CP Daily: Tuesday February 20, 2024

Published 01:02 on February 21, 2024  /  Last updated at 01:02 on February 21, 2024  / /  Newsletters

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

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TOP STORY

EU co-legislators reach deal on world’s first carbon removal certification law

EU co-legislators struck a deal on the EU’s first carbon removal legislation in the early hours of Tuesday, in which it maintained distinct definitions for permanent and impermanent carbon activities and paved the way for the European Commission to start generating carbon removal certification methodologies.

INTERNATIONAL

Attention shifts to NDC updates as ‘troika’ signals focus for next two UN climate summits

Senior members of the UAE, Azerbaijan, and Brazil governments, the hosts of the three UN COP summits between 2023 and 2025, outlined the focus of a recently announced ‘troika’ partnership at an IEA event on Tuesday, as the agency also revealed plans to raise cash later this year to solve clean cooking in Africa “for once and for ever” as well as a new climate pledge-tracking mechanism.

Tokyo tops global list of cities requiring vast afforestation to combat high emissions

Tokyo would need to plant over two billion trees to offset the more than 320 million tonnes of CO2 it emits every year, making it the city the most in need of afforestation to counteract its carbon emissions, new research finds.

EMEA

EU industries call for political support in the low-carbon transition

More than 70 European industrial leaders put out a mayday call for help on Tuesday, including through public funding and simplified state aid, to keep low-carbon production within the EU.

Glaring investment gaps to meet UK’s net zero target, including on CCUS, natural capital -report

Carbon capture, utilisation and storage (CCUS) and nature-based solutions are highlighted as two sectors in dire need of greater investment to achieve the UK’s net zero target, says a new report, which recommends how the public and private sectors can work together to catalyse higher levels of green finance.

NGOs take UK govt to court over “pie-in-the-sky” net zero measures

The UK government’s climate action plan will come under fire in the High Court this week, in a case brought by three NGOs arguing that it is in breach of the country’s legally binding target for net zero emissions by 2050.

UK govt updates free allocation list for 2024, cutting carbon permit handouts by 1.4%

The UK government has published an updated list of free allocations to industrial installations for the period from 2021 to 2025, incorporating changes to carbon allowance handouts after assessing individual plants’ operations in previous years.

Investment houses club together to widen access to growth capital for climate in the UK

A climate tech venture investor is joining forces with a specialist investment manager to increase the pool of growth capital available to environmental-focused companies in the UK.

Euro Markets: EUAs set new low but rally in late trade as “jittery” market tests key levels

European carbon prices ended Tuesday modestly higher after violent swings in the afternoon drove prices to a 31-month low, before short-covering triggered a €3.30 rally in just two hours and left the market testing another important psychological level ahead of a pause in the auction schedule.

AMERICAS

RGGI Market: Prices edge down as participants await significant market catalyst

RGGI allowance (RGA) values continued to recede as trading volumes rose from the previous week, although activity was subdued heading into the US long weekend.

California gasoline sales continue to fall in November, as diesel again exceeds 2022 levels

California gasoline sales and emissions trailed 2022 levels for the third month in a row in November, while diesel sales and emissions exceeded those from the previous year for a second straight month, according to the state data published Tuesday.

ASIA PACIFIC

Corporate Australia’s net zero plans lagging behind international standards, report finds

A study on 10 of Australia’s most-prominent companies has found their net zero plans are lagging behind international best practice and largely lack scientific rigour.

Limited access to funds, poor regulations hinder Article 6 development in South Asian nations -study

Limited resources, inadequate policies, and governance issues are preventing the market under Article 6 of the Paris Agreement to gain foothold in South Asia, a study released this week found.

Australian soil carbon developer, agritech firm launch livestock monitoring scheme

An Australian soil carbon project developer and an agritech firm have launched a digital livestock tracking initiative to help optimise herd management, pasture and soil performance, they announced Wednesday.

VOLUNTARY

Large volume of voluntary cookstove credits trade above $7.50 as sector shakes off criticism

A large volume of African cookstove carbon credits have traded above $7.50, a source told Carbon Pulse on Tuesday, underlining the sector’s resilience in the wake of a recent academic paper that claimed over-crediting was rife.

Oil major Shell spends more than $16 mln on credit retirement in January

Shell retired carbon credits worth around $16.3 million in January as it continued to hog the top spot in retirement activity for the second month in a row, but the energy giant was middle of the pack in terms of value per credit, data showed.

