce industrial GHG gas emissions, or help create a domestic supply chain for critical minerals can begin applying for the “advanced energy” tax credit at the end of May, the Treasury Department announced Monday. The programme provides a 30% tax credit for technologies including carbon capture systems, grid modernisation projects, clean hydrogen production, and electric or fuel cell vehicles, as well as equipment that reduces emissions from industrial facilities, the department said in a notice. The first round of funding, some $4 bln, includes $1.6 bln devoted to projects in areas where coal mines and coal-fired power plants have shut down. (Bloomberg)

RGGI required – Without RGGI, existing Pennsylvania policies fail to meaningfully cut CO2 emissions and criteria pollution from power plants, according to analysis from green group NRDC published Monday. The environmental organisation also argued Pennsylvania needs a stronger, explicit renewables goal to realise near-term investments in its renewable energy economy. NRDC’s modelling finds that an expanded Alternative Energy Portfolio Standard (AEPS) is necessary to drive in-state renewables growth before 2040, as it is not until after 2040 that the renewables tax credits in the Inflation Reduction Act ensure that renewables account for most new generation in the Commonwealth. Implementation of the RGGI regulation alone will reduce fossil fuel-powered generation, but will not drive significant in-state investment in wind and solar beyond business-as-usual projections.

Carbon capture quandary – While Republican-led states like Texas and North Dakota have opened their arms to CCS projects as an avenue to keep oil, gas, and coal relevant as the nation moves away from fossil fuels, Illinois is among the few blue states that could emerge as hubs for carbon sequestration — a fact that is already raising alarm among some key Democrats, E&E News reported Tuesday. While CCS technology and its promises aren’t new, the state has only recently faced the reality of companies seeking permits for pipelines to transport mlns of tons of liquefied CO2 from dozens of ethanol and fertiliser plants across the region. The two pipelines proposed so far would each cross hundreds of miles of rural landscape, raising a raft of legal and policy questions — and public pushback.

E15 ask – Iowa’s congressional delegation recently joined bipartisan lawmakers from Midwestern states in a letter calling on President Biden’s administration to permit the year-round sale of higher ethanol fuel blends. Biden issued a waiver last year suspending a federal rule that prevents such sales of E15, a blended fuel with 15% ethanol marketed to consumers as Unleaded 88 that’s often cheaper than regular gasoline. Since then, eight Midwestern governors, including Iowa Gov. Kim Reynolds, have petitioned the US EPA to permanently end the seasonal limitations. The EPA has yet to sign off on the request. (Sioux City Journal)

ASIA PACIFIC

Green is good – Indian public sector oil refineries have together planned to set up 137,000 tonnes per year worth of green hydrogen facilities by 2030, Hindu Business Line reports. This was revealed by Dr Ramakumar, director of Indian Oil Corporation (IOC), at India Energy Week, held recently in Bengaluru. Participating in a panel discussion on green hydrogen, Ramakumar said IOC would first put up a 7,000 tonnes per year electrolysis plant at its Panipat refinery. He pointed out that IOC had entered into an agreement with the renewable energy company, ReNew Power and the engineering major, L&T, for putting up green hydrogen plants, not only for IOC but for other refiners also.

Bonds, green bonds – Indonesia’s Pertamina Geothermal Energy, a unit of state energy company Pertamina, is considering issuing green bonds to help fund its expansion following an initial public offering, its spokesperson said on Tuesday, Reuters reports. The company’s IPO scheduled this month has a top end price range of between 875 rupiah and 880 rupiah a piece valuing it at up to 9.11 trillion rupiah ($599.74 million), the largest in Indonesia in almost a year after the $1.1 billion listing of tech firm GoTo in April. Muhammad Baron, Pertamina Geothermal Energy’s spokesperson, said green bonds were among the funding mechanisms that the company is considering and “reviewing internally.”

