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TOP STORY

Bahamas drafts carbon market regulations more than a year after PM unveiled legislation

The Bahamas Office of the Prime Minister released a draft of the country’s proposed carbon market and GHG regulations on Friday, providing guidance for carbon credit sales, GHG reduction initiatives, and emissions allowances.

AMERICAS

Conservation organisations file legal challenge against Virginia RGGI programme repeal

A group of Virginia environmental and faith organisations on Monday lodged a petition for appeal to block Governor Glenn Youngkin (R) from severing Virginia’s RGGI-linked carbon market, arguing the administration does not have the constitutional authority nor has presented supporting evidence to do so.

RGGI Market: RGA prices gain slightly on speculator interest in programme review, “noise”

RGGI Allowance prices climbed by double digits this past week as a combination of speculator interest in the Third Program Review and one entity adjusting positions bumped up values.

California diesel sales surpass 2022 levels for first time in May, gasoline emissions hit YtD highs

Diesel sales in California exceeded year-on-year levels in May for the first time this year, joining higher YoY monthly gasoline volumes, while monthly gasoline emissions rose to annual highs, according to recently published state data.

Leading US retailer pilots pioneering carbon capture to create CO2-based clothing for the masses

A large US retailer is partnering with a technology startup to capture CO2 in its manufacturing facilities and supply chain and convert that CO2 into yarn for an apparel collection, aiming to reach price parity with standard textiles such as lyocell and viscose.

VOLUNTARY

US federal judge asked to dismiss class action lawsuit against Delta Air Lines’ carbon neutrality claims

Delta Air Lines issued a motion to dismiss the putative class action lawsuit filed against the carrier for allegedly misrepresenting the total environmental impact of its business operations through advertisements of its pioneering carbon-neutrality claims, a US federal court filing showed on Friday.

VCM Report: CBL’s nature contract jumps in late afternoon trade

Xpansiv CBL N-GEO nature-based contract jumped late afternoon Monday to shake off last week’s malaise when carbon credits prices generally drifted sideways again, although there were signs of life for CORSIA, the international aviation emission trading scheme of ICAO.

ASIA PACIFIC

Baosteel securities arm secures CCER purchase deal

A securities arm of China’s Baoshan Iron & Steel (Baosteel) has inked a deal to secure domestically issued offsets from a Shanghai-listed environmental solution provider for the coming three years, as China is ramping up efforts to expand the scope of its national carbon market.

Australia closes hydrogen roadmap consultation, gets ready to play catch-up

Australia closed consultation on its hydrogen strategy Friday, an update to its 2019 paper which was one of the first national hydrogen strategies and offered under the prior Coalition government.

Australian energy giant plans Scope 3 wind down by 2024

One of Australia’s big three ‘gentailers’ on Monday released its emissions plan, promising to launch a Scope 3 emissions reductions plan by the end of next year while remaining committed to offering clients power and gas products backed by carbon credits.

India approves major green hydrogen push, experts flag challenges

India’s federal government over the weekend approved its ambitious National Green Hydrogen Mission, including both electrolysis-based and biomass-based hydrogen production methods in the scope of “green hydrogen”, though observers say major challenges must be overcome for the nation to earn its coveted role as a global hub.

EMEA

Euro Markets: EUAs track gas prices as market considers risk of Australian LNG strike action

European carbon allowance prices tracked volatile movements on gas markets on Monday as the risk of industrial action at Australian LNG terminals supported prices, while a below-market auction filtered in some weakness into EUAs, as the benchmark front-December settled flat over the day on thin volume.

EEX needs EU antitrust green light for Nasdaq deal -EU

German-headquartered European Energy Exchange (EEX) will require the green light from the EU’s antitrust authorities to acquire Nasdaq’s European power trading and clearing business, the European Commission said on Monday.

SHIPPING

BIODIVERSITY (FREE TO READ)

Ecuadorians vote against oil drilling in Amazonian global biodiversity hotspot

Alongside the high-profile presidential elections on Sunday, Ecuadorians were asked to vote on continuing oil exploration in one of the most biodiverse locations on the planet.