INTERVIEW: CO2-to-acid startup partners with chemicals distributor for global reach

A climate tech startup is partnering with a chemical producer for the distribution and sale of its first product – a carbon-negative version of acetic acid made using CO2 captured from large emitters.

Carbon rating agency finds Cambodian REDD+ project’s baselines massively inflated

A Verra-registered REDD+ project in southern Cambodia has been using inflated baselines stemming from the source of its reference data, leading to over-crediting, according to a report released by a US-based carbon offset ratings agency.

Voluntary carbon removals startup consults to align certification standard with ICROA

A US-based voluntary carbon removals startup has opened a public consultation as it seeks to align its certification standard with the latest code of best practice from the International Carbon Reduction and Offset Alliance (ICROA).

Voluntary carbon market firms announce senior leadership changes

Three voluntary carbon market firms have appointed new members to their senior leadership teams, they said this week.

BIODIVERSITY (FREE TO READ)

Australia’s Clean Energy Regulator seeks alignment between Nature Repair Market, ACCU Scheme

The Australian government’s Clean Energy Regulator (CER) has said it will look to align processes in the newly-established Nature Repair Market with the country’s carbon market, as one of the key bodies overseeing the scheme.

Renewable energy developer, conservation group to cooperate on biodiversity restoration in Denmark

A Danish energy developer and a Copenhagen-headquartered nature conservation organisation have teamed up to bolster the protection and restoration of local biodiversity through ensuring that new renewable energy projects will positively impact nature.

West African states aim for leading biodiversity plan with whole-region approach

The Economic Community of West African States (ECOWAS) has stepped towards drafting a regional plan to implement the Kunming-Montreal Global Biodiversity Framework (GBF), as the organisation seeks to lead the way on nature conservation.

Canadian asset manager launches biodiversity fund

A Montreal-based investment management firm has launched one of the first biodiversity-focused funds in Canada, seeking to channel resources towards the preservation of nature.

Biodiversity Pulse: Tuesday February 20, 2024

A twice-weekly summary of our biodiversity news plus bite-sized updates from around the world. All articles in this edition are free to read (no subscription required).

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WEBINAR

Making the EU ETS Work for Shipping – Feb. 21, 1000-1100 GMT: Jointly organised by Freight Investor Services (FIS) and Redshaw Advisors, the webinar’s focus will be on ‘OTC Physical EUA hedging strategies for medium- and small-sized shipping players’. The panel features Hugh Taylor from Freight Investor Services, as well as Louis Redshaw and Tom Lord from Redshaw Advisors, with the latter two being long-standing experts in EUA trading and environmental markets in general. The webinar will include a Q&A for any queries to be answered by our panel. Register now!

CONFERENCES

Carbon Forward Asia – March 7-8, Singapore and online: Our conference is anchored on relevant, current content shining the spotlight on opportunities and risks in the Asia-Pacific region. Organised by Carbon Pulse, Redshaw Advisors, and others working in the sector, the agenda will delve into pressing topics with regional and international leaders. With half of all ASEAN countries in the process of establishing domestic carbon markets, we’ll examine at the region’s emerging markets – both compliance and voluntary. And as China prepares to relaunch its CCER offset scheme, we’ll look at domestic demand and possible impacts on voluntary projects. The event will discuss what impact the EU’s Carbon Border Adjustment Mechanism (CBAM) will have. (On Mar. 6 there’s a separate CBAM workshop comprising everything you need to know). Conference attendees will also hear about CORSIA, Article 6, COP29, removals, nature-based solutions, and so much more. Carbon Forward Asia is also a meeting hub for corporates, investors, financiers, bankers, brokers, representatives from industrials, shipping and aviation, oil and gas, utilities, energy, traders, regulators and policy makers, carbon market analysts, project developers, exchanges, rating agencies, and NGOs. Register now!

North American Carbon World (NACW) 2024 – March 19-21, San Francisco: Attend NACW 2024 to learn, collaborate, and network with the North American carbon community and provide a stronger, unified force in advancing climate solutions. Hosted by the Climate Action Reserve, NACW will dive into major new policies, innovations, and developments that will shape and scale carbon markets and climate solutions with integrity and ambition. In addition to outstanding speakers, discussions, and insights, NACW provides premier networking opportunities with an active and engaged audience of leading climate and carbon professionals from all sectors of the economy. www.nacwconference.com

European Climate Summit – April 16-18, Florence: To kick off its annual regional climate summit series this year, IETA looks forward to welcoming delegates to its flagship ECS2024 event, taking place in Italy. ECS comes at a key inflection point for the region’s carbon market. How will the European carbon market evolve in its next phase, which starts in 2031? Around the world, carbon markets are emerging at the fastest ever pace, with new emissions trading systems being developed from Brazil to Vietnam. More markets may mean more opportunities for international cooperation and linking, and some of these could come to Europe. The health of the voluntary carbon market is also a hot topic this year, as the market works to overcome challenges. Environmental integrity and robust quality assurance are at the top of everyone’s mind, and IETA’s ECS2024 will address these issues as well. To register, simply click HERE to join as a delegate. In-person event.