Carbon capture – The Malaysian state of Sarawak has an estimated 30 trillion cubic metres of carbon storage capacity in the seabed of its continental shelf, said Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg, Borneo Post reports. He said Sarawak has gazetted its Land Code (Carbon Storage) Rules 2022 to include airspace and properties above the surface of land, as well as the seabed of the state’s continental shelf to provide legal framework for CCUS activities. “The depleted or abandoned petroleum fields in offshore areas are suitable for the development of secured and permanent storage of captured CO2 by oil and gas companies who now have the obligation to reduce emissions of CO2,” he said.

Blue carbon auction – A Zhejiang-based auctioneer is set to auction off the first batch of blue carbon credits in China at the end of this month, according to a notice posted Monday on Ningbo City’s public resources trading platform. Zhejiang Sanjiang Auction Co Ltd is planning to sell around 2,340 offsets generated from a blue carbon project based in Xiangshan County on Feb.28, with a starting price of 30 yuan ($4.4). The February sale will be only open to China-based corporates, the notice said. Apart from Zhejiang, several Chinese provinces with abundant marine resources have expressed interest in the development of ocean-based projects, such as Fujian, Hainan, and Guangdong.

More protection – China’s Ping An Insurance has launched its first ocean carbon sink index insurance policy in Dalian City, marking the company’s first foray into the field, it said in a statement released Tuesday. The insurance will provide risk protection with 400,000 yuan ($58,551) for nearly 8,900 m2 of kelp, shellfish, and algae, according to the statement. As of November 2022, the insurer provided over 174 trillion yuan in green insurance coverage to promote green development.

New battery factory – BYD, the world’s largest maker of electric vehicles, plans to invest $1.2 bln to build a new factory for its batteries in China, according to Reuters. It is aiming to build a facility with the capacity to produce 40 gigawatt hours per year of its Blade Battery in Henan, the country’s third-most populous province, according to environmental filings published on the Zhengzhou government website seeking public feedback on the project.

Coal boost – Pakistan plans to quadruple its domestic coal-fired capacity to reduce power generation costs and will not build new gas-fired plants in the coming years, its energy minister told Reuters on Monday, as it seeks to ease a crippling foreign-exchange crisis. A shortage of natural gas, which accounts for over a third of the country’s power output, plunged large areas into hours of darkness last year. A surge in global prices of LNG after Russia’s invasion of Ukraine and an onerous economic crisis had made the gas now unaffordable for Pakistan.

More bleeding – Shares of India’s EKI Energy Services crashed for a second straight day, trading on the BSE stock exchange’s -20% limit down again on Tuesday.  The sharp drop came after the offset project developer reported a big fall in profits and its auditors flagged issues with how it recognised customer revenues.  EKI’s shares closed Tuesday at a new 52-week low of INR 702.2, and are now down around 78% from their peak near 3,150 rupees hit just over a year ago, which was an astonishing 90 times higher than the company’s IPO in Apr. 2021.

VOLUNTARY

Offsets offputting – The $39 trillion-controlling Asia Investor Group on Climate Change (AIGCC) investor alliance said it’s advising its members that carbon offsets shouldn’t be the primary solution to greening their portfolios, Bloomberg reports. If offsets are used, investors should pursue long-term carbon removal where there are no technologically, and or financially viable alternatives to reduce emissions, the AIGCC said. Failure to cut emissions will increase energy transition risks for companies and economies, it added. The stance is similar to that of the $11-trillion-controlling Net-Zero Asset Owner Alliance, which published a revised strategy last month.

Inactivated VCS methodology – Offset standard manager and developer Verra on Tuesday announced the planned inactivation of VCS methodology VM0017 Adoption of Sustainable Agricultural Land Management, V1.0 as of Mar. 31, following a regularly planned review. Verra said the review was initiated in Q3 2022 and determined that major updates would be required to align the methodology with best practice and scientific consensus in soil organic carbon (SOC) and agricultural GHG accounting and to address overlap between this and other agricultural land management (ALM) methodologies, specifically VM0042 Methodology for Improved Agricultural Land Management, V2.0, expected for release in the coming weeks.