UNEP FI asks investors to target their biodiversity spending amid global mismatch

Countries with the greatest biodiversity richness are the ones spending the least on nature, the UNEP Finance Initiative (FI) has found, urging investors to identify whether they are contributing to the trend.

EU, US investors driving deforestation and land clearing in Australia, report reveals

Deforestation and forest degradation in Australia is being overlooked by overseas investors to their peril, a report released Monday warned, as biodiversity and nature loss becomes an increasingly material risk for companies and their financiers if not managed effectively.

Biodiversity at breaking point without new funds for developing countries, say NGOs at global nature assembly

A group of NGOs are calling for funding to jump-start a global biodiversity fund at an international environmental assembly week, a move that they see as essential to stem biodiversity loss.

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Job listings this week

• • • *Manager, REDD+ Government and Technical Coordinator, Verra – Remote (Worldwide, on US Business Hours)
    • *Senior Program Officer, REDD+ Remote Sensing and GIS Analysis, Verra – Remote (Worldwide)
    • *Carbon Development Director, Impact Carbon – Remote/Flexible Location
    • *Compliance Officer, Verra – Remote (Worldwide)
    • *Land Use Methodology Development Manager, GreenCollar Group – Australia/US
    • *Senior Program Officer, Forest Carbon Innovation Operations, Verra – Remote (Worldwide)
    • *Senior Engineer, Oil & Gas Sector with Carbon Market and Upstream Emission Reduction Project Expertise, ICA-Finance – Oslo
    • MRV-MEAL Technical Lead, Eden Reforestation Projects – Remote
    • Assistant Managers Carbon Crediting Strategy and Coordination, Clean Energy Regulator – Canberra
    • Business Development Associate, FCF India – New Delhi
    • MRV Manager, CO280 – San Francisco/Vancouver
    • Business Development Manager, CO280 – San Francisco/Vancouver
    • European Carbon Analyst, BloombergNEF – London
    • Controller, Terraformation – Remote, US

*Premium listings

Or click here to see all listings

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CONFERENCES

Argus North American Biofuels, LCFS & Carbon Markets Summit – Sep. 11-13, Monterey, CA: Join 600+ key government representatives and industry stakeholders from across the entire biofuels value chain and carbon markets sector for three days of networking and knowledge exchange. Hear from leading policy makers from California, Oregon, Washington, Canada’s ECCC, Alberta, and British Columbia and industry experts from LanzaJet, BMW of North America, Morgan Stanley, Chevron, Southwest, Mercuria, Radicle, Phillips 66 and more. Take advantage of this opportunity to gather the latest policy and market insights and reconnect with industry peers. Learn more here.

North America Climate Summit – Sep. 19-21, New York City: The International Emissions Trading Association (IETA) looks forward to welcoming delegates to our flagship North America Climate Summit (NACS) 2023, an official accredited event of New York Climate Week 2023 and the UN General Assembly 2023. The Summit is the ideal forum to take stock of the world’s evolving net zero landscape and clean growth opportunities, and a zoom into North America. Hear from policymakers, business leaders and innovators who are leading the pack in building, scaling and collaborating on carbon pricing and markets for net zero. Register here

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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

EMEA

Knock-on effect – An EU ban on goods linked to deforestation due to come into force at the end of next year could favour big companies that can trace where there produce has been grown, to the detriment of smaller suppliers unable to do so, reports the FT. Exporters from countries such as Brazil or Honduras, among the main suppliers of coffee to the bloc, or Indonesia and Malaysia, key palm oil and rubber exporters, could end up trying to sidestep the regulation by sending goods to countries with less stringent import rules, which would disrupt trade flows. The impact of the law, the first in the world to ban imports of products linked to deforestation, including cattle, cocoa, coffee, palm oil, soya, wood and rubber, will depend on how well the EU addresses its outreach to developing countries.