Next steps for the UK Emissions Trading Scheme – April 22, Online: Hosted by Westminster Energy, Environment & Transport Forum, stakeholders and policymakers will explore priorities for implementation and maximising the carbon market’s contribution toward the UK’s net zero strategy. Discussion will consider policy priorities, challenges for industries, and plans to expand the scheme to include domestic shipping and energy from waste. Sessions will also explore the auction reserve price, the forthcoming CBAM, and strategies to enhance the UK ETS’s efficacy while mitigating negative impacts. Book your place

Carbon Forward North America – June 11-12, Toronto: Join us in the Great White North to hear about the evolving carbon pricing and climate policy landscape in North America. Whether you are an emitter, investor, developer, or a new participant in any of the continent’s carbon markets – compliance or voluntary – Carbon Forward North America offers you the opportunity to gain knowledge on both present and future policy developments and market opportunities. Explore the chance to meet the right people or source the right solutions to help you enhance your business prospects or minimise your risk. Come meet the region’s world-leading carbon market experts, compliance players, government officials, investors, project developers, analysts, brokers, and other stakeholders. Agenda to be released soon. To express an interest in speaking or sponsoring, please email michelle@carbon-forward.com

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BITE-SIZED UPDATES FROM AROUND THE WORLD

INTERNATIONAL

Pollution exports – The export of used cars from the UK is undermining the global reduction of transport emissions, according to research published in Nature Climate Change. The researchers looked at used vehicles exported by the UK to low- and medium-income countries between 2005 and 2021, and found that they failed roadworthiness standards and generated at least 13-53% more emissions than the UK’s own scrapped or on-road vehicles. As of 2020, some 100 countries receiving used cars had no vehicle emissions standards, and only 11 had “very good” emissions regulations. The UK, US, EU, and Japan – which all have high vehicle emissions standards – supply 90% of used vehicles to low- and medium-income countries.

Sharp critique – The IEA has succumbed to “politicisation” and “zealous green censors” in drawing together its annual energy outlook, according to an energy advisor to former President George W. Bush. Robert McNally, president of research and analysis firm Rapidan Energy, claims that the IEA’s “long-term energy forecasts can no longer be trusted”, with the IEA’s view that fossil-fuel demand will peak soon posing risk to the global energy system through underinvestment in oil and gas, he says. The World Energy Outlook is published annually based on energy industry analysis and collection of statistics and policy developments from around the world. It’s not the first time that the IEA has faced criticism for the conclusions made. (Bloomberg)

EMEA

Give us credit – Egypt’s Financial Regulatory Authority (FRA) has asked the EU to forego levying its Carbon Border Adjustment Mechanism (CBAM) on producers of Egyptian goods in possession of carbon credits purchased on the Egyptian voluntary market, which has yet to launch, according to a government source speaking to Arab World Press (AWP) on Monday. Egypt recently authorised three certification and verification bodies for its planned voluntary market, which was announced at the UN climate conference COP27 in Sharm el-Sheikh in 2022. The market has been beset by delays, though a domestic carbon project hub called AFRICARBONex was launched during COP28. The Egyptian government has also stated intent to pilot a compliance market by Q1 2024. A member of the board of directors of the Egyptian Exporters Association (Expolink) told AWP that Egyptian industrial sectors with high emissions are at risk of losing $4 bln of their exports to the European market if the EU does not agree to recognise voluntary carbon certificates and thereby grant these companies exemption from the CBAM, which will go into effect in 2025.

Deja vu – Europe’s largest aluminium producer Norsk Hydro has warned that the construction sector in some of Europe’s largest economies is facing a demand slump similar to that seen during the Covid-19 pandemic, the FT reports. The construction crash due to high interest rates and rising building costs has hit the aluminium sector hard, in Germany in particular, said Norsk Hydro CFO Pal Kildemo. In certain countries, the company has seen a 50% fall in building and construction demand year-on-year, he told the news outlet. Construction accounts for 25% of aluminium demand globally. Rebound for the metal is unlikely to rebound in the second half of 2024 if rates remain high, said Kildemo.