Distributed dominance – US-based software company Salesforce on Tuesday announced it will purchase 280,000 MWh of renewable energy certificates from small, distributed energy projects over the next eight years to accelerate clean electricity access in emerging markets and help maintain its commitment to match 100% of the electricity it uses with renewables. Salesforce said it has contracted with Powertrust, an aggregator of high-impact renewables around the world, and will leverage Distributed Renewable Energy Certificates (D-RECs) – an innovative financial mechanism that enables organizations to accelerate deployment of capital for small-scale, distributed renewable projects – to drive this new clean energy supply. The purchase is designed to help unlock an estimated $65 mln of investments in new solar capacity and is expected to avoid over 50,000 tCO2 annually.

EMEA

UK nuclear to get green label – Nuclear power projects in the UK are set to be granted so-called “green” status under plans by the government to unlock billions of pounds in funding for the industry, reports the Daily Telegraph. The UK finance minister Jeremy Hunt is expected to announce the change within weeks as part of a broader shake-up of the UK’s financial rules on green energy. It would see nuclear power plants classed as “green” or “sustainable” investments, clearing the way for more institutional investors and environment-focused funds to back them. There are also hopes that the finance ministry could fund new power plants with money raised through the government’s green gilts and savings bonds. In December, the UK Sustainable Investment and Finance Association said it was “hugely disappointed” with the delay to the new taxonomy rules after a lack of clarity on the issue throughout 2022. It warned that Britain risked falling behind the EU and other jurisdictions unless it made its position clear soon. The UK has five nuclear power stations, with all except one – Sizewell B – currently scheduled to close by 2028. One new plant, Hinkley Point C, is under construction, while the government has pledged about £700 mln to get a second called Sizewell C built, estimated to cost a total £20 bln.

SCIENCE & TECH

Hydrogen from the sea – Scientists at Melbourne’s RMIT University have made a breakthrough by developing a cheaper and more energy-efficient way to make hydrogen directly from seawater, without needing to desalinate the water, Startup Daily reports. Hydrogen has long been touted as a sustainable alternative fuel and a potential solution to critical energy challenges, particularly for industries that are more difficult to transition to low-carbon sources like manufacturing, aviation, and shipping. Almost all of the world’s hydrogen currently comes from fossil fuels. Its production is responsible for around 830 Mt of CO2 a year. But emissions-free green hydrogen, made by splitting water, is so expensive that it is not viable commercially and accounts for just 1% of total global hydrogen production. A new approach, invented by a multidisciplinary Materials for Clean Energy and Environment (MC2E) research group at RMIT, uses a unique catalyst specifically designed to function with seawater. “The biggest hurdle with using seawater is the chlorine, which can be produced as a by-product. If we were to meet the world’s hydrogen needs without solving this issue first, we’d produce 240 million tonnes per year of chlorine each year – which is three to four times what the world needs. There’s no point replacing hydrogen made by fossil fuels with hydrogen production that could be damaging our environment in a different way. Our method to produce hydrogen straight from seawater is simple, scaleable, and far more cost-effective than any green hydrogen approach currently in the market.”

Sound soil science – Soil is the Earth’s second-biggest carbon storage locker after the ocean, and a research collaboration has shown that it’s moisture, not temperature or mineral content, that’s the key to how well the soil carbon warehouse works, according to an announcement by Oregon State University. The findings are important for understanding how the global carbon cycle might change as the climate grows more warm and dry, said Oregon State University’s Jeff Hatten, co-author of the study published in the Proceedings of the National Academy of Sciences. Carbon stored in soil has been estimated to total 2,500 bln tonnes – roughly three times as much as is in the atmosphere and quadruple the amount in every living thing on Earth combined. “Climate change may impact soil carbon and threaten these important ecosystem services, as well as soils’ ability to keep carbon out of the atmosphere and mitigate climate change,” said Hatten, a researcher in the OSU College of Forestry.

AND FINALLY…

The lunar, the better – A new study published this month suggested that a deep-space umbrella of lunar dust could help slow the effects of climate change. The study, published in the PLoS science journal, explains how a cloud of lunar dust launched between the Earth and the sun could block some of the solar radiation that warms the Earth. The research offers new support for a lesser-known corner of solar geoengineering, a field that seeks to scatter or reflect solar rays before they hit the Earth. The European Union is actively studying this idea, and President Joe Biden’s administration has also started looking into it. (The Hill)

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