More room for turbines – The controversial minimum distance rule for wind turbines looks set to be abolished by the government of Germany’s most populous state, North Rhine-Westphalia, as reported by news magazine Der Spiegel.  The government coalition in the western industrial state, composed of the conservative CDU and the Green Party, is expected to eliminate the rule that turbines must be a minimum distance of 1,000 metres from the nearest residential building, clearing the way for faster renewables expansion and improved energy security. The state’s coalition plans to erect at least 1,000 new turbines in North Rhine-Westphalia during its current term, while chancellor Olaf Scholz said Germany as a whole should aim to build up to five new turbines every day in the next few years.

ASIA PACIFIC

Challenging conditions – Australia’s government green bank, the Clean Energy Finance Corporation, invested A$1.9 bln ($1.2 bln) in new commitments in FY2022-23, including A$1.2 bln in renewable energy and grid-related investment, the bank announced, despite challenging market conditions. Investments included bringing forward 14 large-scale solar, wind, and storage projects with a total transaction value of A$5.7 bln. The CEFC completed 30 new and 20 follow-on transaction in the 12 months to June 2023. Lifetime CEFC commitments reached A$12.7 bln across more than 300 large-scale transactions, taking lifetime total transaction value to A$48.8 bln. Private sector leverage also reached an all-time high in 2022-23, with every A$1 of CEFC capital attracting A$5.02 in private sector capital. CEFC CEO Ian Learmonth said the year had been characterised by supply chain shortages and grid constraints for the renewables sector.

Extension – The Victorian government has secured an agreement with AGL Energy ensuring a 12-year notice period for the Loy Yang A coal-fired power station and mine, with the plant now officially scheduled to close in 2035, it announced. The government said the binding agreement avoids uncertainty where the changing plans of power companies can deter new renewable generation entering the market, increasing electricity prices to customers. AGL has agreed to provide a A$50 mln community and economic development fund for affected workers, on top of its rehabilitation obligations. The fund will assist AGL to help retrain, reskill, and find new work opportunities for their staff. The company will submit a rehabilitation plan to the state government in 2025.

Team Korea – A group of six entities including SK Ecoplant and Hyundai E&C has landed a $447 mln solar power project in Concho County, Texas, the Korea Economic Daily reports. Under the current plan, a 459 MW solar power plant will be built and be capable of producing 852 GWh of electricity every year for 35 years, according to the report. The Korean alliance also includes EIP Asset Management, solar power company Topsun, state-run Korea Overseas Infrastructure and Urban Development (KIND), and government-backed Global Plant, Infrastructure, and Smart City (PIS) Fund.

AMERICAS

Ebb excitement – California startup Ebb Carbon recently began operating its novel ​“marine carbon dioxide removal” system at the Sequim laboratory on Washington’s Olympic Peninsula, which uses a combination of electricity and seawater to increase CO2 in the ocean. The technology uses electrochemistry to split saltwater into its acidic and alkaline parts, with the ultimate aim to return alkalinity to the ocean, creating chemical reactions that pull CO2 from the air and store it safely in the sea. Ebb’s first-of-a-kind demonstration project is designed to remove 100 tonnes of CO2 per year at full capacity. The startup is partnering with research institutions including the National Oceanic and Atmospheric Administration and the University of Washington to understand how to scale up its system for greater impact. (Canary Media)

Route revision – Summit Carbon Solutions submitted a revised request to the North Dakota Public Service Commission for a carbon capture and sequestration pipeline that would avoid the town of Bismarck, avoid game management areas, and regions prone to landslide, the company said in a press release on Saturday. The route’s impact on the town and potential geo-hazards had been raised during community consultation, the company said nearly 80% of the route has been secured through the selling of access rights by landowners. Nearly 90% of the area required for the carbon sequestration site in North Dakota has been obtained. North Dakota’s Public Service Commission earlier this month denied Summit a siting permit for its project, which is part of a large diversified carbon removal forward purchase agreement announced earlier this year.

AND FINALLY…

Clifi breakdown – A powerful story can shift perspectives, and help people imagine the future differently. Powerful climate stories could, in that sense, help humanity tackle its biggest challenge yet. Bloomberg polled several of the world’s leading climate storytellers to understand what makes for a compelling climate narrative, and what pitfalls are best avoided. All of them argued in favour of a few key principles when telling stories that centre on the environment: Find great characters, keep things realistic (enough), endings matter.

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