Cut the red tape – ExxonMobil has signalled willingness to withhold billions of dollars of climate-related investments in Europe unless Brussels cuts environmental red tape that the company blames for “deindustrialisation of the European economy”. The US oil major has $20 bln set aside for decarbonisation projects between 2022 and 2027 but is likely to prioritise other parts of the world amid its frustration with Europe’s regulatory burden, Karen McKee, president of the company’s product solutions division, told the FT. Her comments come as more than 70 industry executives meet in Antwerp on Tuesday in a bid to pressure the EU to rethink industrial policy and support businesses by way of a European Industrial Green Deal.

Industry benefits – Electricity prices in Germany have declined considerably in early 2024 compared to the annual average for the previous year, according to analysis by the Federation of German Energy and Water Industries (BDEW). SMEs in particular have benefitted, paying on average 17.60 cents per kilowatt hour (ct/kWh) in new contracts excluding the electricity tax, 23% less than the year before. While households saw prices drop by 8% on average to 42.22 ct/kWh.

Chemical reaction – Jim Ratcliffe, who heads up large chemicals group Ineos, has cautioned that Europe’s environmental levies are discouraging investment and pose a threat to industry. In a letter addressed to European Commission President, Ursula von der Leyen, Ratcliffe expressed concern that Europe is on the path to losing its industry, jobs, investments, and emissions due to escalating energy costs and ambitious net zero emission policies. He highlighted that the other key global regions for chemical manufacturing, namely the US, the Middle East, and China, see Europe struggling due to high energy prices and carbon taxes. He highlighted the significant cost disparities in gas and electricity between Europe and America, labelling the current situation as unsustainable. It had become nearly impossible now to secure planning permissions for new facilities in the region, he pointed out.

ASIA PACIFIC

SAF study – Japan’s Marubeni Corporation has formed a partnership to conduct a feasibility study on the production of sustainable aviation fuel (SAF) by processing municipal solid waste (MSW) in Dubai, it announced Tuesday. Marubeni has teamed up with the Dubai Municipality, state-owned Emirates National Oil Company (ENOC), and Belgian construction group BESIX for the study, which will examine the feasibility of establishing a supply chain for the production of SAF derived from MSW in Dubai. 

Another new friend – Japanese project developer Bywill has concluded a contract with the Kagoshima Bank to promote the creation and distribution of environmental value in Kagoshima Prefecture, according to a statement released Tuesday. Bywill, which aims to help achieve carbon neutrality in all 47 prefectures of Japan, said it had signed similar agreements with 28 other domestic financial institutions.

No consensus – In a recent meeting organised by the Indian Bureau of Energy Efficiency and original equipment manufacturers, major automakers were divided over the calculation of carbon credits, leading the meeting to end without reaching a consensus, businessline reported. The government is trying to reduce the overall CO2 emissions from a vehicle’s exhaust under Corporate Average Fuel Efficiency (CAFE) regulations. These regulations are for all engines including petrol, diesel, and CNG/LPG in passenger vehicle. The first CAFE norms were kicked off in April 2017 with BS4 exhaust emission norms and the second was rolled out in January 2023 under which limits were set on total CO2 emissions. These were computed by taking the weight of individual models of a vehicle and the number of models sold. The move aims to increase fuel efficiency of vehicles by 35% by 2030. It was decided that the highest carbon footprint to be allowed was 130 gm per km until 2022 and after that, it will further be reduced to 113 gm per km, the newspaper stated. While a group of companies including Tata Motors, Mahindra & Mahindra, and Hyundai Motors said that previous year’s credits must be allowed to be compensated in the current year, companies such as Maruti Suzuki opposed this idea. There was also no clarity whether the CAFE penalties would be imposed by the central or the state government. The next meeting is scheduled in April, where participants are hoping to reach a consensus, which is important as the country is working on plans to establish its carbon market.

High flyers – Singapore’s transport minister has announced that the government will impose a levy on flight tickets and that passengers will have to bear the cost of transition towards green jet fuel, Reuters reported. Under the plans, all departing flights will be required to use 1% sustainable aviation fuel (SAF) from 2026 which will rise to 3-5% by 2030. Singapore follows in the footsteps of the EU where fuel suppliers are obliged to ensure 2% of fuel at EU airports is SAF by 2025, rising to 6% in 2030, and 70% in 2050. While under the European model, carrier bears the cost, Singapore’s levy will vary based on factors such as the flight distance and travel class. SAF currently accounts for 0.2% of the jet fuel market and costs up to five times more than conventional jet fuel. Singapore’s aviation industry said the use of SAF should rise to 65% by 2050 under plans to meet net zero emissions target, which will require an estimated funding of about $2-3 trillion.

