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TOP STORY
B20 paper calls for standardised climate finance, cross-border carbon markets
Climate finance and more standardised, cross-border carbon markets are ways to better ensure a just transition, according to a policy paper released on the sidelines of the B20 Summit in India over the weekend.
VOLUNTARY
VCM Report: Avoidance credit prices remain depressed to put pressure on developers
Carbon credit prices continued to edge sideways amid a summer lull in liquidity that seems to have been exacerbated by anticipation of the ICVCM integrity initiative that will produce the first Core Carbon Principle-labelled credits in the fourth quarter.
Canada-based carbon offset developer finalises majority stake in tree-planting company
A Calgary-headquartered carbon credit marketing and project development company on Monday finalised its agreement to acquire the majority of a South American nature-based solutions firm.
ASIA PACIFIC
Tata Steel boss says India should change approach on CBAM
India should rename some of its current fees and levies as carbon taxes to get a better deal under the EU’s carbon border adjustment mechanism, instead of opting for flat refusal of the entire scheme, the CEO of Tata Steel has told local media.
Australia Market Roundup: Over 1.3 mln ACCUS minted, FMG rules out voluntary offset use as CEO exits
The Clean Energy Regulator has minted some 1.38 million Australian Carbon Credit Units (ACCUs) in its latest update, the largest issuance so far this year.
Vietnam plans to increase forest coverage by 20% to 2030
Vietnam has signed into action the Glasgow Declaration on forests and land use, setting country-specific targets around the treatment of its forests and plans to increase forest cover to the end of the decade.
Hong Kong climate startup to launch blockchain-based offset registry
Hong Kong-based climate startup Carbonbase has teamed up with two partners to launch a blockchain-based registry targeting small and medium-sized developers, which it claimed to be Asia’s first digital native carbon registry.
AMERICAS
RGGI Market: RGAs reach 4-week high on low volume before Q3 auction
RGGI Allowance (RGA) prices inched upwards on weak volume as a combination of speculator interest in the power sector carbon market’s Third Program Review, positioning before next week’s Q3 auction, and weather kept current year prices above the $14 mark.
BIODIVERSITY (FREE TO READ)
Australia to host global nature positive summit
Australia on Sunday announced it will host a global summit next year to drive private-sector investment in nature conservation and restoration projects, just weeks before the next biodiversity COP.
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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
- Senior Policy Analyst, Markets Directorate – Climate, Ministry for the Environment – Christchurch’
- Improving Air Quality in Overburdened Communities Grants Unit Supervisor, WA Dept of Ecology – Thurston County – Lacey, WA
- Project Development Manager, Environmental Markets, 3Degrees – Portland OR preference
- Sustainability Protocols & Standards Analyst, AgSpire – Remote
- Head of Solution Sales, MRV & Supply Chain, Agreena – Copenhagen/London/Hybrid or Remote
- Technical Lead, Forest Carbon Project, Blue Carbon LLC – Dubai
*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
INTERNATIONAL
Homework for COP28 – US climate envoy John Kerry has recently met with oil and gas executives in advance of COP28 in efforts to convince them to reduce GHG emissions and invest in renewable energy by 2030. Kerry has called for fossil fuel companies to arrive to COP28 with these plans in place, alongside a desire to establish a CCUS standard. “The private sector’s going to do this because there’s money to be made, a lot of money. This is the new industrial revolution,” he added. Kerry is also scheduled to meet with Saudi Arabia’s minister of energy and the chief executive of Saudi oil company Aramco. (Financial Times)
Canada-China chats – Canadian Environment Minister Steven Guilbeault departed Saturday for Beijing in the first trip by a Canadian minister to China since 2019, reports Reuters. Guilbeault is attending the annual meeting of the China Council for International Cooperation on Environment and Development (CCICED), a group that advises the Chinese government on climate. Guilbeault has stated he wants to discuss methane emissions reductions and a global renewable energy target, as well as follow up after COP15, a biodiversity summit that was hosted by Canada and chaired by China late last year.