Gust of wind – Australian miner Rio Tinto has signed Australia’s largest power purchase agreement with Andrew Forrest’s Windlab to source electricity from the planned 1.4GW Bungaban wind energy project, the company announced to the ASX. Under the PPA, with Windlab, Rio Tinto will buy 80% of all power generated from the project over a 25-year period, with the remaining power supply the National Electricity Market. The PPA is the second renewable power deal Rio has signed to power its Gladstone operations, after the recent agreement signed with European Energy to drive the development of the 1.1 GW Upper Calliope solar far. The combined 2.2 GW of renewable PPAs have the potential to cut 5 MtCO2e per year from Rio Tinto’s operations, according to the company. Rio Tinto is looking to half its Scope 1 and 2 emissions by the end of the decade.

AMERICAS

Pennsylvania problem – A group of over 100 businesses, religious organisations, community leaders, public health and elected officials, and environmental advocates across the state of Pennsylvania penned a letter last week to Governor Josh Shapiro (D) expressing concern that his 10-year economic plan doesn’t sufficiently prioritise renewable energy and, instead, further favours fossil fuels. The letter requests revisions to the plan that will prioritise sustainable industries and an equitable strategy to protect communities, workers, and the environment from climate change and pollution impacts. The letter also praised some parts of Shapiro’s plan, however, including its investments in education, innovation, workforce development, outdoor recreation, and agriculture.

Join ECY – Application to become a member of the Ozone Depleting Substance Offset Protocol Technical Working Group is due on Feb. 25, 2024, the Washington Department of Ecology (ECY) notified Tuesday. ECY is forming several technical working groups to help inform potential programme changes as part of the ongoing cap-and-invest rulemaking process. The technical working group will offer input on the potential revisions for its offset protocols, which are based on the California regulator ARB’s 2021 Offset Taskforce Report, voluntary offset market protocols, and public comments received during the offsets projects rulemaking as well as past rulemakings, ECY noted. The group is expected to begin in March and will meet every three weeks for three to six months.

Power regulation Kelsey Bagot, a lawyer and former advisor at the Federal Energy Regulatory Commission, and Samuel Towell, former deputy attorney general, were unanimously elected to fill long term vacancies at Virginia’s three-member State Corporation Commission (SCC), Inside Climate News reported Sunday. Members of the commission review compliance with the Virginia Clean Economy Act, which requires the state’s monopoly utilities, Dominion Energy and Appalachian Power Company, to decarbonise the grid by 2050. The SCC sets company profit margins, reviews customer electricity rates, and vets project proposals and long term planning documents. The SCC’s decisions are binding, but can be appealed to the state’s Supreme Court.

Storing CO2 in Alaska – Alaska lawmakers are considering a bill introduced by Governor Mike Dunleavy (R) in 2023 that would enable the state to lease subsurface rights for CO2 sequestration, Alaska Beacon reported Monday. HB 50 was designed to create a new revenue stream for the state by commercialising the geologic “pore space” of low-grade coal seams, saline aquifers, and depleted oil reservoirs, as well as supporting the existing development of such infrastructure, according to Haley Paine, deputy director of the state’s Division of Oil and Gas. The bill was discussed by the House Resources Committee and the House Finance Committee last year, and the finance committee took the bill up again this January. The bill could help enable fossil fuel development to continue in addition to supporting fossil fuel developments, the proponents argue. Several oil and gas industry firms and power utilities have expressed support for HB 50, such as the Alaska Oil and Gas Association, Chugach Electric Association, and ASRC Energy Services.

Appalachian asymmetry – Despite being home to the third-largest concentration of forest carbon offsets traded in WCI, local communities in Central Appalachia are largely not benefitting from these projects, the Conversation reported. A century ago, many of the landowners in Appalachia were coal companies and timber companies, but today they are predominantly financialised timber investment management organisations, or TIMOs. Proceeds can run into the millions of dollars for investors, but are providing little local employment, investment, and community engagement, the article stated, citing numerous academic articles.