No child’s play – The UN’s Child Rights Committee has released new guidance regarding children’s rights as it pertains to the environment and climate change, according to a Monday press release. The guidance, formally known as General Comment No. 26, explains that children have the right to a clean, healthy and sustainable environment that is directly linked to the full enjoyment of their other rights, including the rights to life, survival and development, the highest attainable standard of health, an adequate living standard, and education. The guidance also clarifies that states should take measures to ensure commercial activities do not damage children’s health, including by reducing emissions, and ensure that legal pathways are accessible to children when they seek to assert their rights as related to the environment, effectively meaning that kids have a right to sue governments over their role in causing climate change. However, the findings don’t have the force of law, though observers note that this decision is based on one of the most widely accepted international treaties.
EMEA
Bigger and better – European Council President Charles Michel said that membership should be extended to candidate members of the EU by 2030 during a speech at the Bled Strategic Forum in Slovenia on Monday. “We should be ready on both sides to enlarge by 2030,” Michel told the audience. EU leaders will discuss enlargement at next EU council, Michel said, with discussions on the table about Ukraine and Moldova joining, as well as Georgia when “they complete the necessary steps,” Michel said. Bosnia and Herzegovina will be back “on the table” as well. (FT)
Filed and ready – Poland has filed legal challenges attempting to annul three of the EU’s main climate change policies – car CO2 standards, the Effort Sharing Regulation for current non-ETS sectors, and ETS reform – with Warsaw arguing that they would worsen social inequality threaten Poland’s energy security, and cut coal mining jobs, Reuters reported, citing European Commission documents published on Monday. Read Carbon Pulse’s latest on Poland’s multiple filings, which some experts say is tied to the nation’s Oct. 15 election.
Low turnout – Germany has completed its final auction to provide compensation for the early retirement of coal plants, with fewer operators participating in the tenders than initially hoped for, the Federal Network Agency said. All of the submitted bids were awarded, meaning that operators will receive a compensation for closing their plants early in a €45,000-85,000/MW range. The awarded bids made up a combined capacity of some 280 MW, which was short of the 542 MW that was auctioned. The selected facilities can continue to operate until March 2026 and then must stop burning coal to produce electricity or heat. The first tenders for coal phaseout cash were oversubscribed. The auctions were introduced to offer operators of mainly hard coal plants the option of receiving state support if they decide to retire their units early, with the country planning to fully exit the power generation source by 2038. (Clean Energy Wire)
ASIA PACIFIC
Sandbagging support – The New Zealand Green Party want to set up a NZ$750 mln ($442 mln) fund to protect towns and cities from flooding, if it is part of a government after the next election, Radio NZ reports. The Urban Nature Fund would be part of the Greens’ Climate-Safe Communities plan and would empower them to create jobs involved in restoring and protecting nature in towns and cities. It would also slash greenhouse gas emissions, and protect homes and communities from future extreme weather.
Australian fuel retailer offers hydrogen option – Australian fuel refiner and retailer Ampol will partner with OneH2, which manufactures hydrogen equipment to represent the latter in Australia. Ampol will use OneH2’s hydrogen kit so its customers can refuel their hydrogen fuel cell vehicles. Fuel cells, which burn hydrogen to produce water, are one of two non-internal combustion engine options in Australia. The other is battery-powered vehicles, which eclipse fuel cells in sales. “We are excited to partner with OneH2 and expand our role in the hydrogen space, as we continue to work to deliver safe, reliable, and convenient future energy solutions for customers,” Ampol’s executive general manager of International and New Business Brent Merrick said.
Laos lockout – Landlocked Laos’ single electricity provider last week suspended power to local cryptocurrency operations, the Laotian Times reports. The notoriously power hungry digital currency generation is relatively low-emission in Laos, thanks to the nation’s hydropower supply but drought conditions over the first six months of the year forced Electricite du Laos to halt supply. The nation has long styled itself as the Battery of Asia, exporting electricity to neighbours like Thailand and China which have also financed the huge project builds along the Mekong River. Media also suggests cryptominers are not paying their debts.
SAF potential – Tokyo-listed edible oil producer J-Oil Mills has started empirical research on sustainable aviation fuel (SAF) with funding support from state-run New Energy and Industrial Technology Development Organization (NEDO), it announced Monday. The company, aiming to build a bio-jet fuel supply chain that uses non-edible vegetable oils and fats, has also teamed up with energy company Idemitsu Kosan to explore low-carbon businesses such as biomass, SAF manufacturing, and the utilisation of biochemicals, according to the statement.
Green cooperation – South Korea and Oman have signed a memorandum of understanding (MoU) to cooperate in achieving carbon neutrality and revitalising green industries, Yonhap news agency reports. South Korean Environment Minister Han Wha-jin and Oman’s Minister of Energy and Minerals Salim bin Nasser Al Aufi have agreed to enhance bilateral cooperation in the establishment of green hydrogen infrastructure, installation of hydrogen charging stations, expansion of hydrogen commercial vehicles and development of waste-to-energy businesses, according to the report.
AMERICAS
Wind in motion – Over a dozen companies have qualified to bid for wind development rights for the tracts off Texas and Louisiana in the upcoming government auction on Tuesday, Bloomberg reports. The tracts span about 40,500 ha each and have the potential to generate 3.7 GW of emission-free electricity. Potential bidders include oil heavyweights like BP, Equinor, and Shell, as well as renewable power companies such as Hanwha, Hecate Energy, and Invenergy. The auction marks the first-ever sale of offshore leases for wind power development in the Gulf of Mexico.
Quiet raise – Washington utility Puget Sound Energy (PSE) that serves about 800,000 customers in six counties raised its natural gas rates by 3.25% earlier in August to cover the costs of the state’s cap-and-trade programme, without listing reason for the increase on customers’ bills, The Post Millennial reported Monday. The state’s Utility and Transport Commission (UTC) approved the request for the increase but its three-member board mandated PSE not to itemise the State Carbon Reduction Charge and State Carbon Reduction Credit in customer utility bills, as they alleged that listing all specific programme charges would make bills “lengthy and confusing”. The state Department of Ecology had claimed that at an emissions allowance price of $41/tCO2, the price of natural gas would decrease by 1%. Last month, Washington state topped gas prices in the US, surpassing California, the report noted.
VOLUNTARY
Talking credits – Shafick Hoossein, a World Bank senior environmental specialist, emphasised at a summit in Liberia the importance of carbon markets to meeting the country’s climate goals: “As carbon markets are implemented, they must align with the achievement of NDC goals, involve high-intensity transactions, and address social and environmental safeguards, including equitable benefits for women, men, and local communities. As development partners, we aim to achieve concrete and tangible results that create value for all stakeholders.” The African nation is working towards opening up its forest to carbon credit-generating project developers, though such discussions have not been without opposition. (Front Page Africa)
Carbon meets Web3 – US physical commodity exchange PanXchange has received funding to integrate with the Hedera Network’s blockchain. PanXchange first partnered with the National Industrial Hemp Council of America in 2022 to generate carbon credits and now offers a suite of products in the market for those in the nature-based carbon project ecosystem.
INVESTMENT
CCS acquisition – Scandinavian oil and gas major Equinor has acquired a 25% share in the Bayou Bend CCS project in Texas from Carbonvert, according to a Monday press release. Equinor believes the Bayou Bend project is positioned to be one of the largest CCS solutions in the US for industrial emitters. The project has around 56,650 gross hectares of pore space for permanent CO2 sequestration and gross potential storage resources of more than 1 bln tonnes, according to the release. The Bayou Bend project is a joint venture, with Chevron serving as the operator and holding 50% interest and Talos holding the other 25% interest.
SCIENCE & TECH
Carbon capture continues – FuelCell Energy announced Monday that it has extended a carbon capture joint development agreement with Exxon, according to Reuters. The extension, lasting until the end of Mar. 2024, represents the fourth such prolonging of the agreement. FuelCell has been developing carbonate fuel cells that reduce CO2 emissions from industrial and power sources in exchange for fees from Exxon since the agreement began in 2019. This announcement coincides with Exxon’s publication of its 2023 Energy Outlook, according to Bloomberg, which foresees the world failing to reduce its emissions fast enough to meet the levels needed to fulfil the goals of the Paris Agreement.
AND FINALLY…
Blow me down – German energy giant RWE has begun dismantling operational wind turbines near its sprawling Garzweiler open pit mine in the German region of North Rhine Westphalia, with the intention of excavating a further 15 to 20 Mt of coal. The demolitions are part of a deal brokered with Vice Chancellor Robert Habeck and the large state, which will see RWE wind down its coal operations by 2030. (Europe Beyond Coal)
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