Refund reductions – The Canadian government is reducing financial relief for small businesses from carbon pricing revenues in order to increase the size of the rebate it is providing to rural families, the Toronto Star reported Tuesday, much to the dismay of small business owners who were deading the change. This adds to the ongoing burden placed on small enterprises due to carbon tax, according to the Canadian Federation of Independent Business (CFIB), which earlier this month reported that Canada is yet to distribute C$2.5 bln ($1.86 bln) in carbon tax rebates to small businesses in the provinces of Ontario Manitoba, Saskatchewan, and Alberta. The CFIB estimates small businesses contribute up to 40% of the government’s overall carbon price revenue, while economic and climate think tank Clean Prosperity estimates their contributions to be closer to 25%. Nevertheless, the businesses were set to receive some 7% of the revenues, but their share is now dropping to 5%.

Carbon & CPI – The Saskatchewan government’s decision to remove the federal carbon tax from home heating helped reduce the province’s inflation rate to 1.9% down from 2.7% in December, according to the latest Consumer Price Index report released today by Statistics Canada. The national statistics agency specifically identified the removal of the federal carbon tax on natural gas as having a significant impact. In a Tuesday press release, Saskatchewan Crown Investments Minister Dustin Duncan argued that this makes the case for the scrapping of the federal carbon tax.

VOLUNTARY

Not worth it – The Purdue University January 2024 Ag Economy Barometer Report reveals that only a small fraction (8%) of agricultural producers have engaged in discussions regarding carbon capture and carbon contracts with companies. This low percentage is attributed to economic factors, with a significant portion of farmers pointing to low return on investment as a primary deterrent against participating in carbon programmes, as highlighted by a McKinsey survey conducted the previous year. The report further details that the vast majority of these discussions involve offers of less than $10 per tonne for CO2, with only 12% of offers reaching $30/tonne. The reluctance among farmers to participate in carbon sequestration initiatives is largely due to the perceived inadequacy of payments to cover the additional costs and efforts required for compliance with carbon programmes, according to No-Till Farmer. This sentiment is supported by a 2023 report from Nature, which cites low payment as a consistent concern among farmers, failing to incentivise them to adopt new practices. Historically, the interest in carbon contracts among producers has remained relatively stable, with Purdue’s barometer surveys from 2021 through 2023 showing a consistent engagement range.

Partnerships – Malaysian developer Karbon Hero has partnered with Universiti Teknologi Malaysia to accelerate decarbonization of energy-intensive industries from the application of waste heat recovery solutions, the developer announced Tuesday. Under the collaboration, both parties will promote energy efficiency in the industrial sectors and help them in reducing carbon intensity and complying with local ESG objectives. The partnership will also drive the use of recovered waste heat for electricity generation and promote hydrogen as an energy storage solution. By using the technology of the university’s research centre, UTM Locartic, the developer will issue credits from waste recovery projects, in turn creating additional revenue.

Exclusive entry – Global climate platform Patch is joining the World Economic Forum’s Global Innovators Community, which is an invitation-only group bringing together the world’s most promising growth-stage companies at the forefront of innovation in their industries. Patch will help to shape the forum’s agenda on critical global issues and will share insights via the forum’s Centre for Nature and Climate. “Global leaders are now recognizing that carbon removal will be an essential piece of achieving our climate goals,” said Brennan Spellacy, Patch CEO and co-founder. “Our expanded partnership with the WEF will enable Patch to bring its cutting-edge digital infrastructure and insights to forum members in support of efficient and transparent transactions across the carbon market.”

INVESTMENT

Democratising data – Climate Policy Radar, a London-based firm using data science and AI to research climate policies and laws, secured over $6.8 mln in funding to accelerate its mission to organise, analyse, and democratise data on global climate law and policy, the firm announced Tuesday. Funders include nonprofits Environmental Defense Fund, Sequoia Climate Foundation, Open Society Foundation, and Schmidt Futures; philanthropies Quadrature Climate Foundation, Patrick J McGovern Foundation; and the charitable arm of Google – almost all of which are US-based. The firm hopes to use the funding to expand the scope of available data, hire staff, and grow partnerships within the ecosystem. Climate Policy Radar claims that over 350,000 users from more than 100 countries already use the firm’s platform.

AND FINALLY…

Pink rice – Scientists at South Korea’s Yonsei University have grown beef cells inside grains of rice in a bid to create food that is cheaper and more eco-friendly than real meat, according to AFP and a study published in the Matter journal. The hybrid rice – which contains 8% more protein than regular rice – is estimated to release under 6.27 kilograms of CO2 for every 100g of protein produced, while beef production releases eight times more. The ‘pink rice’ has the potential to serve as food relief for famine, military ration, or even space food, said Park So-hyeon, who co-authored the research.

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